2025 年上半年明泰铝业的整体经营情况如何？ 2025 年上半年，明泰铝业实现销量 78 万吨，归母净利润 9.4 亿元，单吨净利 约 1,200 元。尽管同比去年略有下滑，但剔除去年因国内外铝价大幅上涨带来 的库存收益影响，今年利润仍有显著增长。公司通过产品结构改善，实现了进 一步的利润空间增长。预计下半年的产销量通常会比上半年更好，因此全年净 利润有望实现 10%左右的增长。 明泰铝业在 2025 年上半年的产品结构调整方面有哪些进展？ 明泰铝业 20250826 摘要 明泰铝业 2025 年上半年围绕高端制造和低碳循环，推广铝塑膜和铝箔 应用于固态电池分装，并与鹏辉能源达成战略合作，同时水冷板钎焊材 料覆盖动力电池和储能检测系统，部分材料间接供应英伟达，计算机智 能版业务取得进展。 公司重点推出全铝立柱机器人，已在比亚迪、中国烟草、辉瑞制药等智 能工厂试用。宏盛新材气弹炉预计三季度末试运行，客户储备包括理想、 赛力斯、上汽等，试用汽车结构件。引进激光诱导击穿光谱精分设备， 扩大废铝来源，提高复合材料回收效率。 公司计划未来三年将分红比例从 10%提升至 30%，按每年 20 亿左右净 利润计算，每年可 ...

晨报 铝锭 投资咨询业务资格： 以伊冲突 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 8 月 26 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 证监许可【2011】1452 号 逻辑:昨日铝价高位运行。宏观上上周美联储主席鲍威尔发表讲话强化 了 9 月降息的预期。他表示，美国就业市场的风险正在上升，但通胀仍是 一个威胁。国内 ...

Group 1 - Aluminum prices remained high last week, supported by improved market sentiment due to rising expectations of interest rate cuts by the Federal Reserve [1] - The supply of electrolytic aluminum showed steady growth, while the shipment of bauxite from Guinea is expected to decline starting in August due to seasonal impacts [1] - Domestic downstream processing enterprises' operating rates slightly increased by 0.1 percentage points to 58.7%, with aluminum cable operating rates stable at 61.8% [1] Group 2 - The operating rate for aluminum foil decreased to 68.4%, influenced by declining demand for air conditioning foil and uncertainties in new energy policies [1] - The operating rate for recycled aluminum remained steady at 53.1%, facing downward pressure due to weak seasonal demand and high-temperature holidays [1] - As of August 11, the inventory of electrolytic aluminum ingots in major domestic consumption areas reached 587,000 tons, reflecting fluctuations due to uneven arrivals [1] Group 3 - Short-term aluminum prices are expected to remain high, with attention needed on geopolitical crises, macroeconomic policy implementation, supply increases, and consumption recovery [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since July, the Shanghai Aluminum futures have fluctuated, rising first and then falling, driven by sector resonance and cost - side logic. Alumina has experienced significant fluctuations under the so - called "anti - involution" drive, but the impact on the alumina industry is limited. Cast aluminum alloy's trend is similar to that of Shanghai Aluminum, slightly stronger, with a slightly upward - shifted center of gravity after July's fluctuations. Overall, except for alumina, the aluminum industry chain has been relatively calm and deviated from the fundamentals [94]. - Fundamentally, the upstream of the industry chain remains relatively loose. Ore imports have increased, and domestic mine activities are relatively few. Alumina production capacity utilization is high, and new capacity is gradually being put into operation. Electrolytic aluminum plants have high operating capacity due to cost reduction and profit increase. The downstream processing industry shows a slack - season performance, but profiles, primary alloys, and cable sectors are relatively strong. In the terminal market, State Grid orders in the first half of the year boosted the demand for aluminum cables, but now it's the seasonal slack season with reduced demand. In the third quarter, new centralized tenders are expected to stabilize and improve the situation. The end of the photovoltaic rush - installation in the first half and the "anti - involution" in the photovoltaic field have cooled the related industries, and it's hard to see improvement in the next 1 - 2 months. Other traditional demand terminals are relatively stable, with the growth of the automotive industry, especially new - energy vehicles, expected to slow down. The real - estate sector is still at the bottom, and the home - appliance industry shows resilience due to policy support. In August, the downstream aluminum processing industry is still in the slack season, and it's difficult for the operating rate to increase significantly in the short term. Low ingot volume in the industry leads to a continuous decline in inventory, and low inventory levels make price fluctuations more likely [94]. - In August, after the "anti - involution" cools down, the commodity market will adjust, and the non - ferrous sector, which has limited previous gains, will also be affected. Alumina will be most affected, and aluminum and aluminum alloy prices are also difficult to maintain at high levels. Attention should be paid to the warehouse - receipt level near the delivery date to prevent short - term price fluctuations. Shanghai Aluminum is expected to fluctuate weakly in the range of 20,000 - 20,800; Alumina may return to around 3000, with a main operating range of 2900 - 3500; Cast aluminum alloy will also run weakly in the range of 19,500 - 20,200 [94]. 3. Summary by Relevant Catalogs 1. Market Review - **Alumina**: The MA5 of the Alumina main - contract (SHFE 6273) is 3357.60, MA10 is 3326.40, MA20 is 3217.10, MA40 is 3067.30, and MA60 is 3041.18 [6]. - **Aluminum**: The MA5 of the Shanghai Aluminum main - contract (SHFE 2214) is 20672.00, MA10 is 20681.50, MA20 is 20614.75, MA40 is 20499.25, and MA60 is 20337.83 [8]. - **Cast Aluminum Alloy**: The MA5 of the Aluminum Alloy main - contract (SHFE 6463) is 20073.00, MA10 is 20068.50, and MA20 is 19962.50 [10]. 2. Upstream of the Industrial Chain - **Bauxite**: In June 2025, China imported 18.12 million tons of bauxite, a year - on - year increase of 1.8%; from January to June, the cumulative import volume reached 103.4 million tons, a year - on - year increase of 34%. From January to May 2025, China's bauxite production was 22.017 million tons, a cumulative year - on - year decrease of 9.38%. Due to environmental protection and resource depletion, domestic bauxite production has declined, and the degree of external dependence will increase in the long term, but short - term fluctuations may be affected by factors such as shipping costs and geopolitics [15]. - **Alumina**: In June 2025, China's alumina production was 7.749 million tons, a year - on - year increase of 7.8%; from January to June, the cumulative production was 45.151 million tons, a year - on - year increase of 9.3%. Since 2024, alumina production has shown a slight increase, and in 2025, with the resumption of production and new capacity, the growth rate has further increased, and it is expected to achieve double - digit growth for the whole year. As of July 25, 2025, the total alumina inventory (market + factory) was 1.7235 million tons, and it is expected to continue to rise slightly in the second half of the year [20][23]. 3. Middle - Stream of the Industrial Chain - **Primary Aluminum Import**: In June 2025, China's primary aluminum import volume was about 1.924 million tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative import volume was about 12.499 million tons, a year - on - year increase of 2.5%. Since 2024, primary aluminum imports have increased significantly, and it is expected to remain at a high level in the future [29]. - **Electrolytic Aluminum Capacity**: The total electrolytic aluminum capacity is relatively stable with a slight increase. Since 2024, the operating capacity has continued to grow due to sufficient hydropower in the southwest and new capacity investment. In 2025, with the decline in alumina prices and the increase in profits, the operating capacity has maintained a high - level operation [32]. - **Electrolytic Aluminum Production**: In June 2025, the electrolytic aluminum production was 3.809 million tons, a year - on - year increase of 3.4%; from January to June, the cumulative production was 22.379 million tons, a year - on - year increase of 3.3%. In June, the domestic electrolytic aluminum production increased by 1.57% year - on - year and decreased by 3.23% month - on - month. It is expected that the aluminum - water ratio will decline in July [35]. - **Aluminum Plant Profits**: As of July 29, 2025, the full cost of self - supplied power aluminum plants is about 14,227 yuan/ton, with an immediate profit of 652 yuan/ton; the full cost of grid - connected power aluminum plants is about 18,455 yuan/ton, with an immediate profit of 2,124 yuan/ton, maintaining a high level [39]. - **Aluminum Ingot Inventory**: In 2024, the aluminum ingot inventory change was small. In 2025, the inventory first decreased and then increased. Now it has entered the slack season and is in the process of slight inventory accumulation [42]. 4. Downstream of the Industrial Chain - **Aluminum Processing Industry**: Since 2023, the overall operating rate of the aluminum processing industry has been low, except for the aluminum foil and aluminum plate - strip sectors with an operating rate of 70% - 90%. In 2025, after the Spring Festival, the resumption of work varied. In the slack season, the operating rate of each sector declined, but the profile sector showed a slight increase [50]. - **Aluminum Alloy Import and Export**: In June 2025, the import volume of un - wrought aluminum alloy was 77,400 tons, a year - on - year decrease of 12.3% and a month - on - month decrease of 20.2%. From January to June, the cumulative import volume was 542,300 tons, a year - on - year decrease of 11.6%. The export volume in June was 25,800 tons, a year - on - year increase of 23.8% and a month - on - month increase of 66%. From January to June, the cumulative export volume was 120,300 tons, a year - on - year increase of 3.1% [53]. - **Recycled Aluminum Alloy Production**: From January to June 2025, China's recycled aluminum alloy ingot production reached 3.5593 million tons, a cumulative year - on - year increase of 20.65% [56]. - **Aluminum Alloy Inventory**: Since 2025, the aluminum alloy ingot inventory has increased, especially after entering the slack season in May, and it is expected to continue to rise in the short term [59]. - **Aluminum Product Export**: In June 2025, China exported 489,000 tons of un - wrought aluminum and aluminum products; from January to June, the cumulative export volume was 2.918 million tons, a year - on - year decrease of 8.0%. Affected by global trade barriers and tariffs, aluminum product exports may continue to decline [63]. 5. Industrial Chain Terminals - **Real Estate**: In the first half of 2025, real - estate investment, sales area, and new - construction area all declined. The real - estate market is still at the bottom, and it will take time to recover [69][72]. - **Automobile**: In June 2025, automobile production and sales were 2.794 million and 2.904 million respectively, a year - on - year increase of 1.4% and 13.8%. From January to June, the cumulative production and sales were 15.621 million and 15.653 million respectively, a year - on - year increase of 12.5% and 11.4%. The development of new - energy vehicles is rapid, but there is an "anti - involution" expectation, and the growth rate may slow down [75]. - **Home Appliance**: In June 2025, the production of air - conditioners, refrigerators, and washing machines increased to varying degrees. However, since 2025, the growth rate of the three major home appliances has slowed down, and it is expected to weaken further in the second half of the year [78]. - **Power Grid Investment**: During the "14th Five - Year Plan" period, China plans to invest 388 billion yuan in 38 UHV projects. In 2025, at least 2 AC and 4 DC UHV lines will start construction. From January to June, the national power grid project investment was 254 billion yuan, a year - on - year increase of 23.7%, and it is expected to maintain high - speed growth [81]. - **Photovoltaic**: From January to June 2025, the cumulative photovoltaic installed capacity in China was 212.2 GW, a year - on - year increase of 107%. It is expected that China's new photovoltaic installed capacity will reach 250 GW in 2025, and the global new installed capacity will reach about 580 GW. After the end of the first - half rush - installation and the "anti - involution" in the photovoltaic field, the industry has cooled down [84]. - **Recycled Aluminum Import**: In June 2025, China imported 156,000 tons of scrap aluminum, a month - on - month decrease of 2.6% and a year - on - year increase of 11.4%. From January to June, the cumulative import volume was 1.012 million tons, a year - on - year increase of 6.9%. The import of scrap aluminum is expected to remain strong due to the large price difference between refined and scrap aluminum [87]. 6. Supply - Demand Balance - **Alumina**: In 2025, the supply of alumina has become more relaxed, and it is expected to maintain this state in the second half of the year [88]. - **Electrolytic Aluminum**: In 2025, the supply - demand situation of electrolytic aluminum has deteriorated compared with 2024, and the degree of oversupply is expected to be more serious [89]. 7. Aluminum Price Seasonal Analysis Based on a 5 - year statistics up to 2025, the expected return of aluminum price from January 1st to December 31st is 1.15%, with 3 times of price increase and 2 times of price decrease. The maximum amplitude is 9.05%, the minimum amplitude is 4.63%, and the average amplitude is 6.56% [92].

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].

Industry Investment Rating - No relevant content provided Core Views - **Copper**: Last night, Shanghai copper opened lower and continued to decline, with decreasing positions and strong willingness among long - position holders to close out. Today, it maintained a weak trend, with the main contract price oscillating above 79,200 yuan. After the Asian session yesterday, the non - ferrous and precious metals sectors generally declined, and the sharp drop in gold may affect short - term copper prices. On the industrial level, Mysteel's electrolytic copper social inventory on Thursday was 121,800 tons, a decrease of 3,700 tons compared to Monday. In the short term, copper prices have fallen after a rally, with strong resistance at $10,000 for LME copper and 80,000 yuan for Shanghai copper [5]. - **Aluminum**: Today, Shanghai aluminum oscillated, with decreasing positions. After the Asian session yesterday, the non - ferrous and precious metals sectors generally declined, but aluminum was relatively resistant. Favorable domestic macro - conditions supported aluminum prices. On the industrial level, Mysteel's electrolytic aluminum social inventory on Thursday was 494,000 tons, an increase of 14,000 tons compared to Monday. In the short term, there are macro - level positives and industrial - level negatives; attention should be paid to the support of the 5 - day moving average [6]. - **Nickel**: Today, Shanghai nickel oscillated strongly, with the main contract price breaking through the 124,000 - yuan mark. After the Asian session yesterday, the non - ferrous and precious metals sectors generally declined, but nickel was relatively resistant. On the industrial level, the trading atmosphere in the downstream stainless - steel market improved, which was favorable for nickel prices in the short term. Technically, nickel prices increased in volume and broke through the high point in early July, showing strong upward momentum; attention should be paid to the support of the 5 - day moving average [7]. Summary by Directory 1. Industry Dynamics - **Copper**: On July 25, SMM data showed that the average spot premium in Shandong was at a discount of 150 yuan/ton. Currently in the off - season, weak demand and rising copper prices have further dampened downstream purchasing enthusiasm, with market transactions mainly for rigid demand. Shandong smelters have low inventories, and holders are reluctant to significantly lower premiums. This week, the region continues to face a situation of weak supply and demand, with low market trading activity [9]. - **Aluminum**: On July 25, SMM reported that Rio Tinto achieved a record bauxite production in Q2. The company produced 15,644,000 tons of bauxite in Q2, a 6% increase from Q1, and expects full - year production to be at the upper end of the guidance range. Recycled aluminum production also increased to 74,000 tons, an 11% increase from Q1. However, bauxite production decreased by 6% from Q1, partly due to equipment shutdown and maintenance at the Yarwun refinery in Queensland, Australia. On July 24, Mysteel's electrolytic aluminum social inventory was 494,000 tons, an increase of 23,000 tons from the 17th and 14,000 tons from the 21st [10]. - **Nickel**: On July 25, Mysteel reported that the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2508 contract. The mainstream premium for Jinchuan electrolytic nickel was +2,000 yuan/ton, with a price of 125,630 yuan/ton; for Russian nickel, it was +550 yuan/ton, with a price of 124,180 yuan/ton; for Norwegian nickel, it was +3,600 yuan/ton, with a price of 127,230 yuan/ton; and for nickel beans, it was - 900 yuan/ton, with a price of 122,730 yuan/ton [11]. 2. Related Charts - **Copper**: Charts include copper basis, electrolytic copper domestic visible inventory (social + bonded area inventory), LME copper cancelled warrant ratio, Shanghai copper month - spread, overseas copper exchange inventory, and SHFE warrant inventory [12][14][15]. - **Aluminum**: Charts include aluminum basis, aluminum month - spread, electrolytic aluminum domestic social inventory, alumina trend, electrolytic aluminum overseas exchange inventory (LME + COMEX), and alumina inventory [25][31][33]. - **Nickel**: Charts include nickel basis, nickel month - spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [38][44][46].

Core Viewpoint - The article emphasizes that "green" has become a core variable affecting valuation, orders, and industrial discourse power, particularly in the context of China's aluminum industry, which is undergoing a significant transformation towards low-carbon production [1] Group 1: Industry Overview - China is the largest aluminum producer globally, and the aluminum industry is energy-intensive and carbon emission-heavy, making the construction of a low-carbon aluminum sector crucial for compliance and future growth [1] - China's recycled aluminum utilization has reached a leading position worldwide, and the country is applying green electricity extensively across the entire production chain, establishing a globally competitive low-carbon aluminum industrial system [1] Group 2: Company Profile - Shandong Innovation Group, founded in 2002, has evolved into a world-class green aluminum technology industrial group and the largest downstream aluminum manufacturer globally, with over 20 subsidiaries and more than 20,000 employees [1] - Innovation New Materials, a subsidiary of Innovation Group, was one of the first to go public in A-shares to focus on low-carbon technology and clean energy production, creating a comprehensive green value system covering energy, materials, standards, and end products [2] Group 3: Strategic Transformation - Innovation New Materials has transitioned from a "manufacturer" to a "green value chain integrator," requiring a complete restructuring of its product, energy, technology, and standards systems to build a globally competitive green moat [2] - The company has established a renewable energy system in Inner Mongolia, Yunnan, and Shandong, pioneering a "wind-solar-hydro complementary" model for green aluminum, significantly reducing carbon emissions and providing energy sovereignty and long-term cost advantages [2] Group 4: Environmental Impact - Using recycled aluminum materials can reduce the carbon footprint of the raw material acquisition process by approximately 96%, and Innovation New Materials is among the first in China to achieve 100% recycling of all aluminum alloy products [3] - The company is set to recycle 1.21 million tons of recycled aluminum in 2024 and has the capability to accurately classify, trace, reconstruct, and recycle various types of scrap aluminum [3] Group 5: Market Positioning - Innovation New Materials not only provides green materials but also offers traceable, verifiable, and account-based "carbon assets," positioning itself to define the rules of the game in the global green aluminum market [4] - Companies that complete the green industrial restructuring, master core recycling technologies, and establish standard output systems will occupy advantageous positions in the future value chain [4]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report focuses on the fundamentals of industrial silicon and polysilicon, including futures market data, price, profit, inventory, and raw material costs. It also mentions relevant macro and industry news, and provides trend intensity indicators for industrial silicon and polysilicon [2][3][4]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For industrial silicon, Si2509's closing price was 9,525 yuan/ton, with a decrease of 130 yuan compared to T - 1. Its trading volume was 1,681,997 lots, and the open interest was 334,776 lots. For polysilicon, PS2509's closing price was 50,080 yuan/ton, an increase of 975 yuan from T - 1, with a trading volume of 1,246,241 lots and an open interest of 165,641 lots [2]. - **Price**: The price of East China oxygen - passed Si5530 was 10,000 yuan/ton, up 300 yuan from T - 1. The price of Yunnan Si4210 was 10,300 yuan/ton, also up 300 yuan. The price of polysilicon - N - type re - feedstock was 46,000 yuan/ton, unchanged from T - 1 [2]. - **Profit**: The profit of silicon plants in Xinjiang (new standard 553) was - 1,676 yuan/ton, a decrease of 225 yuan from T - 1. The profit of silicon plants in Yunnan (new standard 553) was - 3,549 yuan/ton, a decrease of 186 yuan from T - 1. The profit of polysilicon enterprises was - 18.1 yuan/kg, unchanged from T - 1 [2]. - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) was 54.7 million tons, with a decrease of 0.4 million tons compared to T - 5. The enterprise inventory of industrial silicon (sample enterprises) was 17.3 million tons, a decrease of 0.11 million tons compared to T - 5. The industry inventory (social + enterprise inventory) was 72.0 million tons, a decrease of 0.50 million tons compared to T - 5. The futures warehouse receipt inventory of industrial silicon was 25.1 million tons, unchanged from T - 1. The manufacturer inventory of polysilicon was 24.9 million tons, a decrease of 2.7 million tons compared to T - 5 [2]. - **Raw Material Costs**: The price of silicon ore in Xinjiang was 340 yuan/ton, unchanged compared to T - 5. The price of silicon ore in Yunnan was 320 yuan/ton, also unchanged compared to T - 5. The price of washed coking coal in Xinjiang was 1,250 yuan/ton, unchanged compared to T - 5 [2]. 3.2 Macro and Industry News On July 21st, the Guizhou Energy Bureau issued the "Guizhou Province Power Demand Response Trading Scheme", which clarifies market participants, trading varieties, and price mechanisms. Market participants include industrial and commercial adjustable loads, energy storage, virtual power plants, and electric vehicle charging facilities, etc. [3][4] 3.3 Trend Intensity The trend intensity of industrial silicon is 0, and that of polysilicon is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Copper - Copper pricing has returned to macro trading. The market is optimistic about the macro situation, and funds are trading in advance on the expectation of supply - side clearance, which boosts copper prices. However, the demand side has weakened significantly, showing a stage of weak supply and demand. The domestic macro - policy support and low inventory support the copper price. The main contract price is expected to be in the range of 78,500 - 81,000 yuan/ton [1]. Aluminum - For alumina, in the short term, the price is expected to be strong above 3,100 yuan/ton, but there are risks of squeeze - out due to policy changes in Guinea and warehouse receipt reduction. In the medium term, it is recommended to short at high prices. For electrolytic aluminum, in the short term, the price is under pressure at a high level, and the main contract price is expected to be in the range of 20,200 - 21,000 yuan/ton. Attention should be paid to the inflection point of inventory reduction and demand changes [3]. Aluminum Alloy - The regenerative aluminum market maintains a pattern of weak supply and demand, with more prominent demand - side contradictions. The price is expected to fluctuate weakly, and the main contract price is expected to be in the range of 19,600 - 20,400 yuan/ton. Attention should be paid to the supply of upstream scrap aluminum and marginal changes in imports [5]. Zinc - In the short term, zinc prices are expected to fluctuate. The main contract price is expected to be in the range of 22,000 - 23,500 yuan/ton. Attention should be paid to changes in macro - sentiment [8]. Nickel - Macro - sentiment boosts the market, but the nickel fundamentals change little. The cost support for refined nickel is loosening, and the medium - term supply is expected to be loose, which restricts the upward space of prices. In the short term, the price is expected to adjust within a range, and the main contract price is expected to be in the range of 118,000 - 126,000 yuan/ton. Attention should be paid to changes in macro - expectations [11]. Tin - The supply of tin ore is currently tight, and the demand is expected to be weak. However, the market sentiment is good recently. It is recommended to avoid short positions for now and short at high prices after the sentiment stabilizes [13]. Stainless Steel - The stainless - steel market is in a consumption off - season, and the terminal demand is weak. The macro - expectation is strong, and the supply may decrease in the future. In the short term, the price is expected to fluctuate, and the main contract price is expected to be in the range of 12,600 - 13,200 yuan/ton. Attention should be paid to policy trends and steel - mill production cuts [15]. Lithium Carbonate - In the short term, the lithium carbonate futures market is supported by macro - sentiment and news. The price is expected to run strongly in a range, and the main contract price is expected to be in the range of 70,000 - 75,000 yuan/ton. Attention should be paid to macro - expectations and upstream actions [17]. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price is 79,755 yuan/ton, up 0.25% from the previous day. The refined - scrap price difference decreased by 13.04% [1]. - **Fundamental Data**: In June, the electrolytic copper production was 1.1349 million tons, down 0.30% month - on - month, and the import volume was 0.3005 million tons, up 18.74% month - on - month [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price is 20,940 yuan/ton, up 0.24% from the previous day. The alumina prices in different regions have different degrees of increase [3]. - **Fundamental Data**: In June, the alumina production was 7.2581 million tons, down 0.19% month - on - month, and the electrolytic aluminum production was 3.609 million tons, down 3.22% month - on - month [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price is 20,250 yuan/ton, up 0.25% from the previous day [5]. - **Fundamental Data**: In June, the regenerative aluminum alloy ingot production was 0.615 million tons, up 1.49% month - on - month, and the primary aluminum alloy ingot production was 0.255 million tons, down 2.30% month - on - month [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price is 22,780 yuan/ton, down 0.18% from the previous day. The zinc ore TC has risen to 3,800 yuan/ton [8]. - **Fundamental Data**: In June, the refined zinc production was 0.5851 million tons, up 6.50% month - on - month, and the import volume was 0.0361 million tons, up 34.97% month - on - month [8]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price is 123,550 yuan/ton, up 0.57% from the previous day. The production cost of integrated MHP to produce electrowon nickel is 121,953 yuan/ton, up 0.88% month - on - month [11]. - **Supply and Inventory**: In June, China's refined nickel production was 31,800 tons, down 10.04% month - on - month, and the import volume was 19,157 tons, up 116.90% month - on - month [11]. Tin - **Price and Spread**: SMM 1 tin price is 266,300 yuan/ton, down 0.34% from the previous day. The 5 - month tin ore import volume was 13,449 tons, up 36.39% month - on - month [13]. - **Fundamental Data**: In May, the SMM refined tin production was 14,840 tons, down 2.37% month - on - month, and the import volume was 2,076 tons, up 84.04% month - on - month [13]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) is 12,900 yuan/ton, up 0.39% from the previous day. The 43 - company 300 - series stainless - steel crude steel production was 1.7133 million tons, down 3.83% month - on - month [15]. - **Fundamental Data**: The 300 - series stainless - steel import volume was 0.1095 million tons, down 12.48% month - on - month, and the export volume was 0.39 million tons, down 10.63% month - on - month [15]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price is 68,169 yuan/ton, up 1.62% from the previous day. The lithium carbonate production in June was 78,090 tons, up 8.34% month - on - month [17]. - **Fundamental Data**: The lithium carbonate demand in June was 93,872 tons, down 0.15% month - on - month, and the total inventory was 99,858 tons, up 2.27% month - on - month [17].

Core Viewpoint - The report provides a verification of the use of previously raised funds by Chongqing Shunbo Aluminum Alloy Co., Ltd., confirming that the funds have been utilized in accordance with the regulations set by the China Securities Regulatory Commission [2][6]. Fundraising and Storage Situation - The company raised a net amount of RMB 413,079,107.54 from its initial public offering on August 19, 2020, after deducting issuance costs of RMB 32,650,892.46 [3]. - As of June 30, 2025, the company has used all the raised funds, and the special account for these funds has been closed [3][10]. Actual Use of Funds - The report details the actual use of funds from the initial public offering, convertible bonds, and private placements, with specific amounts allocated to various projects [6][11]. - The total amount raised from the issuance of convertible bonds was RMB 818,950,877.36, after deducting issuance costs [3]. Changes in Fund Use - There have been no changes in the use of funds from the initial public offering, convertible bonds, or private placements as of June 30, 2025 [6]. Investment Project Transfer and Replacement - The company has replaced RMB 14,160.91 million of its own funds that were initially invested in projects with the raised funds, confirming the replacement through verification reports [6][7]. Effectiveness of Investment Projects - The effectiveness of investment projects funded by the raised capital is detailed in the report, showing varying degrees of success in achieving expected benefits [11][12]. Idle Fund Usage - The company temporarily supplemented working capital with idle funds amounting to RMB 25,175,300, which was fully returned to the special account within the stipulated time [9][10]. - Over RMB 440 million of idle funds were used to purchase low-risk financial products, generating a total return of RMB 208.05 million [10]. Remaining Funds and Usage - As of June 30, 2025, the company has fully utilized the previously raised funds, with a remaining balance of RMB 13,140,852.11 in the special account, which is earmarked for future project payments [10][12].