近日，滨州市政府新闻办组织召开产业链上的山东好品牌——滨州"5210N"产业集群首场记者见面会，邀请到高端铝业千亿级产业集群、邹平市轻量化铝 特色产业集群以及沾化区铝基材料特色产业集群代表企业沉浸式讲述企业成长历程及品牌故事，并回答记者提问。其中，山东宏桥轻量化总公司对空天、 航海领域的轻量化铝材料布局，以及应对行业挑战的思路，成为现场焦点。 山东宏桥轻量化总公司技术部部长莫宇飞在见面会上介绍，在空天领域，企业已凭借现有技术积累切入商用航空航天市场，目前已为火箭生产提供型材， 下一步目标是进军航空领域，如开发适用于飞机蒙皮、骨架等部件的高性能铝合金材料，积极参与到大飞机、无人机等项目的配套研发中。 航海领域的突破同样亮眼。莫宇飞介绍，山东宏桥轻量化总公司已经开发出满足船级社标准的型材，填补了空白。下一步将重点推动产品的系列化和规模 化应用，从船体结构件向上层建筑等更广泛的部件拓展，为船舶的全面轻量化提供一站式解决方案。 谈及企业发展面临的挑战，莫宇飞坦诚分享了两大核心难题：首先是"技术迭代的挑战"。空天航海领域对材料的性能要求是永无止境的，比如追求更极致 的强度、更优异的耐腐蚀性和抗疲劳性能。这要求我们必须持 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [6] Core Views - The company reported its 2025 mid-year results, which met expectations, with a revenue of 15.33 billion yuan in H1 2025, reflecting a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 2.08 billion yuan, up 0.5% year-on-year [6] - The company plans to distribute a total cash dividend of 9.2 billion yuan for H1 2025, which is 44% of the net profit for that period, and aims for a cumulative dividend payout ratio of at least 50% for the year 2025, exceeding the previous year's ratio of 41.42% [6] - A 240,000-ton expansion project for electrolytic aluminum is progressing steadily, with the company aiming to increase its annual production capacity from 1.16 million tons to 1.4 million tons [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 31.13 billion yuan, with a year-on-year growth rate of 10.8% [2] - Net profit attributable to shareholders is projected to be 5.03 billion yuan for 2025, representing a 12.8% increase year-on-year [2] - Earnings per share are expected to be 1.08 yuan for 2025, with a gross margin of 23.2% [2] - The return on equity (ROE) is forecasted to be 16.7% for 2025 [2] Market Data - The closing price of Tianshan Aluminum on September 3, 2025, was 10.49 yuan, with a market capitalization of 43.32 billion yuan [3] - The company has a price-to-earnings (PE) ratio of 10 for 2025 [3] - The dividend yield is calculated at 3.81% based on the most recent dividend announcement [3]

Report Industry Investment Rating - No relevant information provided Core Views -成材震荡整理运行，铝价预计短期高位震荡 [2][4] -成材价格重心持续下移，后期关注宏观政策和下游需求情况 [4] -铝价关注宏观情绪、矿端消息、宏观预期变动、地缘政治危机发展、矿端复产情况和消费释放情况 [4][5] Summary by Relevant Catalogs 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，复产时间预计在正月初十一至十六左右 [3][4] -安徽省6家短流程钢厂，1家1月5日已停产，大部分1月中旬左右停产，个别1月20日后停产，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223.4万平方米，环比降40.3%，同比增43.2% [4] -成材震荡下行价格创新低，供需双弱市场情绪悲观，冬储低迷对价格支撑不强 [4] 铝锭 -9月氧化铝现货价格弱势运行，运行产能预计小幅增长，铝水比例存回升预期 [4] -电解铝行业总成本变化小，行业高利润依旧 [4] -8月下旬下游周度开工率复苏迹象明显，铝型材龙头企业开工率环比升1.5个百分点至52%，铝线缆行业开工率回升至63.8% [4] -8月28日国内主流消费地电解铝锭库存62.0万吨，较周一增0.4万吨，环比上周一增2.4万吨 [4] -铝锭绝对价回落，接货情绪好转，但未达大规模补库状态，累库与高铝价压制现货升水 [4]

Core Viewpoint - Nanshan Aluminum International reported a significant increase in revenue and profit for the first half of 2025, indicating strong financial performance and growth potential in the Southeast Asian market [1] Financial Performance - Revenue reached $597 million, a year-on-year increase of 41% [1] - Shareholder profit amounted to $248 million, reflecting a substantial year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HKD 0.65 per share, with a payout ratio of approximately 20% [1] Market Position and Future Outlook - Following the second phase of capacity expansion, Nanshan Aluminum International is set to become the largest alumina producer in Southeast Asia, enhancing its market influence in the region [1] - The company’s net profit forecasts for the next two years have been raised by 7% and 9%, reaching $374 million and $500 million respectively [1] - The target price for the stock has been increased by 58% to HKD 52.59, maintaining an "outperform" rating [1]

Core Viewpoint - Nanshan Aluminum International reported strong mid-year results for 2025, with significant increases in revenue and profit, leading to a positive market response and an increase in target price by analysts [1] Financial Performance - Revenue reached $597 million, a year-on-year increase of 41% [1] - Shareholder profit amounted to $248 million, reflecting a year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HK$0.65 per share, with a payout ratio of approximately 20% [1] Market Position and Future Outlook - The company is expected to become the largest alumina producer in Southeast Asia following the commissioning of its second-phase capacity [1] - Analysts have raised net profit forecasts for the next two years by 7% and 9%, projecting profits of $374 million and $500 million respectively [1] - The target price for the stock has been increased by 58% to HK$52.59, maintaining an "outperform" rating [1]

上市企业：中国铝业(601600),云铝股份(000807),神火股份(000933),焦作万方(000612),南山铝业(600219) 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年7月中国铝材产量为548万吨，同比下降1.6%；2025年1-7月中国铝材 累计产量为3847万吨，累计增长0.8%。 2020-2025年1-7月中国铝材产量统计图 相关报告：智研咨询发布的《2025-2031年中国铝材行业市场发展潜力及投资风险预测报告》 ...

Core Viewpoint - Nanshan Aluminum reported significant double-digit growth in both revenue and profit for the first half of 2025, indicating strong operational performance and financial health [1]. Financial Performance - The company's revenue for the first half of 2025 reached 17.274 billion yuan, representing a year-on-year increase of 10.25% [2]. - The net profit attributable to shareholders was 2.625 billion yuan, up 19.95% year-on-year, while the net profit excluding non-recurring items was 2.611 billion yuan, reflecting a 21.04% increase [2]. - Basic earnings per share stood at 0.23 yuan [2]. Profitability Metrics - Nanshan Aluminum's gross margin for the first half of 2025 was 28.51%, an increase of 3.28 percentage points compared to the previous year [3]. - The net profit margin improved to 19.19%, up 2.42 percentage points year-on-year [3]. Cost Management - The company's operating expenses totaled 1.116 billion yuan, a decrease of 90.879 million yuan from the previous year, with an expense ratio of 6.46%, down 1.24 percentage points [3]. - Sales expenses decreased by 12.34%, management expenses fell by 4.67%, R&D expenses were down by 0.55%, and financial expenses saw a significant reduction of 88.39% [3]. Executive Compensation - The chairman and general manager, Lv Zhengfeng, received a salary of 1.418 million yuan in 2024, reflecting a 17.87% increase from the previous year's salary of 1.203 million yuan [5]. Historical Context - Nanshan Aluminum, established in 1993 and listed in 1999, specializes in the development, production, processing, and sales of aluminum and aluminum alloy products, as well as power generation [5].

Core Viewpoint - CICC has raised the net profit estimates for Nanshan Aluminum International (02610) for 2025 and 2026 by 7% and 9% to $374 million and $500 million respectively, due to increased production and sales along with rising prices [1] Group 1: Financial Performance - The company reported a revenue of approximately $597 million for 1H25, representing a year-on-year increase of 41.0% [1] - Shareholder profit for 1H25 was approximately $248 million, showing a significant year-on-year growth of 124.2% [1] - The 1H25 performance slightly exceeded CICC's expectations, driven by the increase in both volume and price of alumina [1] Group 2: Production and Pricing - In 1H25, alumina sales volume reached 1.127 million tons, up 3.0% year-on-year, while the average selling price was $529 per ton, reflecting a 36.9% increase year-on-year [1] - The operating cost per ton of alumina in 1H25 was $260, which is a 16.3% increase year-on-year, primarily due to the impact of the OECD's Pillar Two tax rules [1] Group 3: Future Outlook and Expansion - The company is a leading alumina producer in Southeast Asia, with a total alumina production capacity of 3 million tons per year as of August 2025, and a new project expected to add another 1 million tons of capacity by late 2025 or early 2026 [1] - CICC believes that the company's cost advantages, including access to abundant bauxite and coal resources in Indonesia, will support its expansion [1] - The company is also expanding its logistics capabilities by constructing a 70,000-ton deep-water port to enhance efficiency and reduce costs [1]

Core Viewpoint - The non-ferrous metal sector is experiencing a surge, driven by expectations of a Federal Reserve interest rate cut and improving demand, particularly in the rare earth and industrial metals markets [3][4]. Group 1: ETF Performance - The non-ferrous metal leader ETF (159876) saw a price increase of over 1.8% as of September 3, with a trading volume exceeding 12 million yuan within the first 15 minutes of opening [1]. - The ETF attracted significant inflows of 75.6 million yuan over the past two days, reaching a new high of 207 million yuan in total assets as of September 2 [1]. - Key constituent stocks included silver, which hit the daily limit, while Western Gold and Zhongjin Gold rose by 5.81% and 4.79%, respectively [1]. Group 2: Market Trends - The industrial metals sector is benefiting from rising copper prices due to supply constraints, with a projected decrease of 52,500 tons in electrolytic copper production in September [3]. - The lithium market is facing oversupply, but high-cost production is being phased out, which may lead to price recovery [3]. - The overall sentiment in the non-ferrous metals market remains strong, supported by macroeconomic factors and supply disruptions [3]. Group 3: Strategic Insights - The non-ferrous metals sector is positioned for upward price movement due to low valuations and improving market conditions, with a potential "bull market" beginning [3][4]. - The strategic importance of metals like rare earths and lithium is highlighted in the context of global competition and domestic policy shifts aimed at optimizing production factors [4]. - The non-ferrous metal leader ETF provides diversified exposure to various metals, including copper (25.3%), aluminum (14.2%), and rare earths (13.8%), which helps mitigate investment risks [4].

Core Viewpoint - CICC has raised the net profit forecast for Nanshan Aluminum International for 2025/2026 by 7%/9% to $374 million/$500 million due to increased production and sales, as well as rising prices [1] Group 1: Financial Performance - In 1H25, the company's revenue reached approximately $597 million, a year-on-year increase of 41.0%, while the profit attributable to shareholders was about $248 million, up 124.2% year-on-year [1] - The increase in performance was primarily driven by higher sales prices, which exceeded expectations [1] - The alumina sales volume in 1H25 was 1.127 million tons, a year-on-year increase of 3.0%, with an average selling price of $529 per ton, up 36.9% year-on-year [2] Group 2: Cost and Profitability - The operating cost for alumina in 1H25 was $260 per ton, a year-on-year increase of 16.3%, mainly due to rising raw material prices [2] - The gross profit margin improved to 50.9%, reflecting a year-on-year increase of 8.7 percentage points, with gross profit rising by 70.1% [2] Group 3: Tax and Dividend Policy - Starting January 1, 2025, the company will adhere to the OECD's global anti-base erosion rules, increasing its income tax rate to 15%, up approximately 6 percentage points from 2024 [3] - The company announced its first interim dividend post-listing, with a payout ratio of about 20% to reward shareholders [3] Group 4: Production Capacity and Market Position - As of August 2025, the company has established alumina production capacity of 3 million tons per year, with the second phase of a new project expected to be operational in Q4 2025 or Q1 2026 [4] - Upon completion of the second phase, the company will become the largest alumina producer in Southeast Asia, enhancing its market influence in the region [4] Group 5: Competitive Advantages - The company benefits from cost advantages due to abundant bauxite and coal resources in Indonesia, along with logistical efficiencies from expanding a deep-water port [5] - The project is located in the Karangbata Economic Zone, which offers a 20-year tax incentive, allowing the company to serve the entire Southeast Asian market [5] - The three major shareholders possess strong industry advantages across the alumina production and supply chain, facilitating synergy and complementary strengths [5]