Core Insights - The China Securities National New State-Owned Enterprises Modern Energy Index has seen a slight decline of 0.13% as of October 22, 2025, with mixed performance among constituent stocks [3] - The "Wind Energy Beijing Declaration 2.0" was released on October 20, 2025, at the International Wind Energy Conference, setting ambitious targets for wind power installation during the 14th and 15th Five-Year Plans [3] Group 1: Market Performance - The top-performing stocks include PetroChina Oilfield Services, which rose by 10.00%, and China Nuclear Engineering, which increased by 4.10% [3] - The recent trading volume for the National Modern Energy ETF was 161.57 million yuan, with a turnover rate of 3.62% [3] - Over the past year, the National Modern Energy ETF has seen an average daily trading volume of 615.35 million yuan [3] Group 2: Policy Changes - Starting November 1, 2025, the 50% VAT refund policy for onshore wind power will be canceled, while the policy for offshore wind power will continue until the end of 2027 [4] - The cancellation of tax incentives for onshore wind power is expected to impact net profits by approximately 19%, creating short-term pressure on profitability [4] Group 3: Industry Outlook - Despite the short-term challenges, the long-term outlook for the wind power industry remains robust due to China's commitment to its "dual carbon" strategy [4] - The wind power supply chain is anticipated to enter a recovery phase, with a focus on leading turbine manufacturers and offshore expansion [4] - The "Two Seas" strategy for wind power equipment is expected to enhance market share and overall profitability for companies in the sector [4] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the index include Changjiang Electric Power and China Nuclear Power, accounting for 47.72% of the index [6]

Core Viewpoint - The recent sharp decline in gold prices, attributed to profit-taking and reduced safe-haven demand due to easing geopolitical tensions, has negatively impacted leading companies in the precious metals sector, particularly gold stocks [3]. Summary by Category Market Performance - On October 22, the non-ferrous metal sector ETF (159876) fell by 1.73%, with a trading volume of nearly 300 million yuan, indicating active trading [1]. - As of October 21, the non-ferrous metal sector ETF (159876) had a total size of 565 million yuan, the largest among three ETFs tracking the same index [1]. Stock Movements - Leading gold stocks experienced significant declines, with Western Gold and Hunan Gold dropping over 5%, while Sichuan Gold and Chifeng Gold fell more than 4% [1]. - Conversely, Baotai Co. rose over 2%, and Hailiang Co. and Yun Aluminum gained more than 1%, with several other stocks like Zhongkuang Resources and China Aluminum also performing well [1]. Gold Price Dynamics - Gold prices saw a rare drop of over 6%, marking the largest daily decline since April 2013, primarily due to profit-taking and a stronger dollar making gold more expensive for buyers [3]. - Analysts suggest that while current pressures exist, the long-term outlook for gold remains positive as long as the Federal Reserve maintains its current interest rate path [3]. Sector Outlook - The non-ferrous metals sector is expected to benefit from a long-term supply-demand imbalance, driven by increased capital expenditure and strategic resource reserves amid global manufacturing investment growth [4]. - Specific segments such as rare earths, lithium, and copper are highlighted for their growth potential due to favorable market conditions and technological advancements [3][4]. Investment Strategy - A diversified approach to investing in the non-ferrous metals sector is recommended, utilizing the non-ferrous metal sector ETF (159876) to mitigate risks associated with individual metal investments [6].

Core Viewpoint - Yun Aluminum Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in share price and revenue in recent periods [1][2]. Group 1: Stock Performance - As of October 22, Yun Aluminum's stock price increased by 2.00% to 22.44 CNY per share, with a trading volume of 4.95 billion CNY and a market capitalization of 778.21 billion CNY [1]. - The stock has risen 68.09% year-to-date, with a 7.37% increase over the last five trading days, 9.04% over the last twenty days, and 32.62% over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, Yun Aluminum reported a revenue of 29.078 billion CNY, representing a year-on-year growth of 17.98%, and a net profit attributable to shareholders of 2.768 billion CNY, up 9.88% 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 in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.95% to 86,400, while the average number of circulating shares per person decreased by 14.50% to 40,124 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 197 million shares, a decrease of 15.41 million shares from the previous period [3].

Group 1 - The core point of the article is that Yun Aluminum Co., Ltd. announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 3.20 RMB per 10 shares for all shareholders [2] - The record date for the distribution of rights is set for October 27, 2025, and the ex-dividend date is October 28, 2025 [2]

格隆汇10月21日丨云铝股份(000807.SZ)发布2025年半年度权益分派实施公告，公司股东大会审议通过 的2025年中期利润分配方案为：以公司现有总股本34.68亿股为基数，向全体股东每股派发现金红利人 民币0.32元（含税），共派发现金红利人民币11.10亿元（含税）,占公司2025 年半年度合并报表归属于 上市公司股东的净利润的比例约为40.10%。本次分配不进行资本公积金转增股本，不送红股。 本次权益分派股权登记日为：2025年10月27日；除权除息日为：2025年10月28日。 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-038 云南铝业股份有限公司 2025 年中期利润分配实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）2025 年中期利润分配 方案已获 2025 年 9 月 12 日召开的 2025 年第二次临时股东大会审议通过，现将利润分 配方案实施事宜公告如下： 一、股东大会审议通过利润分配方案的情况 （一）公司股东大会审议通过的 2025 年中期利润分配方案为：以公司现有总股本 3,467,957,405 股为基数，向全体股东每 10 股派发现金红利人民币 3.20 元（含税）， 共派发现金红利人民币 1,109,746,369.60 元（含税），占公司 2025 年半年度合并报表 归属于上市公司股东的净利润的比例约为 40.10%。本次分配不进行资本公积金转增股本， 不送红股。 本次分配以实施权益分派股权登记日登记的总股本为基数，本次分配预案公告后至 实施本次权益分派的股权登记日期间，如公司总股本发生变动，公司拟维持分配总额不 变 ...

Core Insights - The industrial metals sector experienced a rise of 1.58% on October 21, with Wanshun New Materials leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Industrial Metals Sector Performance - Wanshun New Materials (300057) closed at 5.97, with a gain of 7.18% and a trading volume of 461,600 shares, amounting to a transaction value of 270 million [1] - Hongchuang Holdings (002379) closed at 19.44, up 6.87%, with a trading volume of 236,700 shares and a transaction value of 451 million [1] - Jinchengxin (603979) closed at 65.66, increasing by 5.66%, with a trading volume of 96,800 shares and a transaction value of 626 million [1] - Other notable performers include Yunnan Aluminum (000807) with a 4.56% increase and China Aluminum (601600) with a 2.99% increase [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 103 million from institutional investors, while retail investors experienced a net outflow of 370 million [2][3] - Major stocks like China Aluminum (601600) had a net inflow of 124 million from institutional investors, while retail investors had a net outflow of 104 million [3] - Yunnan Aluminum (000807) also showed significant institutional interest with a net inflow of 117 million [3]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Viewpoints - The trend of inventory reduction continues, driven by increased demand, and the aluminum price is expected to show stronger performance as inventory decreases [11] - The aluminum industry is anticipated to maintain high prosperity due to limited long-term supply growth and ongoing demand growth points [11] Summary by Sections 1. Prices - As of October 17, the LME three-month aluminum closing price was $2,778.5 per ton, a week-on-week increase of $32.5 per ton, and a year-on-year increase of $191.0 per ton [24] - The Shanghai aluminum active contract closing price was 20,910.0 yuan per ton, a week-on-week decrease of 70.0 yuan per ton, and a year-on-year increase of 320.0 yuan per ton [24] 2. Production - In September 2025, the electrolytic aluminum production was 3.615 million tons, a month-on-month decrease of 118,000 tons, and a year-on-year decrease of 74,000 tons [56] - The alumina production in September 2025 was 7.604 million tons, a month-on-month decrease of 135,000 tons, but a year-on-year increase of 38.3 million tons [56] 3. Inventory - As of October 16, the domestic mainstream consumption area electrolytic aluminum ingot inventory recorded 627,000 tons, a week-on-week reduction of 22,000 tons, indicating a potential return to the inventory reduction trend [7] 4. Key Companies and Earnings Forecast - Key companies include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" [5]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as investment opportunities [4]. Core Views - The report emphasizes that tariff uncertainties continue to disrupt the market, leading to increased demand for safe-haven assets like gold and silver, which have reached new highs [1][2]. - Industrial metal prices are expected to remain strong due to supply disruptions and optimistic macroeconomic forecasts, despite short-term volatility caused by tariffs [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage sectors [3]. - Precious metals are benefiting from strong central bank purchases and high expectations for interest rate cuts, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Tariff-induced short-term volatility is affecting copper prices, but supply disruptions are expected to support prices [2]. - Aluminum demand remains resilient, with a decrease in social inventory indicating a potential price stabilization [2][19]. - The report highlights key companies in the industrial metals sector, including Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Cobalt prices are rising due to new export quota regulations from the Democratic Republic of Congo, while lithium demand remains strong due to the growth of the electric vehicle market [3]. - Key companies recommended in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are expected to continue rising due to strong demand from central banks and geopolitical uncertainties [3]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zijin Gold [3].