明泰铝业所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：有色铝、电池箔、轨道交通、 特斯拉、铝塑膜等。 截至6月30日，明泰铝业股东户数5.58万，较上期减少1.63%；人均流通股21814股，较上期增加3.84%。 2025年1月-6月，明泰铝业实现营业收入169.99亿元，同比增长11.00%；归母净利润9.40亿元，同比减少 12.11%。 分红方面，明泰铝业A股上市后累计派现13.64亿元。近三年，累计派现5.33亿元。 机构持仓方面，截止2025年6月30日，明泰铝业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2381.06万股，相比上期增加770.19万股。 8月27日，明泰铝业盘中下跌2.12%，截至14:18，报13.39元/股，成交3.65亿元，换手率2.20%，总市值 166.51亿元。 资金流向方面，主力资金净流出4773.11万元，特大单买入1422.93万元，占比3.90%，卖出3831.43万 元，占比10.51%；大单买入9001.90万元，占比24.69%，卖出1.14亿元，占比31.18%。 明泰铝业今年以来股价涨12.89%，近5个交易日跌2.9 ...

本报记者 肖艳青 今年夏天，全社会用电量持续攀升，7月份全社会用电量规模首次突破万亿千瓦时大关。电力保供成为 重大命题，而背后支撑能源动脉的，是正在加速构建的新型电力系统。 河南省洛阳市偃师区顾县镇史家湾工业区，是当地有名的电线电缆和铝材加工产业聚集地。在河南通达 电缆股份有限公司（以下简称"通达股份"）的生产车间内，特种导线和电缆正在有序生产，它们即将奔 赴电网建设一线，成为国家电力动脉的"毛细血管"。 我国是世界第一大电缆制造国与消费国，市场规模庞大，但企业众多、竞争激烈。如何在这样的环境中 站稳脚跟并持续成长？作为国内特高压导线细分领域的头部企业，通达股份的发展路径提供了一个样 本。 从河南小镇走出的企业，通达股份凭借一根电线起步，逐步发展为横跨特种线缆、航空零部件与新材料 等多领域的产业强者，并成功开拓海外市场。近日，《证券日报》记者走进通达股份，探索其成长路 径。 坚持创新： 稳居行业第一梯队 通达股份创建于1987年，起家于在地下室创办的手工作坊，最初生产的仅是农村浇地用的普通电 线。"当年与公司同时创业的有十几家电线电缆企业，但是只有通达股份快速发展成长为上市公司，这 与公司坚持研发创新密不可分 ...

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: Financial Performance - In the first half of 2025, the company achieved operating revenue of 712,627.98 million yuan, a year-on-year increase of 11.75% [1] - The net profit attributable to shareholders of the parent company was 17,663.48 million yuan, reflecting a significant year-on-year growth of 110.56% [1] Group 2: Production Capacity and Expansion - The release of 400,000 tons of casting aluminum alloy capacity in Anhui in the first half of 2025 contributed to a 7.27% increase in product sales [3][2] - The company has established four production bases in Chongqing, Guangdong, Hubei, and Anhui, with a total capacity of 1,050,000 tons in the casting aluminum alloy sector [4] - The deformable aluminum alloy sector has a capacity of 50,000 tons in Anhui, expected to gradually commence production in 2026 [4] Group 3: Product and Market Overview - The main products include various grades of recycled aluminum alloy ingots, with ADC12 being the most widely used [5] - The company serves various industries, including automotive, general machinery, communication equipment, and electronics, with products distributed across Southwest, South China, East China, and Central China [5] Group 4: Competitive Landscape - The Ministry of Industry and Information Technology aims for a 3%-5% increase in domestic aluminum resources and a recycled aluminum output of over 15 million tons by 2027 [6] - The company benefits from a diversified regional layout, enhancing local supplier relationships and reducing transportation costs [7] - The product application spans multiple industries, strengthening the company's risk resistance [7] Group 5: Impact of Trade Policies - The company's products are primarily sold domestically, with no direct exports, thus minimizing the impact of trade wars on performance [7]

Report Title - The title of the report is "Aluminum Industry Chain Daily Review 20250724: Domestic Bauxite Supply and Demand Expected to Be Loose in July, Domestic Electrolytic Aluminum Social Inventory Increases Month-on-Month" [1] Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The domestic bauxite supply and demand in July are expected to be loose, and the domestic electrolytic aluminum social inventory has increased month-on-month [1] - For different aluminum products, due to various factors such as cost changes, policy expectations, and inventory levels, the price increase space may be limited, and investors are advised to hold previous long positions cautiously or take profits at high prices [3] Summary by Related Catalogs Aluminum Market Data - **Futures and Spot Prices**: On July 23, 2025, the closing price of the active contract of Shanghai aluminum futures was 20,790 yuan/ton, a decrease of 110 yuan compared to the previous day; the SMM A00 electrolytic aluminum average price was 20,850 yuan/ton, a decrease of 90 yuan. The national alumina average price was 3,239.18 yuan/ton, an increase of 8.41 yuan [2] - **Price Spreads**: The Shanghai aluminum basis was 60 yuan, an increase of 20 yuan; the spread between Shanghai aluminum near - month and Shanghai aluminum continuous - one was 25 yuan, unchanged; the spread between Shanghai aluminum continuous - one and Shanghai aluminum continuous - two was 45 yuan, a decrease of 20 yuan [2] - **Inventory**: The inventory of Shanghai aluminum futures was 57,723 tons, a decrease of 3,161 tons; the inventory of LME 3 - month aluminum futures (registration and cancellation of warehouse receipts) was N/A on July 23, 2025, and it was 124,825 tons on July 22 [2] Industry News and Company Plans - **Ouxiang Alloy**: Plans to raise no more than 600 million yuan through private placement to promote its recycled deformed lead - alloy project, with funds invested in Anhui Yubo's annual 630,000 - ton lead - ball - protected lead - alloy flat ingot project and annual 600,000 - ton green - cycle high - performance aluminum plate strip project [3] - **Tajikistan**: Aims to achieve an average annual growth rate of 20% in primary aluminum output in the next three years, and its aluminum output in 2025 is expected to reach the level of 101,000 tons in 2019 [3] Supply and Demand Analysis - **Alumina**: Domestic bauxite production (import) proportion increases, and supply and demand are expected to be loose. Chinese alumina production in July may increase month - on - month due to project construction. Overseas alumina production in July may also increase month - on - month. The import window is closed, and domestic port alumina inventory has decreased [3] - **Electrolytic Aluminum**: Chinese electrolytic aluminum production in July - August may increase month - on - month due to project start - up and production resumption. Domestic electrolytic aluminum import volume may increase month - on - month, but the import window closure may limit imports. Social inventory has increased, and the downstream processing enterprise capacity utilization rate has changed [3] - **Aluminum Alloy**: Chinese scrap aluminum production (import) may increase month - on - month. The primary aluminum alloy capacity utilization rate remains flat, while the recycled aluminum alloy capacity utilization rate has decreased [3] Trading Strategies - **Alumina**: Suggest investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 3,000 - 3,200 yuan/ton and the pressure level around 3,800 - 4,200 yuan/ton [3] - **Electrolytic Aluminum**: Advise investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 20,000 - 20,300 yuan/ton and the pressure level around 21,000 - 21,500 yuan/ton for domestic aluminum, and the support level around 2,300 - 2,500 and the pressure level around 2,700 - 2,800 for LME aluminum [3] - **Aluminum Alloy**: Recommend investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 19,700 - 20,000 yuan/ton and the pressure level around 20,500 - 21,000 yuan/ton [3]

铝产业链日评20250724:国内铝土矿7月供需预期偏松,国内电解铝社会库存量环比增加 盘责声明：宏晓脱贫同级公司是经中国证监会批准设立的脱贫经营税的。已具备挑货交易倡资加业务负税。本报告纷恢改建议所效据的信息均求领于公开资材，本公司对这些信息的监硕性和完整的不作任何保 证。也不用近所接觸的信息和建议不会发生所领致。我们己力求都告办答的客观、企压，但文中的观点、结论和塑胶风供参考，不如就任财致困擾议、数委教授年报告提供的信息进行脱贫发新施策的一 和复荣、本公司都不负责、本报告颇权优先本公司所有、未经书面许可、任何88和农产人不得以任何影或翻版、复制和发布。波引领、形发、苏胜贸出处大宏旗舰策、且不得本本报告进行有序领后总约积、赖 节和修改。数据来源:SWM和WIND。风险提示:期市有风险,投资需谨慎! 王文虎(F03087656,Z0019472),联系电话:010-82293558 | | 变量名称 | 2025-07-23 | 2025-07-22 | 2025-07-17 | 较昨日变动 | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | 沪铝期货 ...

Core Viewpoint - The company, Shunbo Alloy, plans to issue A-shares to specific investors to raise up to 600 million RMB for the construction of two aluminum alloy projects, which are expected to enhance production capacity and meet market demand [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including qualified institutional investors and individuals [1]. - The maximum number of shares to be issued is 100 million, accounting for 14.94% of the company's total share capital as of June 30, 2025 [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance [1]. Group 2: Fund Utilization - The total amount to be raised from this issuance is capped at 60 million RMB, which will be allocated to two projects: a 630,000-ton low-carbon aluminum alloy ingot project and a 500,000-ton green high-performance aluminum plate project [2][4]. - The aluminum alloy ingot project is designed to support the aluminum plate project by providing necessary raw materials [2]. Group 3: Historical Fundraising and Performance - The company previously issued convertible bonds totaling 830 million RMB, with a net amount of approximately 818.95 million RMB after expenses [5]. - The company has a history of fundraising, with a total of approximately 1.876 billion RMB raised across three fundraising events [7]. - For the first half of 2025, the company expects a net profit attributable to shareholders of between 150 million and 190 million RMB, representing a year-on-year growth of 78.81% to 126.49% [8].

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].

Core Viewpoint - The company, Chongqing Shunbo Aluminum Alloy Co., Ltd., plans to issue A-shares to specific investors to meet funding needs for business development and enhance capital strength and profitability [1][2]. Group 1: Background and Purpose of the Issuance - The issuance is in response to national policies promoting the recycling of resources and the development of a circular economy, particularly in the aluminum industry [1][2]. - The company aims to raise up to 600 million yuan to fill a funding gap for projects including a 630,000-ton aluminum alloy ingot project and a 500,000-ton aluminum plate and strip project [2][3]. Group 2: Necessity of the Securities Issuance - The issuance will involve domestic RMB ordinary shares (A-shares) with a face value of 1.00 yuan each [3]. - The previous fundraising was reduced from 1.5 billion yuan to 600 million yuan due to market conditions, necessitating this new issuance to complete the required investments [2][3]. Group 3: Selection of Issuance Objects - The issuance will target up to 35 specific investors, including qualified institutional investors and other legal entities [4][5]. - All investors will subscribe to the shares in cash, ensuring compliance with regulatory requirements [5]. Group 4: Pricing Principles and Methods - The pricing will be based on the average trading price of the company's shares over the 20 trading days prior to the issuance date, set at no less than 80% of that average [6][7]. - The final pricing will be determined by the board of directors in consultation with the lead underwriter after regulatory approval [6][7]. Group 5: Feasibility of the Issuance Method - The issuance complies with relevant laws, including the Company Law and Securities Law, ensuring that all shares have equal rights [8][9]. - The issuance process has been approved by the company's board and supervisory board, and will be subject to shareholder approval and regulatory review [12][13]. Group 6: Fairness and Reasonableness of the Issuance Plan - The issuance plan has been reviewed and approved by independent directors and the board, ensuring it aligns with shareholder interests [12][13]. - The company commits to transparency by disclosing the issuance details to shareholders, safeguarding their rights [12][13]. Group 7: Impact on Shareholder Rights and Measures to Mitigate Dilution - The issuance may dilute existing shareholders' immediate returns, but the company plans to enhance capital strength and market competitiveness to mitigate this effect [13][14]. - Measures include expanding market reach and increasing product development to improve profitability and shareholder returns [13][14]. Group 8: Commitment to Regulatory Compliance and Governance - The company has established a robust governance structure and internal controls to ensure compliance with laws and protect shareholder interests [15][16]. - Commitments from major stakeholders to uphold shareholder rights and ensure the effectiveness of measures to mitigate dilution risks have been made [16]. Conclusion - The planned issuance of A-shares is deemed necessary and feasible, aligning with the company's strategic goals and benefiting shareholders [17].

Core Viewpoint - The company plans to issue A-shares to specific investors to raise up to 600 million yuan, which will dilute immediate returns but aims to enhance long-term profitability and shareholder value [2][6][15] Financial Impact - The issuance will increase the total share capital by 14.94%, with a maximum fundraising amount of 600 million yuan, not considering issuance costs [2] - The projected net profit attributable to shareholders for 2025 is estimated to be 11,662.67 million yuan, with a significant increase expected in subsequent years [3] - The basic earnings per share (EPS) before the issuance is projected at 0.38, which may decrease to 0.28 post-issuance under various profit scenarios [4][5] Company Strategy - The company focuses on the production and sales of recycled aluminum alloys, specifically targeting the production of recycled wrought aluminum alloys through the new fundraising project [6][7] - The strategic goal is to balance the production of various recycled aluminum alloy products and increase the proportion of recycled wrought aluminum alloys in the product mix [7][8] Project Feasibility - The fundraising project aligns with the company's existing business, utilizing waste aluminum as the primary raw material, thus enhancing resource recycling [6][8] - The company has established a strong foundation in terms of personnel, technology, and market resources to support the new project [11][12] Risk Mitigation Measures - To address the dilution of immediate returns, the company plans to enhance its operational capabilities and market presence, thereby improving profitability [15] - The company has implemented a robust fundraising management system to ensure the proper use of raised funds, adhering to regulatory requirements [15][16] Commitment to Shareholders - The controlling shareholders and management have made commitments to ensure the fulfillment of measures to compensate for the dilution of immediate returns, emphasizing the protection of shareholder interests [16][17]