Core Viewpoint - Nanshan Aluminum has successfully transformed from a local building materials company to a key supplier in the aerospace and automotive industries, showcasing its comprehensive aluminum material supply chain and commitment to quality and innovation [1][8]. Group 1: Company Overview - Nanshan Aluminum has established a complete aluminum material supply chain within a 5-kilometer radius, covering energy, alumina, electrolytic aluminum, and aluminum processing [1]. - The company has become a supplier for major aircraft manufacturers, including COMAC, Boeing, and Airbus, and has received the "Gold Supplier" award from Boeing [1][4]. Group 2: Product Quality and Innovation - Nanshan Aluminum's aluminum plates for aviation applications have exceeded the fatigue testing requirements, achieving over 3 million cycles compared to the standard of 200,000 cycles [2]. - The company has developed a patented aluminum alloy for automotive body panels, which won a silver award at the 24th China Patent Awards, significantly enhancing aluminum alloy strength and addressing production challenges [5]. Group 3: Market Position and Strategy - Nanshan Aluminum holds over 25% market share in the automotive aluminum sector, with partnerships established with international brands like Volkswagen and BMW, as well as domestic electric vehicle manufacturers [5]. - The company is actively involved in the development of products for the C929 aircraft and has established a joint research center for aluminum alloy materials with COMAC [4]. Group 4: Environmental Commitment - Nanshan Aluminum has reduced carbon emissions by 18% since 2019, with its recycling aluminum project alone reducing emissions by 2 million tons annually [7]. - The company has developed a closed-loop system for aluminum production, integrating alumina, electrolytic aluminum, high-end manufacturing, and recycled aluminum to promote energy conservation and clean production [7][8].

Meeting Overview - The 21st meeting of the 9th Board of Directors was held on August 1, 2025, with all 9 directors present, including one via telecommunication [1][2] - The meeting was hosted by the General Manager, Mr. Xie Jun, and complied with relevant laws and regulations [1] Agenda Items - The meeting reviewed several proposals, including amendments to the company's articles of association, shareholder meeting rules, board meeting rules, independent director system, fundraising management methods, and related party transaction management system [2][3][4][5][6][7] - All proposals were passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [2][3][4][5][6][7] Election of Directors - The meeting included proposals for the election of non-independent and independent directors for the 10th Board of Directors, with candidates nominated by various shareholders [6][7] - All director nominations were approved with the same voting results of 9 in favor, 0 against, and 0 abstentions [6][7] Upcoming Shareholder Meeting - A third extraordinary shareholder meeting is scheduled for August 18, 2025, to review the previously mentioned proposals [8][9] - The meeting will address eight specific agenda items related to the amendments and elections discussed in the board meeting [8]

Core Viewpoint - The German Chancellor Merz announced that the EU will negotiate with the US regarding steel export quotas, focusing on avoiding excessive tariffs [1] Group 1: Trade Agreement Details - A trade agreement was reached last month, setting tariffs at 15% for most products, while certain sectors, including steel and aluminum, are still under negotiation with tariffs at 50% [1] - The current task is to establish the "details" of the negotiations [1] Group 2: Impact on European Industry - Merz described the agreement as "painful" for the entire European industry [1] - He emphasized that the EU does not have the capacity to initiate a full-scale trade dispute, as it would result in losses, particularly for Europeans [1]

Core Viewpoint - The U.S. has increased tariffs on Canadian goods from 25% to 35% effective August 1, due to perceived lack of cooperation from Canada regarding the control of fentanyl and other illegal drug flows into the U.S. [1] Group 1: Tariff Changes - The U.S. government has signed an executive order to raise tariffs on Canadian imports to 35% [1] - This increase affects various Canadian industries, including lumber, steel, aluminum, and automotive sectors [1] - Goods qualifying for the United States-Mexico-Canada Agreement (USMCA) will not be impacted by the new tariff measures [1] Group 2: Canadian Government Response - Canadian Prime Minister Justin Trudeau expressed disappointment over the tariff increase [1] - The Canadian government plans to take action to protect jobs and diversify export markets in response to U.S. tariffs [1] Group 3: Historical Context - The initial 25% tariff on Canadian goods was implemented in February under the International Emergency Economic Powers Act [1] - A letter from President Trump to Prime Minister Trudeau on July 10 indicated the upcoming increase to 35% [1]

Group 1 - The company announced a share buyback program, having repurchased a total of 17.559 million shares [2] - The repurchased shares represent 0.38% of the company's total share capital [2]

Group 1: Report Industry and Overall Information - The report focuses on the precious metals and non - ferrous metals industry, including gold, copper, aluminum, zinc, nickel, tin, lithium carbonate, and the silicon industry [2] Group 2: Gold Core View - Trump's tariff deadline approaching boosts risk - aversion sentiment, but the rebound of the US dollar index to 100 suppresses the gold price. The market continues to lower the probability of the Fed cutting interest rates in September. Global gold investment demand is strong, with a 78% year - on - year increase in Q2, and central bank gold purchases remain a long - term support. The market is cautious before the release of non - farm payroll data [3] Key Points - SHFE gold main contract price data is presented, along with COMEX gold price and gold - silver ratio data [4] - Gold long - term fund holdings, SHFE and SGX gold spot - futures spreads, and gold and US dollar index, gold and US Treasury real - yield relationships are shown [8][11] Group 3: Copper Core View - COMEX copper and LME, SHFE copper spreads still fluctuate, and the market needs time to determine a reasonable range. High copper inventory in the COMEX market may not flow out, affecting future imports. The price of Shanghai copper is closely linked to LME copper and depends on global macro - policies and expectations. Global tariff policies may impact copper demand and price [15] Key Points - Copper futures and spot data, including prices, daily changes, and price differences, are provided [16][19] - Copper import profit and loss, processing fees, and refined - scrap copper price differences are presented [27][31] - Copper warehouse receipts and LME copper inventory data are given [33] Group 4: Aluminum Core View - For aluminum, low inventory supports the price, but demand is weak and the macro - situation is unclear, so short - term Shanghai aluminum is expected to fluctuate. For alumina, short - term capital games intensify, and investors should control risks. Cast aluminum alloy is expected to maintain high - level fluctuations [35][36][37] Key Points - Aluminum and alumina futures and spot price data, including spreads and basis, are provided [38][44][51] - Aluminum and alumina inventory data, including warehouse receipts and LME inventory, are given [57] Group 5: Zinc Core View - The supply side of zinc is gradually shifting from tight to surplus, and the demand side is weak during the off - season. In the short term, focus on macro - data, market sentiment, and supply - side disturbances [63] Key Points - Zinc futures price data, including spreads and basis, are provided [64] - Zinc spot price data, including spreads and LME spreads, are given [72] - Zinc inventory data, including warehouse receipts and LME inventory, are presented [76] Group 6: Nickel Core View - The fundamentals of the nickel industry have no significant changes. If nickel - iron prices decline, the supply of nickel - ice may decrease, supporting nickel prices. Stainless steel is supported by cost and inventory reduction, and sulfuric acid nickel has a price - holding sentiment [79] Key Points - Nickel and stainless - steel futures price data, including spreads and basis, are provided [80] - Nickel spot price, inventory, and related cost - profit data are presented [84][88][92] Group 7: Tin Core View - As the anti - involution heat fades, tin prices may decline slightly. The US copper tariff adjustment has little impact on tin, and the rising US dollar index lowers non - ferrous metal prices [93] Key Points - Tin futures and spot price data, including spreads and basis, are provided [93][98] - Tin inventory data, including warehouse receipts and LME inventory, are given [102] Group 8: Lithium Carbonate Core View - There are still short - term supply - side disturbances. The production schedule in August is expected to be good. It is expected to maintain a wide - range fluctuation, and investors should pay attention to market changes and position risks [107] Key Points - Lithium carbonate futures price data, including spreads and basis, are provided [107][109] - Lithium carbonate spot price data, including various lithium raw materials and product prices, are presented [111] - Lithium carbonate inventory data, including warehouse receipts and social inventory, are given [115] Group 9: Silicon Industry Core View - The industrial silicon market is expected to fluctuate, and the polysilicon market is expected to have wide - range fluctuations, mainly driven by macro - sentiment [117] Key Points - Industrial silicon spot and futures price data, including spreads and basis, are provided [118][119] - Polysilicon, silicon wafer, battery cell, and component price data are presented [126][127][128] - Industrial silicon production, inventory, and cost data are given [133][137][147]

Group 1 - The Shanghai Composite Index decreased by 0.37%, while the China Securities Hong Kong 100 Materials Index reported at 707.05 points [1] - The China Securities Hong Kong 100 Materials Index has increased by 7.79% in the past month, 30.49% in the past three months, and 56.21% year-to-date [1] - The index is classified according to the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The China Securities Hong Kong 100 Materials Index has a 100% allocation in the Hong Kong Stock Exchange [1] - Within the index's holdings, gold accounts for 68.40% and aluminum accounts for 31.60% [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Adjustments occur when the parent index changes samples or when significant events affect the industry classification of sample companies [2]

Group 1 - The Canadian government expresses disappointment over U.S. tariffs but remains committed to the USMCA, which is the second-largest timber trade agreement globally by trade volume [1] - Various sectors, including timber, steel, aluminum, and automotive, are significantly impacted by U.S. tariffs and trade barriers [1]

Report Information - Report Title: Aluminum Daily Report [1] - Date: August 1, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - With the further cooling of the "anti-involution" logic, aluminum industry chain varieties continued to correct. Shanghai aluminum 2509 closed down 0.53% at 20,510, the total index positions decreased by 18,206 to 591,031 lots, and the 08-09 premium widened 30 to 70; cast aluminum alloy adjusted narrowly following Shanghai aluminum, with the AD-AL negative spread at -505. Alumina fluctuated greatly due to the anti-involution logic, dropping 4.05% intraday to 3,222 [8]. - Fundamentally, the supply of bauxite is gradually tightening, and the impact of the previous rainy season in Guinea and mine rights suspension is expected to gradually appear in August, providing bottom support for ore prices; on the 31st, with the sharp drop in the alumina futures price, the futures-spot arbitrage window was almost closed, and the spot demand for deliverable products may weaken. Coupled with the temporary cooling of anti-involution trading, alumina adjusted at a high level. If there is a high point, appropriate short positions can be taken [8]. - In the cast aluminum sector, it is currently the off-season for the automotive industry. Demand has weakened while the supply of scrap aluminum is in short supply. Under the double weakness of supply and demand, cast aluminum continued to fluctuate in a range following Shanghai aluminum, and the AD-AL maintained a low negative spread structure [8]. - At the electrolytic aluminum end, the domestic operating capacity remains at a high level, and the demand side in the off-season continues to be sluggish. The operating rate of the aluminum processing sector remains weak. Considering the high smelting profit of aluminum and the significant inhibitory effect of the absolute high price on terminal consumption after the price increase, the current macro logic dominates the fluctuation of aluminum prices. If there is a rebound, appropriate short positions can be taken [8]. Summary by Directory 1. Market Review and Operation Suggestions - Shanghai aluminum 2509 closed down 0.53% at 20,510, the total index positions decreased by 18,206 to 591,031 lots, and the 08-09 premium widened 30 to 70; cast aluminum alloy adjusted narrowly following Shanghai aluminum, with the AD-AL negative spread at -505. Alumina dropped 4.05% intraday to 3,222 [8]. - Bauxite supply is gradually tightening, and the impact of the previous rainy season in Guinea and mine rights suspension is expected to gradually appear in August, providing bottom support for ore prices [8]. - On the 31st, with the sharp drop in the alumina futures price, the futures-spot arbitrage window was almost closed, and the spot demand for deliverable products may weaken. Coupled with the temporary cooling of anti-involution trading, alumina adjusted at a high level. If there is a high point, appropriate short positions can be taken [8]. - It is currently the off-season for the automotive industry. Demand has weakened while the supply of scrap aluminum is in short supply. Under the double weakness of supply and demand, cast aluminum continued to fluctuate in a range following Shanghai aluminum, and the AD-AL maintained a low negative spread structure [8]. - The domestic operating capacity of electrolytic aluminum remains at a high level, and the demand side in the off-season continues to be sluggish. The operating rate of the aluminum processing sector remains weak. Considering the high smelting profit of aluminum and the significant inhibitory effect of the absolute high price on terminal consumption after the price increase, the current macro logic dominates the fluctuation of aluminum prices. If there is a rebound, appropriate short positions can be taken [8]. 2. Industry News - Ghana has canceled a $1.2 billion bauxite agreement with local company Rocksure International and is seeking to cooperate with a large overseas company to develop one of the richest bauxite deposits in West Africa. Potential partners include the United Arab Emirates Global Aluminium Company (EGA) based in Dubai or a Chinese company [9]. - In June 2025, China's primary aluminum imports were approximately 192,400 tons, a month-on-month decrease of 13.8% and a year-on-year increase of 58.7%. From January to June, the cumulative total primary aluminum imports were approximately 1.2499 million tons, a year-on-year increase of 2.5%. In June 2025, China's primary aluminum exports were approximately 19,600 tons, a month-on-month decrease of 39.5% and a year-on-year increase of 179.4%; from January to June, the cumulative total primary aluminum exports were approximately 86,600 tons, a year-on-year increase of about 206.6%. In June 2025, China's net primary aluminum imports were 172,700 tons, a month-on-month decrease of 9.4% and a year-on-year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were approximately 1.1633 million tons, a year-on-year decrease of 2.3% [10]. - On the evening of July 17, 2025, Guinea's national television announced a ministerial order signed by the Ministry of Mines and Geology, officially revoking the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. After verification by SMM, the revoked bauxite enterprises all had long-idle mine rights and no actual mining activities. The official said that these mine rights were taken back by the state without compensation. This action was part of a comprehensive rectification of the national mining registration system, aiming to comprehensively improve the transparency and standardization of mineral resource management [10]. - Alcoa expects its San Ciprián aluminum smelter in Spain to restart in mid-2026, and the expected delay will result in losses of up to $110 million. Due to high electricity prices, the plant's production decreased in 2021. The smelter was originally in the process of restarting, but due to a nationwide power outage in Spain on April 28, both the electrolytic aluminum plant and the adjacent alumina plant were affected, and the restart plan was postponed. The electrolytic aluminum plant has an electrolytic aluminum production capacity of 228,000 tons. After evaluating the power outage losses, the joint venture suspended the resumption of production at the smelter until the Spanish government provided detailed information on the cause of the power outage and the measures taken to prevent similar incidents from happening again. On July 14, Alcoa and its joint venture partner Ignis Equity Holdings confirmed that the restart work of the San Ciprián electrolytic aluminum plant in Spain, which was suspended due to the previous nationwide power outage, had restarted. Alcoa expects the smelter to record a net loss of approximately $90 million to $110 million in 2025, and the entire restart process is expected to be completed by mid-2026 [10][11]

Report Industry Investment Ratings No relevant content provided. Core Views - The A-share market shows a differentiated market sentiment and sector performance, with technology sectors leading the rise and cyclical products leading the decline. Short-term risk of a pullback after a sharp rise should be vigilant, while the entry of insurance funds in the medium to long term is expected to enhance market stability. [2] - The WTI crude oil main contract is expected to have a volatile rebound, with support around $63 - $65 per barrel. The overall medium to long-term price center of crude oil is moving down. [3] - Gold prices have dropped to a three - week low. Short - term attention should be paid to the key support level of $3300 per ounce, and the potential boost to risk aversion sentiment from core PCE data and Sino - US trade negotiations should be monitored. [4][5] - After the technical breakdown of the $37.5 support level for silver, there is a tug - of - war around $37. If it breaks below $36.7, it may decline to the $36.3 - $36.5 range. [6] - Most chemical products such as PTA, ethylene glycol, PVC, PP, plastic, etc. are expected to have short - term volatile operations, with attention to relevant influencing factors such as cost, policy, and market sentiment. [7][8][10][11] - For agricultural products, corn, peanut, and cotton futures prices are expected to be weak in the short term, while egg prices have limited downward space, and soybean meal may have a wide - range shock, and soybean oil may be strong in the short term. [18][19][20][21][25][26] - For metals, most metal products such as copper, aluminum, etc. have complex market situations, and different trading strategies are recommended according to different varieties. [27][28] - For black commodities, stainless steel may have a short - term correction, while hot - rolled coils, rebar, and iron ore may have short - term volatile operations, and coking coal and coke may be strong in the short term. [33][34][35][37][39] Summary by Directory Macro - The Politburo meeting released multiple signals, including activating the capital market, expanding domestic demand, and supporting innovation. The long - cycle assessment mechanism for insurance funds has been implemented, and the proportion of equity investment is expected to increase. The lithium - battery industry's "anti - involution" policy is deepening. [2] - The A - share market shows a differentiated market sentiment and sector performance, with technology sectors leading the rise and cyclical products leading the decline. [2] Crude Oil - Summer demand supports oil prices, but OPEC's production increase plan, Fed meetings, and trade negotiations bring instability. The WTI main contract is expected to have a volatile rebound with support around $63 - $65 per barrel. [3] - The IEA has raised the global oil supply growth forecast for 2025 to 2.1 million barrels per day, and OPEC + may increase production in July and August, leading to a relatively weak oil price in the medium to long term. [3] Gold - The Fed maintained interest rates unchanged, and Powell's hawkish remarks reduced the probability of a September rate cut, pushing up the dollar index and the yield of 10 - year US Treasury bonds, increasing the opportunity cost of holding gold. [4] - Gold prices dropped to a three - week low, but institutional willingness to buy on dips still exists. Short - term attention should be paid to the key support level of $3300 per ounce and relevant influencing factors. [4][5] Silver - The Fed maintained interest rates unchanged, and the probability of a September rate cut decreased, suppressing the attractiveness of silver as a non - income asset. Trump's tariff on semi - finished copper indirectly dragged down silver. [6] - After the technical breakdown of the $37.5 support level, there is a tug - of - war around $37. If it breaks below $36.7, it may decline to the $36.3 - $36.5 range. [6] Chemical - **PTA**: The spot price decreased, the processing fee was at a low level, the overall supply was strong and the demand was weak, and it was expected to have a short - term volatile operation. [7] - **Ethylene Glycol**: The supply became more relaxed, the inventory was at a low level, and it was expected to have a short - term volatile operation, with attention to macro - policies. [8] - **PVC**: The supply decreased slightly, the demand improved slightly, the inventory increased, and the fundamentals did not improve significantly, with short - term fluctuations following market sentiment. [10] - **PP**: The supply decreased slightly, the demand decreased slightly, the inventory increased, and the fundamentals did not improve, with short - term fluctuations following market sentiment. [11] - **Plastic**: The supply increased slightly, the demand decreased slightly, the inventory decreased, and the fundamentals did not improve, with short - term fluctuations following market sentiment. [12] - **Soda Ash**: The supply decreased, the demand increased, the inventory decreased, the fundamentals had limited driving force, and short - term rational operation was recommended. [13] - **Glass**: The supply fluctuated slightly, the demand weakened, the inventory decreased, the supply - demand change was limited, and short - term rational operation was recommended. [14] - **Methanol**: The supply increased, the demand had contradictions, the inventory increased, the cost had support but the profit was difficult to sustain, and the futures price was expected to be weak in the short term. [17] Agricultural Products - **Corn**: The global and US yields are at high levels, but the ending inventory has decreased. The domestic market is in a state of alternating old and new grains, and the demand is weak. The futures price is expected to be weak in the short term. [18][19] - **Peanut**: The estimated planting area is expected to increase. The market is in a state of weak supply and demand, and the futures price is expected to oscillate at the bottom in the short term. [20] - **Cotton**: The global and US cotton production and ending inventory are expected to increase. The domestic supply is expected to be loose, and the demand is weak. The cotton price is expected to be weak in the short term. [21] - **Pig**: The supply pressure is increasing, the demand is in the off - season, and the price may oscillate in the short term. [22] - **Egg**: The production capacity is sufficient, the demand is weak, and the futures price has limited downward space. [24] - **Soybean Meal**: The international price is driven by tariffs and weather. The domestic supply is strong and the demand is weak, and the futures price may have a wide - range shock in the short term. [25] - **Soybean Oil**: The international market focuses on weather. The domestic supply pressure is large, and the futures price may be strong in the short term. [26] Metals - **Copper**: The US copper tariff event led to a decline in US copper prices. The domestic support policies are strong, and the copper market has complex game situations. [27] - **Aluminum**: The Fed maintained interest rates, the supply is close to the ceiling, the demand is in the off - season, and the price may be weak in the short term. [28] - **Alumina**: The supply is sufficient, the demand is weak, and it is recommended to wait for macro - guidance. [29] - **Cast Aluminum Alloy**: The cost provides support, the supply is excessive, the demand is in the off - season, and it is expected to follow the aluminum price and oscillate. [30] - **Lithium Carbonate**: The cost support is weakening, the supply is stable, the demand is in the off - season, and the price fluctuates greatly due to market sentiment. [31] - **Industrial Silicon**: The supply has increased, the demand is expected to decline, and it is expected to oscillate at a high level. [32] - **Polysilicon**: The supply has increased, the demand is weakening, and it is expected to oscillate at a high level. [33] Black - **Stainless Steel**: The cost support is weakening, the supply may decrease, the demand is in the off - season, and it may have a short - term correction. [34] - **Rebar**: The "anti - involution" policy is being implemented, the cost support is weakening, the demand has a slight recovery, and it may oscillate at a high level in the short term. [35] - **Hot - Rolled Coils**: Similar to rebar, it may oscillate at a high level in the short term. [36] - **Iron Ore**: The supply has increased, the demand is supported, the inventory is at a low level, and it may oscillate in the short term. [37][38] - **Coal**: Coking coal supply may shrink, and coke prices may be strong due to cost and demand, but relevant risks need to be monitored. [39]