证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-029 河南明泰铝业股份有限公司 关于董事会换届选举的公告 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个别及连带责任。 河南明泰铝业股份有限公司（以下简称"公司"或"明泰铝业"）第六届董 事会任期即将届满，根据《公司法》及《公司章程》的有关规定，公司对董事会 进行了换届选举工作，现将有关情况公告如下： 公司于 2025 年 5 月 30 日召开第六届董事会第二十三次会议，审议通过《关 于公司董事会换届选举的议案》，提名刘杰先生、马星星先生、化新民先生、柴 明科先生、邵三勇先生为公司第七届董事会非独立董事候选人；提名赵引贵女士、 周晓东先生、黄建中先生为公司第七届董事会独立董事候选人，其中赵引贵女士 为会计专业人士。职工代表董事由职工代表大会民主选举产生直接进入第七届董 事会。公司第七届董事会任期为股东大会选举通过之日起三年，候选人简历详见 附件。 特此公告。 河南明泰铝业股份有限公司 附件： 柴明科：男，1978年出生，中国国籍，无境外永久居留权。历任河南明泰铝 业 ...

Group 1 - As of May 29, 2023, seven steel mills in Shandong have confirmed a total annual production target of 55.33 million tons, a decrease of approximately 3.5 million tons compared to the same period last year, with a planned reduction in crude steel production of 4%-10% for 2025 [1] - According to Mysteel, as of May 29, the production of rebar has shifted from an increase to a decrease, with social inventories declining for the twelfth consecutive week, while market demand has increased slightly to 2.4868 million tons, up by 15,500 tons or 0.63% from the previous week [1] - A stainless steel plant in South China plans to halt production for approximately 25 days starting July 5 due to ultra-low emission renovations, which is expected to impact stainless steel output by 80,000 tons [1] Group 2 - The Malaysian government plans to increase the biodiesel blending ratio for ground transportation vehicles from B10 to B20 [1] - As of May 25, 2023, Canadian canola exports decreased by 10.36% week-on-week to 160,100 tons, while commercial inventories stood at 919,900 tons [1] - As of May 29, the total inventory of float glass in China was 67.662 million heavy boxes, a decrease of 107,000 boxes week-on-week, while the total inventory of soda ash was 1.6243 million tons, down by 52,500 tons [2] Group 3 - OPEC+ member countries are expected to decide on increasing oil production at a meeting on May 31, although the potential scale of the increase remains unclear [2] - A major aluminum supplier has lowered its aluminum premium for shipments to Japan in Q3 to $145 per ton, down by 20% from Q2's $182 per ton [3]

Core Viewpoint - China Aluminum's performance is improving, with significant share buybacks from its controlling shareholder and positive financial results reported for 2024 [1][2]. Financial Performance - In 2024, China Aluminum achieved operating revenue of 237.066 billion yuan, a year-on-year increase of 5.21% [5][6]. - The net profit for 2024 was 12.4 billion yuan, reflecting a substantial year-on-year growth of 85.38% [5][6]. - The return on equity (ROE) reached 19.26%, an increase of 7.33 percentage points compared to the previous year, outperforming industry benchmarks for three consecutive years [6][5]. - The debt-to-asset ratio was 48.10%, marking the lowest level in the past decade [6]. Share Buyback Activity - As of May 28, the controlling shareholder, China Aluminum Group, and its concerted parties have cumulatively bought back 192 million shares, amounting to approximately 1.007 billion yuan [2][3]. - This buyback represents 1.12% of the company's total issued share capital, achieving the lower limit of their planned buyback amount [2][3]. Market Conditions - The domestic aluminum market continues to grow, with China maintaining its position as the world's largest aluminum producer and consumer for 23 consecutive years [5]. - In 2024, domestic alumina prices ranged from 3,156 yuan/ton to 5,780 yuan/ton, with an average price of 4,084 yuan/ton, reflecting a year-on-year increase of 39.9% [5]. - International alumina prices also saw significant increases, with an average price of 502 USD/ton, up 46% year-on-year [5]. Strategic Developments - The company is focusing on structural adjustments and enhancing its industrial development advantages [7]. - China Aluminum is advancing its exploration and development of bauxite resources, with a new resource addition of 73.55 million tons in the year [7]. - The company is implementing multiple projects in clean energy and aluminum production, with a notable 45.5% of its electrolytic aluminum production utilizing clean energy [7].

中新社青海大通5月29日电 (祁增蓓)"2024年，中国绿电铝产能和再生铝产量双双超过1000万吨，绿电铝 产能占比达25.2%，电解铝平均能耗全球最低。"中国有色金属工业协会党委副书记、中国有色金属加 工工业协会理事长范顺科29日说。 据悉，目前中国全口径铝消费量已超过5000万吨，人均铝消费为每人35.6公斤，超过美国(1999年最高 每人35.2公斤)、日本等发达国家的人均消费水平，处于全球高位。 此外，作为铝材和制品最大出口国，中国2024年铝材和制品出口达955万吨，遍布世界200多个国家和地 区。 5月29日，"促进应用 链接未来"2025首届绿电铝论坛在青海省西宁市大通县举行。中国有色金属工业协 会党委副书记、中国有色金属加工工业协会理事长范顺科致辞。祁增蓓 摄 范顺科表示，当前，全球能源革命和低碳转型加速推进，中国作为全球生态文明建设的参与者、贡献者 和引领者，发展绿电铝是实现"双碳"目标的有效支撑。"绿色低碳发展已成为全球共识，做好铝工业绿 色低碳转型势在必行。" 5月29日，"促进应用 链接未来"2025首届绿电铝论坛在青海省西宁市大通县举行。祁增蓓 摄 当日，"促进应用 链接未来"202 ...

Report Industry Investment Rating - Unilateral: Aluminum: Neutral; Alumina: Neutral. Arbitrage: Long spread for SHFE aluminum [5] Core View - The spot price of aluminum is firm, but the consumption sustainability may change in June, and the upward breakthrough of aluminum prices may face difficulties. The alumina spot price shows signs of loosening, and the social inventory is expected to stop falling and rebound soon [3][4] Summary by Related Catalogs Important Data - **Aluminum Spot**: On May 28, 2025, the Yangtze River A00 aluminum price was 20,350 yuan/ton, up 150 yuan/ton from the previous trading day; the Central Plains A00 aluminum price was 20,280 yuan/ton; the Foshan A00 aluminum price was 20,210 yuan/ton [1] - **Aluminum Futures**: On May 28, 2025, the main contract of SHFE aluminum opened at 20,165 yuan/ton, closed at 20,095 yuan/ton, up 35 yuan/ton from the previous trading day, with a trading volume of 133,894 lots and an open interest of 203,561 lots [1] - **Inventory**: As of May 26, 2025, the domestic social inventory of electrolytic aluminum ingots was 534,000 tons; as of May 28, 2025, the LME aluminum inventory was 377,325 tons, down 4,250 tons from the previous trading day [1] - **Alumina Spot Price**: On May 28, 2025, the SMM alumina price in Shanxi was 3,290 yuan/ton, in Shandong was 3,260 yuan/ton, in Guangxi was 3,275 yuan/ton, and the FOB price of Australian alumina was 370 US dollars/ton [2] - **Alumina Futures**: On May 28, 2025, the main contract of alumina opened at 3,028 yuan/ton, closed at 2,991 yuan/ton, down 22 yuan/ton from the previous trading day, with a trading volume of 1,043,328 lots and an open interest of 371,308 lots [2] Market Analysis - **Electrolytic Aluminum**: The social inventory continues to decline rapidly, and the spot premium is firm. The supply side has no negative factors, but the consumption sustainability may change in June. The aluminum rod and aluminum plate strip foil production have declined month-on-month, and the domestic market is about to enter the traditional consumption off-season. The upward breakthrough of aluminum prices may face difficulties, and the risk of cost collapse needs to be vigilant [3] - **Alumina**: The domestic alumina spot has transactions in Guangxi, Shandong, and Henan. The probability of a later bauxite ban in Guinea is low, and the short-term supply is sufficient. The industry profit has been significantly repaired, and the probability of the resumption of production of previously overhauled and reduced production projects is high. It is expected that the social inventory will soon stop falling and rebound [4] Strategy - **Unilateral**: Aluminum: Neutral; Alumina: Neutral [5] - **Arbitrage**: Long spread for SHFE aluminum [5]

Group 1 - A-shares opened higher with the Shanghai Composite Index up 0.01%, Shenzhen Component Index up 0.03%, and ChiNext Index up 0.15% on May 29, 2023 [1] - Consumer electronics and textile manufacturing sectors showed significant gains [1] Group 2 - CITIC Securities predicts a 5% growth in electrolytic aluminum demand in 2024, indicating strong fundamentals that can counteract the decline in real estate consumption [2] - The market is cautious due to concerns over export competition and preemptive aluminum consumption in the photovoltaic sector, yet global electrolytic aluminum remains balanced despite weak consumption [2] - Aluminum prices are expected to withstand weak consumption cycles due to low inventory levels and weak supply elasticity, making the sector attractive for investment [2] Group 3 - CICC sees investment opportunities in leading automotive display and HUD manufacturers as automotive intelligence becomes more prevalent [3] - The penetration rate of HUD products is increasing, with Chinese manufacturers gradually gaining market share [3] - The launch of Xiaomi's YU7 panoramic display system is expected to accelerate the adoption of virtual panoramic displays in the automotive sector [3] Group 4 - Galaxy Securities highlights the importance of cost marginal changes and favorable funding conditions for high-quality pig farming enterprises [4] - It is anticipated that pig prices may show a year-on-year decline in 2025, with stable performance expected within the year [4] - The combination of declining costs and unexpected profit growth makes it essential to focus on high-quality pig farming companies with significant cost marginal changes and good funding conditions [4]

5月29日，中信建投（601066）指出，2024年电解铝需求实现5%增长，以较强的爆发力自证能克服房地 产板块消费的下滑，以扎实的基本面扭转了市场的预期差，板块投资回报优异。当前，市场由于担忧抢 出口、光伏抢装的用铝消费前置，变得谨慎。全年的维度上即便考虑光伏负增、出口走弱，全球电解铝 仍是平衡状态。得益于供应弱弹性、低库存水平，铝价有抗衡弱消费周期的能力，并在强消费周期中极 具弹性，攻防兼备。由此，积极推荐拥抱电解铝板块弱供给、高利润的好时光。 ｜2025年5月29日星期四｜ NO.1中信建投：铝业公司迎来弱供给、高利润的好时光 华西证券研报指出，灵巧手是人形机器人的落地关键，后续的更新迭代仍具备较高的技术难度，具备灵 巧手本体设计、生产能力的厂商有望在产业链中具备较大的话语权，盈利能力或处于领先水平。此外， 为了提升灵巧手的功能性，关键零部件例如丝杠、减速器、电机、腱绳、触觉传感器等的应用需求也将 增加，持续看好产业布局领先的技术优势企业。人形机器人的发展将为零部件制造商提供新的应用市 场，技术同源、具备领先优势的相关企业有望受益。随着后续产业链下单&定点，机器人厂商更新产品 近况，预计相关产业催化不断 ...

中信建投（601066）指出，2024年电解铝需求实现5%增长，以较强的爆发力自证能克服房地产板块消 费的下滑，以扎实的基本面扭转了市场的预期差，板块投资回报优异。当前，市场由于担忧抢出口、光 伏抢装的用铝消费前置，变得谨慎。全年的维度上即便考虑光伏负增、出口走弱，全球电解铝仍是平衡 状态。得益于供应弱弹性、低库存水平，铝价有抗衡弱消费周期的能力，并在强消费周期中极具弹性， 攻防兼备。由此，积极推荐拥抱电解铝板块弱供给、高利润的好时光。 ...

Core Viewpoint - The announcement states that the second unlock condition for the initial grant of the 2021 Restricted Stock Incentive Plan of China Aluminum Corporation has been fulfilled, allowing 904 eligible participants to unlock a total of 32,083,238 shares, which represents approximately 0.19% of the company's total share capital [4][14][15]. Summary by Sections Incentive Plan Approval and Implementation - The board of directors and the supervisory board approved the relevant proposals regarding the 2021 Restricted Stock Incentive Plan, ensuring that independent directors provided independent opinions on the matters [1][2][5]. Unlock Conditions Achievement - The second unlock period for the initial grant of the incentive plan is set to expire, with the unlock conditions met as the company did not experience any negative audit opinions or significant violations in the past year [6][8][11]. Details of Unlockable Shares - A total of 904 eligible participants can unlock 32,083,238 shares, which is about 0.19% of the total share capital. The unlockable shares will be processed after the necessary procedures are completed [4][14][15]. Opinions from the Compensation Committee and Supervisory Board - The Compensation Committee confirmed that the unlock conditions have been met and that the eligibility of the 904 participants is valid. The supervisory board also agreed that the unlock conditions were fulfilled according to the relevant regulations [15][6]. Legal Opinion - The legal opinion from Beijing Jincheng Tongda & Neal Law Firm states that the company has obtained the necessary approvals for the unlock process, and it complies with all relevant laws and regulations [15].

Core Viewpoint - China Aluminum Corporation announced the repurchase and cancellation of 654,408 restricted stocks granted to certain incentive targets that have not yet been released from restrictions, along with adjustments to the repurchase prices for these stocks [1][12][19] Summary by Relevant Sections Repurchase and Cancellation Details - The number of restricted stocks to be repurchased and canceled is 654,408 shares [1] - The adjusted repurchase price for the initially granted restricted stocks is changed from RMB 2.85 per share to RMB 2.72 per share, while the price for reserved granted restricted stocks is adjusted from RMB 2.01 per share to RMB 1.88 per share [1][12] Decision-Making Process - The decision to adjust the repurchase prices and cancel the restricted stocks was approved during the meetings of the Board of Directors and the Supervisory Board [1][6][18] - Independent directors provided independent opinions on the related matters, ensuring compliance with relevant regulations [16][18] Reasons for Repurchase - The repurchase is due to the retirement of six incentive targets who will not continue their roles in the company, as well as one target who left due to uncontrollable work relocation [8][17] - Additionally, two targets voluntarily left the company, and four targets were found to have negative circumstances requiring the return of benefits from stock incentives [10][17] Financial Impact - The total amount allocated for the repurchase of restricted stocks is RMB 1,779,990 (excluding interest) [14] - The repurchase and cancellation of these stocks are not expected to have a significant impact on the company's financial status or operational results [15][18] Share Capital Structure Changes - Following the repurchase and cancellation, the company's share capital structure will change, with the total shares decreasing from 17,155,632,078 to 17,154,977,670 [15] Legal Compliance - The repurchase and price adjustment actions have been confirmed to comply with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders, particularly minority shareholders [16][19]