Group 1 - The core viewpoint of the news highlights the performance of the non-ferrous metal industry, with the National Index for Non-Ferrous Metals (399395) rising by 0.72% and specific stocks like Guocheng Mining (000688) and Huayou Cobalt (603799) showing significant gains [1] - The COMEX gold futures increased by 0.2% to $4,352.3 per ounce, while spot gold rose by 0.17% to $4,338.83 per ounce, indicating a strong momentum in precious metals [1] - The article mentions a policy from the National Development and Reform Commission encouraging mergers and reorganizations in resource-constrained industries like alumina, which has led to a significant rise in alumina prices [1] Group 2 - The Non-Ferrous Metals ETF (159880) closely tracks the National Index for Non-Ferrous Metals, which includes 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector [2] - As of November 28, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.34% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) being prominent [2]

Group 1 - Shengxin Lithium Energy plans to acquire 30% equity of Qicheng Mining for 2.08 billion yuan, aiming to hold 100% of Qicheng Mining post-transaction [1] - Qicheng Mining holds a 70.97% stake in Huirong Mining, which has confirmed Li2O resources of 989,600 tons with an average grade of 1.62% [1] - The acquisition is part of Shengxin Lithium Energy's strategy to enhance its lithium resource portfolio [1] Group 2 - Zhongju High-tech intends to repurchase shares worth 300 million to 600 million yuan, with a maximum price of 26 yuan per share [2] - Baili Tianheng plans to repurchase shares valued between 100 million to 200 million yuan, with a maximum price of 546 yuan per share [3] Group 3 - China Aluminum's subsidiary plans to acquire 51% of Yun Aluminum Logistics for approximately 264 million yuan [5] - Yilake Co. will be included in the consolidated financial statements of China Aluminum post-acquisition [5] Group 4 - Salt Lake Co. intends to acquire 51% of Wuku Salt Lake for 4.605 billion yuan, aiming to become the controlling shareholder [6] - The acquisition is part of Salt Lake Co.'s strategy to accelerate the development of a world-class salt lake industry base [6] Group 5 - Cobalt Co. plans to invest 1.741 billion yuan in the expansion of a lead-zinc mining project with an annual capacity of 1.65 million tons [7] - The investment aims to enhance the mining capacity of the Cobalt Co.'s subsidiary [7] Group 6 - Tianyuan Co. is investing 1.483 billion yuan in a new chlorination titanium dioxide project with an annual capacity of 100,000 tons [9] - The project is part of Tianyuan Co.'s expansion strategy in the titanium dioxide market [9] Group 7 - Jiangbo Long plans to purchase the remaining 19% equity of its subsidiary Zilia Eletrônicos for approximately 46.08 million USD [26] - The acquisition aims to strengthen Jiangbo Long's position in the storage business and expand its international investment layout [26] Group 8 - China National Airlines intends to purchase 60 Airbus A320NEO series aircraft at a total catalog price of approximately 9.53 billion USD [33] - The aircraft are scheduled for delivery between 2028 and 2032 [33]

Core Viewpoint - The mining ETF (561330) has shown significant growth, with a year-to-date increase of over 108% and continuous net inflows exceeding 210 million yuan over the past five days, indicating strong investor interest and confidence in the sector [1][4]. Group 1: Market Dynamics - Inflation data has stimulated expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields, which has provided upward momentum for gold and silver prices [3]. - Geopolitical conflicts, a weakening dollar, and expectations of Fed rate cuts have collectively driven gold and silver prices to new historical highs, enhancing their appeal as safe-haven assets [3]. - Copper prices have also surged, with London copper breaking through 12,000 USD/ton and Shanghai copper exceeding 100,000 yuan/ton, driven by supply constraints and potential labor strikes in Chile [3]. Group 2: Supply Constraints and Future Outlook - The supply side is facing significant constraints, with insufficient capital expenditure in copper mining and frequent disruptions, which may shift the supply-demand balance from tight equilibrium to shortage [3][12]. - The National Development and Reform Commission is encouraging mergers and restructuring among major copper smelting enterprises, which may stabilize the copper smelting sector [3]. - Analysts expect that the combination of liquidity easing from the Fed and rising physical demand from the A-share market will boost demand for base metals, particularly copper and aluminum, leading to a steady increase in their price levels [3][12]. Group 3: ETF Performance and Composition - The mining ETF (561330) has outperformed the CSI Nonferrous Metals Index by over 10% year-to-date, attributed to a more concentrated selection of leading stocks [4][7]. - The mining ETF tracks the CSI Nonferrous Metals Mining Theme Index, which has a higher concentration of leading stocks, with the top ten constituents accounting for 55.56% of the index [4][6]. - The composition of the CSI Nonferrous Metals Mining Theme Index shows a higher proportion of gold, copper, and rare earths at 53.4%, compared to 49.5% in the CSI Nonferrous Index, indicating a strategic focus on high-demand sectors [7].

Core Insights - The "Kunan" model 2.0 and its applications were jointly released by the China Nonferrous Metals Industry Association and Chalco, highlighting the industry's shift towards digital transformation driven by policy and market demand [1][2] - The integration of digital intelligence is essential for the nonferrous metals industry to achieve high-quality development and transformation [1] - Chalco is focusing on accelerating artificial intelligence development as a key strategy for enhancing productivity and industry transformation, establishing a command center for digital transformation and AI applications [2] Industry Developments - The "Kunan" model is the first AI model in the nonferrous metals industry to be registered with national service and algorithm standards, with Chalco recognized as a leading unit for high-quality data sets [2] - Chalco plans to implement over 100 application scenarios in the industry by 2025, with 52 scenarios officially released and 8 high-quality data sets established [2] - The establishment of the high-quality data set alliance aims to enhance collaboration among key enterprises, research institutions, and universities in the nonferrous metals sector [3] Challenges and Future Directions - Despite rapid digital development, the industry faces challenges such as complex resource types, intricate processes, and issues related to technology adaptation, data governance, and talent shortages [3] - Chalco aims to increase R&D investment focusing on cognitive intelligence, cross-modal analysis, and autonomous decision-making to strengthen the "Kunan" model's technical foundation [3] - The industry association has released a comprehensive safety governance framework to support the new industrialization and high-quality development of the nonferrous metals sector [3]

Group 1 - Zijin Mining expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% due to growth in gold, copper, and silver production and sales prices, along with a significant increase in lithium carbonate production [1] - Tianpu Co. has seen its stock price rise by 718.39% from August 22 to December 30, leading to a suspension for stock trading review due to significant deviation from the company's fundamentals [1] - Salt Lake Co. plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan, which will enhance its competitive edge in lithium and potassium resource development [1] Group 2 - Mingde Bio intends to acquire 100% of Wuhan Bikaier Rescue Supplies Co. in a cash transaction, which is expected to constitute a major asset restructuring [2] - Jiamei Packaging has announced that it may apply for a trading suspension if its stock price continues to rise abnormally, despite no significant changes in its fundamentals [2] Group 3 - Jinpan Technology signed a contract worth approximately 696 million yuan for an overseas data center project, which is expected to positively impact the company's long-term performance [3] Group 4 - China Pharmaceutical plans to acquire 70% of Zezheng Pharmaceutical for 525 million yuan [4] - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan to increase its control over Huirong Mining [5] - China Aluminum's subsidiary plans to acquire 51% of Yun Aluminum Logistics for 264 million yuan [5]

（文章来源：证券日报） 证券日报网讯 12月30日，中国铝业发布公告称，中国铝业第九届董事会第八次会议审议通过《关于公 司2026年度经营预算的议案》等。 ...

關連交易 有關成立合資公司之進展 背 景 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 茲 提 述 中 國 鋁 業 股 份 有 限 公 司（「本公司」）日 期 為2025年10月24日 的公告 （「該公告」），內 容 有 關 中 鋁 集 團、本 公 司、雲 南 銅 業、馳 宏 鋅 鍺 及 中 鋁 資 本 訂 立 出 資 協 議，據 此，各 方 同 意 共 同 出 資 設 立 合 資 公 司。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 – 1 – 誠 如 該 公 告 所 披 露，根 據 出 資 協 議，各 訂 約 方 向 合 資 公 司 的 出 資 金 額、 出資方式及於合資公司的持股比例載列如下，且各方的實繳出資義務 應 於2025年12月31日 前 履 行 完 畢： 合資公司已於2025年10月28 ...

智通财经APP讯，中国铝业(02600)发布公告，于2025年12月30日，经 公司第九届董事会第八次会议审 议通过，公司全资附属公司中铝物流集团有限公司(中铝物流)拟通过非公开协议方式以现金收购云南铝 业股份有限公司(云铝股份)持有的云南云铝物流投资有限公司(云铝物流)51%股权(拟议收购)，交易对价 约为人民币2.64亿元(以最终经备案评估值计算为准)。拟议收购完成后，中铝物流及云铝股份将分别持 有云铝物流51%及49%股权，云铝物流将纳入中铝物流合并报表范围。 于本公告日期，中国铝业集团有限公司(中铝集团)为公司的控股股东，云铝股份为中铝集团的30%受控 公司，云铝物流为云铝股份全资附属公司。 ...

于本公告日期，中国铝业集团有限公司(中铝集团)为公司的控股股东，云铝股份为中铝集团的30%受控 公司，云铝物流为云铝股份全资附属公司。 中国铝业（601600）(02600)发布公告，于2025年12月30日，经公司第九届董事会第八次会议审议通 过，公司全资附属公司中铝物流集团有限公司(中铝物流)拟通过非公开协议方式以现金收购云南铝业股 份有限公司(云铝股份（000807）)持有的云南云铝物流投资有限公司(云铝物流)51%股权(拟议收购)，交 易对价约为人民币2.64亿元(以最终经备案评估值计算为准)。拟议收购完成后，中铝物流及云铝股份将 分别持有云铝物流51%及49%股权，云铝物流将纳入中铝物流合并报表范围。 ...

格隆汇12月30日丨中国铝业(02600.HK)公告，于2025年12月30日，经公司第九届董事会第八次会议审议 通过，公司全资附属公司中铝物流集团有限公司(「中铝物流」)拟通过非公开协议方式以现金收购云南 铝业股份有限公司(「云铝股份」)持有的云南云铝物流投资有限公司(「云铝物流」)51%股权(「拟议收 购」)，交易对价约为人民币2.64亿元(以最终经备案评估值计算为准)。拟议收购完成后，中铝物流及云 铝股份将分别持有云铝物流51%及49%股权，云铝物流将纳入中铝物流合并报表范围。 ...