Core Viewpoint - Nanshan Aluminum announced a share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in the company's future performance [2] Summary by Categories Share Buyback Details - As of July 31, 2025, the company has repurchased approximately 65.08 million shares, which represents about 0.56% of the total share capital [2] - The highest price paid for the repurchased shares was 4.12 RMB per share, while the lowest price was 3.24 RMB per share [2] - The total amount spent on the share buyback is approximately 249 million RMB [2]

格隆汇8月6日丨南山铝业(600219.SH)公布，2025年7月，公司通过集中竞价交易方式已累计回购公司股 份13,727,200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4.07元/ 股，支付的资金总额为人民币56,305,377元（不含交易费用）。截止2025年7月31日，公司通过集中竞价 交易方式已累计回购公司股份65,084,189股，占公司总股本的比例约为0.56%，回购成交的最高价为4.12 元/股，最低价为3.24元/股，支付的资金总额为人民币249,404,760.74元（不含交易费用）。上述回购进 展符合既定的回购股份方案。 ...

Report Industry Investment Rating - Unilateral: Aluminum: Neutral; Alumina: Neutral; Aluminum alloy: Neutral. Arbitrage: Long SHFE aluminum calendar spread, long AD11 and short AL11 [10] Core Viewpoints - The electrolytic aluminum market maintains a weak and narrow - range oscillation. In the short - term, the aluminum price will show a seasonally weak oscillation due to the consumption off - season and unclear policy stimulus. In the long - term, supply is restricted while consumption grows steadily. The focus is on the potential price increase during the consumption peak season. The alumina market remains in a state of surplus, with production resuming due to profit incentives and the speed of social inventory accumulation and registered warehouse receipts still to be observed. The aluminum alloy market is in the consumption off - season, with prices following the aluminum price and potential cross - variety arbitrage opportunities [7][8][9] Summary by Related Contents Important Data - **Aluminum Spot**: The price of East China A00 aluminum is 20,520 yuan/ton, with a change of 40 yuan/ton from the previous trading day. The spot premium/discount is - 40 yuan/ton, a change of - 10 yuan/ton. The price of Central China A00 aluminum is 20,420 yuan/ton, and the spot premium/discount is - 140 yuan/ton with no change from the previous day. The price of Foshan A00 aluminum is 20,530 yuan/ton, a change of 40 yuan/ton, and the spot premium/discount is - 25 yuan/ton, a change of - 5 yuan/ton [2] - **Aluminum Futures**: On August 5, 2025, the opening price of the SHFE aluminum main contract is 20,525 yuan/ton, the closing price is 20,560 yuan/ton, a change of 105 yuan/ton. The highest price is 20,570 yuan/ton, and the lowest is 20,435 yuan/ton. The trading volume is 99,996 lots, and the open interest is 225,945 lots [3] - **Inventory**: As of August 5, 2025, the domestic social inventory of electrolytic aluminum ingots is 564,000 tons, a change of 2.0 tons. The warehouse receipt inventory is 44,287 tons, a change of - 2,362 tons. The LME aluminum inventory is 466,025 tons, a change of 2,300 tons [3] - **Alumina Spot Price**: On August 5, 2025, the SMM alumina price in Shanxi is 3,240 yuan/ton, in Shandong is 3,220 yuan/ton, in Henan is 3,240 yuan/ton, in Guangxi is 3,310 yuan/ton, in Guizhou is 3,315 yuan/ton, and the Australian alumina FOB price is 375 US dollars/ton [3] - **Alumina Futures**: On August 5, 2025, the opening price of the alumina main contract is 3,232 yuan/ton, the closing price is 3,227 yuan/ton, a change of 37 yuan/ton or 1.16%. The highest price is 3,245 yuan/ton, and the lowest is 3,178 yuan/ton. The trading volume is 242,539 lots, and the open interest is 124,750 lots [3] - **Aluminum Alloy Price**: On August 5, 2025, the purchase price of Baotai civil raw aluminum is 15,100 yuan/ton, and the purchase price of mechanical raw aluminum is 15,300 yuan/ton, both with a change of 100 yuan/ton compared to the previous day. The Baotai quotation of ADC12 is 19,600 yuan/ton, a change of 100 yuan/ton [4] - **Aluminum Alloy Inventory**: The social inventory of aluminum alloy is 46,000 tons, and the in - plant inventory is 64,000 tons [5] - **Aluminum Alloy Cost and Profit**: The theoretical total cost is 19,949 yuan/ton, and the theoretical profit is - 249 yuan/ton [6] Market Analysis - **Electrolytic Aluminum**: It maintains a weak and narrow - range oscillation. The social inventory has increased to 560,000 tons, and the warehouse receipt inventory is only 44,000 tons. The 08 contract open interest is 180,000 tons, and there are still conditions for a short squeeze. The "anti - involution" has little impact on the supply side. In the short - term, the aluminum price will show a seasonally weak oscillation. In the long - term, supply is restricted while consumption grows steadily [7] - **Alumina**: In the spot market, on August 4, India traded 30,000 tons of alumina at FOB 377.25 US dollars/ton for mid - August shipment, a decline of 12 US dollars/ton compared to the July 25 transaction. The alumina warehouse receipts increased rapidly by 6,627 tons to 13,242 tons. The 08 contract open interest remains at 2,190 lots. The bauxite in Guinea is in surplus, and the alumina production profit remains. The supply side continues to resume production, and the surplus situation remains unchanged [7][8] - **Aluminum Alloy**: It is in the consumption off - season. The futures price follows the aluminum price. The supply of scrap aluminum and raw aluminum is still tight, and the cost supports the price. The spread between AD2511 - AL2511 contracts is - 480 yuan/ton. The 11 contract has become a peak - season contract, and cross - variety arbitrage opportunities are worth attention [9]

Core Viewpoint - The company has established a complete aluminum product industry chain, making it one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [1][4]. Group 1: Industry Chain and Production Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [1]. - The current electrolytic aluminum production capacity is 6.459 million tons, ranking second in China, while alumina production capacity is 21 million tons [1][2]. - The company is implementing a "north aluminum south move" strategy to adapt to green trends, with plans to relocate production capacity from Shandong to Yunnan, targeting 3.451 million tons in Shandong and 3.008 million tons in Yunnan by 2027 [2]. Group 2: Cost Management and Supply Chain - The company has a self-sufficient power generation rate of approximately 50% due to its self-built thermal power plants, which helps in cost management [2]. - The alumina required for production is primarily sourced from self-production in Shandong and external procurement in Yunnan, with bauxite imported from Guinea and stable supply channels established in Australia and Indonesia [2][3]. Group 3: Financial Performance and Future Outlook - The company’s alumina production capacity is 21 million tons, with significant contributions from both domestic and overseas projects, leading to a projected revenue increase of 34.7% and gross profit growth of 142.2% in 2024 [3]. - The company aims to enhance its risk resilience and performance stability through vertical integration and proactive overseas resource acquisition [4]. - Expected net profits for the company from 2025 to 2027 are projected to be 22.64 billion, 24.21 billion, and 25.39 billion yuan, respectively, with a corresponding EPS of 2.44, 2.61, and 2.73 yuan [4].

Core Viewpoint - The recent implementation of a 50% tariff on semi-finished copper products by the U.S. has had a weaker-than-expected impact on China's copper prices, leading to significant gains in leading copper companies in China [1][3]. Group 1: Market Reactions - Leading copper companies such as Tongling Nonferrous Metals surged over 9%, Yunnan Copper rose more than 3%, and other companies like Jiangxi Copper and Northern Copper increased by over 2% [1]. - The ETF tracking leading non-ferrous metal companies, known as the Non-ferrous Metal Leader ETF (159876), saw its price peak at 0.77% during trading, reflecting a positive market sentiment towards the sector [1]. Group 2: Tariff Impact Analysis - The U.S. imposed a 50% tariff on various semi-finished copper products starting August 1, but raw materials like cathode copper and scrap copper are exempt from these tariffs [3]. - Analysts believe the tariff's impact on domestic copper prices is limited, as only 30,000 tons of the 578,000 tons of copper imported by the U.S. in 2024 will come from China, accounting for just 5.2% [3]. Group 3: Investment Outlook - Guotai Junan Securities is optimistic about investment opportunities in the non-ferrous metal sector, particularly for gold, which is expected to benefit from a weakening U.S. dollar and anticipated interest rate cuts [3]. - The copper market is expected to see a price increase due to constrained supply and resilient demand, with projections for gradual export openings and continuous demand growth [3]. Group 4: Sector Performance - As of July 31, the non-ferrous metal sector has seen a year-to-date increase of 24.91%, making it the top-performing sector among 31 major industries [4]. - The current price-to-book ratio of the non-ferrous metal index is at a historically low level of 2.36, indicating potential for valuation recovery [4]. Group 5: ETF Composition - The Non-ferrous Metal Leader ETF (159876) and its associated funds are diversified across various metals, with copper, aluminum, gold, rare earths, and lithium making up significant portions of the index [6].

Group 1: Report Overview - Report Name: Aluminum Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Group 2: Market Review and Operational Suggestions Aluminum Market - On the 5th, Shanghai Aluminum continued to fluctuate strongly. The main contract 2509 closed up 0.51% at 20,560. The total index positions increased by 934 to 574,153 lots. The 08 - 09 premium was reported at 40. Aluminum ingot social inventories continued to grow, and spot prices were all at discounts. Cast aluminum alloy fluctuated strongly following Shanghai Aluminum, with the AD - AL negative spread reported at - 485 [8]. - In August, the supply of bauxite tends to tighten due to the impact of the rainy season in Guinea. However, with high port inventories and the resumption of some停产 mines, the shortage is expected to be limited, and the bauxite price will mainly operate at the bottom [8]. - The stimulus of the anti - involution policy for over - capacity industries on related industrial products has temporarily ended. The over - capacity pattern of alumina remains unchanged. Before the policy is clear, the upside space of alumina should be viewed with caution, and short - selling can be considered at high points [8]. - In the cast aluminum sector, it is currently the off - season for the automotive industry. With weakening demand and a shortage of scrap aluminum supply, cast aluminum will continue to fluctuate in a range following Shanghai Aluminum, and the AD - AL will maintain a low - level negative spread structure [8]. - In the electrolytic aluminum sector, the domestic operating capacity remains at a high level. The demand side is still sluggish in the off - season, and inventories are seasonally increasing. The profits of smelting enterprises have declined but are still substantial. Currently, the aluminum market is dominated by macro - sentiment. The decline of the US dollar and domestic policy expectations support the sector to be strong, but the off - season continues, and short - selling can be appropriately considered [8]. Group 3: Industry News Ghana's Bauxite Agreement - Ghana has canceled a $1.2 billion bauxite agreement with local company Rocksure International and is seeking cooperation with a large overseas company to develop one of the richest bauxite mines in West Africa. Potential partners include the UAE's Emirates Global Aluminium (EGA) or a Chinese company. The canceled agreement covered the Nyinahin Hills mine in central Ghana, which contains about 376 million tons of bauxite. Ghana has about 900 million tons of bauxite, ranking seventh in the world [9][10]. China's 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% [10]. - 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% [10]. - 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]. Guinea's Mining License Revocation - On the evening of July 17, 2025, Guinea's National Television announced that the Ministry of Mines and Geology had revoked the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. The revoked bauxite enterprises all have long - term idle mining rights and no actual mining activities. The official said that these mining rights were taken back by the state free of charge as part of a comprehensive rectification of the national mining registration system to improve the transparency and standardization of mineral resource management [10]. Restart of Alcoa's Spanish Smelter - Alcoa expects its San Ciprián aluminum smelter in Spain to be restarted by mid - 2026, with an expected loss of up to $110 million due to the delay. The plant's production decreased in 2021 due to high electricity prices. The restart plan was postponed due to a nationwide power outage in Spain on April 28. After evaluating the power outage losses, the joint - venture company suspended the resumption of production until the Spanish government provided detailed information on the cause of the power outage and measures to prevent similar events. On July 14, Alcoa and its joint - venture partner Ignis Equity Holdings confirmed that the restart of the San Ciprián electrolytic aluminum plant had resumed. Alcoa expects the smelter to record a net loss of about $90 million to $110 million in 2025, and the entire restart process is expected to be completed by mid - 2026 [10][11]

Group 1 - The stock price of Shenhuo Co., Ltd. is 17.77 yuan as of August 5, 2025, with a decrease of 0.02 yuan, representing a decline of 0.11% from the previous trading day's closing price [1] - The company operates in coal, electricity, and aluminum production and sales, with applications in various sectors including industry, construction, and transportation [1] - A shareholder holding 8.58% of the company, Shangqiu Putian Industrial and Trade, plans to reduce its holdings by up to 20 million shares, accounting for 0.90% of the total share capital, between August 27, 2025, and November 26, 2025 [1] Group 2 - On August 5, 2025, the net outflow of main funds was 73.7386 million yuan, representing 0.18% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 200.0696 million yuan, accounting for 0.5% of the circulating market value [1]

Group 1 - The company held its 23rd meeting of the third board of directors on August 4, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [2][3][4] - The board approved multiple proposals to amend the company's articles of association and various governance rules to enhance corporate governance and operational standards [3][5][7][12][14][20][22][25][30][32][34][36][40][42][46][49][52][55][57][60][63][66][68] - The amendments will be submitted for approval at the upcoming extraordinary general meeting of shareholders scheduled for August 21, 2025 [4][26][70] Group 2 - The company plans to revise its articles of association to improve governance structure, including changes to terminology and the addition of sections regarding controlling shareholders and independent directors [81][82] - The company will also revise various internal governance documents, including rules for board meetings, audit committees, and investor relations management [81][82] - The revisions are in accordance with the latest regulations from the Company Law, Securities Law, and guidelines for listed companies [81][82]

Group 1 - The latest stock price of Zhongfu Industrial is 4.86 yuan, an increase of 0.04 yuan from the previous trading day, with a daily trading volume of 550,002 hands and a total transaction amount of 267 million yuan [1] - The company is primarily engaged in the research, production, and sales of aluminum and aluminum deep processing products [1] - The latest announcement projects a net profit attributable to shareholders of the listed company for the first half of 2025 to be between 680 million yuan and 720 million yuan, representing a year-on-year growth of 53.35% to 62.37% [1] Group 2 - On August 5, the net inflow of main funds was 44.8799 million yuan, with a cumulative net inflow of 105 million yuan over the past five days [1]

安徽鑫铂铝业股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 安徽鑫铂铝业股份有限公司（以下简称"公司"）第三届监事会第二十二 次会议通知已提前3日发出，本次会议已于2025年8月4日在公司会议室以现场结 合通讯方式召开。本次会议由监事会主席李静主持，应出席会议监事3名，实际 出席会议监事3名。本次会议的召集、召开符合《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》（以下简称"《证券法》"） 及《公司章程》的规定，会议决议合法、有效。出席会议的监事对议案进行了 认真审议并做出了如下决议： 二、会议审议情况 证券代码：003038 证券简称：鑫铂股份 公告编号：2025-072 表决结果：同意3票、反对0票、弃权0票。 本议案尚需提交公司2025年第三次临时股东会审议，并需要经出席股东会 的非关联股东（包括股东代理人）所持表决权的三分之二以上表决通过。 具体内容详见公司同日刊登在《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）的 ...