Industry Overview and Price Trends - The steel industry is entering a demand off-season, leading to increasing fundamental pressure on steel prices, which are expected to fluctuate at low levels in the short term [2] - Copper supply remains tight due to accidents at major overseas mines, providing support for copper prices. China's significant waste copper imports may face constraints if the EU restricts exports, potentially tightening domestic copper supply next year [2] - Aluminum prices are expected to remain volatile due to weak demand in the domestic off-season and a lack of support from the Federal Reserve's interest rate cut expectations [2] - Gold prices face upward pressure due to better-than-expected U.S. non-farm employment data and diverging opinions among Federal Reserve officials [2] - The lithium industry shows positive fundamentals, with adjustments to trading rules for lithium carbonate contracts aimed at curbing speculative behavior, leading to increased price volatility in the short term [2] - Rare earth prices are expected to fluctuate without significant improvement in downstream demand [2] Weekly Strategy - For the steel industry, the implementation of steady growth policies is expected to improve the competitive landscape and enhance profitability, with demand in shipbuilding and construction likely to increase [3] - The copper industry is anticipated to benefit from tightening global supply due to accidents at major mines, while demand is expected to rise in key sectors such as electric power grids and new energy vehicles [3] - In the aluminum sector, the release of new alumina project capacities is expected to keep alumina prices low, while demand from new energy vehicles and high-voltage power grids may support aluminum prices [4] - Gold prices will be influenced by U.S. economic data, Federal Reserve interest rate expectations, and geopolitical tensions, with long-term factors such as central bank gold purchases enhancing gold's attractiveness [4] - The rare earth industry is expected to see a revaluation of related companies due to upgraded export controls, with strategic value in resources and advancements in robotics and new energy sectors driving future demand [4] - The cobalt market is projected to remain tight due to constrained supply from the Democratic Republic of Congo, while demand from new energy vehicles and consumer electronics is expected to support prices [5] Investment Ratings - The report maintains a "positive" rating for the steel industry and the non-ferrous metals sector, with specific companies such as Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) receiving "overweight" ratings [6]

Group 1 - The company is one of the earliest producers and suppliers of gallium metal in China [1] - The company's gallium production capacity ranks first in the world [1] - The production and sales of gallium metal by the company are strictly in accordance with national regulations [1]

Core Viewpoint - China Aluminum (601600.SH) has confirmed that the company currently does not engage in any silver production or sales activities [1] Company Summary - The company has clarified its position regarding silver, indicating a lack of involvement in this market segment [1]

格隆汇11月26日丨中国铝业(601600.SH)在投资者互动平台表示，我公司未参与几内亚西芒杜铁矿石项 目。 ...

Group 1 - The company currently does not engage in silver production or sales [1]

每经AI快讯，有投资者在投资者互动平台提问：请问中国铝业涉及白银业务吗？ 中国铝业（601600.SH）11月26日在投资者互动平台表示，目前公司无白银生产和销售业务。 （记者 胡玲） ...

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司持有西芒杜铁矿股份吗？ 中国铝业（601600.SH）11月26日在投资者互动平台表示，我公司未参与几内亚西芒杜铁矿石项目。 （记者 胡玲） ...

自治区党委常委、秘书长周异决等参加调研。（罗昌亮） 11月24日，自治区党委书记、自治区人大常委会主任陈刚深入百色市平果市，就铝产业和关键金属 产业发展、县域经济等开展实地调研。 中铝平果铝企业建厂以来已累计纳税240亿元，2024年工业总产值183.5亿元、上缴税费15亿元，为 县域经济发展作出了积极贡献。其中，中国铝业广西分公司利用先进工艺从氧化铝母液中提取关键金 属，积极向下游产业链延伸，取得了良好效益。陈刚来到中国铝业广西分公司，认真听取铝产业及关键 金属产业发展情况汇报，仔细察看关键金属生产流程和产品样品，勉励企业依托百色铝产业优势，加大 关键技术攻关力度，力争实现关键金属的"应提尽提"与高效分离提取。强调要牢固树立生态优先、绿色 发展理念，不断提高环保标准，坚决守牢安全生产底线。要积极探索应用人工智能技术赋能、降本、增 效，持续增强企业核心竞争力，不断做大做强做优。 百色区域电网因铝而生，有效提升氧化铝就地转化率，有效降低企业用电成本，为百色形成完整铝 产业链提供有力支撑。陈刚走进中铝广西华磊新材料有限公司发电厂，详细了解区域电网建设、智能集 控发电以及绿色低碳技术应用情况，对百色区域电网的建设成 ...

Industry News - The National Space Administration has issued an action plan for promoting high-quality and safe development of commercial aerospace from 2025 to 2027, which includes the establishment of a national commercial aerospace development fund to encourage long-term, strategic, and value investments by local governments, financial institutions, and social capital [3] - The State Taxation Administration reported that from January to October 2025, tax authorities have investigated 3,904 high-risk gas stations, recovering tax and penalties totaling 3.644 billion yuan, in collaboration with public security, commerce, and market regulation departments to promote fair competition in the market [3] - The National Bureau of Statistics announced plans to promote state-owned enterprises to break down data barriers and actively open data resources for efficient and secure cross-enterprise and cross-industry data flow [3] - The Cyberspace Administration has recently cracked down on several illegal mobile internet applications that failed to implement regulations on labeling AI-generated content, taking measures such as interviews, deadlines for corrections, and removals [3] Company News - Tianfu Communication announced that its controlling shareholder, Tianfu Renhe, transferred 3.011 million shares for a total amount of 422 million yuan [6] - Alibaba Group reported its Q2 FY2026 earnings, with revenue of 247.8 billion yuan, a year-on-year increase of 4.8%, and adjusted net profit of 10.35 billion yuan. The Cloud Intelligence Group's revenue reached 39.82 billion yuan, up 34% year-on-year [6] - Shannon Semiconductor announced that its directors and executives plan to reduce their holdings by no more than 270,000 shares [7] - Upwind New Materials announced the election of Peng Zhihui as chairman and the appointment of Tian Hua as CEO [8] - Century Huatong announced that it has obtained a commitment letter for a stock repurchase special loan from China Merchants Bank of no more than 900 million yuan [9] - Heng Rui Pharmaceutical announced that its innovative drug HRS-8364 for the treatment of advanced solid tumors has received clinical trial approval, with no similar drugs approved for market in China and abroad [9] - Fusenmei announced that its deputy general manager and board secretary, Zhang Fengshu, is under investigation and has been placed under detention [10] - NIO released its Q3 2025 earnings report, with revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7%. The revenue guidance for Q4 indicates a year-on-year growth of 66% to 73%, reaching a historical high [10] - Guosheng Technology announced plans to acquire 100% equity of Fuyue Technology for 240.6 million yuan, with the target company primarily engaged in the research, production, and sales of high-precision new lithium battery components [10] - Huayou Cobalt announced a supply agreement for ultra-high nickel ternary cathode materials with Yiwei Lithium Energy, aiming to enhance its market share in lithium battery new energy materials [10] - Demingli announced plans to raise no more than 3.2 billion yuan for solid-state drives and memory product expansion projects [11] - Dayang Electric announced an investment of 10 million yuan to participate in an industrial fund, focusing on products related to embodied robots and mechanical arms [12] - Junting Hotel announced that its controlling shareholder is planning a change in company control, leading to a stock suspension [13] - Yidian Tianxia announced that its second-largest shareholder, Ningbo Zhongdianyi, has cumulatively reduced its holdings by 13.9712 million shares from October 28 to November 25 [14]

Group 1 - The core point of the article is that Yun Aluminum Co., Ltd. plans to acquire a portion of the equity in three subsidiaries held by Yunnan Metallurgy Group for a total consideration of 2.267 billion yuan, which will enhance its control over key aluminum processing and sales assets [1] - The acquisition includes stakes in Yunnan Yun Aluminum Yongxin Aluminum Co., Ltd. (28.7425%), Yunnan Yun Aluminum Runxin Aluminum Co., Ltd. (27.3137%), and Yunnan Yun Aluminum Hongxin Aluminum Co., Ltd. (30%), resulting in ownership increases to 96.08%, 97.46%, and 100% respectively [1] - This transaction is classified as a related party transaction since both Yun Aluminum and Yunnan Metallurgy are controlled by China Aluminum Group [1] Group 2 - The acquired assets are critical components in Yun Aluminum's supply chain, with a combined electrolytic aluminum capacity of 550,000 tons, which will increase the company's electrolytic aluminum rights capacity by over 150,000 tons [2] - The acquisition is expected to optimize the equity structure of the subsidiaries, improve decision-making efficiency, and enhance operational quality [2] - The global aluminum production and demand are steadily increasing, with aluminum becoming the second largest metal after steel, and its applications are expanding in various emerging fields [2] Group 3 - Domestic electrolytic aluminum prices are expected to rise due to high operating capacity, limited new capacity, and structural resilience in demand, with an average price forecast of around 22,000 yuan per ton by 2026 [3]