Group 1 - The social security fund appeared in the top ten circulating shareholders of Nanshan Aluminum and Kelun Pharmaceutical in the fourth quarter of last year [1] - The social security fund's 114 combination is the fifth largest circulating shareholder of Nanshan Aluminum, holding 164.3432 million shares, which accounts for 1.43% of the circulating shares [1] - The social security fund's 416 combination is the tenth largest circulating shareholder of Kelun Pharmaceutical, holding 13.9445 million shares, which accounts for 1.07% of the circulating shares [1]

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 5, 2026 [1][5]. - The stock with the highest daily increase is LuRi Co., Ltd. (002083.SZ), which rose by 10.00%, and it also has a year-to-date increase of 10.00% with a dividend yield of 1.21% [1][5]. - Other notable performers include Aotaiwei (688516.SH) with a daily increase of 9.15% and a year-to-date increase of 9.15%, and Yiyi Co., Ltd. (001206.SZ) with a daily increase of 5.28% and a year-to-date increase of 5.28% [1][5]. Group 2 - The list includes various sectors, with companies like Tianshan Aluminum (002532.SZ) and Kuka Home (603816.SH) showing daily increases of 4.51% and 3.68%, respectively [1][5]. - The dividend yields for these companies vary, with notable yields such as 7.86% for Wuliangye (000858.SZ) and 7.24% for Nanshan Aluminum (600219.SH) [1][5]. - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 5, 2026, with dividend yields calculated for the past 12 months ending December 31, 2025 [1][5].

序号 股东名称 持股数量（股） 持股比例（%） 1 山东怡力电业有限公司 2,581,044,590 22.48 2 南山集团有限公司 2,330,912,584 20.30 3 中国证券金融股份有限公司 589,263,806 5.13 4 香港中央结算有限公司 572,385,307 4.98 5 全国社保基金一一四组合 164,343,200 1.43 6 中国工商银行股份有限公司－华泰柏瑞沪 深300交易型开放式指数证券投资基金 115,598,161 1.01 一、前十名股东持股情况 | 7 | 中国建设银行股份有限公司－易方达沪深 300交易型开放式指数发起式证券投资基 | 82,087,538 | 0.71 | | --- | --- | --- | --- | | | 金 | | | | 8 | 中国农业银行股份有限公司－南方标普中 国A股大盘红利低波50交易型开放式指数 | 77,587,500 | 0.68 | | | 证券投资基金 | | | | 9 | 中国工商银行股份有限公司－南方中证申 万有色金属交易型开放式指数证券投资基 | 67,108,382 | 0.58 | | | 金 | ...

Group 1 - The core viewpoint of the articles highlights the growth in China's aluminum alloy production, with a reported output of 1.74 million tons in November 2025, representing a year-on-year increase of 17% [1] - Cumulative aluminum alloy production from January to November 2025 reached 17.456 million tons, showing a cumulative growth of 15.8% [1] - The articles reference a strategic analysis report by Zhiyan Consulting, which outlines the market operation pattern and prospects of the aluminum alloy industry in China from 2026 to 2032 [1] Group 2 - The data source for the production statistics is the National Bureau of Statistics, with the information compiled by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market intelligence [2]

铝业股涨幅居前，截至发稿，中国铝业（601600）(02600)涨5.3%，报13.32港元；南山铝业（600219） 国际(02610)涨2.9%，报51.1港元；中国宏桥(01378)涨2.82%，报34.98港元。 华闻期货认为，2025年1-11月份我国氧化铝累计产量为8190万吨，累计同比+7.44%，上半年成本压力下 氧化铝企业一度出现集中减产现象，但随着成本下移及利润修复，下半年国内氧化铝行业运行产能重回 高位。从新增产能来看，2026年国内外仍有大量氧化铝产能待释放，预计国内新增产能约1500万吨，主 要在广西、河北两省，海外新增产能约750万吨，主要集中在印度。 消息面上，海外供应减少扰动担忧持续推升铝价，上周五外盘铝价再创新高，LME三月期铝价涨0.8% 至3021美元/吨。新湖期货表示，短期市场仍受宏观情绪波动影响，投机氛围较浓，铝价或高位震荡。 国金证券指出，展望2026年，预计成本下降红利将延续，中国产能天花板将至+电力制约带来供应端紧 约束，低库存+需求多元有望超预期，看好电解铝高盈利继续扩张。 ...

Core Viewpoint - The aluminum industry in China is experiencing a slight decline in production, with a reported decrease in output for November 2025 and a marginal cumulative decline for the year [1]. Group 1: Industry Overview - In November 2025, China's aluminum production was 5.93 million tons, reflecting a year-on-year decrease of 0.4% [1]. - From January to November 2025, the cumulative aluminum production in China reached 61.51 million tons, showing a slight decline of 0.1% compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the aluminum sector include China Aluminum (601600), Yun Aluminum (000807), Shenhuo Co. (000933), Jiaozuo Wanfang (000612), and Nanshan Aluminum (600219) [1]. Group 3: Market Research - Zhiyan Consulting has released a report titled "2026-2032 China Aluminum Material Industry Market Development Potential and Investment Risk Forecast Report," indicating ongoing research and analysis in the sector [1].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Nanshan Aluminum [3][9]. Core Views - Nanshan Aluminum is positioned as a rare growth target in the electrolytic aluminum sector, with significant confidence demonstrated through dividends and share buybacks [2][8]. - The company is expanding its alumina production capacity in Indonesia, which is expected to contribute positively to its performance [8][9]. - The domestic electrolytic aluminum capacity is nearing its ceiling, while global supply growth is slowing, suggesting potential upward pressure on aluminum prices in 2026 [9][11]. Company Overview - Nanshan Aluminum focuses on high-end aluminum material manufacturing and operates a fully integrated aluminum processing industry chain, covering energy, alumina, electrolytic aluminum, aluminum profiles, and aluminum sheets [19]. - As of the end of 2025, the company has an alumina production capacity of 5.4 million tons, with 1.4 million tons in China and 4 million tons in Indonesia [19]. - The electrolytic aluminum capacity is 680,000 tons domestically, with plans for an additional 250,000 tons in Indonesia [19]. Financial Analysis - For 2023, the total revenue is projected at 28.84 billion yuan, with a year-on-year decline of 17.5%, while net profit is expected to be 3.47 billion yuan, down 1.2% [7]. - Revenue is forecasted to grow to 33.48 billion yuan in 2024, with a net profit of 4.83 billion yuan, reflecting a significant recovery [7]. - The company maintains a low debt ratio of 17.56% as of Q3 2025, indicating strong financial health [33]. Industry Overview - The domestic electrolytic aluminum capacity is approaching a limit of 45.53 million tons, with a current operational capacity of 44.43 million tons [37]. - The supply side is constrained by strict regulations and the need for capacity replacement, while overseas production is expected to face delays due to power supply issues [38][42]. - Demand for aluminum is being driven by sectors such as new energy vehicles and electronics, which are compensating for weaker construction demand [51][54]. Key Highlights - The company is actively expanding its alumina production in Indonesia, which is expected to enhance its cost advantages and contribute to revenue growth [8][9]. - Nanshan Aluminum is committed to shareholder returns, with a dividend payout ratio of no less than 40% of distributable profits from 2024 to 2026 [8][35]. - The report anticipates that the company's net profit will reach 5 billion yuan in 2025, with a corresponding PE ratio of 12.2x [9].

股票代码：600219 股票简称：南山铝业 山东南山铝业股份有限公司 2026 年第一次临时股东会 会议资料 二〇二六年一月 2026 年第一次临时股东会会议资料 | 一、2026 年第一次临时股东会会议须知 1 | | --- | | 二、2026 年第一次临时股东会会议议程 3 | | 三、2026 年第一次临时股东会议案 | | 1、议案一：关于以集中竞价交易方式回购公司股份方案的议案 4 | | 2、议案二：关于减少注册资本、修订《公司章程》部分条款的议案 7 3、议案三：关于向银行申请授信额度并授权董事长签署相关业务文件的议案11 | 2026 年第一次临时股东会会议资料 山东南山铝业股份有限公司 2026 年第一次临时股东会会议须知 为充分尊重广大股东，维护投资者的合法权益，确保本次股东会的正常秩序 和议事效率，公司根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东会规则》以及《公司章程》等有关规定，制定本次股东会现场会 议须知，望全体股东及其他有关人员严格遵守如下规定： 一、各股东及授权代表应按照本次股东会会议通知中规定的时间和登记方法 办理参加会议手续，证明文件不齐或手续 ...

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content [1][2] 2. Core Viewpoints of the Report - The report regularly reviews the latest private exchangeable bond (private EB) project information available from public channels and tracks the basic elements of private exchangeable bond projects. It is noted that the issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with the relevant lead underwriters [1] 3. Summary by Related Catalog New Project Information This Week - The 2025 private placement of exchangeable corporate bonds for professional investors by Nanshan Group Co., Ltd. was approved by the exchange. The proposed issuance scale is 3 billion yuan, with the underlying stock being Nanshan Aluminum (600219.SH). The lead underwriter is Jinyuan United Securities, and the exchange update date is December 25, 2025 [1] List of Private EB Projects - Multiple private EB projects are listed, including details such as the bond name, lead underwriter, scale, underlying stock, project status, and update date. For example, the 2025 private placement of exchangeable corporate bonds for professional investors by Jiangsu Guotai International Group Co., Ltd. has a scale of 1.2 billion yuan, with the underlying stock being Ruitaixin Materials, and it was approved on December 8, 2025 [2]