Group 1 - The stock price of Yun Aluminum Co., Ltd. is reported at 16.76 yuan as of August 11, 2025, reflecting a decrease of 0.65% from the previous trading day [1] - The opening price on the same day was 16.83 yuan, with a highest point of 16.85 yuan and a lowest point of 16.61 yuan, indicating volatility in trading [1] - The trading volume reached 341,700 hands, with a total transaction value of 572 million yuan [1] Group 2 - Yun Aluminum Co., Ltd. is primarily engaged in bauxite mining, alumina production, electrolytic aluminum smelting, and aluminum processing, with applications in construction, transportation, and power sectors [1] - The company operates within the non-ferrous metals sector and is part of the Yunnan regional market [1] - On August 11, the net outflow of main funds was 14.78 million yuan, while the net inflow over the past five days was 56.73 million yuan [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Copper - **Logic**: Macroeconomic factors include China's export growth in July exceeding expectations, the impact of US tariff policies yet to be seen, and market expectations of a Fed rate cut within the year. Fundamentally, high - end copper supply is scarce, imported low - price supplies are limited, and demand is suppressed by high prices. As of August 7, copper inventory rose to 132,000 tons. The implementation of US copper tariffs and high inventory are pressuring prices [4]. - **Strategy**: Wait for the price to stabilize. The upper reference pressure level for the SHFE Copper 2509 contract is 80,000 yuan/ton, and the lower reference support level is 76,000 yuan/ton [4]. Electrolytic Aluminum - **Logic**: Macroeconomic factors are similar to copper. Fundamentally, production is slightly increasing, costs are stable, and profits are high. However, demand is weak due to the off - season, and social inventory has exceeded 550,000 tons. Aluminum prices may remain high and volatile, and attention should be paid to the "Golden September and Silver October" demand [6]. - **Strategy**: The upper reference pressure level for the SHFE Aluminum 2509 contract is 21,000 yuan/ton, and the lower reference support level is 20,200 yuan/ton [6]. Alumina - **Logic**: Macroeconomic factors are the same as above. Fundamentally, the weekly operating rate rose to 82.57% as of August 7, and the market is in an oversupply situation with high downstream inventory. Alumina may oscillate within a range [8]. - **Strategy**: The upper reference pressure level for the Alumina 2509 contract is 3,600 yuan/ton, and the lower reference support level is 3,000 yuan/ton [8]. 3. Summary by Directory 01. Market Review - **Weekly Price Changes**: Provided the 8.4 - 8.8 weekly cumulative price change statistics for various metals such as copper, aluminum, and zinc [16]. - **Weekly News**: Included events like Codelco's suspension of ore processing due to a tunnel collapse, changes in Chile's copper exports, US copper tariffs, Century Aluminum's plan to restart production, and changes in US aluminum imports [17]. 02. Macroeconomic Analysis - **Domestic Data**: In July, China's CPI increased by 0.4% month - on - month and was flat year - on - year, while the core CPI increased by 0.8% year - on - year. PPI decreased by 0.2% month - on - month and 3.6% year - on - year. Exports in July exceeded expectations, but there is a possibility of a decline in the future [19][21]. - **Macroeconomic Forecast**: Provided domestic and foreign economic data forecasts from August 11 - 15, including China's money supply, real estate investment, and US CPI, PPI, etc. [24]. 03. Copper Market Analysis - **Spot Market**: The processing fee TC rebounded from a low level [28]. - **Futures Market**: The net long position in COMEX copper dropped significantly [31]. - **Overseas Market**: The price difference between US copper and LME copper returned to normal [35]. - **Inventory**: As of August 7, the SMM national mainstream area copper inventory was 132,000 tons, with a significant weekly increase. The开工 rate of domestic major refined copper rod enterprises decreased to 68.86% from August 1 - 7, and is expected to increase to 70.79% from August 8 - 14 [41]. 04. Electrolytic Aluminum Market Analysis - **Domestic Market**: The spot discount widened [45]. - **Foreign Market**: The US dollar index weakened [47]. - **Inventory**: Various inventory data for electrolytic aluminum, including social inventory, aluminum rod inventory, etc., were provided [49]. - **Downstream Operations**: As of July 31, the overall operating rate of domestic aluminum downstream processing industries rose to 58.7%. Different sectors had different performance, and the operating rate is expected to rise slightly to 59% this week [51]. - **Recycled Aluminum Alloy**: As of August 7, the SMM ADC12 price was 20,250 yuan/ton. Cost pressure increased, demand was weak, and inventory growth slowed down [54]. - **Cost and Profit**: The cost and profit data of electrolytic aluminum were presented [58]. 05. Alumina Market Analysis - **Spot Market**: The spot price remained stable [62]. - **Futures Market**: The inventory of futures was at a low level [63]. - **Supply and Demand**: Supply changes were limited, with some regional imbalances. Demand increased slightly due to the increase in electrolytic aluminum operating capacity [68]. - **Cost and Profit**: As of August 8, the domestic alumina industry cost was 2,977.79 yuan/ton, and the average profit was 292.69 yuan/ton [69].

证券日报网讯 8月11日晚间，明泰铝业发布公告称，公司2025年第二次临时股东会于2025年8月11日召 开，审议通过了《关于组建企业集团并修订的议案》。 （文章来源：证券日报） ...

香港联交所最新数据显示，8月7日，中信证券-开元单一资管计划增持中国铝业(02600)651万股，每股作 价6.4128港元，总金额约为4174.73万港元。增持后最新持股数目约为3.17亿股，持股比例为8.04%。 ...

北京德恒律师事务所 关于河南明泰铝业股份有限公司 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 关于河南明泰铝业股份有限公司 北京德恒律师事务所 关于河南明泰铝业股份有限公司 法律意见书 德恒 01G20250303-4 号 致：河南明泰铝业股份有限公司 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，指派本所律师出席公司 性进行见证并出具法律意见。 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 市公司股东会规则（2025 修订）》（以下简称"《股东会规则》"）等有关法 律、法规和规范性文件以及《河南明泰铝业股份有限公司章程》（以下简称"《公 司章程》"）、《河南明泰铝业股份有限公司股东会议事规则》（以下简称"《股 东会议事规则》"）等而出具。 为出具本法律意见书，本所律师审查了明泰铝业本次股东会的有关文件和材 料。本 ...

Group 1 - On August 11, China Aluminum conducted a block trade of 280,000 shares, with a transaction amount of 2.1028 million yuan, accounting for 0.22% of the total transaction amount for the day [1][2] - The transaction price was 7.51 yuan, which remained stable compared to the market closing price of 7.51 yuan [1][2]

Core Viewpoint - The report highlights the steady growth and development of China's green finance sector as it approaches the fourth anniversary of the national carbon market, emphasizing policy acceleration, market recovery, product innovation, and regional competition in green finance [2][11]. Group 1: Market Performance - As of the end of Q2 2025, the balance of domestic and foreign currency green loans reached 42.39 trillion yuan, marking a 14.4% increase from the beginning of the year and a 22.0% increase year-on-year [3][24]. - The national carbon market has seen a cumulative trading volume of 681 million tons of carbon emission allowances (CEA) and a total transaction value of 46.78 billion yuan, making it the largest carbon market globally in terms of emissions coverage [3][32]. - The total volume of green certificate transactions reached 348 million, a year-on-year increase of 118%, with the average transaction price for green certificates rising by 47% from April to June [3][34]. Group 2: Policy Developments - In July 2025, several key policies were introduced, including the "Green Finance Support Project Directory (2025 Edition)" and guidelines for green finance practitioners, enhancing the standardization and implementation of green finance [5][6]. - Local governments, including Tianjin and Henan, have launched tailored financial implementation opinions and green finance directories to promote localized exploration and standardization [6][12]. Group 3: Financial Product Innovation - New green financial products have emerged, such as the first "fixed + floating" green financial bond issued by China Construction Bank and the first carbon-neutral green perpetual corporate bond by Ningxia Electric Power Investment Group [7][38][39]. - Financial institutions in various regions have begun to implement transformation loans linked to carbon footprints, encouraging high-carbon industries to transition to low-carbon operations [7][41]. Group 4: Market Data - The green bond market remained active in July 2025, with 87 new green bonds issued, totaling approximately 120.18 billion yuan, indicating strong market engagement [28]. - The national carbon market's trading price fluctuated between 72.19 yuan and 74.30 yuan per ton in July, reflecting a dynamic trading environment [31]. Group 5: Corporate Dynamics - Companies are increasingly adopting innovative financial tools and mechanisms, transitioning from merely supporting green initiatives to actively guiding transformations in high-carbon sectors [37]. - The issuance of various loans and bonds aimed at supporting low-carbon transitions has been reported across multiple regions, showcasing a growing trend in corporate engagement with green finance [40][42][44]. Group 6: Focus Events - The 26th Qinghai Green Development Investment and Trade Fair attracted significant participation, highlighting the importance of international cooperation in green finance [46][47]. - The signing of a climate declaration between the EU and China emphasizes the commitment to green partnerships and cooperation in addressing climate change [57].

Core Viewpoint - CICC has initiated coverage on China Hongqiao with an "outperform" rating, setting a target price of HKD 23.62, which corresponds to a projected P/E ratio of approximately 8 times for 2026 [1] Financial Projections - Expected earnings per share (EPS) for 2025 and 2026 are projected to be HKD 2.63 and HKD 2.70, respectively [1] - Anticipated dividends per share for 2025 and 2026 are estimated at HKD 1.45 and HKD 1.49, respectively [1] Company Overview - China Hongqiao is the second-largest producer of aluminum and alumina globally, with a fully integrated green aluminum supply chain [1] - The company’s operations encompass power generation, bauxite mining, alumina, primary aluminum, aluminum processing, and recycled aluminum production and sales [1] Production Capacity and Sustainability - The company has diverse upstream production capacity in Guinea, Shandong, and Indonesia, and is in the process of relocating approximately 3 million tons of capacity to Yunnan [1] - This relocation is expected to increase the proportion of green electricity aluminum to 46% [1] Market Position and Business Expansion - China Hongqiao has expanded its downstream business into lightweight materials for the automotive sector and environmental recycling [1] - The company is viewed positively for its industry position and attractive dividend returns [1]

Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - Weak economic and employment data in the US increased market expectations of economic slowdown and Fed rate cuts, with the possibility of a September rate cut exceeding 90%. The proportion of molten aluminum decreased in July, leading to an increase in aluminum ingot supply. The consumption side has support from the new energy vehicle and power sectors but is also dragged down by issues such as the slowdown in photovoltaic growth, decline in household appliance consumption, and decrease in export growth. Aluminum prices are expected to fluctuate within a range [3][7]. Group 3: Summary by Directory Transaction Data - LME 3 - month aluminum price rose from 2571.5 yuan/ton to 2615 yuan/ton. SHFE aluminum continuous - three price rose from 20420 dollars/ton to 20610 dollars/ton. The Shanghai - London aluminum ratio decreased by 0.1. LME aluminum inventory increased by 7775 tons to 470575 tons, while SHFE aluminum warehouse receipt inventory decreased by 5059 tons to 43599 tons [4]. Market Review - The weekly average price of the spot market decreased by 20 yuan/ton to 20590 yuan/ton, and the Southern Reserve spot weekly average price decreased by 10 yuan/ton to 20596 yuan/ton. The US announced new tariff rates, and the initial jobless claims increased. The domestic downstream aluminum processing industry's operating rate increased slightly, and inventories of electrolytic aluminum ingots and aluminum rods increased [5][6]. Market Outlook - Rising Fed rate - cut expectations support the macro - bullish atmosphere, but there are also risks of economic decline due to tariffs and market risk - aversion sentiment. Fundamentally, aluminum ingot supply is expected to increase, and consumption is in the off - peak season. Aluminum prices are expected to fluctuate within a range [3][7]. Industry News - In July 2025, China's exports of unwrought aluminum and aluminum products were 54.2 tons, and from January to July, it was 346.2 tons, a 7.90% decrease year - on - year. In Q1 2025, the aluminum demand in the US and Canada decreased by 4.4% year - on - year. In July, the wholesale sales of new energy passenger vehicles in China increased by 25% year - on - year [8]. Related Charts - The report provides charts on LME aluminum 3 - SHFE aluminum continuous - three price trends, Shanghai - London aluminum ratio, LME aluminum premium/discount, and other relevant data [9][10].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views - The finished products are expected to move in a range-bound manner, with the price center shifting downward and showing a weak trend. Attention should be paid to macro policies and downstream demand [1][3]. - The aluminum ingot price is expected to fluctuate in the short term. It is currently in the off - season with inventory accumulation, and the upward space is limited by the off - season demand pressure. Short - term support comes from the interest rate cut expectation. Focus on macro sentiment, downstream start - up, and the trend of inventory - consumption ratio [3][4]. 3) Summary by Related Catalogs Finished Products - In the Yunnan - Guizhou region, short - process construction steel production enterprises' shutdown and maintenance time during the Spring Festival is mostly in mid - to late January, and the resumption time is expected to be between the 11th and 16th day of the first lunar month, with an expected impact on the total construction steel output of 741,000 tons during the shutdown period. In Anhui Province, among 6 short - process steel mills, 1 has stopped production since January 5, and most of the others will stop production around mid - January, with a daily output impact of about 1620 tons during the shutdown [2][3]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3]. - The finished products continued to decline in a volatile manner yesterday, reaching a new low recently. In the pattern of weak supply and demand, market sentiment is pessimistic, and the price center continues to shift downward. This year's winter storage is sluggish, providing weak price support [3]. Aluminum Ingots - Last week, the aluminum price was at a high level. The rising expectation of the Fed's interest rate cut on the macro - level boosted the basic metals, while the US imposing tariffs on India and the India - Russia aluminum cooperation agreement increased the funds' risk - aversion sentiment [2]. - In terms of supply, the operating output of electrolytic aluminum increased slightly and steadily. The total weekly cost of the electrolytic aluminum industry was 16,738 yuan/ton, and the industry still had high profits. In August, the operating capacity of alumina is expected to increase month - on - month. The bauxite shipment volume from Guinea decreased from late June to July, and the total imported bauxite from Guinea is expected to decline starting from August, while the increase in domestic bauxite supply is limited [3]. - Last week, the operating rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 58.7%. Different aluminum product sectors have different operating rate trends. For example, the operating rate of primary aluminum alloy continued to rise, the aluminum cable operating rate remained stable, the aluminum profile and aluminum foil operating rates decreased slightly, and the operating rate of recycled aluminum leading enterprises remained stable [3]. - On August 11, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 587,000 tons, an increase of 23,000 tons compared with last Thursday and last Monday. Due to uneven arrivals, there were phased fluctuations in inventory data. In the off - season, high aluminum prices may further damage consumption, and the inventory will continue to accumulate in the short term [3].