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].

Market Overview - The Shanghai Composite Index rose by 0.7% to 3902.81, while the Shenzhen Component Index increased by 1.08% to 13147.68, and the ChiNext Index gained 1.36% to 3109.30 [1][2] - A total of 4427 stocks closed higher, while 914 stocks closed lower, indicating a positive market sentiment [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 176.8 billion compared to the previous trading day [1] Performance Metrics - The 20-day performance for the Shanghai Composite Index showed a decline of 2.37%, while the Shenzhen Component Index experienced a decrease of 1.91% [2] - The annual performance for the Shanghai Composite Index is up by 16.44%, and the Shenzhen Component Index has increased by 26.24% [2] - The ChiNext Index has seen a significant annual increase of 45.19% [2] Sector Performance - Sectors such as insurance, precious metals, and commercial aerospace showed strong gains, while traditional sectors like Chinese medicine and film exhibition faced declines [2] - The electric aluminum concept stocks experienced volatility, with companies like Hongchuang Holdings and Yun Aluminum reaching historical highs [2] - The robotics sector saw a rebound, with companies like Boke Technology rising over 10% [2] Notable Stock Movements - The stock of Moer Thread opened high with a 468% increase, leading to significant profits for investors [2] - Companies in the Fujian sector, such as Sanmu Group and Haixin Food, reached their daily limit [2] - The AI glasses concept saw a surge, with Doctor's Glasses rising over 10% [2] Market Sentiment - The overall market sentiment is improving, with a board sealing rate close to 80% [2] - The National Development and Reform Commission has allocated 35.5 billion for investment projects, indicating government support for economic growth [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-05 | 000807 | 云铝股份 | 25.00 | 8.00 | 200.00 国元证券股份有限 | 国元证券股份有限 | | | | | | | 公司深圳深南大道 | 公司深圳深南大道 | | | | | | | 中国凤凰大厦营业 | 中国凤凰大厦营业 | | | | | | | 部 | 司 | 12月5日，云铝股份大宗交易成交8万股，成交额200万元，占当日总成交额的0.11%，成交价25元，较 市场收盘价28.31元折价11.69%。 ...

Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1668.3 points on December 5, with a 1.95% increase and a trading volume of 32.01 billion yuan, indicating positive market sentiment towards state-owned enterprises [1]. Group 1: Index Performance - The index saw 43 constituent stocks rise, with Electric Power Investment leading at a 6.96% increase, while 6 stocks declined, with China Merchants Shekou leading the decline at 1.91% [1]. - The top ten constituent stocks of the index include BOE Technology Group (9.31% weight, 4.26 yuan, 5.19% increase) and Huatai Securities (3.84% weight, 5.19 yuan, 1.96% increase) [1]. Group 2: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.242 billion yuan, while retail investors experienced a net outflow of 365 million yuan [3]. - Major stocks like BOE Technology Group had a net inflow of 901 million yuan, while other stocks like Tongling Nonferrous Metals saw a net inflow of 205 million yuan [3]. Group 3: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 stocks, reflecting changes in market dynamics [4]. - New additions include Zhongmi Holdings (total market value 7.349 billion yuan) and Gujing Gongjiu (total market value 87.906 billion yuan), while removals include Xinyu Media and Yanghe Brewery [4].

12月5日云铝股份大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | | | | | 国元证券股份有限公司深圳 | 国元证券股份有限公司深圳 | | 8.00 | 200.00 | 25.00 | -11.69 | 深南大道中国凤凰大厦营业 | 深南大道中国凤凰大厦营业 | | | | | | 部 | 部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，云铝股份今日收盘价为28.31元，上涨5.95%，日换手率为1.82%，成交额为 17.65亿元，全天主力资金净流入3683.79万元，近5日该股累计上涨14.62%，近5日资金合计净流入2.08 亿元。 两融数据显示，该股最新融资余额为10.06亿元，近5日增加4143.51万元，增幅为4.29%。 据天眼查APP显示，云南铝业股份有限公司成立于1998年03月20日，注册资本346795.7405万人民币。 （ ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry index is experiencing a strong upward trend, driven by rising prices of industrial metals like copper and aluminum, with expectations of sustained price increases in the long term [1] - As of December 5, 2025, the non-ferrous metal industry index (399395) rose by 1.10%, with notable increases in stocks such as Zhongfu Industrial (600595) up 8.21%, Nanshan Aluminum (600219) up 6.72%, and Shenhuo Co. (000933) up 4.42% [1] - The non-ferrous ETF fund (159880) also saw an increase of 0.79%, marking its third consecutive rise, with the latest price reported at 1.79 yuan [1] Group 2 - Factors such as the demand from new energy vehicles, data centers, and the renewal of power grids in Europe and the US are expected to significantly increase the demand for copper and aluminum [1] - The top ten weighted stocks in the non-ferrous metal industry index as of November 28, 2025, include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [1]

Core Insights - COMEX gold, silver, and copper prices experienced a decline, while aluminum prices rose over 3%, indicating strong performance in aluminum-related stocks [1] - As of the end of November, COMEX gold has appreciated over 52% this year, but the volatility has increased significantly, leading to a widening divergence in market sentiment [1] - Central bank activities regarding gold purchases or sales are identified as the primary explanatory variable for current gold prices, with recent sales by the Philippine and Russian central banks raising concerns about overvaluation [1] Group 1 - COMEX gold prices have seen a significant increase of over 52% year-to-date as of November [1] - The volatility in gold prices has intensified, with a notable increase in market divergence [1] - Central banks' gold purchasing and selling activities are crucial factors influencing gold price movements, with recent sales by the Philippine and Russian central banks indicating potential overvaluation [1] Group 2 - The outlook for central bank gold purchases and increased investment demand is expected to support higher precious metal prices in the medium to long term [2] - Short-term factors such as low inventory levels and potential demand release are likely to increase price elasticity, with silver recently reaching new highs [2] - Key resistance levels for London gold are identified at 4250 and 4400, with support at 4000 [2]

中国铝业（601600）(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港元。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 消息面上，中国铝业近日宣布，云铝股份（000807）拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫 股权。这三家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有 利于云铝股份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做 优做强核心主业的战略目标。 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2227.58 points, down 0.36%, with a trading volume of 18.448 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 18 stocks rose while 31 stocks fell, with XCMG Machinery leading the gainers at 3.44% and Yanghe Brewery leading the decliners at 2.43% [1] Group 1: Index Performance - The Shenzhen State-Owned Enterprises Shareholder Return Index reported a decline of 0.36% on the trading day [1] - The total trading volume for the index was 18.448 billion yuan, indicating a relatively low turnover rate of 0.74% [1] Group 2: Stock Performance - The top-performing stock was XCMG Machinery, which increased by 3.44% [1] - The worst-performing stock was Yanghe Brewery, which decreased by 2.43% [1] - The index's top ten constituents included major companies such as BOE Technology Group, Hikvision, and Wuliangye, with varying weightings and market capitalizations [1] Group 3: Capital Flow - The index constituents experienced a net outflow of 769 million yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [3] - XCMG Machinery had a net inflow of 118 million yuan from institutional investors, despite overall negative trends in capital flow for many stocks [3] Group 4: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 existing stocks, reflecting changes in market dynamics [4] - Notable additions included companies from various sectors such as machinery, transportation, and food and beverage [4]