Cost Structure and Production - The integrated cost of electrolytic aluminum for the first half of 2025 is stable at 13,900 RMB/ton [3] - The procurement price of bauxite has decreased to around 75 USD/ton after effective inventory digestion [3] - The production volume for aluminum ingots in the first half of 2025 is approximately 580,000 tons, and for alumina, it is about 1.2 million tons [5] Project Development and Capacity Expansion - The 200,000 tons electrolytic aluminum project is expected to start production by the end of November 2025, with full capacity release in 2026 [4] - The Indonesian alumina project is progressing smoothly, currently in the detailed exploration phase [4] Financial Performance and Dividends - The company distributed a cash dividend of 2 RMB per 10 shares in May 2025, totaling 922,244,323 RMB [4] - Future cash dividends are planned to be no less than 30% of the distributable profits each year [4] Market Outlook and Demand - The domestic aluminum demand is expected to maintain steady growth, driven by emerging industries such as new energy and photovoltaics [6] - The global tariff disputes on aluminum products are anticipated to have limited impact on domestic business [5] Cost Improvement Strategies - Cost improvements for electrolytic aluminum are expected through the elimination of raw material cost lag effects and optimization of electricity costs [6] - The mining cost of Guangxi bauxite is significantly lower than current market prices, providing a cost advantage [6] High-Purity Aluminum Market - The high-purity aluminum market has shown recovery in 2025, with plans to focus on core markets and explore high-end applications [6]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - In August 2025, the prices of alumina and electrolytic aluminum futures showed a divergent trend, with alumina prices declining and electrolytic aluminum prices rising slightly. The Fed's expected rate cut in September has increased, and the economic data in the eurozone has improved significantly. The domestic economy is generally stable, but there is greater pressure on economic growth from July to August, and more policy support is expected in the second half of the year. The increase in US steel and aluminum tariffs has limited impact on domestic aluminum prices, and the change in Shanxi's mining rights transfer registration has limited impact on domestic bauxite production. The expected oversupply of alumina remains unchanged, while electrolytic aluminum is expected to maintain a profit of over 3,000 yuan per ton in the second half of the year. As the peak season approaches, the downstream aluminum processing industry is gradually recovering, and the demand for aluminum in the new energy and automotive industries is growing rapidly, but the demand for aluminum in the real estate industry remains weak. The LME aluminum inventory is stable, and the domestic aluminum ingot inventory is approaching an inflection point. The differentiation in the recycled aluminum industry is intensifying, and the import volume in July hit a four - year low, with the expectation of remaining low in August [6][7][9]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Aluminum Futures Price Trends**: In August, the alumina futures price showed a downward trend, dropping from a maximum of 3,317 yuan/ton to a minimum of 3,006 yuan/ton, with a monthly decline of 9.38%. The electrolytic aluminum futures price rose slightly, reaching a maximum of 20,950 yuan/ton [7]. 3.2 Macroeconomic Environment - **US Economy**: In July, the US non - farm payrolls increased by 73,000, far lower than expected, and the unemployment rate rose to 4.2%. However, the employment rate remained relatively low, and the labor market was relatively stable. The S&P and Fitch both confirmed the US "AA +" sovereign credit rating with a stable outlook. The Fed's expected rate cut in September has increased. The market believes that a rate cut in September is a high - probability event, and attention should be paid to the decline compared to the June dot - plot [12]. - **Eurozone Economy**: The economic data in the eurozone has improved significantly. Germany's manufacturing PMI jumped from 46.9 to 49.9, approaching the boom - bust line for the first time in three years. The eurozone's August PMI rose to 50.5, breaking above the boom - bust line for the first time since June 2022. The market's expectation of the ECB's rate cut this year remains relatively stable [14]. - **Domestic Economy**: In July, China's industrial added value, social consumer goods retail sales, and fixed - asset investment all showed certain growth, but the growth rate of consumer goods retail and fixed - asset investment decreased year - on - year. The manufacturing PMI remained in the contraction range in August. It is expected that the domestic economic growth rate may decline in the second half of the year compared to the second quarter, and more policy support is awaited [20]. 3.3 Supply and Demand Analysis - **Bauxite**: The change in Shanxi's mining rights transfer registration has limited impact on domestic bauxite production. From January to July 2025, China's bauxite production increased year - on - year. Affected by the rainy season in Guinea, the shipment volume of bauxite is expected to decline from August to October, and the domestic bauxite supply may be in a tight balance or even face a slight shortage [26][29][33]. - **Alumina**: Although there have been disturbances in the alumina supply recently, the expected oversupply remains unchanged. In July 2025, China's alumina production was 7.565 million tons, a year - on - year increase of 4.6%. The operating capacity of alumina is at a relatively high level, and the production willingness of enterprises is generally high [34][35]. - **Electrolytic Aluminum**: Domestic electrolytic aluminum is expected to maintain a profit of over 3,000 yuan per ton in the second half of the year. In July 2025, China's electrolytic aluminum production was 3.78 million tons, a year - on - year increase of 0.6%. The growth space for domestic electrolytic aluminum production is limited. Overseas, there are a few incremental electrolytic aluminum projects, such as the 600,000 - ton electrolytic aluminum project of Xinfa Group's Taijing Aluminum Co., Ltd. in Indonesia, which is expected to be put into production in 2026, and the 500,000 - ton electrolytic aluminum project of Juwang in Indonesia may start production in the fourth quarter of this year [38][41][45]. - **Downstream Demand**: As the peak season approaches, the average weekly operating rate of downstream aluminum processing enterprises has increased by 0.5% to 60%. The new energy and automotive industries have strong demand for aluminum. In the first seven months of 2025, the cumulative installed capacity of solar and wind power in China increased significantly year - on - year. In July, China's automobile production and sales increased year - on - year, and it is expected that the annual automobile sales will increase by 4.7% in 2025. However, the demand for aluminum in the real estate industry remains weak [47][51][55]. 3.4 Inventory Analysis - **LME Aluminum Inventory**: The LME aluminum inventory is generally stable, and the low inventory still supports the LME market's monthly spread and basis. However, attention should be paid to the risk of policy changes regarding Russian aluminum in the overseas market [62]. - **Domestic Aluminum Ingot Inventory**: At the end of August, the domestic aluminum ingot inventory increased slightly, but it is expected that the social inventory of aluminum ingots will enter the seasonal destocking cycle in September [65]. - **Recycled Aluminum Inventory**: As of August 21, the domestic recycled aluminum alloy social inventory was 35,100 tons, with a slowdown in the inventory accumulation rate. The shortage of scrap aluminum is difficult to ease in the short term, and the ADC12 price is expected to maintain a narrow - range oscillation [73]. 3.5 Import and Export Analysis - In July 2025, the import volume of unwrought aluminum alloy was 69,200 tons, a year - on - year decrease of 28.4% and a month - on - month decrease of 10.6%. The export volume was 24,900 tons, a year - on - year increase of 38.3% and a month - on - month decrease of 3.5%. The import volume in July hit a new low since February 2021, mainly due to the long - term price inversion and the off - season demand [71].

Core Viewpoint - The company, Electric Power Investment Energy (002128), clarified that its aluminum product production primarily includes aluminum liquid and aluminum ingots, and it does not produce aluminum alloys [1] Company Summary - The company focuses on the production of aluminum liquid and aluminum ingots [1] - The company does not engage in the production of aluminum alloys [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16]. Core Views - The report highlights that the company's performance is under pressure due to rising costs, but the aluminum business shows resilience and the growth potential of the new energy sector remains promising [2][3][16]. - The company reported a revenue of 14.46 billion yuan for H1 2025, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 2.79 billion yuan, a decrease of 5.4% year-on-year [7][16]. Summary by Sections Coal Business - The coal business experienced a slight decline in coal prices, with an increase in costs. In H1 2025, the company produced and sold 22.63 million tons and 21.78 million tons of raw coal, respectively, showing a year-on-year decrease of 0.2% and 2.0%. The average selling price was 201 yuan per ton, down by 1.4 yuan per ton, while the cost was 93 yuan per ton, up by 8 yuan per ton. Revenue and gross profit from the coal business were 4.5 billion yuan and 2.4 billion yuan, respectively, reflecting a year-on-year decrease of 2.6% and 9.6% [11][16]. Aluminum Business - The aluminum business maintained stable production and sales, but the increase in costs outpaced the rise in aluminum prices, leading to a decline in gross profit. In H1 2025, the company produced and sold 452,000 tons of electrolytic aluminum, with selling prices and costs at 17,711 yuan and 13,691 yuan per ton, respectively, showing year-on-year increases of 409 yuan and 648 yuan. The aluminum segment generated revenue and gross profit of 8.1 billion yuan and 1.8 billion yuan, respectively, with a year-on-year revenue increase of 3% but a gross profit decline of 5% [2][11][16]. Power Business - The power business faced weak demand, particularly in thermal power, while new energy generation saw significant growth due to rapid increases in installed capacity and reduced costs. In H1 2025, thermal power generation and sales were 2.4 billion and 2.2 billion kWh, respectively, down 2.6% and 2.5% year-on-year. The thermal power segment reported revenue and gross profit of 800 million yuan and 200 million yuan, down 6% and 20% year-on-year. In contrast, combined solar and wind power generation reached 4.2 billion kWh, up 37% year-on-year, with revenue from wind power at 900 million yuan, up 44% year-on-year [3][14][16]. Financial Forecasts - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 5.6 billion, 5.8 billion, and 6.0 billion yuan for 2025, 2026, and 2027, respectively. The company is expected to benefit from the growth in new energy generation and the aluminum business, with a relatively high proportion of long-term coal contracts mitigating the impact of coal price declines [16][19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The aluminum market is expected to be supported as the peak season approaches and demand recovers. The fundamentals of alumina may be in a stage of slight increase in supply and stable demand, while the fundamentals of electrolytic aluminum may be in a situation of stable and slight increase in supply and gradually rising demand [5]. - It is recommended to conduct light - position short - term long trading on the main contract of Shanghai aluminum at low prices and light - position oscillating trading on the main contract of alumina, paying attention to operation rhythm and risk control [5]. - Given that the future aluminum price is expected to be supported, a double - buying strategy can be considered to bet on increased volatility [77]. Summary by Directory 1. Week - to - week Key Points Summary - **Market Review**: Shanghai aluminum showed a slightly upward trend, rising 0.53% to 20,740 yuan/ton, while alumina showed a slightly downward trend, falling 3.25% to 3,036 yuan/ton. Cast aluminum's main contract first rose and then fell, rising 0.87% to 20,350 yuan/ton [5][7]. - **Market Outlook**: - **Alumina**: The supply of bauxite is expected to gradually decline due to the rainy season in Guinea. Although raw material shipments will be affected, the supply of domestic alumina may remain stable with a slight increase due to sufficient port inventory and good smelting profits. The demand for alumina from electrolytic aluminum will remain stable. The industry is expected to gradually recover as the traditional peak season approaches [5]. - **Electrolytic Aluminum**: The supply of alumina is relatively loose, and the smelting profit of electrolytic aluminum is good, so smelters are more active in production. The domestic supply of electrolytic aluminum is expected to remain stable with a slight increase. With the arrival of the traditional consumption peak season, domestic demand is expected to pick up, although export demand will decline due to tariff issues [5]. - **Cast Aluminum**: High raw material costs may lead to a reduction in smelter production capacity. With the arrival of the peak season and government subsidies, consumption is expected to recover, and high - level inventory may gradually be reduced [7]. - **Strategy Suggestion**: Light - position short - term long trading on the main contract of Shanghai aluminum at low prices and light - position oscillating trading on the main contract of alumina and cast aluminum, paying attention to operation rhythm and risk control [5][7]. 2. Futures and Spot Markets - **Price Movements**: - As of August 29, 2025, Shanghai aluminum closed at 20,765 yuan/ton, up 0.56% from August 22; LME aluminum closed at 2,607 dollars/ton on August 28, up 1.16% from August 21. The Shanghai - LME ratio of electrolytic aluminum was 7.97, up 0.12 from August 22 [10][11]. - Alumina futures weakened, with the price dropping 3.87% to 3,006 yuan/ton from August 22 to August 29. Cast aluminum futures rose, with the price rising 0.87% to 20,350 yuan/ton during the same period [14]. - The copper - aluminum price difference increased by 610 yuan/ton to 58,670 yuan/ton, and the aluminum - zinc price difference decreased by 245 yuan/ton to 1,400 yuan/ton from August 22 to August 29 [22]. - In the spot market, alumina prices in Henan, Shanxi, and Guiyang decreased slightly, while the national average price of cast aluminum alloy (ADC12) rose 1.47% to 20,750 yuan/ton from August 22 to August 29. The spot price of A00 aluminum ingots decreased by 0.14% to 20,720 yuan/ton, and the spot discount widened [25][32]. - **Position Changes**: As of August 29, 2025, the position of Shanghai aluminum increased by 0.29% to 576,966 lots, and the net position of the top 20 decreased by 8,544 lots to 4,602 lots compared with August 22 [17]. 3. Industry Situation - **Inventory**: - As of August 28, LME electrolytic aluminum inventory increased by 0.34% to 481,150 tons, and domestic electrolytic aluminum social inventory increased by 5% to 567,000 tons. As of August 29, SHFE electrolytic aluminum inventory increased by 0.8% to 125,596 tons, and the total SHFE electrolytic aluminum warehouse receipts increased by 2.6% to 58,629 tons [36][37]. - The total inventory of bauxite in nine domestic ports was 2,788 million tons, a month - on - month increase of 18 million tons [40]. - **Raw Material Imports**: - In July 2025, the import volume of bauxite was 20.063 million tons, a month - on - month increase of 10.75% and a year - on - year increase of 34.22%. From January to July, the cumulative import volume was 123.2607 million tons, a year - on - year increase of 33.65% [40]. - In July 2025, the import volume of aluminum scrap and waste was 160,494.61 tons, a year - on - year increase of 18.68%, and the export volume was 79.39 tons, a year - on - year increase of 50.91% [46]. - **Production and Trade**: - In July 2025, alumina production was 7.5649 million tons, a year - on - year increase of 4.6%. From January to July, the cumulative production was 52.6721 million tons, a year - on - year increase of 8.5%. In July, the import volume was 125,900 tons, a month - on - month increase of 35.29% and a year - on - year increase of 53.33%, and the export volume was 230,000 tons, a month - on - month increase of 50.91% [48][49]. - In July 2025, the import volume of electrolytic aluminum was 248,200 tons, a year - on - year increase of 91.19%. From January to July, the cumulative import volume was 1.4975 million tons, a year - on - year increase of 11%. The export volume in July was 41,000 tons [52]. - In July 2025, electrolytic aluminum production was 3.78 million tons, a year - on - year increase of 0.6%. From January to July, the cumulative output was 26.38 million tons, a year - on - year increase of 2.8%. In July, the domestic in - production capacity was 44.229 million tons, a month - on - month increase of 0.16% and a year - on - year increase of 1.68%; the total capacity was 45.232 million tons, a month - on - month increase of 0.06% and a year - on - year increase of 0.52%; the operating rate was 97.78%, up 0.1% from the previous month and down 1.11% from the same period last year [56，]. - In July 2025, aluminum product production was 5.4837 million tons, a year - on - year decrease of 1.6%. From January to July, the cumulative production was 38.4699 million tons, a year - on - year increase of 0.8%. In July, the import volume was 360,000 tons, a year - on - year increase of 38.2%, and the export volume was 540,000 tons, a year - on - year decrease of 7.6% [60]. - In June 2025, the monthly production capacity of recycled aluminum alloy was 1.26 million tons, a month - on - month decrease of 0.87% and a year - on - year increase of 19.22%. The production volume was 618,900 tons, a month - on - month increase of 0.48% and a year - on - year increase of 5.49% [63]. - In July 2025, aluminum alloy production was 1.536 million tons, a year - on - year increase of 10.7%. From January to July, the cumulative production was 10.628 million tons. In July, the import volume was 69,200 tons, a year - on - year decrease of 28.39%, and the export volume was 24,900 tons, a year - on - year increase of 38.3% [66]. - **Downstream Markets**: - In July 2025, the real estate development climate index was 93.34, down 0.25 from the previous month and up 1.23 from the same period last year. From January to July 2024, the new housing construction area was 352.06 million square meters, a year - on - year decrease of 19.5%, and the housing completion area was 250.34 million square meters, a year - on - year decrease of 21.19% [69]. - From January to July 2024, infrastructure investment increased by 7.29% year - on - year. In July 2025, China's automobile sales were 2,593,410 units, a year - on - year increase of 14.66%, and the production was 2,591,084 units, a year - on - year increase of 13.33% [72]. 4. Options Market Analysis Given that the future aluminum price is expected to be supported, a double - buying strategy can be considered to bet on increased volatility [77].

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum with a target price of 11.3 yuan [1]. Core Views - The company's integrated layout continues to improve, leading to a significant decrease in financial expenses. The company achieved an operating income of 15.328 billion yuan in the first half of 2025, a year-on-year increase of 11.19%. The net profit attributable to the parent company was 2.084 billion yuan, a year-on-year increase of 0.51% [1][7]. - The average selling price of self-produced electrolytic aluminum was approximately 20,250 yuan/ton, up about 2.8% year-on-year, while the average selling price of self-produced alumina was about 3,700 yuan/ton, up about 6% year-on-year. The increase in metal prices contributed to the revenue growth, but rising procurement costs for bauxite led to a 2% increase in electrolytic aluminum production costs and an 18% increase in alumina production costs [1][7]. - The company has seen a steady decline in interest-bearing liabilities, resulting in a 33% decrease in financial expenses. The asset-liability ratio has decreased to 49.53% [1][7]. - The production and sales of electrolytic aluminum and alumina have remained stable, with a new project to increase electrolytic aluminum production by 240,000 tons progressing smoothly [1][7]. - The company is advancing its upstream and downstream projects, enhancing its integrated advantages. The bauxite mining operations in Guinea have commenced, and the company is also progressing with its mining rights in Guangxi and exploration in Indonesia [1][7]. - The report forecasts net profits attributable to the parent company for 2025-2027 to be 4.79 billion yuan, 5.93 billion yuan, and 6.702 billion yuan, respectively, with year-on-year growth rates of 7.4%, 23.8%, and 13.1% [1][7]. Financial Summary - The total revenue for 2024 is projected at 28.089 billion yuan, with a year-on-year growth rate of -3.1%. For 2025, the revenue is expected to reach 29.974 billion yuan, reflecting a growth rate of 6.7% [1][8]. - The net profit for 2024 is estimated at 4.455 billion yuan, with a growth rate of 102.0%. The net profit for 2025 is projected at 4.786 billion yuan, with a growth rate of 7.4% [1][8]. - The earnings per share (EPS) for 2024 is expected to be 0.96 yuan, increasing to 1.03 yuan in 2025 [1][8].

Core Viewpoint - Huatai Securities reports that China Aluminum's revenue for the first half of the year reached 116.392 billion yuan, an annual increase of 5.12%, while net profit attributable to shareholders was 7.071 billion yuan, up 0.81% year-on-year [1] Financial Performance - In the second quarter, revenue was 60.609 billion yuan, a year-on-year decrease of 1.87% but a quarter-on-quarter increase of 8.65% [1] - Net profit attributable to shareholders in the second quarter was 3.533 billion yuan, down 26.18% year-on-year and down 0.13% quarter-on-quarter [1] Market Outlook - The firm believes that under the constraint of an electrolytic aluminum production capacity ceiling, aluminum prices will remain high, leading to stable profit growth for the company [1] - The rating is maintained at "Buy," with the target price raised from 4.62 HKD to 8.27 HKD [1] - Earnings forecasts for 2025 to 2027 have been increased by 21%, 12.9%, and 7.6% respectively, to 15.064 billion yuan, 15.655 billion yuan, and 16.22 billion yuan [1]

Core Viewpoint - Nanshan Aluminum (600219.SH) reported its 2025 mid-year results, showing a total operating revenue of 17.274 billion yuan and a net profit attributable to shareholders of 2.625 billion yuan, indicating a solid financial performance [1]. Financial Performance - The company's total operating revenue reached 17.274 billion yuan [1]. - The net profit attributable to shareholders was 2.625 billion yuan [1]. - The net cash inflow from operating activities amounted to 4.816 billion yuan [1]. Key Financial Ratios - The latest debt-to-asset ratio is 17.44%, which is an increase of 0.63 percentage points from the previous quarter [3]. - The latest gross profit margin stands at 28.51%, reflecting a decrease of 4.41 percentage points compared to the previous quarter [3]. - The return on equity (ROE) is reported at 5.08% [3]. - The diluted earnings per share (EPS) is 0.23 yuan [3]. Operational Efficiency - The total asset turnover ratio is 0.24 times, ranking 45th among disclosed peers [3]. - The inventory turnover ratio is 1.78 times, ranking 48th among disclosed peers, which is a decrease of 0.08 times or 4.33% compared to the same period last year [3]. Shareholder Structure - The number of shareholders is 165,500, with the top nine shareholders holding a total of 6.232 billion shares, accounting for 53.66% of the total share capital [3]. - The top shareholders include Shandong Yili Electric Power Co., Ltd. (22.2%), Nanshan Group Co., Ltd. (18.4%), and Hong Kong Central Clearing Limited (6.45%) [3].

Core Viewpoint - The optimization of the business environment in Guangyuan City, Sichuan, is a key initiative aimed at promoting high-quality economic and social development, focusing on cost control through a "four-dimensional cost reduction" strategy [1] Group 1: Process Reengineering to Reduce Institutional Costs - Guangyuan Economic and Technological Development Zone has implemented significant reforms to streamline approval processes, reducing project approval time from 267 working days to 90 working days, allowing for "land acquisition and immediate construction" [2][3] - The total investment for the Zhongke Ruineng project is 1.2 billion yuan, with the first phase expected to reach full production by the end of October, contributing to the local new energy industry [2] Group 2: Ecological Construction to Reduce Factor Costs - The development zone aims to create a "green aluminum" production base, leveraging a 95% clean energy consumption ratio to enhance product competitiveness and access to high-end markets [4] - A new project integrating energy storage and AI technology aims to reduce the export price of green aluminum by 700-1000 yuan per ton and lower storage costs by 140 yuan per ton [5] Group 3: Precision Support to Reduce Policy Costs - In 2024, 70 enterprises are expected to receive over 200 million yuan in subsidies through a data matching system and "no application required" services [7] - The establishment of a "financial service" live broadcast room aims to proactively inform enterprises about available policies and financial products [7] Group 4: Legal Safeguards to Reduce Hidden Costs - The development zone has implemented a "comprehensive inspection" reform to minimize disruptions from regulatory checks, shifting from reactive to proactive measures [8] Group 5: Overall Cost Reduction Impact - The average operational costs for enterprises in the development zone have decreased by 15%-25% due to the comprehensive cost reduction strategies [9]

Group 1 - The company plans to distribute a cash dividend of 0.40 yuan per 10 shares, totaling approximately 464.55 million yuan, based on a total share capital of 11,613,670,848 shares [3][49][88] - The company has provided a guarantee of 150 million yuan to its wholly-owned subsidiary, Yantai Jintai International Trade Co., Ltd., bringing the total guarantee amount to 350 million yuan, 30 million euros, and 30 million US dollars [6][8][21] - The company will permanently shut down 120,000 tons of aluminum profile production capacity, which has a net book value of approximately 68.55 million yuan, to optimize production efficiency and focus on high-value-added products [23][24][25] Group 2 - The company held its 21st meeting of the 11th Board of Directors on August 27, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and profit distribution plan [46][66] - The company will hold its first temporary shareholders' meeting of 2025 on September 15, 2025, to discuss several resolutions that require shareholder approval [27][33] - The company will conduct a semi-annual performance briefing on September 10, 2025, to address investor inquiries regarding its financial performance [79][81]