Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company reported stable performance in its Q3 2025 results, with total revenue of 44.072 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 4.398 billion yuan, up 15.1% year-on-year [6]. - The increase in revenue is attributed to rising aluminum prices and decreasing costs, with the average market price for electrolytic aluminum in Q3 2025 at 20,711 yuan per ton, reflecting a 2.5% increase quarter-on-quarter and a 5.9% increase year-on-year [6]. - The company has successfully expanded its resource base, with the Yangliu Aluminum Ore West District mining plan approved, aiming for an annual capacity of 600,000 tons [6]. - The company has also invested 500 million yuan for a 16.70% stake in Yunnan Aluminum Foil, enhancing its integrated aluminum industry chain [6]. Financial Data and Profit Forecast - Projected total revenue for 2025 is 59.33 billion yuan, with a year-on-year growth rate of 9.0% [5]. - The forecasted net profit attributable to shareholders for 2025 is 6.34 billion yuan, representing a significant increase of 43.7% compared to the previous year [5]. - The company's gross margin is expected to improve from 15.4% in 2025 to 21.7% by 2027 [5]. - The return on equity (ROE) is projected to be 18.6% in 2025, increasing to 19.5% in 2026 [5].

Group 1 - The core point of the news is that Yun Aluminum Co., Ltd. experienced a stock decline of 5.02%, with a current share price of 23.07 yuan and a total market capitalization of 800.06 billion yuan [1] - The company, established on March 20, 1998, and listed on April 8, 1998, is primarily engaged in bauxite mining, alumina production, aluminum smelting, aluminum processing, and the production of carbon products for aluminum [1] - The main revenue composition of the company includes 58.12% from electrolytic aluminum, 40.67% from aluminum processing products, and 1.21% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Haitong Asset Management has a significant position in Yun Aluminum, specifically the Guotai Haitong Vision Value Mixed Initiation A fund, which increased its holdings by 231,800 shares in the third quarter [2] - The fund currently holds 309,600 shares, representing 5.06% of the fund's net value, making it the fifth-largest holding [2] - The fund has a total scale of 77.7945 million yuan, with a year-to-date return of 15.33% and a one-year return of 18.44% [2]

Core Viewpoint - Yun Aluminum Co., Ltd. experienced a 5.02% decline in stock price, closing at 23.07 CNY per share, with a total market capitalization of 800.06 billion CNY [1] Company Overview - Yun Aluminum Co., Ltd. was established on March 20, 1998, and listed on April 8, 1998. The company is located in Chenggong District, Kunming City, Yunnan Province [1] - The main business activities include bauxite mining, alumina production, aluminum smelting, aluminum processing, and production of carbon products for aluminum [1] - The revenue composition is as follows: electrolytic aluminum 58.12%, aluminum processing products 40.67%, and others 1.21% [1] Fund Holdings - Silver Hua Fund has a significant holding in Yun Aluminum Co., Ltd. through its fund, Silver Hua Shanghai-Shenzhen Stock Connect Selected Mixed A (008116), which increased its holdings by 267,000 shares in the third quarter, totaling 826,500 shares, representing 6.11% of the fund's net value [2] - The fund has incurred an estimated floating loss of approximately 1.0083 million CNY as of the report date [2] Fund Performance - The fund was established on May 14, 2020, with a current scale of 164 million CNY. Year-to-date returns are 48.84%, ranking 1128 out of 8150 in its category; the one-year return is 37.05%, ranking 2090 out of 8043; and since inception, the return is 55.33% [2]

Core Viewpoint - Yun Aluminum Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 82.66% and notable gains over various trading periods [2]. Group 1: Stock Performance - As of November 4, Yun Aluminum's stock price was 23.80 CNY per share, with a trading volume of 624 million CNY and a market capitalization of 82.54 billion CNY [1]. - The stock has seen a 8.43% increase over the last 5 trading days, a 19.42% increase over the last 20 days, and a 54.05% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yun Aluminum reported a revenue of 44.072 billion CNY, representing a year-on-year growth of 12.47%, and a net profit attributable to shareholders of 4.398 billion CNY, which is a 15.14% increase year-on-year [2]. - The company has distributed a total of 6.069 billion CNY in dividends since its A-share listing, with 3.884 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yun Aluminum was 79,100, a decrease of 8.51% from the previous period, with an average of 43,857 circulating shares per shareholder, an increase of 9.30% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 269 million shares, an increase of 72.093 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain profitability due to high aluminum prices, and the continuous increase in dividends highlights its value [1][4] - In the first three quarters of 2025, the company achieved operating revenue of 44.072 billion yuan, a year-on-year increase of 12.47%, and a net profit attributable to shareholders of 4.398 billion yuan, a year-on-year increase of 15.14% [4][6] - The forecast for net profit from 2025 to 2027 has been adjusted to 6.068 billion, 7.538 billion, and 8.592 billion yuan, reflecting year-on-year growth of 37.5%, 24.2%, and 14.0% respectively [4][6] Financial Performance Summary - For Q3 2025, the company reported revenue of 14.993 billion yuan, a year-on-year increase of 3.13%, and a net profit of 1.63 billion yuan, a year-on-year increase of 25.31% [4][5] - The average price of electrolytic aluminum increased by 515.7 yuan/ton in Q3 2025, while the average price of alumina rose by 107.5 yuan/ton [5] - The company’s gross profit margin slightly decreased due to rising alumina prices, but the outlook for Q4 2025 is positive with expected profit growth driven by high aluminum prices and declining alumina costs [5] Dividend Policy - The company announced a cash dividend distribution of 1.11 billion yuan for the first half of 2025, representing approximately 40.10% of the net profit attributable to shareholders, an increase from 32.23% in 2024 [6] Financial Metrics and Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.75, 2.17, and 2.48 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13.9, 11.2, and 9.8 [4][7] - The company’s revenue is expected to grow from 42.669 billion yuan in 2023 to 59.157 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.1% [7][10]

Core Points - The Shenzhen State-owned Enterprises ESG Index (970055) closed at 1399.95 points, up 0.18%, with a trading volume of 40.636 billion yuan and a turnover rate of 1.2% [1] - Among the index constituents, 29 stocks rose, led by Newland Technology with a 10.01% increase, while 19 stocks fell, with China National Materials Technology leading the decline at 8.51% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-owned Enterprises ESG Index are as follows: - Hikvision (sz002415) holds a weight of 10.20%, latest price at 32.60 yuan, down 0.82%, with a market cap of 298.775 billion yuan, in the computer industry [1] - BOE Technology Group (sz000725) has a weight of 9.22%, latest price at 4.06 yuan, unchanged, with a market cap of 151.9 billion yuan, in the electronics sector [1] - Wuliangye Yibin (sz000858) has a weight of 8.57%, latest price at 118.98 yuan, down 0.01%, with a market cap of 461.834 billion yuan, in the food and beverage industry [1] - Weichai Power (sz000338) has a weight of 7.34%, latest price at 15.46 yuan, up 3.34%, with a market cap of 134.712 billion yuan, in the automotive sector [1] - Inspur Information (sz000977) has a weight of 6.49%, latest price at 63.78 yuan, down 2.22%, with a market cap of 93.893 billion yuan, in the computer industry [1] - Yun Aluminum (sz000807) has a weight of 4.62%, latest price at 24.29 yuan, up 5.65%, with a market cap of 84.237 billion yuan, in the non-ferrous metals sector [1] - Shenwan Hongyuan (sz000166) has a weight of 4.31%, latest price at 5.47 yuan, unchanged, with a market cap of 136.968 billion yuan, in the non-banking financial sector [1] - AVIC Optoelectronics (sz002179) has a weight of 3.87%, latest price at 35.01 yuan, down 0.26%, with a market cap of 74.161 billion yuan, in the defense and military industry [1] - Changchun High & New Technology (sz000661) has a weight of 3.27%, latest price at 108.22 yuan, down 3.60%, with a market cap of 44.147 billion yuan, in the pharmaceutical and biotechnology sector [1] - China Merchants Shekou (sz001979) has a weight of 3.13%, latest price at 9.36 yuan, down 0.95%, with a market cap of 84.809 billion yuan, in the real estate sector [1] Capital Flow Analysis - The index constituents experienced a net outflow of 1.386 billion yuan from institutional investors, while retail investors saw a net inflow of 1.387 billion yuan [1] - Specific stock capital flows include: - XJ Electric (000400) saw a net inflow of 259 million yuan from institutional investors, while retail investors had a net outflow of 167 million yuan [2] - Oriental Electronics (000682) had a net inflow of 207 million yuan from institutional investors, with retail investors experiencing a net outflow of 129 million yuan [2] - Yun Aluminum (000807) recorded a net inflow of 107 million yuan from institutional investors, while retail investors had a net outflow of 597,210 yuan [2] - Newland Technology (002912) had a net inflow of 86.2 million yuan from institutional investors, with retail investors seeing a net outflow of 54.581 million yuan [2]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony sectors [11]. Core Views - The Federal Reserve's recent interest rate cut and the end of quantitative tightening are expected to strengthen support for precious metal prices [5]. - Positive macro signals are anticipated to bolster copper and aluminum prices, with ongoing discussions between the US and China contributing to market optimism [6][8]. - Supply constraints are expected to support tin prices, while antimony faces weak demand but long-term supply tightness may provide price support [10][11]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 2.90%, outperforming other sectors [21]. - Over the past month, the non-ferrous metals sector has increased by 5.0%, 41.0% over three months, and 60.6% over the past year [3]. 2. Precious Metals Market Data - Gold prices in London were reported at $4011.50 per ounce, a decrease of $92.90 or -2.26% from the previous week [4]. - Silver prices increased by $0.95 to $48.96 per ounce, reflecting a gain of 1.99% [4]. 3. Copper and Aluminum Insights - LME copper closed at $10,915 per ton, up $74 or +0.68% from the previous week, while SHFE copper fell to ¥87,030 per ton, down ¥670 or -0.76% [6]. - Domestic aluminum prices rose to ¥21,300 per ton, an increase of ¥170 from the previous week [8]. 4. Tin and Antimony Analysis - Domestic refined tin prices rose to ¥284,560 per ton, an increase of ¥1,850 or +0.65% [9]. - Antimony prices fell to ¥150,000 per ton, down ¥6,500 or -4.15% due to weak demand [10]. 5. Recommended Stocks - The report recommends specific stocks across various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and Yun Aluminum [12][15].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with the Federal Reserve continuing to lower interest rates and tariff pressures easing [6][10] - The demand season is gradually coming to an end, leading to potential downward pressure on aluminum water conversion rates and inventory performance [10] - Long-term supply growth in the aluminum industry is limited, while demand continues to have growth points, suggesting sustained high industry prosperity [10] Summary by Sections 1. Prices - As of October 31, the LME three-month aluminum closing price was $2888.0 per ton, up $31.5 from the previous week, a 1.1% increase week-on-week and a 10.4% increase year-on-year [22] - The Shanghai aluminum active contract closing price was 21300.0 yuan per ton, up 75.0 yuan from the previous week, a 0.4% increase week-on-week and a 2.1% increase year-on-year [22] - The average price of A00 aluminum in Changjiang was 21300.0 yuan per ton, up 170.0 yuan from the previous week, a 0.8% increase week-on-week and a 2.0% increase year-on-year [22] 2. Production - In September 2025, the electrolytic aluminum production was 361.5 million tons, a decrease of 11.8 million tons month-on-month and a decrease of 7.4 million tons year-on-year [54] - The alumina production in September 2025 was 760.4 million tons, a decrease of 13.5 million tons month-on-month and an increase of 38.3 million tons year-on-year [54] 3. Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price 26.93, EPS forecast for 2024/2025/2026: 2.35/2.65/2.89, PE: 11.5/10.2/9.3, Investment Rating: Buy [5] - Tianshan Aluminum (002532.SZ): Price 13.37, EPS forecast: 0.96/1.00/1.27, PE: 14.0/13.3/10.5, Investment Rating: Buy [5] - Shenhuo Co. (000933.SZ): Price 24.73, EPS forecast: 1.91/2.13/2.56, PE: 12.9/11.6/9.7, Investment Rating: Buy [5] - China Aluminum (601600.SH): Price 9.99, EPS forecast: 0.72/0.84/0.92, PE: 13.8/11.8/10.9, Investment Rating: Buy [5] - Yun Aluminum (000807.SZ): Price 22.99, EPS forecast: 1.27/1.88/2.07, PE: 18.1/12.2/11.1, Investment Rating: Buy [5]

Core Viewpoint - The A-share market showed a mixed performance in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. The focus is on identifying investment opportunities for November as multiple brokerages have released their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - A total of 11 stocks, including Huadian Technology, Industrial Fulian, and Yun Aluminum, received recommendations from two brokerages each [4]. - Among the recommended stocks, Zhongji Xuchuang had the highest increase in October, rising over 17% to a closing price of 473.01 yuan, while Top Group experienced the largest decline, falling over 8.9% to a closing price of 73.78 yuan [4]. Group 2: Industry Preferences - Several brokerages suggest focusing on sectors such as non-ferrous metals, brokerage firms, and pharmaceuticals, indicating a potential increase in market volatility [6]. - Guosheng Securities recommends a balanced asset allocation to navigate short-term fluctuations, emphasizing the importance of verifying economic conditions, particularly in sectors like non-ferrous metals, lithium batteries, and storage [6]. - Zhongyuan Securities anticipates a continuation of structural oscillation in the market, advising investors to consider low-volatility assets as a fundamental allocation [6]. Group 3: Investment Strategies - Donghai Securities highlights three main investment lines, including a focus on technology, particularly in artificial intelligence, and investment opportunities related to the "14th Five-Year Plan" strategic emerging industries [7]. - The expectation of increased investment in the fourth quarter is also noted, particularly regarding its impact on upstream resource demand [7].

Core Insights - The report highlights the performance of brokerage firms' "golden stocks" for October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [3][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [5][6] - Looking ahead to November, nearly 20 brokerage firms have released their latest "golden stock" lists, with a focus on high-end manufacturing, energy, and non-ferrous metals sectors [3][8] Brokerage Performance - West Securities achieved the highest monthly return of 4.05% for its golden stock portfolio in October [4] - Other notable performances include Ping An Securities at 3.16% and Great Wall Securities at 2.09% [4] - Several brokerages reported negative returns, with Guoyuan Securities at -0.70% and Guoxin Securities at -1.84% [4] Top Individual Stocks - GuoDun Quantum led the individual stock performance with a 65.19% increase, followed by Rongxin Culture at 64.86% and Jiangbolong at 46.78% [5][6] - Other significant performers included Jinyinhe at 37.64% and Okoyi at 33.01% [6] November Stock Recommendations - Tencent Holdings emerged as the most popular stock for November, recommended by multiple brokerages including Guoxin Securities and Galaxy Securities [7] - The non-ferrous metals sector remains strong, with stocks like Zijin Mining and Yun Aluminum receiving multiple recommendations [7] - The report emphasizes the importance of policy support and external environment improvements for the A-share market's upward trend in November [8] Investment Focus - The investment focus for November includes sectors such as AI-driven technology, resource commodities (copper, aluminum, oil, lithium), and domestic consumption recovery in coal, food and beverage, and aviation [8] - The "14th Five-Year Plan" is expected to guide investment directions, emphasizing technological self-reliance and modern industrial system construction [8]