关联产品： 全指现金流ETF鹏华（512130） 关联个股： 截至12月03日14:15，全指现金流ETF鹏华（512130.SH）上涨0.75%，其关联指数中证现金流 （932365.CSI）上涨0.65%；主要成分股中，中国铝业上涨4.25%，TCL科技上涨4.08%，洛阳钼业上涨 2.33%，云铝股份上涨4.77%。 今日，有色金属板块涨幅居前，带动全指现金流ETF鹏华（512130.SH）关联指数中证现金流 （932365.CSI）成分股表现活跃，其中中国铝业、云铝股份分别上涨4.25%和4.77%，TCL科技、洛阳钼 业涨幅超2%。板块走强或受大宗商品价格波动及供需预期改善影响。 券商研究方面，湘财证券指出年末红利资产行情具备韧性，煤炭、石油石化等行业因供需格局改善及高 股息特性成为配置重点。其研报显示，煤炭行业受益于冬储补库逻辑，头部企业现金流充裕且股息率维 持高位。 有机构指出，维持A股年末休整期的判断，短期涨跌空间有限，建议以守为攻，风格上强调平衡配置， 适当关注回调充分且产业逻辑清晰的成长类品种。期待市场在12月重磅会议前后逐步企稳，明年一季度 有望迎来向上合力，春季躁动提前，科技成长和资源 ...

Core Insights - COMEX gold, silver, and copper prices experienced a decline, while aluminum prices rose over 3%, indicating strong performance in aluminum-related stocks [1] - As of the end of November, COMEX gold has appreciated over 52% this year, but the volatility has increased significantly, leading to a widening divergence in market sentiment [1] - Central bank activities regarding gold purchases or sales are identified as the primary explanatory variable for current gold prices, with recent sales by the Philippine and Russian central banks raising concerns about overvaluation [1] Group 1 - COMEX gold prices have seen a significant increase of over 52% year-to-date as of November [1] - The volatility in gold prices has intensified, with a notable increase in market divergence [1] - Central banks' gold purchasing and selling activities are crucial factors influencing gold price movements, with recent sales by the Philippine and Russian central banks indicating potential overvaluation [1] Group 2 - The outlook for central bank gold purchases and increased investment demand is expected to support higher precious metal prices in the medium to long term [2] - Short-term factors such as low inventory levels and potential demand release are likely to increase price elasticity, with silver recently reaching new highs [2] - Key resistance levels for London gold are identified at 4250 and 4400, with support at 4000 [2]

Group 1 - The China Nonferrous Metals Industry Index (399395) has seen a strong increase of 1.65%, with notable gains in stocks such as Zhongfu Industrial (600595) up 7.17%, Xiyang Co. (000960) up 6.46%, and Yun Aluminum (000807) up 5.49% [1] - The cumulative production of alumina in China from January to October 2025 reached 75.36 million tons, reflecting a year-on-year increase of 6.77%, indicating a significant oversupply situation [1] - The operating capacity of electrolytic aluminum has reached 44.449 million tons, with a capacity utilization rate of 99.41%, approaching the policy ceiling of 45 million tons, suggesting limited supply elasticity [1] Group 2 - China Galaxy Securities noted that the market's expectation for a Federal Reserve rate cut in December has risen above 80% following dovish comments from New York Fed President Williams and a weak labor market report [2] - The ongoing easing of liquidity conditions is likely to continue supporting the prices of gold and silver [2] - The Nonferrous ETF fund closely tracks the China Nonferrous Metals Industry Index, which reflects the overall performance of listed companies in the nonferrous metals sector [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the China Nonferrous Metals Industry Index include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [3]

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] Group 2 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [2] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [2] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Canfeng Information, being a core client and shareholder of the domestic AI chip star company, Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [2] Group 3 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [3] Group 4 - XPeng Motors-W (09868) fell over 4%, with November sales declining by 12% month-on-month, failing to meet the target of 40,000 units [4]

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (601600) (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (603906) (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] - LeMo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [1] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [1] - Yidu International Holdings (00259) increased by over 7% as Muxi Co., Ltd. plans to initiate its Sci-Tech Innovation Board application on December 5 [1] - Capital Market Financial Holdings (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [1] Group 2 - XPeng Motors-W (09868) fell over 4% as November sales declined by 12% month-on-month, failing to meet the target of 40,000 units [2]

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, now 70% above its IPO price, leading in the smart hotel robot application competition [1] Group 2 - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling interest, receiving a buyout offer at over 80% discount [2] Group 3 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [3] - Jinyan High-Alumina New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [3] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Sanfeng Information, being a core client and shareholder of domestic AI chip star company Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [3] Group 4 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [4] Group 5 - XPeng Motors-W (09868) fell over 4% as November sales decreased by 12% month-on-month, failing to meet the target of 40,000 units [5]

汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 本文源自：智通财经网 消息面上，中国铝业近日宣布，云铝股份拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫股权。这三 家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股 份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心 主业的战略目标。 智通财经获悉，中国铝业(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 ...

每经AI快讯，中国铝业(02600.HK)早盘涨超3%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 （文章来源：每日经济新闻） ...

消息面上，中国铝业近日宣布，云铝股份拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫股权。这三 家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股 份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心 主业的战略目标。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 智通财经APP获悉，中国铝业(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 ...

中国铝业（601600）(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港元。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 消息面上，中国铝业近日宣布，云铝股份（000807）拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫 股权。这三家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有 利于云铝股份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做 优做强核心主业的战略目标。 ...