Core Viewpoint - The non-ferrous metal sector is experiencing mixed performance, with opportunities for low-cost investments in specific sub-sectors, particularly in the electrolytic aluminum segment, driven by anticipated demand growth and price increases through 2026 [1][2]. Group 1: Market Performance - As of November 24, 2025, the non-ferrous metal industry index (399395) shows mixed results among its constituent stocks, with Dongyangguang (600673) leading gains at 5.68%, followed by Placo New Materials (300811) at 5.42%, and Hailiang Co. (002203) at 4.31% [1]. - The non-ferrous ETF fund (159880) is currently priced at 1.67 yuan [1]. Group 2: Sector Insights - The non-ferrous sector is viewed as presenting a buying opportunity, particularly in segments that have been undervalued [1]. - The electrolytic aluminum sector is highlighted for its high dividend yield as a defensive strategy, with expectations of demand growth and price increases continuing into 2026 [1]. - The outlook for industrial metals is positive, driven by U.S. fiscal expansion and the high copper-aluminum price ratio, which may lead to increased demand for aluminum [1]. Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index (399395) include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.91% of the index [2].

Accessible version Basic Materials - China (H/A) AI Infra takeaways on metals – aluminum, copper to shine, uranium/ minor metals Industry Overview We hosted Asia AI Infrastructure & Robotics Conference during 12-18 Nov, featuring 35 experts/companies across metals, power equipment, ESS, cooling, etc. We summarize our takeaways from Zijin, Chalco, Hongqiao, CMOC, CGN Mining, copper expert, tungsten & uranium expert (see inner pages for details). Aluminum – supply tightness, high margin persists Aluminum dema ...

Investment Rating - The report maintains a positive outlook on the metals industry, indicating an upward cycle despite liquidity disturbances [2][3]. Core Views - The Federal Reserve's indecisiveness regarding interest rate cuts and changing market sentiment towards AI narratives have led to fluctuations in base metal prices. However, the fundamentals for energy metals remain strong, with prices trending upwards [2][3]. Summary by Sections 1. Precious Metals - Market sentiment is affected by volatility in risk assets and central banks reducing gold reserves. The Federal Reserve's mixed economic assessments and fluctuating expectations for a December rate cut dominate the market [5][7]. - Gold prices as of November 21: SHFE gold decreased by 3.36% to 926.94 CNY/g, while COMEX gold fell by 0.77% to 4062.80 USD/oz [7][25]. - China's gold reserves increased by 30,000 ounces to 7,409 million ounces as of the end of October, marking 12 consecutive months of growth [7]. 2. Copper - Copper prices are under pressure due to fluctuating expectations for interest rate cuts. As of November 21, SHFE copper decreased by 1.43% to 85,660 CNY/ton, and LME copper fell by 0.69% to 10,777.5 USD/ton [10][22]. - The supply side is impacted by an accident in the Democratic Republic of Congo, while demand remains strong, particularly from AI data centers and power grids [10][22]. 3. Aluminum - Aluminum prices are experiencing high volatility due to macroeconomic expectations. As of November 21, SHFE aluminum decreased by 2.29% to 21,340 CNY/ton, and LME aluminum fell by 2.54% to 2,786 USD/ton [9][22]. - Domestic electrolytic aluminum supply remains stable, while overseas supply concerns persist. The processing operating rate is steady at 62% [9][22]. 4. Energy Metals - The lithium sector shows strong demand, with lithium prices trending upwards. As of last week, lithium carbonate production was 22,100 tons, up by 585 tons, while inventory decreased by 2,052 tons [11]. - Cobalt prices remain high due to tight upstream raw material supply, while demand from the downstream sector is cautious [11]. 5. Rare Earths - Prices for praseodymium and neodymium have slightly increased before retreating, with no significant changes in the fundamentals. As of November 21, prices were 549,000 CNY/ton for praseodymium and neodymium, and 1,485,000 CNY/ton for dysprosium [12].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price has recently retreated from high levels due to fluctuating expectations regarding the Federal Reserve's interest rate cuts, with a notable drop in aluminum prices observed [6][9] - The demand for aluminum is entering a traditional off-season, leading to concerns about inventory levels and price stability [9] - Long-term prospects for the aluminum industry remain positive due to limited supply growth and potential demand increases, justifying the "Recommended" rating [9] Summary by Sections Price - As of November 21, the LME three-month aluminum closing price was $2808.0 per ton, down $500.0 from the previous week, a 2.3% decrease [13] - The Shanghai aluminum active contract closing price was 21340.0 yuan per ton, reflecting a 2.4% decrease compared to the previous week [19] Production - In October 2025, the aluminum production was 3.742 million tons, a month-on-month increase of 3.5% and a year-on-year increase of 4.7% [50] - The alumina production for the same month was 7.785 million tons, also showing a month-on-month increase of 2.4% and a year-on-year increase of 12.6% [50] Inventory - As of November 20, the domestic mainstream consumption area of aluminum ingot inventory recorded 621,000 tons, with a slight decrease of 2,500 tons from the previous week [7] - The overall inventory situation remains a concern as the market enters the off-season, with potential risks of inventory accumulation [9] Key Companies and Earnings Forecast - Key companies in the industry include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" [5]

相关报告：智研咨询发布的《2026-2032年中国氧化铝行业发展模式分析及未来前景规划报告》 2020-2025年1-9月中国氧化铝产量统计图 上市企业：中国铝业（601600）,天山铝业（002532）,南山铝业（600219）,云铝股份（000807）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,宏创控股（002379）,闽发铝业（002578）,宁 波富邦（600768） 根据国家统计局数据显示：2025年9月中国氧化铝产量为800万吨，同比增长8.7%；2025年1-9月中国氧 化铝累计产量为6856万吨，累计增长8.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 ...

Core Viewpoint - China is a significant player in the global aluminum die-casting alloy industry, with the market size expected to reach 215.26 billion yuan in 2024, reflecting a year-on-year increase of 3.67% driven by the automotive market, electronics industry, and high-end equipment manufacturing [1][10]. Industry Overview - Aluminum die-casting alloys are produced through die-casting processes, primarily composed of silicon, manganese, magnesium, and trace elements, with production involving melting, refining, molding, and pouring [3]. - The industry benefits from the lightweight, high strength, and corrosion resistance of aluminum die-casting alloys, which are widely used in automotive, aerospace, medical, military, and electronic sectors [3]. Market Size and Growth - The aluminum die-casting alloy market in China is projected to grow, supported by the country's large automotive market and rapid advancements in the electronics sector [1][10]. - The global aluminum die-casting alloy market is expected to reach $142.78 billion by 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031 [10]. Competitive Landscape - International companies like Nemak, Ahresty, and Ryobi dominate the industry due to their technological expertise and extensive market presence [10]. - Domestic companies such as Aikodi, Wencan Group, and Guangdong Hongtu are emerging as significant players, benefiting from China's market demand and industrial support [10]. Industry Trends - The industry is moving towards precision and high performance, driven by the increasing quality and performance requirements from the automotive sector, especially for electric vehicles [12]. - There is a growing demand for customized solutions, necessitating improved customer communication and tailored product designs [13]. - The industry is also expanding into international markets, seeking to enhance competitiveness and brand influence through global partnerships and participation in international events [14].

Core Points - The State-owned Assets Supervision and Administration Commission (SASAC) organized a meeting to promote the specialized integration of central enterprises and held a signing ceremony for key projects [1][2] - A total of 17 units participated in the signing of key projects, focusing on areas such as carbon fiber industry cooperation, intelligent driving, industrial internet, and aviation logistics [1] - The specialized integration projects aim to accelerate breakthroughs in key technologies, enhance emerging industries, and promote the high-quality development of key industrial chains [1][2] Summary by Sections - **Project Signings**: The meeting resulted in the signing of key projects between major companies, including Sinopec and Dongfang Electric Group, and China FAW and Zhuoyue Technology [1] - **Focus Areas**: The integration projects are designed to integrate quality resources, promote technological and industrial innovation, and enhance traditional industries [1] - **Strategic Direction**: SASAC emphasized the need for central enterprises to enhance their integration capabilities in strategic emerging industries and to utilize mergers and acquisitions as a means of integration [2] - **Capital Market Utilization**: There is a call for central enterprises to leverage the capital market for integrating non-core but high-potential businesses into main business platforms for mutual benefits [2]

中国铝业（601600）(02600)发布公告，于2025年11月21日，中铝高端、西北铝、云铝股份 （000807）、昆明铜业及云南铝箔订立增资协议，据此，中铝高端、云铝股份及昆明铜业将以现金或资 产向云南铝箔增资共计人民币9.06亿元，其中中铝高端以现金出资人民币2.29亿元，云铝股份以现金出 资人民币5亿元，昆明铜业以现金及资产出资人民币1.77亿元(其中以现金出资人民币8900万元，以资产 (包括土地使用权和地上建构筑物以及相关债权债务)出资人民币8845万元)，西北铝不参与本次增资。本 次增资完成后，云南铝箔注册资本将由目前的人民币8亿元增加至人民币11.47亿元，中铝高端、西北 铝、云铝股份及昆明铜业将分别持有云南铝箔68.31%、9.06%、16.70%和5.93%的股权。 于本公告日期，云铝股份为公司附属公司，中铝集团为公司的控股股东，中铝高端、西北铝、昆明铜业 及云南铝箔均为中铝集团的附属公司。 云南铝箔主要生产合金铝板带箔产品，通过本次增资，有利于云铝股份进一步做优铝产业链，促进原铝 液就地转化，并提升合金化率，响应国家"双碳"战略部署及铝产业发展规划;同时，有助于发挥云铝股 份在云南地区 ...

智通财经APP讯，中国铝业(02600)发布公告，于2025年11月21日，中铝高端、西北铝、云铝股份、昆明 铜业及云南铝箔订立增资协议，据此，中铝高端、云铝股份及昆明铜业将以现金或资产向云南铝箔增资 共计人民币9.06亿元，其中中铝高端以现金出资人民币2.29亿元，云铝股份以现金出资人民币5亿元，昆 明铜业以现金及资产出资人民币1.77亿元(其中以现金出资人民币8900万元，以资产(包括土地使用权和 地上建构筑物以及相关债权债务)出资人民币8845万元)，西北铝不参与本次增资。本次增资完成后，云 南铝箔注册资本将由目前的人民币8亿元增加至人民币11.47亿元，中铝高端、西北铝、云铝股份及昆明 铜业将分别持有云南铝箔68.31%、9.06%、16.70%和5.93%的股权。 云南铝箔主要生产合金铝板带箔产品，通过本次增资，有利于云铝股份进一步做优铝产业链，促进原铝 液就地转化，并提升合金化率，响应国家"双碳"战略部署及铝产业发展规划;同时，有助于发挥云铝股 份在云南地区的产业协同效应，巩固区位优势。另外，云南铝箔拟建设新能源高精板带箔项目，该项目 建成达产后预计可实现较好的经济效益，云铝股份参股投资云南铝箔具 ...

Core Viewpoint - China Aluminum (02600.HK) announced a capital increase agreement involving a total investment of RMB 900 million into Yunnan Aluminum Foil by its subsidiaries [1] Group 1: Investment Details - The capital increase will be executed by China Aluminum High-End, Yunnan Aluminum, and Kunming Copper, contributing a total of RMB 900 million to Yunnan Aluminum Foil [1] - China Aluminum High-End will contribute RMB 229 million in cash, Yunnan Aluminum will contribute RMB 500 million in cash, and Kunming Copper will contribute RMB 177 million, which includes RMB 89 million in cash and RMB 884.5 million in assets [1] - Northwest Aluminum will not participate in this capital increase [1] Group 2: Shareholding Structure - Following the completion of the capital increase, the registered capital of Yunnan Aluminum Foil will rise from RMB 800 million to RMB 1.147 billion [1] - The shareholding structure will be as follows: China Aluminum High-End will hold 68.31%, Northwest Aluminum 9.06%, Yunnan Aluminum 16.70%, and Kunming Copper 5.93% [1]