Group 1 - The core point of the article is that Nanshan Aluminum International has deposited shares worth HKD 2 billion into Huatai Hong Kong, representing 5% of the total shareholding [1] - On January 30, 2026, the company plans to issue and allocate 31 million shares according to a placement and subscription agreement [1]

Core Viewpoint - The aluminum alloy market is experiencing downward pressure due to a combination of weak demand, macroeconomic uncertainties, and a strong dollar impacting prices [1][2]. Group 1: Market Performance - The main aluminum alloy futures contract (2603) closed at 21,915 CNY, down 430 CNY, a decrease of 1.92%, with a trading volume of 6,836 lots, down 1,370 lots, and an open interest of 4,361 lots, down 169 lots [1]. - On February 5, the average price for aluminum alloy ADC12 was reported at 23,500 CNY/ton, down 100 CNY; A356.2 at 25,700 CNY/ton, down 200 CNY; A380 remained stable at 25,000 CNY/ton; ZL102 at 25,100 CNY/ton, down 200 CNY; and ZLD104 at 25,000 CNY/ton, down 200 CNY [1]. Group 2: Supply and Demand Dynamics - The supply of scrap aluminum remains tight, supporting high-cost levels for aluminum alloy, while demand is weakening as downstream enterprises reduce operations ahead of the Spring Festival [2]. - The market is characterized by high aluminum alloy prices, with sellers reluctant to lower prices, leading to a cautious purchasing atmosphere and low trading activity [2]. - Overall, while tight supply and cost support maintain high aluminum prices, low inventory buildup intentions and fluctuating macroeconomic sentiment are expected to lead to price adjustments in the short term [2].

Group 1 - The core viewpoint of the articles indicates a collective decline in alumina futures contracts, with the main contract for February 2605 closing at 2790 yuan, down 22 yuan or 0.78% [1] - The total trading volume for the day reached 476,903 lots, an increase of 25,240 lots or 5.59% compared to the previous trading day, while the open interest decreased by 20,386 lots, a decline of 3.83% [1] - Domestic spot prices for alumina remained stable across various regions, with prices in South China reported between 2680-2730 yuan per ton, East China between 2600-2640 yuan, Southwest between 2715-2755 yuan, and Northwest between 2870-2910 yuan, all unchanged from the previous day [1] Group 2 - On the fundamental side, two alumina plants in Guangxi that were undergoing maintenance are scheduled to resume production on the 7th and 9th, respectively, with more companies expected to take holidays for maintenance as the Spring Festival approaches [2] - The inventory data from the Shanghai Futures Exchange shows that alumina futures warehouse receipts reached 196,344 tons, an increase of 6,944 tons, while factory warehouse receipts remained at 0 tons, limiting the rebound potential of alumina futures prices [2] - Overall, the trading activity in the market is expected to remain low ahead of the Spring Festival, compounded by ongoing oversupply pressures and expectations of new production capacity coming online in March, which will likely keep alumina prices under pressure [2]

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Group 1: Aluminum Market Overview - The aluminum market is experiencing downward pressure due to speculative selling and mixed stock index performance, leading to a decline in market risk appetite. Overnight, London aluminum prices fell by 1.29% to $3059 per ton, with a trading volume of 24,909 lots, down by 8,184 lots [1] - Domestic aluminum prices also decreased, with Changjiang spot A00 aluminum ingot price reported at 23,290 yuan per ton, down 410 yuan, and Guangdong spot A00 aluminum ingot price at 23,300 yuan per ton, down 400 yuan [1] Group 2: Macro Economic Factors - The U.S. ADP private employment figures showed only 22,000 jobs added, significantly below the market expectation of 48,000, raising concerns about the labor market outlook. This has led to increased volatility in the stock market, with traders speculating whether this reflects rising risk aversion or a deterioration in the core sectors of the U.S. economy [2] - The upcoming U.S. non-farm payroll report, delayed to February 11 due to a government shutdown, is anticipated to clarify market expectations regarding the Federal Reserve's interest rate path, which could have a direct impact on risk asset prices [2] Group 3: Supply and Demand Dynamics - On the supply side, there is a slight expectation of increased production, but short-term supply pressure remains manageable. However, demand is weak, particularly with the upcoming Chinese New Year, leading to a cautious stance among downstream processing manufacturers [3] - The current seasonal consumption slump has resulted in insufficient downstream orders, with some processing enterprises choosing to take early holidays after fulfilling pre-holiday orders, contributing to rising social inventories and declining operating rates among aluminum producers [3] - Despite the bearish sentiment in the short term, the medium to long-term supply-demand outlook remains strong, which may limit the extent of price declines [3]

Group 1: Report Industry Investment Rating - Unilateral investment ratings: Aluminum - Neutral, Alumina - Neutral, Aluminum alloy - Neutral; Arbitrage strategy: Long electrolytic aluminum and short aluminum alloy [8] Group 2: Core View of the Report - Aluminum prices have entered a wide - range oscillation period. The increase in absolute prices has suppressed the restocking demand of downstream enterprises and traders. With the approaching of the Spring Festival holiday, the spot market trading is quiet. The social inventory of electrolytic aluminum will continue to accumulate rapidly, and the peak of inventory accumulation is expected to reach 1.5 million tons. In the long - term, macro factors are the main logic for the long - term price increase. [6] - The Non - ferrous Metals Industry Association has proposed anti - involution measures for alumina, but the implementation of the policy is unclear. The supply pressure of alumina remains high, the surplus pattern continues, and the social inventory continues to increase. The cost support is weak, and large - scale active production cuts by alumina plants have not occurred. [6][7] Group 3: Summary by Relevant Catalogs Aluminum Spot - On February 4, 2026, the price of East China A00 aluminum was 23,760 yuan/ton, with a change of 470 yuan/ton from the previous trading day. The spot premium/discount of East China aluminum was - 210 yuan/ton, with a change of 10 yuan/ton from the previous trading day. The price of Central China A00 aluminum was 23,640 yuan/ton, and the spot premium/discount changed by 20 yuan/ton to - 330 yuan/ton. The price of Foshan A00 aluminum was 23,770 yuan/ton, with a change of 460 yuan/ton, and the aluminum spot premium/discount changed by 5 yuan/ton to - 195 yuan/ton. [1] Aluminum Futures - The main contract of Shanghai aluminum opened at 23,810 yuan/ton on February 4, 2026, closed at 23,955 yuan/ton, with a change of 435 yuan/ton from the previous trading day. The highest price reached 24,145 yuan/ton, and the lowest price was 23,800 yuan/ton. The trading volume for the whole trading day was 451,208 lots, and the position held was 224,756 lots. [2] Inventory - As of February 4, 2026, the domestic social inventory of electrolytic aluminum ingots was 817,000 tons, with a change of 35,000 tons from the previous period. The warehouse receipt inventory was 150,289 tons, with a change of - 423 tons from the previous trading day. The LME aluminum inventory was 495,175 tons, with no change from the previous trading day. The social inventory of aluminum alloy was 67,300 tons, and the in - plant inventory was 71,100 tons. [2][4] Alumina Spot Price - On February 4, 2026, the SMM alumina price in Shanxi was 2,610 yuan/ton, in Shandong was 2,555 yuan/ton, in Henan was 2,635 yuan/ton, in Guangxi was 2,675 yuan/ton, in Guizhou was 2,735 yuan/ton, and the Australian alumina FOB price was 310 US dollars/ton. [2] Alumina Futures - The main contract of alumina opened at 2,820 yuan/ton on February 4, 2026, closed at 2,824 yuan/ton, with a change of 14 yuan/ton (0.50%) from the previous trading day's closing price. The highest price reached 2,835 yuan/ton, and the lowest price was 2,793 yuan/ton. The trading volume for the whole trading day was 420,118 lots, and the position held was 375,698 lots. [2] Aluminum Alloy Price - On February 4, 2026, the purchase price of Baotai civil primary aluminum was 17,300 yuan/ton, and the purchase price of mechanical primary aluminum was 17,700 yuan/ton, with a price change of 100 yuan/ton compared to the previous day. The Baotai quotation of ADC12 was 23,200 yuan/ton, with a price change of 100 yuan/ton compared to the previous day. [3] Aluminum Alloy Cost and Profit - The theoretical total cost of aluminum alloy was 22,678 yuan/ton, and the theoretical profit was 522 yuan/ton. [5]

Group 1 - China Aluminum Corporation's stock dropped by 5.06%, trading at 12.76 yuan per share, with a total transaction volume of 1.694 billion yuan and a turnover rate of 0.99%, resulting in a total market capitalization of 218.897 billion yuan [1] - The company, established on September 10, 2001, and listed on April 30, 2007, is involved in the exploration and mining of bauxite and coal, production and sales of alumina, primary aluminum, and aluminum alloy products, as well as international trade, logistics, and power generation [1] - The main revenue composition of the company includes 97.41% from product sales, 1.56% from other business income, and 1.03% from service provision [1] Group 2 - Jiutai Fund has one fund heavily invested in China Aluminum, with Jiutai Jiuxin Quantitative Fund (009043) holding 39,000 shares, accounting for 3.48% of the fund's net value, ranking as the eighth largest holding [2] - The Jiutai Jiuxin Quantitative Fund was established on May 20, 2020, with a latest scale of 13.712 million yuan, achieving a year-to-date return of 8.61% and a one-year return of 31.95% [2] - The fund manager, Liu Kaiyun, has a tenure of 10 years and 208 days, with the fund's total asset size at 403 million yuan, achieving a best return of 109.04% and a worst return of -28.21% during his tenure [3]

Core Viewpoint - Tianshan Aluminum announced a cash dividend distribution plan for the third quarter of 2025, indicating a commitment to returning value to shareholders [2] Group 1 - The company will distribute a cash dividend of 1 yuan (including tax) for every 10 shares held [2] - The record date for the dividend distribution is set for February 10, 2026 [2] - The ex-dividend date is scheduled for February 11, 2026 [2]

2月3日（周二），行业领袖在标普全球铝业研讨会（S&P Global Aluminum Symposium）上表示，来自 包装、电气应用以及数据中心领域的美国铝需求正在推动铝生产商的发展，而建筑和汽车制造领域的需 求却出现了下滑。 阿联酋环球铝业公司（Emirates Global Aluminium，EGA）美洲区首席执行官Jake Skelton表示："市场上 有的领域需求增加，也有领域需求减少。""最近几个季度，营建行业表现不佳，但诸如数据中心这类领 域正成为铝的新应用领域。我们看到市场格局正在发生变化。这确实有些复杂。" 2025年，美国总统特朗普对铝、钢和铜征收了高达50%的高额关税，并对汽车进口产品加征关税。该国 政府还实施了针对特定国家的关税政策。这些举措导致全球贸易紧张局势加剧，并在金属市场掀起骇 浪。美国铝业行业开始担忧整个行业的需求遭到破坏，因为铝价开始大幅上涨。但企业高层表示，随着 进入2026年，他们看到了良莠不一的市场需求迹象。 Skelton强调，近来美国铝业企业的情况差异很大，这取决于它们所服务的客户群体。 他表示："如果你十分依赖于建筑与或汽车行业，那么你可能处境十分艰难。"" ...

智通财经APP讯，中国铝业(02600)发布公告，于2026年2月3日注销66.08万股已回购股份。 ...