新能源及有色金属日报 | 2025-08-13 供给端的扰动再次引发价格普涨 重要数据 铝现货方面：SMM数据，华东A00铝价20640元/吨，较上一交易日变化10元/吨，华东铝现货升贴水-30元/吨， 较上一交易日变化20元/吨；中原A00铝价20540元/吨，现货升贴水较上一交易日变化30元/吨至-130元/吨；佛 山A00铝价录20610元/吨，较上一交易日变化-10元/吨，铝现货升贴水较上一交易日变化0元/吨至-55元/吨。 铝期货方面：2025-08-12日沪铝主力合约开于20630元/吨，收于20735元/吨，较上一交易日变化60元/吨，最 高价达20740元/吨，最低价达到20585元/吨。全天交易日成交83080手，全天交易日持仓210986手。 铝合金成本利润：理论总成本20065元/吨，理论利润-165元/吨。 市场分析 库存方面，截止2025-08-12，SMM统计国内电解铝锭社会库存58.7万吨，较上一期变化2.3吨，仓单库存48710 吨，较上一交易日变化378吨，LME铝库存477100吨，较上一交易日变化1250吨。 氧化铝现货价格：2025-08-12SMM氧化铝山西价格录得3 ...

Core Insights - Yunnan Province's Wenshan Zhuang and Miao Autonomous Prefecture is recognized as the "Hometown of Sanqi," with a total industrial output value exceeding 40 billion yuan for the Sanqi industry and 83.309 billion yuan for the green aluminum sector [1] - The region has seen significant technological innovation and transformation in both emerging and traditional industries, driven by increased R&D investment and supportive policies [1][2] - In 2023, Wenshan's total R&D expenditure reached 1.41 billion yuan, a 135% increase from 2020, with projections for 2024 indicating a further increase to 2.04 billion yuan, up 3.2% year-on-year [1][2] R&D and Innovation - Wenshan has established 66 high-tech enterprises, a 200% increase since the end of the 13th Five-Year Plan, and aims to reach 76 by 2025 [2] - The region's innovation ecosystem is bolstered by various platforms, including a provincial high-tech industrial development zone and multiple innovation spaces [2][3] - The establishment of research centers and collaboration with universities and research institutions has facilitated the alignment of cutting-edge research with industry needs [3] Talent Development - Wenshan has implemented initiatives like the "Xingwen Talent" program to attract and cultivate talent, resulting in the establishment of 112 provincial and state-level expert workstations [3] - The region has seen the involvement of 1,356 provincial technology specialists and 1,404 "Three Districts" technology talents, enhancing the local workforce's capabilities [3] Industry Impact - The application of technological advancements has led to significant developments in key industries, including the introduction of new Sanqi varieties and the establishment of the largest Sanqi seed resource base in the country [4] - Innovations in agriculture, such as the "Wenlu Rice No. 4" and "Wenmai No. 14," have gained international recognition, showcasing the region's agricultural capabilities [4][5] - The green transformation of the aluminum industry and digital upgrades in traditional crops are expanding the industrial scale and boundaries in Wenshan [5]

Core Viewpoint - China Hongqiao (01378) has seen a significant increase in stock price, reaching a historical high of 23.04 HKD, driven by strong mid-year profit expectations and favorable market conditions [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 12.36 billion HKD for the first half of the year, representing a year-on-year growth of around 35% [1] - The substantial profit increase is primarily attributed to the rise in aluminum prices compared to the previous year, alongside a decrease in the cost of thermal coal [1] Group 2: Business Operations - China Hongqiao is the second-largest producer of aluminum and alumina globally, with a fully integrated green aluminum industry chain [1] - The company has diversified upstream production capabilities in Guinea, Shandong, and Indonesia, and is in the process of relocating approximately 3 million tons of capacity to Yunnan, which is expected to increase the proportion of green electricity aluminum to 46% [1] Group 3: Market Outlook - The company has expanded its downstream operations into automotive lightweight materials and environmental recycling businesses, indicating a strong position in the industry [1] - CICC has initiated coverage on China Hongqiao with an "outperform" rating and a target price of 23.62 HKD, reflecting confidence in its industry standing and attractive dividend returns [1]

Core Viewpoint - China Hongqiao (01378) has seen its stock price rise over 3%, reaching a historical high of 23.04 HKD, driven by strong mid-year performance expectations and favorable market conditions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 12.36 billion HKD for the first half of the year, representing a year-on-year increase of around 35% [1] - The significant profit growth is primarily attributed to the rise in aluminum prices compared to the previous year, alongside a decrease in the cost of thermal coal [1] Business Operations - China Hongqiao is the second-largest producer of aluminum and alumina globally, with a fully integrated green aluminum industry chain [1] - The company’s operations include power generation, bauxite mining, alumina, primary aluminum, aluminum processing, and recycled aluminum production [1] - The company is diversifying its upstream capacity supply with operations in Guinea, Shandong, and Indonesia, and is in the process of relocating approximately 3 million tons of capacity to Yunnan, which is expected to increase the proportion of green electricity aluminum to 46% [1] Market Position and Outlook - The company has expanded its downstream business into automotive lightweight materials and environmental recycling [1] - CICC has initiated coverage on China Hongqiao with an "outperform" rating and a target price of 23.62 HKD, reflecting confidence in its industry position and attractive dividend returns [1]

Report Information - Report Title: Aluminum Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Non - Ferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Core Viewpoints - The Shanghai aluminum market opened lower and closed higher. The main contract 2509 closed at 20,735, up 0.29%. The 08 - 09 premium remained unchanged from the previous day. The spot market strengthened, supported by the change in the monthly spread structure. The spot premium slightly recovered. The cast - aluminum alloy fluctuated strongly following Shanghai aluminum, and the AD - AL negative spread was - 520. The supply - demand pattern of scrap aluminum remained weak, and the cast - aluminum alloy continued to operate within a range [7]. - Alumina rose more than 4% due to news, but the fundamentals remained unchanged with a relatively oversupplied situation. It could be short - sold when it rebounded to near the previous high. For electrolytic aluminum, the operating capacity remained high, the off - season was in the second half, and the inventory continued to accumulate seasonally. The smelting enterprises had rich profits. The market was supported by the loose dollar and domestic policy expectations, but the off - season effect and high prices still inhibited terminal consumption. It was advisable to wait for high - level short - selling opportunities [7]. Market Conditions and Operation Suggestions - **Aluminum Market**: The main contract 2509 of Shanghai aluminum closed at 20,735, up 0.29%. The 08 - 09 premium was 20. The spot market strengthened, with the spot premium in East China at - 30, in Central China at - 130, and in South China at - 55. The cast - aluminum alloy followed Shanghai aluminum to fluctuate strongly, and the AD - AL negative spread was - 520. The supply of scrap aluminum was tight, and the supply - demand pattern of the cast - aluminum alloy remained weak [7]. - **Alumina Market**: Alumina rose more than 4% due to news, but the supply was relatively oversupplied. It could be short - sold when it rebounded to near the previous high [7]. - **Electrolytic Aluminum Market**: The operating capacity of electrolytic aluminum remained high. The off - season was in the second half, and the inventory continued to accumulate seasonally. The smelting enterprises had rich profits. The market was supported by the loose dollar and domestic policy expectations, but the off - season effect and high prices still inhibited terminal consumption. It was advisable to wait for high - level short - selling opportunities [7] Industry News - **Policy Adjustment**: On August 10, the Shanxi Provincial Department of Natural Resources adjusted the registration authority for the transfer of some mineral types, including ceramic soil, refractory clay, kaolin, and iron alumina, to strengthen the protection of bauxite and other strategic mineral resources [8][10]. - **Overseas Bauxite Mine Rights Change**: On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over the mining rights of EGA - GAC. The previous 690.20 - square - kilometer mining area of GAC was granted to NMC for 25 years. EGA's mine in Guinea with an annual capacity of 14 million tons stopped production in December last year and had its mining license revoked in May this year [10]. - **Mining Rights Change**: The mining rights of the Dataoyuan Bauxite Mine in Shanzhou District, Sanmenxia Jinjiang Mining Co., Ltd. were changed, with a validity period from June 4, 2025, to April 3, 2030, with a designed production scale of 500,000 tons/year [10]. - **Investment Project**: Rio Tinto approved an investment of $180 million to start the Norman Creek Bauxite Project in Queensland. The project is crucial for the long - term business of Weipa, and the Norman Creek area holds nearly half of the proven reserves (978 million tons) of the Amrun Mine. The construction is planned to be completed in 2028 [10]. - **Electrolytic Aluminum Import and Export Data**: In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5%. In June 2025, China's primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6%. In June 2025, China's net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3% [10]

Group 1: Green Finance Initiatives - The Construction Bank of Shandong Province integrates its development into national strategic frameworks, focusing on green finance to support the transformation of the economy and society towards sustainability [1][25] - The bank has provided significant financial support for major infrastructure projects, including a total of 40 billion yuan in fixed asset loans for three Huanghe River crossing tunnel projects in Jinan [7][4] - The bank's innovative financial solutions, such as dynamic interest rate adjustments based on environmental performance, are designed to facilitate the green transformation of traditional industries like aluminum [21][22] Group 2: Infrastructure Development - Jinan has initiated a series of crossing projects over the Huanghe River, with the completion of the Jinan Huanghe Jiluo Road Tunnel, which is a key infrastructure for the city's "northward expansion" strategy [2][4] - The bank has played a crucial role in financing these projects, including a 20 billion yuan basic construction loan and a 20 billion yuan financing lease for the Jiluo Road Tunnel [4] - The Huanggang Road Tunnel project has received 10 billion yuan in funding from the bank, demonstrating its commitment to supporting large-scale infrastructure developments [6] Group 3: Renewable Energy Projects - The bank has approved a total credit of 1.571 billion yuan for the fourth phase of a distributed photovoltaic project, which aims to utilize highway slopes and service areas for solar energy generation [13] - This project is part of a broader initiative to reduce coal consumption and carbon emissions, contributing to the national "dual carbon" goals [13] - The bank's innovative service model has streamlined the funding process, allowing for quicker deployment of financial resources to support renewable energy projects [13] Group 4: Water Supply Improvement - The bank has provided 350 million yuan in credit for the Dongming County Urban and Rural Water Supply Improvement Project, addressing the growing water demand in the region [24] - This project is expected to enhance the water supply for both residential and industrial needs, thereby supporting local economic development [24] - The bank's proactive approach in creating tailored financial solutions has facilitated the timely execution of this essential infrastructure project [24]

格隆汇8月13日丨根据联交所最新权益披露资料显示，2025年8月11日，中国铝业(02600.HK)获中信证券资产管理有限公司在场内以每股均价6.6437港元增持 578.6万股，涉资约3844.04万港元。 追加内容 本文作者可以追加内容哦 ! 增持后，中信证券资产管理有限公司最新持股数目为396,770,000股，持股比例由9.91%上升至10.06%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | | | 開天 股份數目 | | | （請參閱上述 * 註 有投票權股 期 (日 / 月 / | | | | | | 份百分比 年) | | | | | | (%) | | CS20250812E00220 | 中信证券资产管理有限公司 1101(L) | 5,786,000(L) | HKD 6.6437 | 396,770,000(L) 10.06(L)11/08/2025 | | 股份代號: | 02600 | | --- ...

| 股份代號: | 02600 | | --- | --- | | 上市法國名稱: | 中國鋁業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 13/07/2025 - 13/08/2025 | 增持后，中信证券资产管理有限公司最新持股数目为396,770,000股，持股比例由9.91%上升至10.06%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買人 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | | | 原因 股份數目 | | | (請參閱上述 * 註 有投票權股 期 (日 / 月 / | | | | | | 理 份百分比 年) | | | | | | (%) | | CS20250812E00220 | 中信证券资产管理有限公司 1101(L) | 5,786,000(L) | HKD 6.6437 | 396,770,000(L) 10.06(L)11/08/2025 | 格隆汇8月13日丨根据联交所最新权益披露资料显示，2025年8月11日，中国 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders in 2025 on August 18, 2025, at 2:30 PM [5][31] - The meeting will review proposals for the election of the board of directors and amendments to the company's articles of association, with specific voting requirements for each proposal [2][11] - Shareholders can participate in the meeting through both on-site voting and online voting, with specific time slots for each method [7][20] Group 2 - The company is in the process of issuing shares to acquire 100% equity of Kaiman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group, which constitutes a related party transaction and is expected to be a major asset restructuring [31][34] - The transaction is still under review and requires approval from the board of directors and the shareholders' meeting, as well as regulatory approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [31][34] - Due diligence, auditing, and evaluation related to the transaction are ongoing, and the company will disclose further information as the process progresses [34][36]

信息提供商Trade Data Monitor的数据显示，美国去年进口铝超390万吨，其中70%(逾270万吨)来自加拿 大。 但咨询机构Harbor Aluminum认为关税政策将持续，因美国政府视其为国家安全重要保障。 该机构在报告中指出，"Harbor不认为美国会降低50%关税或提供豁免……尤其当政府已对关税收入形 成依赖后"，并预测"中西部溢价将在年底前涨至78美分/磅，2026年达87美分/磅"。 自6月4日起，美国对进口铝征收50%关税，导致8月合约现货溢价飙升至每磅70美分(合每吨1543美元)， 较5月底上涨近90%。 美国现货市场买家通常需在伦敦金属交易所基准价基础上，额外支付涵盖运费及税费的中西部溢价。交 易商及业内人士表示，芝加哥商品交易所(CME)旗下COMEX 9月及后续铝合约溢价下跌，反映市场预 期特朗普可能回调铝进口关税。当前9月中西部铝溢价约为每磅67美分，12月合约已跌至60美分。 智通财经APP获悉，由于市场猜测美国铝进口关税可能减半或主要供应国加拿大将获得豁免，纽约商品 交易所(COMEX)8月后交割的铝溢价合约价格出现回落。 据了解，美国对铝制品加征关税是其重振国内冶炼 ...