安徽鑫铂铝业股份有限公司 第二条 股权登记日登记在册的所有股东或其代理人，均有权出席股东会， 并依照有关法律、法规、公司章程、股东会议事规则及本制度行使表决权。 第三条 股东会将设置会场，以现场会议形式召开，并向股东提供网络形式 的投票平台。公司召开股东会的地点为：公司住所地或股东会会议通知公告中指 定的地点。 股东通过网络或其他方式参加股东会的，视为出席。公司股东会实施网络投 票时，应严格按照深圳证券交易所（以下简称"深交所"）发布的有关规定进行股 东身份确认 第四条 股东会决议分为普通决议和特别决议。 股东会作出普通决议，应当由出席股东会的股东（包括股东代理人）所持 表决权的 1/2 以上通过。 股东会投票计票制度 第一章 总 则 第一条 为规范安徽鑫铂铝业股份有限公司（以下简称"公司"）股东会投票、 计票行为，建立健全中小投资者投票机制，保证所有股东充分行使权利，切实维 护中小投资者利益，根据《中华人民共和国公司法》 《中华人民共和国证券法》、 国务院办公厅《关于进一步加强资本市场中小投资者合法权益保护工作的意见》 （国办发〔2013〕110 号）、中国证监会《上市公司章程指引》及《上市公司股 东会规则 ...

Core Viewpoint - Innovation International has submitted a second IPO application to the Hong Kong Stock Exchange, updating financial data and business details from its previous application, with plans to raise funds for expanding overseas electrolytic aluminum smelting capacity, building green energy power stations, and optimizing working capital to support its globalization strategy and sustainable development goals [1][2]. Group 1: Company Overview - Innovation International is a leading upstream enterprise in the aluminum industry chain, focusing on the production and sales of electrolytic aluminum and alumina [2]. - The company has a significant cost advantage due to its strategic locations in Inner Mongolia and Shandong, with transportation costs approximately 15% lower than inland peers and industrial electricity prices 40% lower than coastal regions [2]. - The company has achieved a self-sufficiency rate of 84% for alumina and 88% for electricity, significantly higher than the industry average [2]. Group 2: Financial Performance - The company's revenue from electrolytic aluminum accounted for 95.5%, 90.5%, 85%, and 76.6% of total revenue from 2022 to the first five months of 2025, while revenue from alumina and other products increased from 2% to 21.1% during the same period [2]. - Net profit increased from 913 million yuan in 2022 to 2.63 billion yuan in 2024, but fell by 14.4% to 856 million yuan in the first five months of 2025 due to rising coal prices affecting production costs [4]. Group 3: Customer Dependency - Innovation International's largest customer is its affiliate, Innovation New Materials, which accounted for 78.8%, 76.6%, and 59.8% of the company's revenue in 2023, 2024, and the first five months of 2025, respectively [6]. - The company emphasizes that the terms of transactions with Innovation New Materials are fair and comparable to those offered by independent third parties, indicating a diversified customer base despite the significant revenue dependency [6]. Group 4: Industry Position - According to a CRU report, Innovation International is the fourth largest electrolytic aluminum production base in North China and the twelfth largest electrolytic aluminum producer in China by 2024 production capacity [3]. - The company has been recognized as a national-level green factory by the Ministry of Industry and Information Technology in 2024 [3].

经济观察报记者 王雅洁 国内的铝市运行逻辑正面临转换。 2025年上半年的铝价，走出"N"形震荡曲线，在这背后，交织着宏观政策反复与供需韧性博弈。当市场从情绪驱动回归基本面逻辑，铝产业如何应对强现实 与弱预期的矛盾？经济观察报就此专访五矿有色金属股份有限公司研究员蔡子龙。 在蔡子龙看来，当前全球库存持续去化趋势停滞，累库拐点或已出现，与下游加工业低开工率形成共振，对消费预期有所打压，叠加宏观扰动、情绪降温， 或对价格带来一定压力。当铝价波动从宏观情绪驱动转向基本面逻辑修复时，产业更需关注结构性机会。 比如光伏退潮后的新能源车接力、俄铝进口的供给稳定性、氧化铝政策的潜在变数等，这些微观变量正成为破译铝市密码的新钥匙。 经济观察报：上半年LME铝价波幅超17%，最终仅较年初微涨2.2%，这种剧烈震荡的核心动因是什么？ 蔡子龙：核心是宏观逻辑的快速切换。 从数据上来看，2025年1至6月国内外铝价整体呈现"N"形走势，开年以来价格在持续走高后于一季度末大幅下跌，二季度上行修复，未达前高。 具体而言，一季度海内外宏观多空交织，国内提出择机降准降息、"两新"资金规模将有大幅增加以及民营企业家座谈会顺利召开等因素共同奠定 ...

Group 1 - The core viewpoint of the news is that Innovation International Holdings Group Limited has re-submitted its prospectus to the Hong Kong Stock Exchange after the previous submission expired, indicating a renewed effort to go public [1] - The company primarily focuses on the production and sales of electrolytic aluminum and alumina, with a significant reliance on its affiliate, Innovation New Materials [1][2] - The sales revenue from electrolytic aluminum constitutes a high percentage of the company's total revenue, with figures of 95.5%, 90.5%, 85%, and 76.6% for the years 2022, 2023, 2024, and the first five months of 2025, respectively [2] Group 2 - The company aims to use the raised funds to expand overseas electrolytic aluminum smelting capacity, build green energy power stations, and optimize working capital to support its globalization strategy and sustainable development goals [2] - The company has achieved high self-sufficiency rates in alumina and electricity supply, with self-sufficiency rates of approximately 47%, 90%, 84%, and 70% for alumina, and 81%, 81%, 88%, and 87% for electricity from 2022 to the first five months of 2025 [3] - Revenue from the affiliate Innovation New Materials accounted for 78.8%, 76.6%, and 59.8% of the company's total revenue for the years 2023, 2024, and the first five months of 2025, respectively [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The finished products are expected to run in a range-bound and consolidating manner, and attention should be paid to macro policies and downstream demand [4] - The aluminum price is expected to adjust in a short - term range, and attention should be paid to macro sentiment and downstream start - up [5] Summary by Related Catalogs Finished Products - Yunnan - Guizhou short - process construction steel enterprises' Spring Festival shutdown is from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting 741,000 tons of production [3] - 6 short - process steel mills in Anhui: 1 stopped production on January 5th, most will stop around mid - January, with a daily production impact of about 16,200 tons [4] - From December 30, 2024, to January 5, 2025, the transaction area of new commercial housing in 10 key cities was 2.234 million square meters, a 40.3% MoM decrease and a 43.2% YoY increase [4] - Finished products continued to decline yesterday, reaching a new low. In the weak supply - demand pattern, the market sentiment is pessimistic, and winter storage is sluggish [4] Aluminum - On the supply side, the port shipment in Guinea was suspended, driving up the alumina futures price slightly. In August, the operating capacity of alumina is expected to increase, and the demand for bauxite will grow [4] - From late June to July, the bauxite shipment volume from Guinea decreased. From August, the total import volume of bauxite from Guinea to China is expected to decline, and the domestic supply increment is limited [4] - From August, the inventory accumulation rate of Chinese bauxite is expected to slow down, and the inventory is expected to peak from August to September [4] - In July, the domestic electrolytic aluminum production increased by 1.05% YoY and 3.11% MoM. The operating capacity increased slightly due to the start - up of the second - phase replacement project in Shandong - Yunnan [4] - On August 4, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 564,000 tons, an increase of 20,000 tons from last Thursday and 31,000 tons from last Monday [4] - Currently, the inventory is accumulating in the off - season, and the demand pressure limits the upside space. Short - term aluminum prices are expected to be range - bound [5]

8月5日，国内期市有色金属板块多数飘红。其中，氧化铝期货呈现震荡上行走势，主力合约报收于 3227.0元/吨，涨幅1.16%。 现货方面，据铜冠金源期货介绍，周一现货氧化铝全国均价3274元/吨，持平，升水71元/吨。澳洲氧化 铝F0B价格375美元/吨，跌2美元/吨，理论进口窗口关闭。 后市来看，中金财富期货表示，近期有几内亚铝土矿供应扰动，以及"反内卷"政策预期，价格波动放 大；考虑长期氧化铝产能增长，价格将维持在较低水平。 成本上，国信期货分析称，受几内亚雨季影响，铝土矿出港量显著下降，并将逐渐体现于到港量上，供 应量的下降为铝土矿价格提供支撑，近期铝土矿价格已经出现小幅上涨，氧化铝成本线或继续抬升。 基本面上，瑞达期货（002961）指出，政治局会议提出对重点行业进行产能治理，在此背景下，随着具 体措施的逐步落地，氧化铝在运行产能或有收敛，产量增速有所放缓。需求方面，国内电解铝产能已接 近行业"天花板"，增量空间或将有限，对原料氧化铝需求保持稳定。 ...

Core Viewpoint - The company has established a complete aluminum product industry chain and is one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [2][3]. Group 1: Industry Chain and Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [2]. - The company currently has an electrolytic aluminum production capacity of 6.459 million tons, ranking second in China, and an alumina production capacity of 21 million tons [2][3]. - The company is implementing a "north aluminum south move" strategy to align with green trends, with plans to relocate electrolytic aluminum capacity from Shandong to Yunnan, expecting capacities of 3.451 million tons and 3.008 million tons respectively by 2027 [3]. Group 2: Cost and Supply Chain Management - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants, which helps in cost savings [3]. - The alumina required for production in Shandong is mainly self-produced, while the Yunnan region sources alumina externally [3]. - The company has established stable supply channels for bauxite from Guinea, Australia, and Indonesia, ensuring a steady supply of raw materials [3][4]. Group 3: Financial Performance and Dividends - The company is expected to achieve net profits of 22.64 billion, 24.21 billion, and 25.39 billion yuan from 2025 to 2027, with corresponding EPS of 2.44, 2.61, and 2.73 yuan [5]. - The company has a high dividend yield, projected at 6.7%, 10%, and 13.6% for 2022 to 2024, indicating a strong commitment to returning value to shareholders [5]. Group 4: Technological Advancements and Sustainability - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [7]. - The company completed a 20,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [7].

国联民生证券主要观点如下： 供给约束逻辑支撑铝价上行，氧化铝或将受益于"反内卷" 国内电解铝产能接近天花板，未来新增产能或有限;电网、新能源汽车等支撑需求端韧性，电解铝供需 缺口有望逐渐显现，驱动铝价中枢上移。氧化铝短期来看，供给过剩背景下，价格或围绕成本线波 动;Q3几内亚进入雨季，铝土矿发运量或将下降，支撑其价格趋稳，氧化铝价格亦有望维持震荡。2025 年7月29日，中国有色金属工业协会表示"将从严控制氧化铝新增产能"。中长期来看，"反内卷"政策持 续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。 铝产业链一体化龙头，2025H1净利润同比高增 国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为227.59/261.69/289.69亿 元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维持"买入"评级。中长期来 看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。公司发布 正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左右。 根据公司发 ...

Group 1 - The company has a complete aluminum product supply chain and is one of the world's leading aluminum manufacturers [1] - The company aims to become a world-leading century-old manufacturing enterprise with a focus on high dividend returns, similar to Shenhua [1] - The company has a projected net profit of 22.64 billion, 24.21 billion, and 25.39 billion CNY for 2025-2027, with corresponding EPS of 2.44, 2.61, and 2.73 CNY [1] Group 2 - The company has maintained an electrolytic aluminum production capacity of 6.459 million tons since 2017, with a strategic shift of production from Shandong to Yunnan [2] - The company’s electrolytic aluminum production is primarily based on large anode prebaked electrolytic cells with a current intensity of over 400KA, which helps reduce casting costs [2] - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants [2] Group 3 - The company has an abundant alumina production capacity of 21 million tons, with significant contributions from both domestic and overseas projects [3] - The company’s Indonesian alumina project is the first large-scale alumina smelting plant built by a Chinese enterprise overseas [3] - The company established the "Winning Alliance" in 2015 to secure stable upstream bauxite supply, achieving a bauxite production of 44.188 million tons in 2023 [3] Group 4 - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [4] - The company has an aluminum processing capacity of 1.5665 million tons, with significant breakthroughs in high-end aluminum materials [4] - The company completed a 200,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [4]

在华尔街长期以来有着"黄金空头"称号的花旗转向在短期内看涨黄金。花旗表示，2025下半年，美国经济的增长趋势趋于疲软以及与关税相关的通胀担忧预 计将持续升温，再加上美元走弱，金价将适度走高，进而可能再度创下历史新高。 盘面上，8月5日，揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格盘中摸高0.78%，现涨0.31%，冲击日线3连阳！ ETF资金方面，有色龙头ETF（159876）获资金实时净申购120万份，值得关注的是，该ETF已连续4个交易日获资金净流入，合计金额348万元，反映资金 看好板块后市，逐步进场布局！ 成份股方面，铜业龙头白银有色、铜陵有色领涨超3%，黄金股湖南黄金涨逾2%，铝业龙头明泰铝业、云铝股份、南山铝业涨超1%。 7月30日，美国铜"232"关税落地，引发市场巨震。不过，业内多方仍然看好铜的市场走势，认为长期来看，铜精矿紧张仍是未来几年的主旋律，在需求上， 新能源转型对铜需求形成长期支撑。 具体到企业层面，部分相关企业表示相关政策调整的影响较小。其中，有色龙头ETF（159876）成份股洛阳钼业表示，公司自有铜产品为阴极铜，在豁免范 围内，且产品销往全球多地，因此此次关税政 ...