Core Viewpoint - Yiqiu Resources has shown a stock price increase of 20.33% year-to-date, with recent fluctuations indicating a slight decline in the short term, while maintaining a positive trend over the longer term [2] Company Overview - Yiqiu Resources, established on March 15, 2001, and listed on April 23, 2012, is located at 388 Hutaixin Road, Taicang, Jiangsu Province. The company primarily engages in the production and sale of aluminum alloy ingots (recycled aluminum) [2] - The company's main business revenue composition is 99.68% from waste resource recycling and comprehensive utilization, with the remaining 0.32% from other sources [2] Financial Performance - For the first half of 2025, Yiqiu Resources achieved an operating income of 3.581 billion yuan, representing a year-on-year growth of 10.46%. However, the net profit attributable to shareholders decreased by 57.11% to 29.39 million yuan [2] - Since its A-share listing, Yiqiu Resources has distributed a total of 6.92 billion yuan in dividends, with 1.17 billion yuan distributed over the past three years [3] Stock Market Activity - As of October 21, Yiqiu Resources' stock price was 2.96 yuan per share, with a market capitalization of 6.516 billion yuan. The stock experienced a trading volume of 25.8266 million yuan and a turnover rate of 0.40% [1] - The stock has seen a net inflow of main funds amounting to 1.6931 million yuan, with large orders accounting for 17.18% of total purchases [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Yiqiu Resources was 71,300, a decrease of 1.78% from the previous period. The average circulating shares per person increased by 1.82% to 30,859 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.6938 million shares, an increase of 3.3866 million shares compared to the previous period [3]

Investment Rating - The report maintains a positive outlook on the aluminum recycling industry, driven by resource supply security and dual carbon goals, indicating a favorable investment environment for recycled aluminum [1]. Core Insights - The recycled aluminum industry is becoming a significant growth area in China's aluminum supply, with an expected production of approximately 10.5 million tons in 2024, accounting for about 19% of total aluminum supply. The target is to exceed 15 million tons by 2027, reflecting a CAGR of 13% from 2024 to 2027 [2][11]. - The demand for resource supply security is increasing, with recycled aluminum seen as a key solution to reduce reliance on imported bauxite, which had a dependency rate of over 77.6% in the first eight months of 2025. The domestic supply of recycled aluminum is primarily sourced from social waste aluminum, which is expected to exceed 80% in 2024 [2][4]. - The dual carbon constraints and the establishment of a carbon market are accelerating the visibility of the green premium associated with recycled aluminum. The carbon emissions from producing one ton of electrolytic aluminum are approximately 11.2 tons, while recycled aluminum only emits 0.23 tons, making it a significantly lower carbon option [2][4]. - The potential of urban mining is substantial, with accelerated development of recycling systems. Policies are being implemented to support small recycling enterprises, and a national recycling platform is being established to enhance the recycling infrastructure [2][5]. Summary by Sections 1. Recycled Aluminum as a Key Supply Source - Recycled aluminum, derived from waste aluminum through melting and refining, is a crucial component of the aluminum supply chain, with a short industrial chain and high recovery value [2][11]. - The industry is expected to grow significantly, with a target of 15 million tons by 2027, supported by government policies promoting high-quality development in the aluminum sector [2][11]. 2. Resource Supply Security and Dual Carbon Goals - The increasing demand for resource supply security positions recycled aluminum as a critical strategy to mitigate reliance on foreign bauxite, especially as domestic bauxite reserves are limited [2][4]. - The green value of recycled aluminum is becoming more apparent, with the anticipated tightening of carbon quotas in the national carbon market expected to drive up carbon prices and enhance the green premium for recycled products [2][4]. 3. Urban Mining Potential and Recycling System Development - The recycling system is being rapidly developed, with policies favoring small recycling enterprises and the establishment of a national recycling platform to improve the efficiency of aluminum recovery [2][5]. - The peak of automobile scrappage is expected to occur around 2026, which will significantly increase the supply of waste aluminum, alleviating raw material bottlenecks [2][5]. 4. Investment Recommendations - The report suggests focusing on companies with high raw material security, advanced recycling technologies, and the ability to produce high-premium products, such as Ming Tai Aluminum, Shunbo Alloy, Yiqiu Resources, Lizhong Group, and Yongmaotai [2][3].

Core Viewpoint - The financial performance of Yiqiu Resources shows mixed results, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability despite operational growth [2]. Financing Summary - On October 15, Yiqiu Resources experienced a financing buy-in of 12.81 million yuan, with a net financing outflow of -5.02 million yuan, reflecting a higher financing balance of 187 million yuan, which constitutes 2.80% of its market capitalization [1]. - The financing balance is above the 50th percentile level over the past year, indicating a relatively high level of financing activity [1]. - No short selling activity was recorded on October 15, with a short selling balance of 0, placing it above the 70th percentile level over the past year [1]. Financial Performance Summary - For the period from January to June 2025, Yiqiu Resources reported a revenue of 3.581 billion yuan, representing a year-on-year growth of 10.46% [2]. - The net profit attributable to shareholders was 29.39 million yuan, which reflects a significant year-on-year decrease of 57.11% [2]. - Cumulatively, the company has distributed 6.92 billion yuan in dividends since its A-share listing, with 1.17 billion yuan distributed over the last three years [2]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Yiqiu Resources was 71,300, a decrease of 1.78% from the previous period, while the average number of circulating shares per shareholder increased by 1.82% to 30,859 shares [2]. - Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 16.69 million shares, an increase of 3.39 million shares compared to the previous period [2].

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with production figures showing a notable increase in recent years, indicating a positive market outlook for the sector [1]. Industry Summary - As of August 2025, China's aluminum alloy production reached 1.64 million tons, reflecting a year-on-year growth of 15.2% [1]. - Cumulatively, from January to August 2025, the total aluminum alloy production in China amounted to 12.324 million tons, with a cumulative growth rate of 15.3% [1]. - The data indicates a robust upward trend in production, suggesting strong demand and potential investment opportunities within the industry [1]. Company Summary - Key listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), and Ming Tai Aluminum (601677), among others [1]. - These companies are positioned to benefit from the growing market dynamics and increasing production capacities in the aluminum alloy industry [1].

Group 1: Research Basic Information - The research object is Yichiu Resources, belonging to the non - ferrous metals industry, with a reception time of September 23, 2025. The listed company's reception staff includes General Manager Liu Kaimin, Board Secretary Gao Yulan, Financial Officer Huang Qinli, and Independent Director Huang Junwang [17] Group 2: Detailed Research Institutions - The reception objects include investors and others [20] Group 3: Main Content - The application fields of the company's aluminum alloy ingot products are expanding with the development of emerging industries, covering new energy vehicles, medical devices, high - voltage power grids, and humanoid robots in addition to traditional sectors [24] - The company maintains a steady and continuous expansion pace. It acquired the assets of Girard Company in 2020 and two auto - dismantling plants in the first half of 2025, and will continue to promote business expansion and resource integration in the future [24] - The profit models of the US M company include recycling and reselling waste household appliances and metals for price differences, dismantling and reselling auto parts, and classifying and selling disassembled auto raw materials [25] - The US subsidiary's recycled waste metals are mainly iron, but also contain some copper and platinum - group precious metals from scrap - car catalytic converters [25] - The company's subsidiary M company disassembles about 25,000 whole vehicles annually, and the non - whole vehicle volume is about 2 - 3 times that of whole vehicles [25] - The company's business model is production based on sales, which can naturally hedge most price risks [26] - The company will gradually release the new 650,000 - ton production capacity in Malaysia according to market demand and price factors [26] - The company has been researching the domestic waste - aluminum recycling network. It will combine the experience of its US subsidiary M company and domestic waste - market conditions to enter the upstream when the time is right [27]

Group 1 - The stock of Yiqiu Resources (601388) reached the daily limit, with a turnover rate of 11.74% and a transaction amount of 814 million yuan, showing a fluctuation of 13.99% [1] - The net inflow of funds for the stock was 193 million yuan, with a significant single net inflow of 209 million yuan, while large single funds experienced a net outflow of 16.19 million yuan [1] - The stock's margin trading balance as of September 16 was 236 million yuan, with a financing balance of 236 million yuan and a securities lending balance of 592 yuan, indicating a recent increase in financing balance by 44.86 million yuan, or 23.51% [1] Group 2 - For the first half of the year, the company reported operating revenue of 3.581 billion yuan, representing a year-on-year growth of 10.46%, while net profit was 29.39 million yuan, reflecting a year-on-year decline of 57.11% [2] - The top five buying and selling brokerage firms accounted for a total transaction amount of 165 million yuan, with a buying transaction amount of 97.79 million yuan and a selling transaction amount of 67.07 million yuan, resulting in a net buying of 30.72 million yuan [2] - The largest buying and selling brokerage was the Shanghai Stock Connect, with a buying amount of 28.79 million yuan and a selling amount of 16.95 million yuan, leading to a net buying of 11.84 million yuan [2]

Group 1 - Northern Copper Industry hit the daily limit increase, indicating strong market interest and potential bullish sentiment [1] - Liyuan Co., Ltd. previously reached a trading limit, suggesting significant investor confidence [1] - Other companies such as Electric Alloy, Hesheng Co., Baowu Magnesium Industry, and Yiqiu Resources also showed notable gains, reflecting a positive trend in the sector [1]

Market Overview - On September 17, the industrial metals sector rose by 0.21% compared to the previous trading day, with Electric Alloy leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Industrial Metals - Electric Alloy (300697) closed at 19.49, up 11.88% with a trading volume of 721,400 shares and a transaction value of 1.317 billion yuan [1] - Yiqiu Resources (601388) closed at 3.26, up 10.14% with a trading volume of 2,584,200 shares and a transaction value of 814 million yuan [1] - Liyuan Co. (002501) closed at 2.74, up 10.04% with a trading volume of 1,663,200 shares and a transaction value of 439 million yuan [1] - Northern Copper (000737) closed at 15.25, up 10.03% with a trading volume of 2,801,700 shares and a transaction value of 4.067 billion yuan [1] - Other notable gainers include Yian Technology (300328) and Wanshun New Materials (300057) with increases of 8.14% and 7.85% respectively [1] Top Losers in Industrial Metals - Xingye Silver Tin (000426) closed at 25.00, down 4.58% with a trading volume of 620,700 shares and a transaction value of 1.559 billion yuan [2] - Shengda Resources (000603) closed at 21.20, down 3.37% with a trading volume of 323,700 shares and a transaction value of 685 million yuan [2] - Hailiang Co. (002203) closed at 12.21, down 3.17% with a trading volume of 443,300 shares and a transaction value of 546 million yuan [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 653 million yuan from institutional investors, while retail investors saw a net inflow of 740 million yuan [2] - The capital flow data indicates that Northern Copper (000737) had a net inflow of 48.216 million yuan from institutional investors, while it faced a net outflow of 191 million yuan from speculative funds [3] - Yiqiu Resources (601388) and Liyuan Co. (002501) also showed significant net outflows from speculative funds, indicating a shift in investor sentiment [3]

Group 1 - The stock price of Yiqiu Resources has increased by 5.94% on September 15, reaching 3.03 CNY per share, with a trading volume of 215 million CNY and a turnover rate of 3.34%, resulting in a total market capitalization of 6.67 billion CNY [1] - Yiqiu Resources has experienced a continuous increase in stock price for six consecutive days, with a cumulative increase of 9.58% during this period [1] - The company, established on March 15, 2001, and listed on April 23, 2012, is primarily engaged in the production and sale of aluminum alloy ingots (recycled aluminum), with 99.68% of its revenue coming from the comprehensive utilization of waste resources [1] Group 2 - According to data from the top ten holdings of funds, one fund under Shenwan Hongyuan has a significant position in Yiqiu Resources, holding 75,000 shares, which remains unchanged from the previous period, accounting for 0.79% of the fund's net value [2] - The fund, Shenwan Hongyuan National Index 2000 Enhanced A (015921), has generated a floating profit of approximately 12,700 CNY today and 18,800 CNY during the six-day increase [2] - The fund was established on July 15, 2022, with a latest scale of 15.1867 million CNY, achieving a year-to-date return of 17.39% and a one-year return of 48.29% [2]

Group 1 - The company, Yiqiu Resources (601388.SH), stated on its interactive platform that it is not involved in the recycling of new energy batteries [1]