Core Viewpoint - China Hongqiao (01378) announced the cancellation of 2.5885 million shares that have been repurchased, effective on October 3, 2025 [1] Company Summary - The company is taking steps to reduce its outstanding shares by canceling a significant number of repurchased shares [1]

10月1日，路透社引述多个来源报道，由于中国的银行和投资者对西方制裁很担忧，因而俄罗斯公司试图在中国庞大的债券市场筹集廉价资本的企图面临着 很大挑战。 有人可能会说，不是有中俄高层推动吗？确实，今年 9 月中俄领导人会面后，西伯利亚力量 2 号天然气管道落地了，金融层面也释放过支持信号，俄气甚至 拿到了中国机构的 AAA 评级。但评级是一回事，真金白银投进去是另一回事。之前俄罗斯铝业也在中国发过 15 亿熊猫债，可之后就没了下文，可见市场 有多谨慎。中国投资者不是不看好中俄合作，而是太清楚风险在哪了 —— 地缘政治的雷谁也踩不起，商业信用的坑更不能跳。 现在俄罗斯企业还在硬扛，毕竟除了中国市场也没别的地方可去。但中国这边的态度很明确，不是不欢迎，而是风险太高的生意不能做。这种僵局短期内怕 是破不了，只要西方制裁还在，俄罗斯经济没好转，中国投资者就很难放下顾虑。俄罗斯想靠熊猫债解燃眉之急，看来还得等更合适的时机，不然这份尴尬 只能一直持续下去。 先说俄罗斯这边有多着急。打了三年多的俄乌战争，把俄罗斯折腾得够呛，国际金融市场基本把它关在门外了，想融资根本没门路。更要命的是，最近俄军 在战场上打得不顺，国内经济又一 ...

香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中国铝业（601600） (02600)1010.6万股，每股作价8.0536港元，总金额约为8138.97万港元。增持后最新持股数目约为4.36亿 股，持股比例为11.04%。 ...

据天眼查APP显示，天山铝业集团股份有限公司成立于1997年11月03日，注册资本465188.5415万人民 币。（数据宝） 9月30日天山铝业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 3400.00 | 39678.00 | 11.67 | 0.69 | 机构专 | 长江证券股份有限公司深圳福华 | | | | | | 用 | 路证券营业部 | （文章来源：证券时报网） 天山铝业9月30日大宗交易平台出现一笔成交，成交量3400.00万股，成交金额3.97亿元，大宗交易成交 价为11.67元，相对今日收盘价溢价0.69%。该笔交易的买方营业部为机构专用，卖方营业部为长江证券 股份有限公司深圳福华路证券营业部。 证券时报·数据宝统计显示，天山铝业今日收盘价为11.59元，下跌0.43%，日换手率为0.91%，成交额为 4.38亿元，全天主力资金净流入2009.90万元，近5日该股累计上涨6.8 ...

9月30日，天山铝业大宗交易成交3400万股，成交额3.97亿元，占当日总成交额的47.55%，成交价11.67 元，较市场收盘价11.59元溢价0.69%。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-30 | 002532 | 天山铝业 | 11.67 | 3,400.00 | 39,6 楓 梅 用 | | 长江证券股份有限 公司深圳福华路证 劳营业部 | ...

本届竞赛设置银川、兰州双赛区，来自全国有色金属行业69家单位的509名参赛选手，在铝电解工、炭 素焙烧工、矿山救护工、焊工四个职业(工种)同台竞技。其中，铝电解工(铝电解槽操作工)、炭素焙烧 工竞赛在兰州铝业有限公司进行，焊工(电焊工)、矿山救护工竞赛在宁夏银川宁夏能源进行。 中新网甘肃新闻9月30日电 (苏鸿雁 张淑媛)9月18日至25日，2025年全国行业职业技能竞赛——"中国铝 业杯"第十八届全国有色金属行业职业技能竞赛决赛在甘肃兰州、宁夏银川同步举办。 此次技能大赛由中国有色金属工业协会、中国机械冶金建材工会全国委员会主办，中国铝业集团有限公 司、中国铝业股份有限公司、有色金属工业人才中心、中国有色金属工业协会有色金属行业职业技能等 级认定中心协办，中铝宁夏能源集团有限公司、兰州铝业有限公司、有色金属行业职业技能鉴定指导中 心、北京诺斐释真管理咨询有限公司、甘肃省冶金机械工会承办。 作为有色金属行业唯一的级别最高、范围最广、影响力最大的国家级二类竞赛，"中国铝业杯"职业技能 竞赛是新时代加强高技能人才队伍建设、推进产业工人队伍建设改革的重要载体，也是大力弘扬劳模精 神、劳动精神、工匠精神的桥梁平台。该 ...

南山铝业发布公告，控股股东南山集团持有公司股份约占总股本20.70%，其一致行动人怡力电业持股 约占22.22%。怡力电业质押给中国民生银行烟台分行的3.35亿股办理质押展期，展期前到期日为2025年 10月28日，展期后为2026年10月24日，占其所持股份12.98%，占公司总股本2.88%，融资用于日常经 营。截至披露日，南山集团和怡力电业累计质押股份占公司总股本11.25%。目前二者资信良好，质押 风险可控，不会导致公司实控权变更。 ...

Group 1: Report Industry Investment Ratings - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage strategy for SHFE aluminum: Long the near - term contract and short the far - term contract [9] Group 2: Core Views - The macro environment at home and abroad remains positive. The domestic 15th Five - Year Plan meeting may implement new policy financial tools, while overseas policies are still hawkish overall. There is no need to be pessimistic about aluminum prices, and consumption in the fourth quarter at home and abroad is expected to be positive [6]. - For electrolytic aluminum, pre - holiday restocking has led to a continuous decline in social inventory. The supply is basically stable, and domestic consumption is steadily recovering. Although the social inventory situation is mediocre, the absolute value is still relatively low, which is not likely to cause a negative impact [6]. - For alumina, the supply is still in surplus, and the opening of the import window has exacerbated the domestic surplus situation. The social inventory is rapidly accumulating. The cost side is in a state of game, and policy disturbances in Guinea in the next two months need to be vigilant. Although the current price is close to the marginal high - cash cost and facing losses, the downside space is limited under the low - valuation background [6][7]. - For aluminum alloy, downstream consumption is recovering, but the supply is still in surplus, and the overall social inventory is relatively high. The absolute price is subject to many macro disturbances, which is not conducive to the seasonal convergence of the price difference with aluminum ingots [8]. Group 3: Summary Based on Relevant Data Aluminum Spot - On September 29, 2025, the price of East China A00 aluminum was 20,690 yuan/ton, a decrease of 80 yuan/ton from the previous trading day; the spot premium was - 10 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The price of Central Plains A00 aluminum was 20,750 yuan/ton, and the spot premium was 50 yuan/ton, unchanged from the previous trading day. The price of Foshan A00 aluminum was 20,610 yuan/ton, a decrease of 80 yuan/ton from the previous trading day, and the spot premium was - 85 yuan/ton, a decrease of 10 yuan/ton from the previous trading day [1]. Aluminum Futures - On September 29, 2025, the main contract of SHFE aluminum opened at 20,755 yuan/ton, closed at 20,730 yuan/ton, a decrease of 45 yuan/ton from the previous trading day. The highest price was 20,770 yuan/ton, and the lowest price was 20,660 yuan/ton. The trading volume was 132,925 lots, and the open interest was 203,858 lots [2]. Inventory - As of September 29, 2025, the domestic social inventory of electrolytic aluminum ingots was 592,000 tons, a decrease of 2.5 tons from the previous period; the warrant inventory was 59,747 tons, a decrease of 3,483 tons from the previous trading day; the LME aluminum inventory was 515,600 tons, a decrease of 2,100 tons from the previous trading day [2]. - The social inventory of aluminum alloy was 72,000 tons, and the in - plant inventory was 58,200 tons [4]. Alumina - On September 29, 2025, the SMM alumina price in Shanxi was 2,935 yuan/ton, in Shandong was 2,895 yuan/ton, in Henan was 2,965 yuan/ton, in Guangxi was 3,145 yuan/ton, in Guizhou was 3,150 yuan/ton, and the Australian alumina FOB price was 323 US dollars/ton [2]. - The main contract of alumina futures opened at 2,898 yuan/ton, closed at 2,904 yuan/ton, a decrease of 12 yuan/ton or 0.41% from the previous trading day's closing price. The highest price was 2,926 yuan/ton, and the lowest price was 2,862 yuan/ton. The trading volume was 356,985 lots, and the open interest was 292,517 lots [2]. Aluminum Alloy - On September 29, 2025, the procurement price of Baotai civil raw aluminum was 16,000 yuan/ton, and the procurement price of mechanical raw aluminum was 16,200 yuan/ton, both unchanged from the previous day. The Baotai quotation of ADC12 was 20,400 yuan/ton, also unchanged from the previous day [3]. - The theoretical total cost of aluminum alloy was 20,323 yuan/ton, and the theoretical profit was 177 yuan/ton [5].

Group 1: Report Overview - Report Type: Aluminum Daily Report [1] - Date: September 30, 2025 [2] - Research Team: Non - ferrous Metals Research Team of Jianxin Futures [3] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoints - On the penultimate trading day before the holiday, with a quiet news front and decreased market trading enthusiasm, Shanghai Aluminum showed weak performance. The main 2511 contract closed with a slight 0.22% decline at 20,730. The spread between October and November changed from a discount to a premium of 15, and the far - month contracts maintained a slight contango structure. The import window was closed, and the spot import loss fluctuated around - 1,500 yuan/ton. It's recommended to wait and see before the holiday [7]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. The price of imported ore is under short - term pressure, but with the end of the rainy season, the shipping volume will gradually increase. The alumina price fluctuates around 2,900. The supply surplus is difficult to ease for the time being. After October, some high - cost enterprises are expected to cut production and carry out maintenance as the monthly average price drops [7]. - The operating capacity of electrolytic aluminum remains high. The operating rate of processing enterprises rebounded significantly last week but is likely to decline temporarily due to the upcoming long holiday. Shanghai Aluminum has returned to the previous trading range. Pay attention to the support level of 20,500. It's advisable to hold a light position during the holiday to control risks [7]. - The trend of cast aluminum alloy continues to follow Shanghai Aluminum. With the peak season and the tight supply of scrap aluminum raw materials, continue to pay attention to the strategy of going long on AD and short on AL [7]. Group 4: Market Review and Operational Suggestions - **Market Review**: The Shanghai Aluminum market was weak on the penultimate trading day before the holiday. The main 2511 contract closed slightly down, the spread structure changed, and the import window was closed [7]. - **Bauxite Situation**: Domestic bauxite in the north has not resumed production, and the probability of resuming this year is low. Imported ore is under short - term pressure, but shipping volume will increase after the rainy season. Pay attention to the changes in mining rights policies before the Guinea election [7]. - **Alumina Situation**: Alumina price fluctuates around 2,900. Supply surplus is difficult to ease. After October, some high - cost enterprises may cut production and carry out maintenance [7]. - **Operational Suggestions**: It's recommended to wait and see before the holiday. Pay attention to the support level of 20,500 for Shanghai Aluminum and hold a light position during the holiday [7]. Group 5: Industry News - UAE's EGA is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. Dubai and Abu Dhabi are competing for this major listing project. EGA has overcome challenges such as US aluminum tariffs and plans to invest $4 billion in a smelter in Oklahoma [8][10]. - In 2025, the demand for aluminum cans in Japan was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [9]. - On September 22, 2025, the standard warehouse receipt generation business of cast aluminum alloy futures was officially launched. The total registered volume of cast aluminum alloy warehouse receipts on the first day was 3,878 tons, with different volumes in various regions [9].

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：金九下游开工改善 警惕长假风险 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 2025 年 9 月 30 日 后期关注/风险因素：关注宏观预期变动、地缘政治危机发展、矿端复产情 况、消费释放情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 逻 ...