Market Review - On August 6, the Shanghai aluminum futures contract 2509 opened higher and closed at 20,650 yuan/ton, an increase of 90 yuan or 0.44% from the previous trading day [1] Fundamental Summary - In the week ending July 2025, Brazil exported a total of 611,900 tons of bauxite and aluminum concentrate, compared to 444,100 tons in August of the previous year. The average daily shipment increased by 37.77% to 26,600 tons per day from 19,300 tons per day last August [2] - As of August 4, SMM reported a domestic aluminum ingot social inventory of 564,000 tons, an increase of 20,000 tons. The increase in smelting and casting volume, combined with the seasonal consumption slowdown, continues to support strong inventory accumulation expectations [2] Institutional Perspectives - Zhongyuan Futures noted that on the supply side, domestic electrolytic aluminum production capacity remains stable, with a decrease in aluminum water ratio and an increase in casting volume, leading to more market circulation supply. The ongoing inventory accumulation is expected to suppress aluminum prices. On the demand side, the downstream market remains in a seasonal lull, with spot purchases being made as needed, and the current spot premium showing limited upward momentum. Despite the decline in aluminum prices, there is no significant improvement in orders for processing plants [4] - Hualian Futures highlighted that the market is currently observing the impact of the rainy season on transportation in Guinea, with supply remaining ample. The production and operating rates of alumina continue to rise, and new capacity is being put into production, leading to ongoing expectations of market oversupply. Inventory is increasing, and while warehouse receipts have slightly risen, they remain low, with spot prices stable. The Shanghai aluminum market is constrained by the seasonal lull and high prices, with slight inventory increases and limited short-term upward momentum. However, the supply side has very limited production increase potential, providing some price support. The domestic "anti-involution" policy remains stable alongside long-term goals of "promoting consumption and stabilizing growth." Although short-term upward drivers for Shanghai aluminum are limited, the mid-term peak season in September and October supports a bullish outlook. It is recommended to maintain a primary long position, with a reference support level for Shanghai aluminum 2509 at 20,200 yuan/ton [4]

Report Industry Investment Rating - Not provided 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. The aluminum ingots are expected to show a short-term strong and volatile trend, with the price mainly moving at a high level in the short term, and subsequent attention should be paid to the inventory-to-consumption trend [1][2][3] Summary by Relevant Catalogs Finished Products - The short - process construction steel enterprises in the Yunnan - Guizhou region will have a shutdown and maintenance period during the Spring Festival from mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons during the shutdown. In Anhui Province, 1 out of 6 short - process steel mills stopped production on January 5, and most of the remaining mills will stop production around mid - January, with an estimated daily impact on output of about 16,200 tons during the shutdown [1][2] - 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 month - on - month decrease of 40.3% and a year - on - year increase of 43.2% [2] - The finished products continued to decline in a volatile manner yesterday, reaching a new low in the recent period. In the pattern of weak supply and demand, the market sentiment is also pessimistic, leading to a continuous downward shift of the price center. The winter storage this year is sluggish, providing weak support for prices [2] Aluminum - Macroscopically, after the July employment data was weaker than expected, traders bet that the number of Fed rate cuts this year would exceed previous expectations, and the US dollar weakened. The domestic new - issue Cailian Press "C50 Wind Direction Index" shows that the market expects that government bonds in July will support the year - on - year increase in new social financing, and the substitution effect may turn the new loan scale negative, but the growth rate is still high [1] - In terms of the supply side of aluminum, the port shipping in Guinea was suspended due to the previous mining rights issue, which drove the alumina futures price up slightly, but the impact on futures is relatively limited. In August, the operating capacity of alumina is expected to increase month - on - month, and the demand for bauxite will grow. Xinjiang Zhonghe's 2.4 - million - ton alumina project is expected to be completed and put into production in the first half of 2026. Affected by the rainy season, the shipping volume of Guinea's bauxite decreased from late June to July, and the total amount of bauxite imported from Guinea by China is expected to decline starting from August, while the increase in domestic bauxite supply is limited. The inventory accumulation of bauxite in China is expected to slow down gradually starting from August, and the total bauxite inventory is expected to reach an inflection point from August to September [2] - In July, the domestic electrolytic aluminum output increased by 1.05% year - on - year and 3.11% month - on - month. The operating capacity of domestic electrolytic aluminum increased slightly month - on - month in July, mainly due to the commissioning of the second - phase replacement project of Shandong - Yunnan's electrolytic aluminum. As of August 7, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 564,000 tons, unchanged from Monday and up 20,000 tons from last Thursday [2] - Currently, the inventory is accumulating in the off - season, and the off - season pressure on the demand side limits the upward space. Be vigilant about the increased pricing of macro risks. The rate - cut expectation provides short - term support for prices. Pay attention to the promotion of domestic policies. The aluminum price is expected to mainly move at a high level in the short term, and subsequent attention should be paid to the inventory - to - consumption trend [3] Later Concerns - For finished products, pay attention to macro policies and downstream demand [2] - For aluminum, pay attention to changes in macro expectations, the development of geopolitical crises, the resumption of production at the mine end, and the release of consumption [4]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, the net production of primary aluminum reached 402,900 tons, a quarter-on-quarter increase of 1.5% and year-on-year stability [2] - The sales volume of primary aluminum in Q2 2025 was 411,000 tons, reflecting a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.7% [2] - Value-added products (VAP) accounted for an average of 76% of total shipments, with a year-on-year increase of 9% [2] - The company achieved a profit of 2,460 million Bahraini Dinars (approximately 65.3 million USD) in Q2 2025, a year-on-year decrease of 64% but a quarter-on-quarter increase of 36% [3] - Total revenue from contracts with customers was 434 million Bahraini Dinars (approximately 1.155 billion USD), showing a year-on-year growth of 7% and a quarter-on-quarter growth of 6% [3] Financial Performance Summary - The comprehensive total income for Q2 2025 was 2,190 million Bahraini Dinars (approximately 58.1 million USD), a year-on-year decrease of 67% and a quarter-on-quarter increase of 30% [3] - Gross profit for Q2 2025 was 470 million Bahraini Dinars (approximately 125.1 million USD), reflecting a year-on-year decrease of 54% and a quarter-on-quarter decrease of 7% [3] - As of June 30, 2025, total assets were 2,657.9 million Bahraini Dinars (approximately 706.9 million USD), a decrease of 0.6% compared to December 31, 2024 [4]

几内亚矿权的争夺不影响国内进口矿供应 新能源及有色金属日报 | 2025-08-07 库存方面，截止2025-08-06，SMM统计国内电解铝锭社会库存56.4万吨，较上一期变化2.0吨，仓单库存42662 吨，较上一交易日变化-1625吨，LME铝库存467925吨，较上一交易日变化1900吨。 氧化铝现货价格：2025-08-06SMM氧化铝山西价格录得3240元/吨，山东价格录得3220元/吨，河南价格录得 3240元/吨，广西价格录得3315元/吨，贵州价格录得3315元/吨，澳洲氧化铝FOB价格录得375美元/吨。 重要数据 氧化铝期货方面：2025-08-06氧化铝主力合约开于3208元/吨，收于3241元/吨，较上一交易日收盘价变化31元/ 吨，变化幅度0.97%，最高价达到3253元/吨，最低价为3196元/吨。全天交易日成交174314手，全天交易日持 仓118314手。 铝现货方面：SMM数据，华东A00铝价20630元/吨，较上一交易日变化110元/吨，华东铝现货升贴水-40元/吨， 较上一交易日变化0元/吨；中原A00铝价20540元/吨，现货升贴水较上一交易日变化10元/吨至-130 ...

近年来，山东全省上下以习近平新时代中国特色社会主义思想为指导，深入学习贯彻习近平总书记关于 民营经济的重要论述，认真贯彻落实党中央、国务院决策部署和省委、省政府工作要求，优化民营经济 发展环境，提振民营企业发展信心，不断促进全省民营经济持续、健康、高质量发展。广大民营企业和 民营经济人士探索开拓、锐意进取，坚守主业、做强实业，在稳定增长、促进创新、增加就业、改善民 生等方面发挥了重要作用，成为山东发展不可替代的重要力量，为奋力开创新时代社会主义现代化强省 建设作出重大贡献，涌现出一大批突出贡献企业、突出贡献集体和突出贡献个人。 中国发展网讯 记者尹明波、高杨报道 经山东省委、省政府批准，省发展改革委、省工业和信息化厅日 前发布《关于表彰山东省民营经济高质量发展突出贡献奖获奖单位和人员的通报》，决定授予山东魏桥 创业集团有限公司等80 家企业"山东省民营经济高质量发展突出贡献企业"称号，授予省纪委监委第二 监督监察室等50个集体"山东省民营经济高质量发展突出贡献集体"称号，授予李登海等99名个人"山东 省民营经济高质量发展突出贡献个人"称号。 通报旨在表彰先进、树立典型，增强民营企业和民营经济人士的获得感、荣誉 ...

Group 1 - The company has approved a share repurchase plan using its own funds to buy back a portion of its public shares for cancellation and reduction of registered capital [1][2] - The total amount for the share repurchase will not be less than RMB 300 million and not exceed RMB 600 million, with a maximum repurchase price of RMB 6.24 per share [2] - The repurchase period is set from December 27, 2024, to December 26, 2025, following the approval from the shareholders' meeting [2] Group 2 - As of July 2025, the company has repurchased a total of 13,727,200 shares in July, accounting for approximately 0.12% of the total share capital, with a total expenditure of RMB 56,305,377 [3] - By July 31, 2025, the cumulative repurchase reached 65,084,189 shares, representing about 0.56% of the total share capital, with total funds spent amounting to RMB 249,404,760.74 [3] - The repurchase progress aligns with the established share repurchase plan [3] Group 3 - The company will adhere to relevant regulations during the repurchase period and will make decisions based on market conditions, ensuring timely disclosure of the repurchase progress [4]

Summary of Key Points from Conference Call Records Industry Overview - **Manufacturing Sector**: China is undergoing a new round of supply-side reforms, focusing on eliminating inefficient capacity in emerging industries like automotive and electronics, with total manufacturing debt growth expected to slow to 2%-3% [1][3] - **High-Quality Nutritional Chemical Industry**: The industry has significant growth potential due to rising health product demand and high technical barriers, with New Hope Liuhe being a leading player [5][16] - **Aluminum Industry**: China Hongqiao is one of the largest aluminum producers globally, benefiting from high electrolytic aluminum prices and cost advantages [1][22] Company-Specific Insights SF Express (顺丰) - **Rating Upgrade**: SF Express has been upgraded to "overweight" due to its leading position in the high-end express market, operational efficiency improvements, and technological innovations, with expected profit growth of 11%-12% in Q2 [1][4][10] - **Investment Timing**: Current market conditions present a good buying opportunity, with projected free cash flow yields of 6.5%-8% from 2025 to 2027 [13] - **Risks**: The company faces macroeconomic risks that could impact its international and express business revenues, particularly if economic growth slows in 2025 [14][15] New Hope Liuhe (新和成) - **Market Position**: New Hope Liuhe holds approximately 15% of the global methionine market and 30% of the vitamin E market, with a positive outlook on its growth potential [16][19] - **Capacity Growth**: Expected capacity growth in the next three to four years is below 5%, aligning with global demand growth, indicating minimal supply pressure [17] - **Financial Health**: The company has a strong financial position, with a projected net cash status and positive free cash flow even during industry downturns [19] China Hongqiao (中国宏桥) - **Competitive Advantages**: The company benefits from high electrolytic aluminum prices, cost advantages from integrated operations, and a high dividend policy, with a one-year expected P/E ratio close to 7 times [1][22][23] - **Future Projects**: Participation in the Simandou iron ore project is expected to contribute significantly to profits, with an estimated 1.3 million tons of iron ore contributing approximately 1.7 billion in profits by 2027 [23] Financial Policies and Market Dynamics - **New Financial Policies**: Recent policies aim to control overcapacity and credit risks, including regulations on accounts payable management and rational investment by local governments [2][3] - **Investment Trends**: Approximately 74% of industrial sectors have slowed investment growth, but demand remains stable, with financial policies supporting a gradual recovery [7][8] Additional Considerations - **Express Delivery Pricing**: Recent price increases in the express delivery sector, particularly in Guangdong, need to be monitored for sustainability and impact on midstream profits [9][12] - **Market Sentiment**: The overall market sentiment and fundamental changes in the express delivery industry will be influenced by pricing strategies and demand fluctuations [12]

Summary of Expeditors International of Washington (EXPD) Update / Briefing Company Overview - **Company**: Expeditors International of Washington (EXPD) - **Division**: Onyx, an advisory firm under Expeditors, focuses on global supply chains and navigating trade disruptions [8][10] Industry Context - **Industry**: Trade and logistics, with a focus on customs and tariffs - **Current Environment**: Significant changes in U.S. trade policy, particularly regarding tariffs and trade agreements with various countries [13][15] Key Points and Arguments 1. **Tariff Changes**: Nine new tariff levels were announced, increasing the overall effective tariff rate significantly, with a focus on transshipment, which incurs an additional 40% tariff for goods attempting to avoid tariffs [15][16] 2. **Focus on China**: The U.S. administration is primarily targeting Chinese goods and exports, with a notable removal of de minimis exemptions for goods valued at $800 or less [17][18] 3. **Impact of Tariffs**: The competitive landscape will be affected on an industry-by-industry and product-by-product basis, with ongoing evaluations of how these tariffs will impact various sectors [20][21] 4. **Uncertainty in Trade Deals**: Current agreements are not fully defined, leading to significant uncertainty in trade relationships, particularly with the EU, Canada, and Mexico [22][56] 5. **Political Pressures**: Domestic political pressures, especially with upcoming midterms, may influence tariff policies and negotiations [26][66] 6. **EU Relations**: The EU has avoided a full trade war with the U.S., but faces economic and political challenges due to the current tariff landscape [27][58] 7. **China-U.S. Relations**: The relationship is in a strategic pause, with limited deals expected, focusing on structural demands rather than comprehensive agreements [62][63] 8. **USMCA and India**: The USMCA remains unresolved, and the Trump administration is applying pressure on India with reciprocal tariffs and potential sanctions related to oil purchases from Russia [66][70] Additional Important Insights 1. **Macroeconomic Impact**: Tariffs are expected to have a stagflationary effect, negatively impacting growth while pushing inflation higher, with estimates of a half percentage point reduction in GDP growth [80][81] 2. **Sector-Specific Effects**: Consumer electronics, automobiles, and industrial metals are among the most affected sectors due to high tariff exposure [82] 3. **Fiscal Implications**: Tariffs are projected to generate significant revenue, but the regressive nature of tariffs may disproportionately affect lower-income households [86] 4. **Investment Trends**: There is a potential shift in foreign direct investment towards Mexico and ASEAN economies as companies seek to derisk from China [87] Conclusion - The current trade environment is characterized by significant uncertainty and evolving tariff policies, with potential long-term implications for various sectors and international relationships. The focus remains on navigating these changes while assessing their macroeconomic impacts and sector-specific challenges.

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View -成材价格震荡整理运行，后期关注宏观政策和下游需求情况 [4] -铝价预计短期区间调整，需关注宏观情绪和下游开工 [5] 3. Summary by Relevant Catalogs 3.1.成材 - 云贵区域短流程建筑钢材生产企业春节停产检修预计影响总产量74.1万吨，安徽省短流程钢厂停产期间日度影响产量1.62万吨左右 [4] - 2024年12月30日 - 2025年1月5日，10个重点城市新建商品房成交面积环比下降40.3%，同比增长43.2% [4] - 成材昨日震荡下行，价格创新低，在供需双弱格局下市场情绪悲观，价格重心下移，冬储低迷对价格支撑不强 [4] 3.2.铝锭 - 宏观上市场关注美联储人事变动，可能使其转向更鸽派，昨日铝价区间震荡 [3] - 几内亚港口发运被叫停带动氧化铝期货价格小幅上行，8月氧化铝运行产能预计环比增加，铝土矿需求增长 [4] - 6月底至7月几内亚铝土矿发运量降低，预计8月中国自几内亚进口铝土矿总量下滑，国产铝土矿供应增量有限 [4] - 8月开始中国铝土矿库存累库幅度预计放缓，8 - 9月库存总量预计出现拐点 [4] - 7月国内电解铝产量同比增长1.05%，环比增长3.11%，8月4日国内主流消费地电解铝锭库存56.4万吨，较上周四增长2.0万吨，较上周一上涨3.1万吨 [4] - 当前淡季库存累库，需求端压力限制上行空间，警惕宏观风险计价加码，关注国内政策推进 [5]

证券代码：600219 证券简称：南山铝业 公告编号：2025-043 山东南山铝业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： 回购方案首次披露日 2024/12/12 回购方案实施期限 2024 年 12 月 27 日~2025 年 12 月 26 日 预计回购金额 300,000,000元~600,000,000元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 （公告编号：2024-070）和《山东南山铝业股份有限公 司关于以集中竞价交易方式回购股份的回购报告书》（公告编号：2025-001）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司 2025 年 7 月回购股份情况公告如下： 股，占公司总股本的比例约为 0.12%，回购成交的最高价为 4.12 元/股，最低价为 截止 2025 年 7 月 31 ...