上 市 公 司 有色金属 ——140 万吨技改项目落地，未来公司产量有望释放 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 06 月 18 日 | | --- | --- | | 收盘价（元） | 8.38 | | 一年内最高/最低（元） | 9.88/6.08 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 4.77 | | 流通 A 股市值（百万元） | 34,609 | | 上证指数/深证成指 | 3,388.81/10,175.59 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.99 | | 资产负债率% | 49.30 | | 总股本/流通 A 股（百万） | 4,652/4,130 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 02-18 03-18 04-18 05-18 06-18 -30% ...

Group 1 - Vietnam faces a critical deadline on July 9, 2025, where failure to reach an agreement with the U.S. could result in a 46% tariff on key exports such as textiles and electronics [1] - The negotiations are influenced by U.S. efforts to disrupt Chinese supply chains, compelling Vietnam to sign agreements that would reduce tariffs to 20%-25% in exchange for blocking Chinese transshipment [1][3] - In 2024, 12% of Vietnam's $123.5 billion trade surplus with the U.S. was derived from goods that were transshipped from China, indicating a significant reliance on this trade route [1] Group 2 - The U.S. has implemented strict measures, including requiring Vietnam's customs system to connect to the U.S. traceability database, which tracks sensitive goods from raw materials to finished products [3] - Vietnam has imposed anti-dumping duties of 19.38%-27.83% on Chinese steel, effectively severing the transshipment channel [3] - New regulations require that at least 55% of the value of products must be added locally in Vietnam to qualify for lower tariffs, posing challenges for manufacturers who primarily rely on Chinese components [3][5] Group 3 - Vietnam is attempting to balance its economic ties with China while enhancing its relationship with the U.S., a strategy referred to as "bamboo diplomacy" [5] - Following the signing of agreements, the U.S. unexpectedly raised tariffs on Vietnamese steel to 50%, leading to significant order cancellations for local aluminum companies [5] - The textile industry in Vietnam is heavily dependent on Chinese materials, with 60% of fabrics sourced from China, making it difficult to comply with new regulations [5] Group 4 - Chinese companies are adapting by establishing production facilities in Vietnam while retaining core technology in China, indicating a shift in the supply chain dynamics [7] - The construction of the China-Laos railway and the development of the Lancang-Mekong economic belt are efforts to bypass U.S. maritime blockades [8] - Southeast Asian countries are responding to U.S. pressures by tightening customs regulations, impacting companies like Apple, which plans to relocate a significant portion of its production out of Vietnam [8] Group 5 - The overall impact of these trade tensions is detrimental to all parties involved, with Vietnamese manufacturers struggling to maintain profitability under the new tariff regime [10] - U.S. companies, including Nike and Apple, are warning that increased costs will ultimately be borne by American consumers [10] - The complexities of global supply chains mean that tariffs may not effectively block goods, as companies find ways to navigate through technology and market strategies [12]

► 生产经营情况 2025Q1 原铝净成品产量为 396,866 吨，同比略降 2%。 证券研究报告|行业研究报告 [Table_Title] 巴林铝业 2025Q1 铝产量为 39.69 万吨，实现利润 4820 万美元 [Table_Date] 2025 年 6 月 18 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 尽管面临市场挑战，2025Q1 原铝销售量仍达到 374,809 吨，同 比增长 3%。 增值销售量（VAP）平均占总发货量的 71%，同比增长 5% （2025Q1 增值销售量为 265,657 吨，而 2024Q1 为 252,772 吨）。 e-Al Hassalah 节省了 3,090 万美元，而 2025 年的目标是 6,000 万美元。 ►财务业绩情况 2025Q1 利润为 1,810 万巴林第纳尔（4,820 万美元），同比下 降 25.9%，而 2024 年同期利润为 2,450 万巴林第纳尔（6,500 万美元）。公司 2025Q1 的基本和稀释后每股收益为 13 巴林第 纳尔，而 2024 年同期为 17 巴林第纳尔 ...

北京德恒律师事务所 北京德恒律师事务所 关于河南明泰铝业股份有限公司 差异化分红事项的法律意见书 北京德恒律师事务所 关于河南明泰铝业股份有限公司 差异化分红事项的 法律意见书 德恒 01G20250303-3 号 致：河南明泰铝业股份有限公司 关于河南明泰铝业股份有限公司 差异化分红事项的 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所（以下简称"德恒"或"本所"）接受河南明泰铝业股 份有限公司（以下简称"明泰铝业"或"公司"）委托，就明泰铝业 2024 年度 利润分配所涉及的差异化分红事项（以下简称"差异化分红"），出具《北京德 恒律师事务所关于河南明泰铝业股份有限公司差异化分红事项的法律意见书》 （以下简称"本《法律意见书》"）。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法（2019 修订）》（以下简称"《证券法》"）、《上 海证券交易所交易规则》《上海证券交易所上市公司自律监管指南第 2 号——业 务办理（2025 年 4 月修订 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.119元（含税） 证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-036 河南明泰铝业股份有限公司 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/24 － 2025/6/25 2025/6/25 ? 差异化分红送转： 是 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年年度股东会审议通过。 二、分配方案 (一)发放年度：2024年年度 (二)分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （已获授但需回购注销的限制性股票除外）。 综上，本次除权（息）参考价格=（前收盘价格-0.119）÷（1+0）=（前收盘 价格-0.119）元/股。 三、相关日期 | 股份类别 | 股权登记日 | | 最后交易日 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-023 云南铝业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）2024 年度利润分配方 案已获 2025 年 6 月 6 日召开的 2024 年年度股东大会审议通过，现将利润分配方案实施 事宜公告如下： 一、股东大会审议通过利润分配方案的情况 （一）公司股东大会审议通过的 2024 年度利润分配方案为：以公司现有总股本 派发现金红利人民币 624,232,332.90 元（含税）。本次分配不进行资本公积金转增股 本，不送红股。剩余未分配利润结转以后年度分配。 （三）本次实施的分配方案与股东大会审议通过的分配方案一致。 （四）本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本次利润分配方案公告后至实施前，如公司股本发生变化，公司将保持分配总额不 变，按照调整每股分配比例的原则进行相应调整。 公司 2024 年度利润分配方案为：以公司现有总股本 3,467,957,405 股为基数，向 ...

中国5月份氧化铝出口21万吨，同比增104.6%；1-5月氧化铝出口117万吨，同比增79.3%。 5月份未锻轧铝及铝材进口35万吨，同比增14.7%；1-5月未锻轧铝及铝材进口167万吨，同比降6.9%。 5月份钢材进口48万吨，同比降24.5%；1-5月钢材进口255万吨，同比降16.1%。 5月份铝矿砂及其精矿进口1751万吨，同比增29.4%；1-5月铝矿砂及其精矿进口8518万吨，同比增 33.1%。 ...

新能源及有色金属日报 | 2025-06-18 铝合金与铝价价差走扩 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20620元/吨，较上一交易日下跌10元/吨，长江A00铝现货升贴 水较上一交易日上涨240元/吨至210元/吨；中原A00铝价录得20490元/吨，中原A00铝现货升贴水较上一交易日 上涨200元/吨至80元/吨；佛山A00铝价录20440元/吨，佛山A00铝现货升贴水较上一交易日上涨245元/吨至30 元/吨。 铝期货方面：2025-06-17日沪铝主力合约开于20410元/吨，收于20460元/吨，较上一交易日收盘价上涨70元/ 吨，涨幅0.34%，最高价达20475元/吨，最低价达到20355元/吨。全天交易日成交101698手，较上一交易日减 少54378手，全天交易日持仓198944手，较上一交易日减少5356手。 库存方面，截止2025-06-16，SMM统计国内电解铝锭社会库存45.8万吨。截止2025-06-17，LME铝库存349100 吨，较前一交易日减少2100吨。 氧化铝现货价格：2025-06-17 SMM氧化铝山西价格录得3180元/吨，山东价格录得319 ...

Group 1 - The company held its first meeting of the seventh board of directors on June 17, 2025, with all nine directors present, meeting the legal requirements for a valid meeting [2][4] - Liu Jie was elected as the chairman of the board for a three-year term, with unanimous support from all directors [3][4] - Ma Xingxing was elected as the vice chairman of the board for a three-year term, also receiving unanimous support [5][6] - Chai Mingke was appointed as the general manager for a three-year term, with unanimous approval from the board [7][8] - Lei Peng was reappointed as the board secretary for a three-year term, with unanimous support [9][10] - Five individuals were appointed as vice general managers for a three-year term, receiving unanimous approval [10][11] - Sun Junxun was reappointed as the financial director for a three-year term, with unanimous support [12][13] - Jing Qihua was appointed as the securities affairs representative for a three-year term, with unanimous approval [14][15] - The board established the audit, compensation, and nomination committees, with members elected for a three-year term [16][18][21] - The board approved the "Quality Improvement and Efficiency Enhancement Return Action Plan" for 2025, aimed at enhancing shareholder returns [22][23] Group 2 - The company aims to focus on core business development, enhancing profitability and shareholder returns through a strategy of high-end, green, and intelligent production [33] - The company plans to optimize product structure and upgrade technology, increasing investment in high-end aluminum products and reducing manufacturing costs [34] - Quality management and brand building will be strengthened, with a focus on improving product quality and customer satisfaction [35] - The company is committed to enhancing ESG governance and sustainable development capabilities, aiming for energy conservation and emission reduction [36] - The company emphasizes shareholder returns, with a history of cash dividends and a commitment to a minimum of 10% payout [37] - The governance structure will be improved to ensure long-term value, with a focus on independent director oversight and risk management [38] - The company will enhance communication with investors, ensuring timely and accurate information disclosure [39][40] - The company will strengthen the capabilities of key personnel to support high-quality development and effective implementation of the action plan [41]

据华尔街日报报道，加拿大工业部长表示，加拿大考虑对钢铝实施"买加拿大货"政策。 ...