云南铝业股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | □其他 | （请文字说明其他活动内容） | | 参与单位名称 | 长江证劵、嘉实基金等机构投资者。 | | 时 间 2025 | 年 9 月 24 日上午 | | 地 点 | 云南铝业股份有限公司一楼会议室。 | | 上市公司接待 | 董事会秘书、财务总监：郑利海先生 | | 人员姓名 | 证券事务代表：王冀奭先生 | | | 投资者提出的主要问题及公司回复情况如下： | | | 1.公司如何拓展销售渠道？ | | | 回复：公司持续开拓汽车轻量化、航天航空、电力、国防军工、电 | | | 子等领域的市场渠道，充分发挥绿色品牌效益、规模化效应，加强绿色 | | | 铝营销，加大市场培育力度。 | | | 2.公司再生铝项目情况？ | | | 回复：公司积极拓展再生铝等循环经济业务，阳宗海 万吨铝资源 5 | | 投资者关系活 动主要内容介 | 综合利用项目顺利投产，建成"全自 ...

美国最大铝生产商美国铝业公司(AA.US)首席执行官比尔·奥普林格(Bill Oplinger)于周一接受采访时发出 警示：进口关税将扼杀美国铝需求，这与特朗普政府宣称"关税将重振本土产业"的说法形成直接对立。 作为美国铝业的领军企业，美国铝业的警告凸显了市场对关税政策的长期担忧。铝作为广泛应用于窗框 制造、福特F-150皮卡等产品的基础金属，其价格飙升将显著推高建筑及制造业成本。经济学家担忧， 这种成本压力将传导至终端消费，引发通胀并最终抑制市场需求。 奥普林格指出，受美国总统唐纳德·特朗普对进口铝加征50%关税的影响，美国国内铝价已大幅攀升。 他强调，若政策不作调整，最终将由美国消费者或企业股东为这部分涨价买单。 受美国铝需求疲软影响，美国铝业股价今年以来已累计下跌逾17%。目前，美国铝需求正受到出口大幅 下滑与工业用途缩减的双重拖累，市场疲软态势明显。 这一表态是对其1月言论的升级，当时他仅称关税将对需求产生"抑制效应"。回顾政策脉络，特朗普政 府在3月率先对进口铝征收25%关税，又于6月将税率翻倍至50%，宣称此举为保护美国铝产业、重振生 产所必需。奥普林格透露，这一税率已使美国铝业每年承担约8.5亿 ...

B. Riley将美国铝业的目标价从38美元上调至40美元，维持"买入"评级。(格隆汇) ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The AD Index adjusted during the day, and the commodity index performed weakly. The main contract of SHFE aluminum continued to decline, with the 2511 contract closing down 0.41% at 2877. The spread between the October and November contracts turned to par, and the far - month contracts still maintained a slight contango structure. The import window remained closed, and the spot import loss narrowed by 200 to about - 1530 yuan/ton [7]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. There is upward pressure on the price of northern bauxite, but the spot price of downstream alumina is falling, and the willingness to suppress prices is increasing. The price of imported bauxite has not changed much in the short term and is still oscillating at the bottom. Pay attention to the changes in the mining rights policy before the election in Guinea [7]. - Alumina adjusted with the sector, and the callback amplitude deepened. At this price, some manufacturers are again on the verge of profit and loss, and cost support is gradually emerging. The short - selling risk is relatively high, and it is recommended to wait and see in the short term. The trend of cast aluminum alloy continues to follow SHFE aluminum. With the peak season and the termination of the tax refund policy in the scrap aluminum industry, continue to pay attention to the strategy of going long AD and short AL [7]. - The operating capacity of electrolytic aluminum remains at a high level. The peak season of "Golden September" has arrived, but the inflection point of inventory has not appeared. With the decline in the absolute price and the pre - holiday stocking demand of aluminum processing enterprises, it is expected that the inventory pressure will be relieved. SHFE aluminum has returned to the previous oscillation range, and pay attention to the support at the 20,500 level in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **SHFE Aluminum**: The main 2511 contract of SHFE aluminum closed down 0.41% at 20,685. The 10 - 11 spread turned to par, and the import window remained closed with the spot import loss narrowing [7]. - **Bauxite**: Northern domestic bauxite production has not resumed, with low probability of resuming this year. There are both upward and downward pressures on bauxite prices. Imported bauxite is oscillating at the bottom. Pay attention to Guinea's mining rights policy [7]. - **Alumina**: It adjusted with the sector, with a deeper callback. Cost support is emerging at the price of 2877, and short - selling risk is high. Short - term waiting and seeing is recommended [7]. - **Cast Aluminum Alloy**: Its trend follows SHFE aluminum. Pay attention to the long AD short AL strategy due to the peak season and policy changes [7]. - **Electrolytic Aluminum**: Operating capacity is high. Although the peak season has arrived, the inventory inflection point is delayed. It is expected that inventory pressure will ease. Pay attention to the 20,500 support level [7]. 3.2 Industry News - **EGA's IPO**: Emirates Global Aluminium (EGA) is preparing for a potential IPO, which is expected to be one of the largest listings in the Middle East. Its valuation is estimated to be between $10 billion and $15 billion. It has entrusted several banks for the IPO and hired Rothschild as a consultant. Dubai and Abu Dhabi are competing for the listing location. The IPO will test international investors' attitude towards Middle East aluminum assets and further consolidate the UAE's position in the aluminum supply chain [8][10]. - **Japanese Aluminum Can Demand**: In 2025, the demand for aluminum cans in Japan (including domestic and imported) 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]. - **Cast Aluminum Alloy Futures**: 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 regional registrations [9].

中国宏桥(01378)发布公告，于2025年9月23日斥资1300.92万港元回购股份51.25万股，每股回购价格为 24.94-26港元。 ...

期货日报记者在采访中获悉，近年来，面对全球经贸环境的复杂变化和铝产品市场价格的频繁波动，广 元弘昌晟自2021年起系统参与期货市场，运用期货工具进行套期保值，并启动电解铝交割品牌注册工 作。今年8月11日，经上海期货交易所审核批准，广元弘昌晟"埃斯塔"成功注册为沪铝交割品牌，成为 四川省内第二个沪铝期货交割品牌。 本报讯（记者谭亚敏）广元弘昌晟铝业有限责任公司（下称广元弘昌晟）是四川省绿色水电铝及铝加工 产业链龙头企业，现有电解铝产能12万吨/年、预焙阳极炭素产能12万吨/年，旗下拥有"埃斯 塔""ALSTAR"等多个四川省著名商标。 张建鑫表示，此次交割是广元弘昌晟深化"产融结合"发展模式的重要里程碑，彰显了以现代金融工具抵 御市场波动、实现稳健经营的前瞻战略。未来，广元弘昌晟将继续在广元市委、市政府和广元经开区党 工委、管委会的领导下加强对期货及衍生工具的理解与应用，持续完善风险管理体系，赋能主业高质量 发展，为中国铝工业的转型升级贡献更多价值。 （文章来源：期货日报网） "近日，在各级政府的大力支持下，我们与永安期货合作顺利完成'埃斯塔'牌沪铝期货标准仓单的首单 交付，这标志着企业在运用金融衍生工具实施 ...

2025年9月，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上期所正式挂牌交易。上期所在 遴选胶版印刷纸期货交割认证品牌时，优先考虑具有工信部公示的"绿色工厂"等资质的生产企业，以市 场化手段推动造纸产业绿色低碳转型。 中国纸业投资有限公司总经理严肃表示，在产业全力推进绿色低碳技术改造和应用的进程中，有效管理 原材料成本与产品价格波动风险，提升资源配置效率和经营稳定性是一个非常重要的课题。胶版印刷纸 期货及期权为企业提供了管理价格风险的工具，增强企业经营韧性。 ● 本报记者 林倩 从铸造铝合金期货及期权，再到胶版印刷纸期货及期权，从"中国氢价指数体系"，再到"中国绿氢价格 指数"……上海期货交易所正把"双碳"战略转化为市场语言，切实助力产业绿色低碳转型。 在业内人士看来，上期所通过积极研发布局新品种、推出价格指数、加强国际交流和合作，充分发挥价 格发现与风险管理功能，引导产业资源加速向低碳领域集聚，扎实做好金融"五篇大文章"，为实体经济 高质量发展注入持续动能。 积极研发布局绿色品种 多年来，上期所积极研发布局绿色品种，包括铸造铝合金期货及期权、胶版印刷纸期货及期权等，助力 产业绿色低碳转型。 具体来看 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current core contradiction in the alumina market lies in the conflict between the tight supply of domestic bauxite, low shipments from Guinea, and the high absolute level of bauxite inventory. The alumina market is in a state of supply surplus, and prices are expected to remain weak in the short - term [2]. - For electrolytic aluminum, the marginal demand in the peak season has improved, but the probability of a lackluster peak season is high. After a short - term price correction, the price is expected to remain volatile at a high level, with inventory being the key focus [3]. - In the case of cast aluminum alloy, the market is influenced by both positive and negative factors on the fundamental side. It is expected to maintain high - level volatility in the short - term, and attention should be paid to the registration of standard warehouse receipts [6]. 3. Summary by Related Catalogs 3.1 Price Forecast - Alumina: The latest price is 2877 yuan/ton, with a monthly price forecast range of 2850 - 3100 yuan/ton, a current 20 - day rolling volatility of 14.78%, and a historical percentile of 10.14% over 3 years [1]. - Electrolytic aluminum: The latest price is 20685 yuan/ton, with a monthly price forecast range of 20600 - 21200 yuan/ton, a current 20 - day rolling volatility of 6.45%, and a historical percentile of 18.82% over 3 years [1]. - Aluminum alloy: The latest price is 20280 yuan/ton, with a monthly price forecast range of 19900 - 20800 yuan/ton, a current 20 - day rolling volatility of 5.96%, and a historical percentile of 30.26% over 3 years [1]. 3.2 Risk Management Strategies - **Alumina** - Inventory management: When the finished - product inventory is high and there are concerns about price drops, sell 75% of the alumina main futures contract at 3200 yuan/ton. - Raw material management: When the raw material inventory is low and there are concerns about price increases, buy 50% of the alumina main futures contract at 2850 yuan/ton [1]. - **Electrolytic aluminum** - Inventory management: When the finished - product inventory is high and there are concerns about price drops, sell 90% of the Shanghai Aluminum main futures contract at 21300 yuan/ton. - Raw material management: When the raw material inventory is low and there are concerns about price increases, buy 50% of the Shanghai Aluminum main futures contract at 20500 yuan/ton [1]. - **Aluminum alloy** - Inventory management: When the finished - product inventory is high and there are concerns about price drops, sell 80% of the aluminum alloy main futures contract at 20700 yuan/ton. - Raw material management: When the raw material inventory is low and there are concerns about price increases, buy 50% of the aluminum alloy main futures contract at 19900 yuan/ton [1]. 3.3 Core Contradictions - **Alumina**: The core contradiction in the bauxite market is the conflict between tight domestic supply, low Guinea shipments, and high inventory levels. The main factor affecting alumina prices is supply surplus, and the surplus state is expected to continue [2]. - **Electrolytic aluminum**: The marginal demand in the peak season has improved, but the probability of a lackluster peak season is high. The price is affected by factors such as inventory and downstream purchasing sentiment, and is expected to remain volatile at a high level [3]. - **Cast aluminum alloy**: The market is influenced by both positive and negative factors on the fundamental side. On one hand, raw material prices provide cost support, and pre - holiday restocking demand is positive; on the other hand, demand is weak, and inventory is accumulating [6]. 3.4 Price and Spread Data - **Price**: The prices of various aluminum, alumina, and aluminum alloy contracts have shown different degrees of change, such as a - 0.29% daily decline in the Shanghai Aluminum main contract to 20685 yuan/ton [1][7]. - **Spread**: The spreads between different contracts of aluminum, alumina, and aluminum alloy have also changed, for example, the spread between Shanghai Aluminum continuous and consecutive contracts has shown significant fluctuations [13]. 3.5 Inventory Data - **Aluminum**: The total Shanghai Aluminum warehouse receipts are 68960 tons, a decrease of 2.55%. The total LME aluminum inventory is 513850 tons, a decrease of 0.01% [29]. - **Alumina**: The total warehouse receipts for alumina in warehouses are 151006 tons, a decrease of 0.79% [29].

消息面上，南山铝业国际将于9月25日（本周四）迎来解禁。据公司此前发布的公告，Glencore International AG、香港拓威贸易有限公司、瑞中国际工业设备（香港）有限公司等四名基石投资者禁售 承诺的最后日期为2025年9月24日，累计解禁股数3513.63万股。值得注意的是，香港联交所资料显示， 9月18日，南山铝业国际股东将股票存入华泰香港，存仓市值93.2亿港元，占比37.36%。 智通财经APP获悉，南山铝业国际(02610)跌超5%，盘中低见39.32港元创逾一个月新低。截至发稿，跌 5.39%，报39.66港元，成交额2554.89万港元。 ...

消息面上，南山铝业国际将于9月25日(本周四)迎来解禁。据公司此前发布的公告，Glencore International AG、香港拓威贸易有限公司、瑞中国际工业设备(香港)有限公司等四名基石投资者禁售承 诺的最后日期为2025年9月24日，累计解禁股数3513.63万股。值得注意的是，香港联交所资料显示，9 月18日，南山铝业国际股东将股票存入华泰香港，存仓市值93.2亿港元，占比37.36%。 南山铝业（600219）国际(02610)跌超5%，盘中低见39.32港元创逾一个月新低。截至发稿，跌5.39%， 报39.66港元，成交额2554.89万港元。 ...