Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

每经AI快讯，豫联集团公众号消息，"鹏辉能源（300438）＆四川中孚107.12MW/428.48MWh绿色水电 铝用户侧储能项目"并网投运仪式在广元经开区铝产业园举行。作为目前国内规模最大的用户侧储能项 目，该项目所发电量将以绿电直供方式全部用于中孚实业（600595）绿色铝生产。项目通过"两充两 放"运行模式与峰谷电价机制，可实现绿电的高效消纳与用能成本优化。投运后，每年可节约标煤近2万 吨，减少二氧化碳排放约5.2万吨，约等同于280万棵乔木一年所吸收的二氧化碳总量。 ...

经济观察网鹏辉能源（300438）—四川中孚107.12MW/428.48MWh绿色水电铝用户侧储能项目并网投运 仪式在广元经开区铝产业园举行。作为目前国内规模最大的用户侧储能项目，该项目发电量将以绿电直 供方式全部用于中孚实业（600595）绿色铝生产。项目通过"两充两放"运行模式与峰谷电价机制，可实 现绿电的高效消纳与用能成本优化。项目投运后，每年可节约标煤近2万吨，减少二氧化碳排放约5.2万 吨，约等同于280万棵乔木一年所吸收的二氧化碳总量。 ...

Core Viewpoint - The report from CICC suggests focusing on three stock selection criteria in the electrolytic aluminum industry: companies with high capacity-to-market value ratio and significant earnings elasticity with rising aluminum prices, those with overseas expansion capabilities and strong growth potential, and prioritizing companies with high alumina self-sufficiency rates amid current low alumina prices [1] Group 1: Stock Recommendations - CICC maintains a "outperform industry" rating for China Hongqiao (01378), raising the target price from 29.29 HKD to 42.79 HKD [1] - Recommended stocks include: China Hongqiao, Nanshan Aluminum (600219) International H-share (02610/target price 77.76 HKD), Nanshan Aluminum A-share (600219.SH/target price 7.25 RMB), China Aluminum (601600) (02600/target price 17.04 HKD), Tianshan Aluminum (002532) (002532.SZ/target price 22.67 RMB), and Huatong Cable (605196), all rated "outperform industry" [1] Group 2: Industry Trends - Chinese aluminum companies are accelerating their overseas expansion due to domestic bauxite shortages and production capacity limits since 2017, with early movers gaining competitive advantages in resource-rich regions [2] - Companies like China Hongqiao are targeting low-cost regions, particularly in Indonesia, for alumina sourcing, while Guinea's bauxite mining is expected to produce around 170 million tons by 2025, with China Hongqiao projected to be the largest producer at 71 million tons [2] Group 3: Price and Cost Dynamics - The aluminum price increase benefits all electrolytic aluminum companies, with those having a high capacity-to-market value ratio showing greater potential for price appreciation [3] - Companies with alumina self-sufficiency above 100% can benefit from rising alumina prices, as it becomes an internalized cost, leading to increased sales profits [3] - Companies with high self-generated electricity ratios, like China Hongqiao and Nanshan Aluminum, are positioned to benefit from falling coal prices, while those with lower ratios face greater cost sensitivity [4] Group 4: Future Outlook - The outlook for aluminum prices is positive, driven by a growing supply-demand gap and supportive global fiscal and monetary policies, with potential for significant profit expansion as costs remain low [5] - China Hongqiao, Yun Aluminum (000807), and Zhongfu Industrial (600595) are identified as companies with relatively high valuation elasticity, expected to rank among the top performers in 2025 with projected price increases of 177%, 134%, and 171% respectively [5]

Group 1 - International precious metals futures closed mixed, with COMEX gold futures rising by 1.48% and COMEX silver futures falling by 1.78% [1] - The non-ferrous sector benefits from the combination of "global monetary easing, rigid supply, and new demand," leading to increased interest in the "higher gold and copper content" Non-ferrous 50 ETF (159652), which has attracted over 1.4 billion yuan in the last 20 trading days, bringing its total scale to over 6 billion yuan [1][4] Group 2 - A Danish pension fund plans to liquidate its U.S. Treasury holdings by the end of the month due to concerns over credit risk associated with U.S. policies, which has led to increased interest in gold as a safe-haven asset [3] - The non-ferrous metal sector is expected to see strong performance in 2025, with companies in the Non-ferrous 50 ETF (159652) projecting collective earnings growth, including a 120%-142% increase for Northern Rare Earth [4] Group 3 - The non-ferrous industry is expected to maintain high prosperity in 2026-2027 due to a combination of recovery cycles and supply constraints, with copper and aluminum prices anticipated to improve [5] - Global electrolytic copper supply is expected to remain limited in 2026, with demand driven by U.S. stockpiling and grid construction, potentially leading to a shift from surplus to shortage [6] Group 4 - Aluminum prices have been gradually increasing since the second half of 2025, with expectations of a supply growth rate of only 1.7% in 2026, resulting in a projected shortfall of over 800,000 tons [9] - Energy metals like lithium are expected to see improved supply-demand dynamics in 2026-2027, with prices likely to rise due to increased demand from energy storage batteries [12] Group 5 - The Non-ferrous 50 ETF (159652) is positioned to benefit from a comprehensive layout across various metal sectors, including gold, copper, aluminum, lithium, and rare earths, capitalizing on the super cycle of non-ferrous metals [13] - The ETF has a leading copper content of 34% and gold content of 12%, with a high concentration of top holdings at 38% [15] Group 6 - The Non-ferrous 50 ETF (159652) has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown, indicating a better investment experience [17] - The index's growth has been driven by earnings rather than valuation expansion, with a current P/E ratio of 26.27, down 52% from five years ago, suggesting a favorable valuation [18]

1月20日晚，中孚实业发布2025年年度业绩预增公告称，公司预计2025年归母净利润15.5亿元至17亿 元，同比增长120.27%-141.59%；扣非净利润预计15.2亿元至16.7亿元，同比增长156.32%-181.61%。 对于业绩增长的主要原因，中孚实业表示，公司以"绿色化、数字化、智能化"为方向，持续开展降本增 盈和管理提升等相关工作。公司本期业绩增长主要系电解铝业务成本下降及销售价格上涨影响。（王 珞） 转自：中国证券报·中证网 ...

证券时报•数据宝统计显示，今日公布2025年业绩预告公司中，截至发稿股价较为强势的有中熔电气、 芯碁微装、誉衡药业等，股价分别上涨20.00%、10.37%、10.03%，股价跌幅较大的有粤桂股份、中孚 实业等，分别下跌8.65%、6.81%。 资金面上看，中孚实业近5日主力资金总体呈净流出状态，累计净流出7410.18万元，其中，上一交易日 主力资金全天净流出828.63万元。 融资融券数据显示，该股最新（1月20日）两融余额2.97亿元，其中，融资余额为2.88亿元，近5日融资 余额合计减少5811.32万元，降幅为16.79%。（数据宝）注：本文系新闻报道，不构成投资建议，股市 有风险，投资需谨慎。 （原标题：中孚实业下跌6.81% 2025年净利润预计增长120.27%—141.59%） 中孚实业股价出现异动，截至今日9时34分，股价下跌6.81%，成交1509.61万股，成交金额1.45亿元， 换手率为0.38%，公司发布的最新业绩预告显示，预计2025年实现净利润15.50亿元—17.00亿元，净利 润同比增长120.27%—141.59%。 ...

Group 1: Delisting Risks - *ST Xin Yan: The Shenzhen Stock Exchange has approved the company's application to revoke the delisting risk warning due to restructuring [1] - *ST Zhong Zhuang (Rights Protection): The delisting risk warning has been revoked, but other risk warnings will continue, and the stock will be suspended for one day starting tomorrow [2] - ST Sai Wei: Expected to incur a loss of 720 million to 1.02 billion yuan in 2025, with a possibility of being subject to delisting risk warnings [3] Group 2: Earnings Forecasts - Hikvision: Expected net profit attributable to shareholders to grow by 18.46% year-on-year in 2025 [28] - Langzi Co.: Expected net profit to increase by 245.25% to 302.8% year-on-year in 2025 [4][30] - Zhaoyan New Drug: Expected net profit to increase by 214% to 371% year-on-year in 2025 [5][30] - Huachen Equipment: Expected net profit to increase by 193.64% to 242.04% year-on-year in 2025 [6][30] - Qianyuan Power: Expected net profit to increase by 160% to 190% year-on-year in 2025 [7][30] - Jin Fang Energy: Expected net profit to increase by 123.97% to 193.7% year-on-year in 2025 [8][31] - Zhongfu Industrial: Expected net profit to increase by 120.27% to 141.59% year-on-year in 2025 [9][32] - Batian Co.: Expected net profit to increase by 117.53% to 139.53% year-on-year in 2025 [10][32] - Zhongrong Electric: Expected net profit to increase by 104.89% to 131.10% year-on-year in 2025 [11][32] - Kaisheng New Materials: Expected net profit to increase by 96.47% to 150.06% year-on-year in 2025 [12][32] - Putailai: Expected net profit to increase by 93.18% to 101.58% year-on-year in 2025 [13][32] - Dongfang Iron Tower: Expected net profit to increase by 91.4% to 125.07% year-on-year in 2025 [14][32] - Pulaike: Expected net profit to increase by 89.64% to 110.11% year-on-year in 2025 [15][32] - Huabang Health: Expected profit of 660 million to 730 million yuan in 2025, turning from loss to profit [16][32] - Hongyuan Green Energy: Expected net profit of 180 million to 250 million yuan in 2025, turning from loss to profit [17][32] - Kangda New Materials: Expected profit of 125 million to 135 million yuan in 2025, turning from loss to profit [18][32] - Langxin Technology: Expected profit of 100 million to 150 million yuan in 2025, turning from loss to profit [19][32] - Hualv Biological: Expected profit of 100 million to 130 million yuan in 2025, turning from loss to profit [20][32] Group 3: Mergers and Acquisitions - Kangxin New Materials: Plans to acquire 51% of Yubang Semiconductor for 392 million yuan [21][32] - Aibo Medical: Plans to gain control of Demei Medical [22][32] Group 4: Share Buybacks and Reductions - Hengtong Co.: Plans to repurchase company shares worth 80 million to 100 million yuan [24][32] - Haier Smart Home: Plans to repurchase D shares up to 200,000 euros [29][32] - Blue Universe Co.: Shareholders plan to reduce their holdings by no more than 3.02% [29][32] - Hesheng Silicon Industry: Controlling shareholder plans to reduce holdings by no more than 3% [29][32] - Aolian Electronics (Rights Protection): Shareholder Liu Junsheng plans to reduce holdings by no more than 3% [29][32] - Bluefeng Biochemical: Hainan Wenqin plans to reduce holdings by no more than 3% [29][32] - Zhixin Precision: Shareholders plan to reduce holdings by no more than 3% [29][32] - Peking University Medical: Peking University Health plans to reduce holdings by no more than 3% [29][32] Group 5: Other Updates - Liou Co.: Self-inspection work has been completed, and the stock will resume trading on January 21 [29][32] - Yongxing Materials: The lithium mica green intelligent and efficient lithium extraction project has reached production capacity [29][32] - Debang Co.: Plans to voluntarily withdraw A shares from trading on the Shanghai Stock Exchange [29][32]

证券代码：600595 证券简称：中孚实业 公告编号：临2026-005 河南中孚实业股份有限公司2025年年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升50%以上。 ● 经财务部门初步测算，河南中孚实业股份有限公司（以下简称"公司"）预计2025年年度实现归属于母 公司所有者的净利润为15.50亿元一17.00亿元，与上年同期相比，将增加8.46亿元到9.96亿元，同比增加 120.27%一141.59%。 公司预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为15.20亿元一16.70亿元， 与上年同期相比，将增加9.27亿元到10.77亿元，同比增加156.32%一181.61%。 二、上年同期经营业绩和财务状况 （一）利润总额：9.03亿元；归属于母公司所有者的净利润：7.04亿元；归属于母公司所有者的扣除非 经常性损益的净利润：5.93亿元。 （二）每股收益：0.18元。 三、本期业绩增长的主要原因 ...