Meeting Details - The shareholder meeting of Yunnan Aluminum Co., Ltd. (referred to as "the company") was held on December 9, 2025, at 10:00 AM, with online voting available from 9:15 AM to 3:00 PM [4][5] - The meeting was attended by 949 shareholders and authorized representatives, holding a total of 2,096,376,290 shares, which represents 60.4499% of the company's total shares [7] - The meeting was legally convened and complied with relevant laws and regulations [6] Proposal Voting Results - The proposal to elect Mr. Zhang Dejiao as a director was approved with 2,088,218,200 votes in favor, accounting for 99.6109% of the valid votes [9] - A total of 8,057,071 votes were against the proposal, representing 0.3843% of the valid votes, and 101,019 votes were abstained [10] - Among minority investors, 98.7178% voted in favor of the proposal [11] Legal Opinions - The meeting was witnessed by lawyers from Yunnan Haihe Law Firm, who confirmed that the meeting's procedures and results were in compliance with applicable laws and regulations [13] Board Meeting Details - The 20th meeting of the 9th Board of Directors was held on the same day, December 9, 2025, with all 11 directors present [17] - The board approved the election of Mr. Zhang Dejiao as the chairman of the board, effective immediately [19] - The company will complete the necessary registration changes for the legal representative [20] Background of the New Chairman - Mr. Zhang Dejiao has extensive experience in the aluminum industry, having held various positions in companies such as Lanzhou Aluminum Co., Ltd. and China Aluminum Corporation [22] - He does not have any disqualifications or legal issues that would prevent him from serving as a director [23]

Group 1 - The core viewpoint of the articles indicates a positive trend in the non-ferrous metal industry, driven by expectations of monetary policy changes from the Federal Reserve, which may lead to increased prices for metals like copper and aluminum [1][2]. - As of December 10, 2025, the non-ferrous metal industry index (399395) rose by 0.74%, with significant gains in stocks such as Yunnan Zhenye (6.35%) and Guocheng Mining (6.28%) [1]. - The non-ferrous ETF fund (159880) also saw an increase of 0.34%, reflecting the overall positive sentiment in the market [1]. Group 2 - According to Guokai Securities, the refined copper market is expected to face a supply tightness in 2026, leading to a bullish outlook for copper prices, especially if the Federal Reserve implements a significant easing policy [2]. - The forecast for aluminum indicates considerable uncertainty in supply-demand balance, but financial factors may dominate, with expectations that aluminum prices could exceed $3,000 per ton in London and 23,000 yuan per ton in Shanghai in 2026 [2]. - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, highlighting the concentration of market performance among these key players [3].

Group 1 - The company Yun Aluminum Co., Ltd. announced the election of Mr. Zhang Dejiao as the chairman during its board meeting held on December 9, 2025 [1] - For the first half of 2025, the revenue composition of Yun Aluminum was as follows: non-ferrous metal smelting industry accounted for 58.12%, non-ferrous metal rolling processing industry accounted for 40.67%, and other industries accounted for 1.21% [1] - As of the report date, the market capitalization of Yun Aluminum is 93.9 billion yuan [1]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-052 云南铝业股份有限公司 2025 年第三次临时股东会决议公告 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、误导性陈述或者重 大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 （三）会议召开方式：本次股东会采用现场表决与网络投票相结合的方式。公司通过深 圳证券交易所交易系统和互联网投票系统向全体股东提供网络形式的投票平台，股东可以在 网络投票时间内通过上述系统行使表决权。 （四）会议召集人：公司董事会 （五）会议主持人：董事黄力先生（代行董事长职责） （六）会议召开的合法、合规性：本次股东会会议的召集、召开符合《公司法》《证券 法》及中国证券监督管理委员会、深圳证券交易所相关规章、指引和云铝股份《公司章程》 的规定。 （七）会议出席情况 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）召开时间 1.现场会议召开时间为：2025 年 12 月 9 日（星期二）上午 10:00 2.网络投票时间为：2025 年 12 月 9 日上午 09:15-下午 15:00 其中 ...

云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2025 年第三次临时股东会的 见 证 意 见 书 海合综（2025）第【310】号 1 云南海合律师事务所 见证意见书 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本所 指派郭晓龙、周张悦律师出席贵公司于 2025 年 12 月 9 日召开 的 2025 年第三次临时股东会（以下简称：本次会议）。本所律 师基于对本次会议的现场见证，依据《公司法》、《证券法》、《上 市公司股东会规则》等法律、法规的规定，按照《律师事务所 从事证券法律业务管理办法》和《律师事务所证券法律业务执 业规则（试行）》，就本次会议的相关事项发表见证意见如下： 一、本次会议的召集及通知 本次会议系贵公司 2025 年第三次临时股东会，由贵公司董 事会召集。贵公司董事会召集本次会议的书面通知于 2025 年 11 月 21 日刊登在《中国证券报》、《证券时报》、《证券日报》 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 ___________________________________________ ...

证券代码：000807 证券简称：云铝股份 公告编号：2025-053 云南铝业股份有限公司 第九届董事会第二十次会议决议公告 云铝股份 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。 一、董事会会议召开情况 （六）公司第九届董事会第二十次会议的召开符合《公司法》《证券法》《深圳证券 交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以现场结合通讯表决方式审议通过了《关于选举张得教先生为公司董事长的议案》， 具体内容如下： 根据工作需要，公司董事会同意选举张得教先生为公司第九届董事会董事长，任期自 本次董事会选举通过之日起至第九届董事会届满之日止。张得教先生简历附后。 根据《公司章程》的规定，董事长为公司的法定代表人，故公司法定代表人将变更为 张得教先生。公司将尽快完成法定代表人的工商登记变更手续。 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 二十次会议通知于 2025 年 11 月 28 日（星期五）以书面、传真或电子邮件的方式发出。 （ ...

Group 1: Precious Metals - Gold - The weakening of the US dollar credit remains the core logic for gold pricing in 2025, with a notable negative correlation between gold prices and the dollar's share in global foreign exchange reserves [11][12] - The Federal Reserve is expected to continue its rate-cutting cycle into 2026, which may support gold prices, especially with concerns over the independence of monetary policy due to potential changes in leadership [13][15] - The long-term trend of weakening US dollar credit is not expected to change, with the US fiscal deficit projected to reach 6.9% of GDP in 2024, indicating ongoing structural issues in the US fiscal system [16][17] Group 2: Industrial Metals - Supply constraints for copper are expected to intensify, with significant disruptions in overseas copper mining projects leading to a projected decrease in output by over 100,000 tons in 2025 [23][24] - The demand for copper is anticipated to grow significantly due to the rise of AI and data centers, with each MW of installed capacity requiring approximately 27 tons of copper [27][28] - The macroeconomic environment, characterized by a weak dollar and continued rate cuts by the Federal Reserve, is expected to drive copper prices upward [29][31] Group 3: Energy Metals - The supply of lithium and cobalt is expected to improve significantly due to the end of overseas capacity clearances and the implementation of supply constraint policies by major producing countries [33] - The demand for energy metals is projected to benefit from the resilience of battery technologies and the growth of the energy storage sector, leading to a positive supply-demand dynamic [33][34] Group 4: Tin - The supply of tin is tightening due to regulatory changes in Indonesia and ongoing production disruptions in Myanmar, with exports from Indonesia declining by approximately 20% year-on-year [45][46] - The global demand for refined tin is expected to grow, particularly in the electronics sector, driven by high semiconductor sales and the increasing use of tin solder in AI and high-performance computing applications [51]

Core Viewpoint - 2025 is expected to be a significant year for non-ferrous metal investments, with electrolytic aluminum being a key player in the industrial metals sector [1] Group 1: Market Performance - On December 5, the A-share electrolytic aluminum sector saw a significant rise, with Minfa Aluminum hitting the daily limit and nine other stocks, including Zhongfu Industrial and Hongchuang Holdings, rising over 5% [2][4] - Zhongfu Industrial has increased by 183.04% year-to-date, while other stocks like Yun Aluminum and Hongchuang Holdings have also seen gains exceeding 100% [5] Group 2: Price and Cost Dynamics - As of December 5, the main aluminum futures contract price has surpassed 22,000 yuan/ton, while the price of alumina, a core raw material for electrolytic aluminum, has dropped nearly 50% this year to 2,580 yuan/ton, significantly reducing operational costs for the electrolytic aluminum industry [5][6] - The profitability of the electrolytic aluminum industry is shifting from upstream alumina to the smelting end, with profit levels expected to exceed 4,500-5,000 yuan per ton by November 2025 [5] Group 3: Company Performance - Yun Aluminum's Q3 report shows a total revenue of 44.072 billion yuan, an increase of 12.47% year-on-year, with net profit rising by 15.14% to 4.398 billion yuan [6] - The cash inflow from operating activities for Yun Aluminum increased by 25.19% year-on-year, indicating improved financial health [6] Group 4: Future Outlook - Institutions maintain a positive outlook for the aluminum industry in 2026, citing limited domestic production capacity and structural resilience in demand, which supports the expectation of stable or rising aluminum prices [7] - Zhongjin Securities forecasts the average price of electrolytic aluminum to be around 22,000 yuan/ton in 2026, with increasing dividend payouts from companies enhancing the sector's attractiveness [7][8] - The potential for price surges exists if high-energy-consuming electrolytic aluminum production is disrupted or if sanctions on Russia are lifted, allowing for market-driven aluminum imports into China [8]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with expectations of interest rate cuts by the Federal Reserve, which has led to an increase in aluminum prices [6][11] - Domestic aluminum supply is slightly increasing due to new projects, while demand is expected to weaken as the year-end approaches [7][11] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases [11] Summary by Sections 1. Prices - As of December 5, 2025, the LME three-month aluminum closing price was $2900.5 per ton, up $35.5 from the previous week, and up $262.0 year-on-year [24] - The Shanghai aluminum active contract closing price was ¥22,345.0 per ton, an increase of ¥735.0 week-on-week and ¥1,765.0 year-on-year [24] - The average price of A00 aluminum in Changjiang was ¥22,150.0 per ton, up ¥720.0 week-on-week and ¥1,740.0 year-on-year [24] 2. Production - In November 2025, the production of electrolytic aluminum was 3.637 million tons, a decrease of 106,000 tons month-on-month and 66,000 tons year-on-year [56] - The production of alumina in November 2025 was 7.439 million tons, down 346,000 tons month-on-month but up 152,000 tons year-on-year [56] 3. Inventory - As of December 4, 2025, the inventory of electrolytic aluminum ingots in major consumption areas was 596,000 tons, unchanged week-on-week [7] - The inventory of alumina at electrolytic aluminum plants reached 3.365 million tons, with a weekly increase of 19,000 tons [34] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price ¥30.67, EPS forecast for 2025E is ¥2.54, with a "Buy" rating [5] - Tianshan Aluminum (002532.SZ): Price ¥14.07, EPS forecast for 2025E is ¥1.00, with a "Buy" rating [5] - Shenhuo Co. (000933.SZ): Price ¥27.20, EPS forecast for 2025E is ¥2.13, with a "Buy" rating [5] - China Aluminum (601600.SH): Price ¥11.40, EPS forecast for 2025E is ¥0.84, with a "Buy" rating [5] - Yun Aluminum (000807.SZ): Price ¥28.31, EPS forecast for 2025E is ¥1.88, with a "Buy" rating [5]

Core Viewpoint - The meeting of the Aluminum Branch of the China Nonferrous Metals Industry Association highlighted the current state and future direction of the aluminum industry, emphasizing the need for innovation, green transformation, and international cooperation to ensure sustainable development [2][3][6]. Group 1: Meeting Overview - The fourth council meeting of the Aluminum Branch was held in Kunming, Yunnan, with participation from various industry leaders and companies [2][3]. - The meeting summarized the work of the branch's secretariat over the past year and made adjustments to leadership positions and member units [3][36]. Group 2: Industry Insights - The aluminum industry is characterized by high resource dependence, accelerated overseas expansion, deepening green transformation, enhanced trade resilience, and overall improved efficiency since 2025 [6][37]. - Key areas for high-quality development in the aluminum industry include resource security, alumina reform, maintaining the electrolytic aluminum ceiling, extending aluminum processing, promoting green low-carbon manufacturing, expanding aluminum applications, enhancing international cooperation, and strengthening industry self-discipline [6][37]. Group 3: Recommendations and Future Directions - Recommendations for the industry's future include strengthening policy research, deepening innovation in services, promoting technological advancements, and fostering industry self-discipline [6][37]. - The new chairman of the Aluminum Branch emphasized the importance of aligning with national strategies, building cooperative platforms, and enhancing collaboration within the industry to achieve a strong aluminum sector [11][43]. Group 4: Company Highlights - Yunnan Aluminum Co., Ltd. has developed into a leading green aluminum supplier with significant production capacities, including 1.6 million tons of bauxite and 1.4 million tons of alumina [20][52]. - The company aims to become a benchmark for green aluminum enterprises through low-carbon transformation and technological innovation [20][52]. Group 5: Technical Reports - The meeting featured reports from experts on the current state and future trends of alumina and electrolytic aluminum technology, highlighting the need for innovation and development in these areas [24][56].