Core Insights - Financial sector plays a crucial role in promoting high-quality economic development in China, with significant increases in social financing and loans in the first half of the year [1][3]. Group 1: Financial Support for Key Sectors - Financial institutions are focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to provide higher quality and more efficient financial services [2][3]. - As of the end of May, loans in these five areas reached 103.3 trillion yuan, a year-on-year increase of 14% [3]. - Specific examples include a 70 million yuan green loan supporting a company in producing high-value activated carbon from agricultural waste, and various loans aiding companies in manufacturing and technology innovation [2][4]. Group 2: Enhancing Financing Structure - There is a notable increase in credit allocation to advanced manufacturing, technology innovation, and private enterprises, which is essential for traditional companies to transform and rejuvenate [4][5]. - By the end of June, the balance of technology loans from major banks reached nearly 6 trillion yuan, with significant growth in loans for the manufacturing sector [5]. Group 3: Promoting Consumption and Domestic Demand - Financial policies are being implemented to stimulate consumption and expand domestic demand, including a 7.29 billion yuan loan for a cultural tourism project [6][7]. - The People's Bank of China has introduced measures to support key areas of domestic demand, with mid-to-long-term loans for manufacturing and infrastructure growing by 8.7% and 7.4% year-on-year, respectively [7]. Group 4: Future Outlook - The financial sector is expected to maintain stable support for the real economy, ensuring that credit resources are directed towards key economic areas and weak links [7][8]. - The People's Bank of China plans to adjust policy implementation to better stimulate domestic demand and market vitality [7].

Core Viewpoint - The LME aluminum futures prices are experiencing a slight upward trend, with current trading showing a price of $2598 per ton, reflecting a 0.46% increase from the opening price [1] Aluminum Market Overview - On August 11, LME aluminum futures opened at $2606 per ton, reached a high of $2624 per ton, and closed at $2585 per ton, marking a decrease of 1.11% [1] - In the first week of August 2025, Brazil exported a total of 25.93 million tons of aluminum ore and aluminum concentrate, a significant drop from 53.24 million tons in August of the previous year. The average daily shipment increased by 78.58% to 4.32 million tons per day compared to 2.42 million tons per day last year [1] - As of August 11, the electrolytic aluminum spot price ratio between Shanghai and London was 7.9, with an import loss of -1546.36 yuan per ton, slightly improved from -1581.27 yuan per ton on the previous trading day [1] - On August 11, LME reported aluminum registered warrants at 461,625 tons and canceled warrants at 14,225 tons, remaining stable; total aluminum inventory increased by 5,275 tons to 475,850 tons [1]

Report Information - Report Type: Aluminum Daily Report [1] - Date: August 12, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating provided in the report Core Viewpoints - The expectation of the Fed's interest rate cut in September has increased, and the easing expectation supports the aluminum price to fluctuate strongly. The main contract closed at 20,700, up 0.15%. The 08 - 09 premium was reported at 20, and the aluminum ingot continued to accumulate inventory. The spot premium remained stable. Considering the off - season effect and the suppression of terminal consumption by high prices, the previous high resistance is strong, and it is recommended to short on rebounds [8]. - The operating capacity of alumina continues to rise, while the production demand for electrolytic aluminum is relatively stable, and the supply is still relatively surplus. Before the "anti - involution" policy is clearly implemented, the upside space should be carefully evaluated. If there is a high point, short - selling can be considered [8]. - The operating capacity of electrolytic aluminum remains at a high level. Although the off - season is approaching the second half, it still shows off - season characteristics, and the inventory continues to increase seasonally. The smelting enterprises have rich profits [8]. Summary by Directory 1. Market Review and Operation Suggestions - The Fed's September interest rate cut expectation boosts the aluminum price. The main contract price increased by 0.15% to 20,700. The 08 - 09 premium was 20, and the aluminum ingot inventory continued to accumulate. The spot premium was stable, with prices in East China, Central China, and South China reported at - 50, - 160, and - 55 respectively [8]. - Cast aluminum alloy fluctuated strongly following the Shanghai aluminum price. The AD - AL negative spread was - 520. The supply of scrap aluminum was tight due to reduced new material output in the off - season and high - temperature suppression of disassembly volume. The downstream automotive industry was also in the off - season, resulting in a supply - demand imbalance. The cast aluminum market continued to operate within a range [8]. - The operating capacity of alumina increased, while the demand for electrolytic aluminum production was stable, leading to a supply surplus. Before the "anti - involution" policy is implemented, short - selling can be considered at high points [8]. - The operating capacity of electrolytic aluminum remained high. Although the off - season was in the second half, the inventory continued to increase seasonally. Considering the off - season effect and high - price suppression of consumption, short - selling on rebounds is recommended [8]. 2. Industry News - **Overseas Bauxite Mining Rights Changes**: On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over EGA - GAC's mining rights. The previous GAC mining area of 690.20 square kilometers has been granted to NMC for 25 years. EGA's annual production capacity in Guinea was 1.4 billion tons, and the mine stopped production in December last year and had its mining license revoked in May this year [9][10]. - **New Aluminum Recycling Plant**: Spectro Alloys' aluminum recycling plant in Rosemount, Minnesota, has been officially put into operation. The new plant covers an area of 90,000 square feet and will produce up to 120 million pounds of recycled aluminum ingots per year. It is expected to reach full - capacity production in the first quarter of 2026. UAE's EGA acquired 80% of Spectro Alloys in 2024 and plans to invest $4 billion in building a smelting plant in Oklahoma [10]. - **Mining Rights Change**: The mining rights of Sanmenxia Jinjiang Mining Co., Ltd.'s Shanzhou District Dayuantao Bauxite Mine have been changed, with a validity period from June 4, 2025, to April 3, 2030. The designed production scale is 500,000 tons per year [10]. - **Vedanta's Q1 2026 Financial Results**: Despite strong local demand, Vedanta's quarterly profit did not meet expectations due to falling aluminum and copper prices and rising tax expenditures. In Q1 2026, the company's total revenue increased by 6.2% to 374.34 billion rupees ($4.3 billion), but the net profit decreased by 11.7% to 31.85 billion rupees [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 import volume was about 1.2499 million tons, a year - on - year increase of 2.5%. In June, the export volume was 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 export volume was about 86,600 tons, a year - on - year increase of 206.6%. The net import in June was 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 import was about 1.1633 million tons, a year - on - year decrease of 2.3% [10][11]

Group 1 - AstraZeneca has made continuous investments in Qingdao, Shandong for three consecutive years, with a new production base expected to be operational by the end of 2028 [1] - Germany's Almayer Group has also increased its investment for the fourth time, establishing a new calcined alumina plant in Qingdao, indicating strong foreign interest in the region [1] - The Chinese government emphasizes the importance of high-level opening up and reform, aiming to create new opportunities for economic development in Qingdao [1] Group 2 - The China-Europe Railway Express from Qingdao reaches Europe in just 17 days, while truck transport to Moscow takes only 7 days, showcasing the efficiency of logistics in the region [2] - Qingdao has established a comprehensive logistics network, connecting over 700 ports in more than 180 countries and regions, with 32 regular China-Europe Railway routes linking 54 cities in 23 countries [2] - The city is actively expanding its international logistics channels to enhance trade and industry integration, indicating significant growth potential [2] Group 3 - Qingdao's Free Trade Zone has implemented a "white list" system for medicinal and food products, significantly reducing transaction costs for businesses by 50% [3] - Over 60 companies in the medicinal and food sector have settled in the Qingdao Free Trade Zone, creating a multi-industry chain that includes import, processing, and cross-border trade [3] - Recent reforms have eliminated restrictions on trade volume for small and medium enterprises, allowing more businesses to benefit from the new policies [3] Group 4 - The establishment of the China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Demonstration Zone in Qingdao aims to enhance industrial internet services and support for smart home appliance industries [4] - The Haier Group's industrial internet ecosystem has seen a significant increase in orders, reflecting the success of the new industrial model [4] Group 5 - Qingdao is enhancing its policy framework to improve information sharing, logistics connectivity, and project collaboration among Shanghai Cooperation Organization member states [5] - The Shandong government has proposed 23 support measures across four areas to accelerate the development of the Shanghai Cooperation Organization Demonstration Zone [6] - Continuous efforts are being made to promote higher levels of opening up and to inject new momentum into regional cooperation [6]

Group 1 - AstraZeneca has made additional investments in Qingdao, Shandong for three consecutive years, with a new production base expected to be operational by the end of 2028 [1] - Germany's Almayer Group has also increased its investment for the fourth time, establishing a new calcined alumina plant in Qingdao, indicating strong foreign interest in the region [1] - The Chinese government emphasizes the importance of high-level opening up and reform, aiming to create new opportunities for economic development in Qingdao [1] Group 2 - The China-Europe Railway Express from Qingdao reaches Europe in just 17 days, while truck transport to Moscow takes only 7 days, showcasing the efficiency of logistics in the region [2] - Qingdao Port connects over 700 ports in more than 180 countries and regions, with regular shipping routes and a well-established international airport, enhancing its global trade capabilities [2] - The city is actively expanding its international logistics channels to support and integrate into the new development pattern, increasing its growth potential and dynamism [2] Group 3 - Qingdao's Free Trade Zone has implemented a "white list" system for medicinal and food products, significantly simplifying customs procedures and reducing transaction costs by 50% for related enterprises [3] - Over 60 companies in the medicinal and food sector have established operations in the Qingdao Free Trade Zone, creating a multi-industry chain that includes import, processing, and cross-border trade [3] - Recent reforms have eliminated restrictions on trade volume for small and medium-sized enterprises, allowing more businesses to benefit from the new trade facilitation measures [3] Group 4 - The establishment of the China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Demonstration Zone in Qingdao aims to enhance industrial internet services and support for smart home appliance industries [4] - The Haier Group's industrial internet ecosystem has seen a significant increase in overall order volume, reflecting the growing demand for smart appliances [4] Group 5 - The Qingdao municipal government is focused on improving policy frameworks to enhance information sharing, logistics connectivity, and project collaboration among SCO member states [5] - In April, Shandong proposed 23 support measures across four areas to accelerate the development of the SCO demonstration zone, aiming for higher levels of openness and quality development [6]

Core Viewpoint - The Guangxi government has officially issued the "Action Plan for Strengthening and Extending Key Advantage Industries in Manufacturing," aiming to enhance the quality of industrial clusters through innovation, technology empowerment, and open integration [1] Group 1: Key Industries and Goals - Guangxi will focus on strengthening and extending industrial chains in key sectors such as machinery equipment, automotive and new energy vehicles, high-end green home furnishings, light industry textiles, and resource recycling [1] - The plan aims to add one industry worth 500 billion and one worth 400 billion by the end of 2027, while cultivating leading enterprises and enhancing the resilience and safety of industrial chains [1] Group 2: Action Plans - Six major actions will be implemented: industry extension, chain strengthening, technology enhancement, scenario exploration, market connection, and platform construction [2] - The plan includes developing a roadmap for traditional industries like sugar, aluminum, steel, and petrochemicals, emphasizing AI empowerment and green low-carbon development [2] Group 3: Organizational Support - Guangxi will establish a "chain leader + chain master" working mechanism, appointing a responsible leader for key industrial chains and forming specialized working groups [3]

Group 1 - Aluminum prices remained high last week, supported by improved market sentiment due to rising expectations of interest rate cuts by the Federal Reserve [1] - The supply of electrolytic aluminum showed steady growth, while the shipment of bauxite from Guinea is expected to decline starting in August due to seasonal impacts [1] - Domestic downstream processing enterprises' operating rates slightly increased by 0.1 percentage points to 58.7%, with aluminum cable operating rates stable at 61.8% [1] Group 2 - The operating rate for aluminum foil decreased to 68.4%, influenced by declining demand for air conditioning foil and uncertainties in new energy policies [1] - The operating rate for recycled aluminum remained steady at 53.1%, facing downward pressure due to weak seasonal demand and high-temperature holidays [1] - As of August 11, the inventory of electrolytic aluminum ingots in major domestic consumption areas reached 587,000 tons, reflecting fluctuations due to uneven arrivals [1] Group 3 - Short-term aluminum prices are expected to remain high, with attention needed on geopolitical crises, macroeconomic policy implementation, supply increases, and consumption recovery [1]

来源：格隆汇APP 格隆汇8月12日丨根据联交所最新权益披露资料显示，2025年8月7日，中国铝业(02600.HK)获中信证券- 开元单一资产管理计划在场内以每股均价6.4128港元增持651万股，涉资约4174.73万港元。 | 吸格序硅 | 大股票/整基行段人員名 作出获講的 廣人 / 澳出或涉及的 商股39平均價 | | | 持有權益的設定數目 估已發行的海關聯注的日 相關注願股份債權證據語 | | --- | --- | --- | --- | --- | | CHE PART | 图份前目 | | | 【餐看见上的"鞋 淘我聚糖胶带(日/月/ 10 1 | | | | | | 10 | | CS20250811E00002 中信任券-开元单一资产管理 101(L) | | 6,510,000(L | All Procession Collection Production Concession HKD 6.4128 | the will and the liming of the children streation of the 317,140,000(L) 8.04(L)07/08/2025 ...

Group 1 - The core point of the news is that China Aluminum (02600.HK) has seen an increase in shareholding by CITIC Securities - Kaiyuan Single Asset Management Plan, which acquired 6.51 million shares at an average price of HKD 6.4128 per share, totaling approximately HKD 41.75 million [1][2] - Following this acquisition, CITIC Securities - Kaiyuan's total shareholding in China Aluminum rose to 317,140,000 shares, increasing its ownership percentage from 7.88% to 8.04% [1][2]

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