（原标题：承诺现金分红比例不低于50%！未来三年分红规划，这些公司已提前布局） 2024年年初，沪深交易所相继发出"提质增效重回报""质量回报双提升"的倡议；同年4月，新"国九 条"出台，其中提出强化上市公司现金分红监管，并提出"推动一年多次分红、预分红、春节前分红"。 2025年12月初，中国证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性(学 习贯彻党的二十届四中全会精神)》。该文章指出，督促和引导上市公司强化回报投资者的意识，更加 积极开展现金分红、回购注销等。 年内分红总额已超过去年全年 近年来，上市公司分红意愿显著提升，A股市场分红生态持续优化，呈现出分红总额、参与分红公司数 量占比以及年内多次分红公司数量逐年递增的趋势。 按照除权除息日计算(下同)，截至12月12日，今年以来，A股上市公司现金分红总额达到2.47万亿元， 已超过2024年全年的现金分红总额。 今年以来，上市公司以现金分红等方式积极回馈投资者。 作为回馈投资者的重要方式，近年来，国内资本市场有关现金分红的政策文件相继出炉。 招商蛇口表示，公司2026年度至2028年度现金分红占当年归属于上市公司股东净利润的比例均 ...

有色金属 证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 美联储如期降息，看好金属价格上涨弹性 工业金属：（1）铜：美国铜库存持续流入，非美地区低库存引发逼仓风险。①宏观方面： 周内美联储降息+扩表利好铜价金融属性；②库存端：周内全球铜库存环比增加 1.7 万吨， 其中中国库存增加 0.2 万吨，LME 铜库存增加 0.3 万吨，COMEX 铜库存增加 1.1 万吨；全球 铜库存继续向美国聚集，引发市场对非美地区铜供应紧张的担忧；③供给端：据 Ivanhoe Mines 公告：Kamoa-Kakula 2026 年铜产量目标为 38 万至 42 万吨，中值较 2025 年指引小 幅上调 0.5 万吨，2027 年铜产量目标为 50 万至 54 万吨，中期铜产量目标维持于 55 万吨。 此前公司计划 2025 年产量目标为 52-58 万吨；④需求端：目前虽然终端消费受到一定高铜 价抑制，但低库存状态下，向下空间有限。（（2）铝：经济数据及政策双重托底，短期铝价偏 强震荡。①供给：本周山西地区电解铝企业全部复产产能释放完毕，新疆地区电解铝企业继 续投产，综合来看，本周电解 ...

□本报记者 康亚飞 全球每10个易拉罐罐体，就有1个产自巩义；国内每3个罐盖，也有1个来自巩义。 党的二十届四中全会提出，建设现代化产业体系，巩固壮大实体经济根基。全面增强自主创新能力，抢 占科技发展制高点，不断催生新质生产力。 这为制造业转型升级指明了方向，也为巩义铝加工产业的高质量发展提供了重要指引。 12月12日，位于巩义市先进制造业开发区内的河南万达铝业有限公司生产车间，智能化生产线正将铝卷 轧制成仅0.208毫米厚的罐盖料。 "超薄高强型5182合金易拉盖材料的突破，让每个罐盖减重约0.35克，1吨铝材能多产5万多个罐盖，这 是实实在在的竞争力。"万达铝业质量管理部部长柴向国感叹。 巩义的铝加工史，就是一部产业发展史。从20世纪90年代依托资源起步，到如今成为全国最大的铝板带 箔加工生产基地，巩义铝加工产业走出了一条从"粗放"到"精深"的路子。 凭科技突围，涂层技术也在创新。2020年落户巩义的河南艾锐海新材料有限公司专做易拉盖及拉环涂层 材料，短短几年便打开局面：在国内市场占有率约40%，建成国内唯一专业配置海外市场生产线，产品 出口至波兰、沙特阿拉伯、澳大利亚等12个国家和地区，创新定制的国产超 ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 2.72 | 快手概念 | -3.56 | | 高压氧舱 | 0.92 | MLOps概念 | -3.32 | | 中韩自贸区 | 0.77 | DRG/DIP | -3.21 | | 供销社 | 0.69 | Web3.0 | -3.15 | | 流感 | 0.67 | 小红书概念 | -3.09 | | 青蒿素 | 0.57 | Sora概念(文生视频) | -2.87 | | 煤炭概念 | 0.51 | 智谱AI | -2.83 | | 人造肉 | 0.37 | 云办公 | -2.70 | | 医药电商 | 0.37 | 家庭医生 | -2.67 | | 超导概念 | 0.35 | ChatGPT概念 | -2.65 | 截至12月3日收盘，中韩自贸区概念上涨0.77%，位居概念板块涨幅第3，板块内，9股上涨，好当家涨 停，海程邦达、青岛港、明泰铝业等涨幅居前，分别上涨5.70%、2.11%、1.22%。跌幅居前的有ST新华 锦、青岛金王、朗姿股份等，分别下跌2.78 ...

Core Viewpoint - Ming Tai Aluminum's stock has shown a mixed performance in recent trading, with a year-to-date increase of 20.99% but a decline of 6.69% over the past 20 days [1][2]. Group 1: Stock Performance - On December 1, Ming Tai Aluminum's stock rose by 2.01%, reaching a price of 14.23 CNY per share, with a trading volume of 138 million CNY and a turnover rate of 0.80% [1]. - The company's total market capitalization is 17.695 billion CNY [1]. - Year-to-date, the stock has increased by 20.99%, with a 1.43% rise over the last five trading days, a 6.69% drop over the last 20 days, and a 6.51% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ming Tai Aluminum reported a revenue of 25.874 billion CNY, reflecting a year-on-year growth of 9.38%. However, the net profit attributable to shareholders decreased by 0.49% to 1.404 billion CNY [2]. - Since its A-share listing, the company has distributed a total of 1.489 billion CNY in dividends, with 657 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Ming Tai Aluminum increased to 57,200, up by 2.37% from the previous period, with an average of 21,309 circulating shares per shareholder, a decrease of 2.32% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 82.9587 million shares, an increase of 59.1481 million shares from the previous period [3]. - The Southern CSI 1000 ETF is a new entrant among the top ten circulating shareholders, holding 11.3749 million shares [3].

铜作为新时代的"黄金"，在中美贸易摩擦的背景下，其战略价值日益凸显。供应端方面，全球铜矿品位 下降、资本开支长期不足带来的新增矿山项目有限以及矿端扰动加剧共同制约供应增长，导致铜精矿市 场持续偏紧。需求端来看，受益于全球宽松货币周期与绿色转型趋势，电力投资、新能源汽车及数据中 心建设等领域对铜的需求形成有力支撑。在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望保 持上行态势。基于资源稀缺性与产业链地位，建议重点关注资源储量丰富、产能规划明确的头部企业紫 金矿业(601899.SH)与洛阳钼业(603993.SH)。 铝：电解铝供需偏紧，行业维持高景气度 智通财经APP获悉，中原证券发布研报称，在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望 保持上行态势。该行预计2026年电解铝平均价格水平在2.2万元/吨左右。同时随着电解铝企业盈利能力 不断增强，公司纷纷提高分红比例，股息率在不断提升，板块具有红利属性。受到美联储进入降息周 期、国内一系列利好政策施放显效、经济保持向好态势，海内外对有色金属需求增加，该行维持有色金 属及新材料行业评级为"强于大市"，建议关注铜、铝、黄金和超硬材料板块。 在美联储货币 ...

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with a notable increase in production and a positive outlook for the coming years [1] Industry Summary - As of September 2025, China's aluminum alloy production reached 1.78 million tons, marking a year-on-year increase of 17.1% [1] - From January to September 2025, the cumulative production of aluminum alloys in China totaled 14.116 million tons, reflecting a cumulative growth of 15.9% [1] - The report by Zhiyan Consulting outlines the market operation pattern and strategic analysis of the aluminum alloy industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), Mingtai Aluminum (601677), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Yiqiu Resources (601388), Haomei New Materials (002988), Asia Pacific Technology (002540), and Shunbo Alloy (002996) [1]

Core Viewpoint - Recent announcements from multiple listed companies regarding future dividend plans have garnered market attention, indicating a trend towards increased shareholder returns and confidence in corporate profitability [1][2][8]. Group 1: Dividend Plans - Yili Co. announced a plan for 2025-2027, committing to a cash dividend totaling at least 75% of the net profit attributable to shareholders each year, with a minimum cash dividend of 1.22 yuan per share for 2024 [1][8]. - Sanda Membrane disclosed a special dividend plan for 2025, proposing a cash dividend of 2.1 yuan per 10 shares, reflecting stable operational performance and a healthy balance sheet [2]. - China Communications Construction Company (CCCC) plans to distribute a minimum cash dividend of 0.11756 yuan per share for 2025, amounting to approximately 1.9142 billion yuan, which is about 20% of its net profit for the first half of 2025 [2][3]. Group 2: Implementation of Dividend Plans - Jidian Co. announced a cash dividend of 0.21 yuan per 10 shares for the first three quarters of 2025, with an expected total payout of approximately 76.17 million yuan, representing a dividend rate of 9.73% [4]. - Midea Group plans to distribute 5 yuan per 10 shares, totaling around 3.448 billion yuan, with the record date set for November 17 [5]. Group 3: Enhancing Shareholder Returns - Many companies are expressing intentions to gradually increase investor returns, with Ming Tai Aluminum committing to a minimum annual dividend payout ratio of 30% over the next three years [6][7]. - Yili Co. emphasized the importance of stable dividend expectations in enhancing company value and investor confidence, advocating for increased frequency of dividends and simplified mid-term dividend processes [8].

Group 1 - The company is advancing its high-end transformation, focusing on new energy battery materials, lightweight aluminum for automobiles, and aluminum for robotics [1] - The company has established a complete ecosystem for battery materials, including aluminum foil for aluminum-plastic film and liquid cooling plates [1] - The first production line of the "Automotive and Green Energy Aluminum Industrial Park Project" by the subsidiary Hongsheng New Materials is set to be operational by October 2025, enhancing the company's high-end aluminum product system [1] Group 2 - The company has initiated the construction of the "Annual Production of 720,000 Tons of Aluminum-based New Materials Intelligent Manufacturing Project," which will cover various fields including new energy batteries and automotive applications [2] - The overall processing fees for products have been steadily increasing this year, with price adjustments for CTP/PS boards, easy-open lids, and honeycomb foils [2] - The company plans to introduce a laser-induced breakdown spectroscopy line to enhance the recycling of used aluminum products, promoting high-value utilization of waste aluminum [2] Group 3 - The company has reached a consensus on gradually increasing investor returns, implementing a cash dividend plan of 10 for 1 in Q3 2025, and significantly raising the dividend payout ratio [3] - The company aims to increase the annual dividend payout ratio to no less than 30% over the next three years, enhancing returns to investors [3] - The company is focusing on high-end intelligent manufacturing and low-carbon circular economy as key development areas, aiming to improve the proportion of high-value-added products [3]

Group 1 - The core viewpoint of the article is that Mingtai Aluminum (SH 601677) is engaging with investors through a series of meetings and has provided insights into its revenue composition for the upcoming year [1] - Mingtai Aluminum's revenue composition for the year 2024 is as follows: aluminum plates account for 80.03%, aluminum foils for 16.2%, other businesses for 1.67%, and aluminum alloy rail vehicle bodies for 0.56% [1] - As of the report, Mingtai Aluminum has a market capitalization of 18.8 billion yuan [1]