Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，云铝股份发布公告称，公司拟续聘安永华明会计师事务所（特殊普通合 伙）为2025年度财务审计机构和内部控制审计机构。 ...

Group 1 - The company announced the appointment of Mr. Huang Li as the new general manager [1]

（编辑 任世碧） 证券日报网讯 8月20日晚间，云铝股份发布公告称，公司第九届董事会第十四次（临时）会议审议通过 了《关于续聘安永华明会计师事务所（特殊普通合伙）为公司2025年度财务审计机构和内部控制审计机 构的预案》等多项议案。 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-027 云南铝业股份有限公司关于 续聘安永华明会计师事务所（特殊普通合伙）为公司 2025 年度 财务审计机构和内部控制审计机构的公告 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.拟续聘的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下简称"安 永华明"）。 2.拟续聘的会计师事务所事项符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）于 2025 年 8 月 20 日召开 第九届董事会第十四次（临时）会议，会议审议通过了《关于续聘安永华明会计师事务所（特 殊普通合伙）为公司 2025 年度财务审计机构和内部控制审计机构的预案》，拟续聘安永华明 为公司 2025 年度财务审计机构和内部控制审计机构。现将有关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 安永华明于 1992 年 9 月成立，2012 ...

云南铝业股份有限公司 第九届董事会第十四次（临时）会议决议公告 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 重大遗漏。 一、董事会会议召开情况 （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 十四次（临时）会议通知于 2025 年 8 月 18 日（星期一）以书面、传真或电子邮件的方式 发出。 （二）会议于 2025 年 8 月 20 日（星期三）以通讯表决方式召开。 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-026 （一）《关于续聘安永华明会计师事务所（特殊普通合伙）为公司 2025 年度财务审 计机构和内部控制审计机构的预案》 根据公司规范运作的需要，结合董事会审计委员会的建议，决定继续聘任安永华明会 计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构和内部控制审计机构。 本议案在提交董事会审议前已经公司董事会审计委员会审议通过。具体内容详见公司 在指定信息披露媒体上披露的《云南铝业股份有限公司关于续聘安永华明会计师事务所 （特殊普通合伙）为公司 2025 年度财务审计机构和内部控制审计机构的公 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-028 云南铝业股份有限公司 关于提名董事候选人及聘任总经理的公告 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"）于 2025 年 8 月 20 日召 开的第九届董事会第十四次（临时）会议审议通过了《关于补选黄力先生为公司董事的预 案》及《关于聘任黄力先生为公司总经理的议案》。 根据工作需要，经公司董事会提名委员会进行资格审查，公司董事会同意提名黄力先 生为公司第九届董事会非独立董事候选人，并同意其经公司股东大会选举为非独立董事后 担任公司第九届董事会战略委员会委员、提名委员会委员，任期自公司股东大会选举通过 之日起至公司第九届董事会届满之日止。同时，公司董事会同意聘任黄力先生为公司总经 理，任期自公司第九届董事会第十四次（临时）会议审议通过之日起至公司第九届董事会 届满之日止。黄力先生简历附后。 特此公告。 云南铝业股份有限公司董事会 2025 年 8 月 20 日 国家环境友好企业 1 绿色铝·在云铝 云铝股份 黄力先生简历： ...

Group 1 - The core viewpoint of the news highlights the growth in China's alumina production, with a projected output of 7.75 million tons by June 2025, reflecting a year-on-year increase of 7.8% [1] - In the first half of 2025, China's cumulative alumina production reached 45.151 million tons, marking a cumulative growth of 9.3% [1] - The report referenced is the "2025-2031 China Alumina Industry Development Model Analysis and Future Outlook Report" published by Zhiyan Consulting [1] Group 2 - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), Shenhuo Co., Ltd. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Hongchuang Holdings (002379), Minfa Aluminum (002578), and Ningbo Fubang (600768) [1]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1]. Core Viewpoints - The aluminum processing sector is witnessing a recovery in operating rates, with expectations for inventory to reach a turning point. The upcoming "Golden September and Silver October" peak season is anticipated to boost demand [11]. - The macroeconomic environment is leaning towards favorable conditions, with expectations of interest rate cuts by the Federal Reserve and a temporary suspension of tariffs between China and the U.S. [6]. - The report highlights that the current low inventory levels and reduced aluminum ingot supply provide support for aluminum prices [11]. Summary by Sections 1. Prices - As of August 15, the LME three-month aluminum closing price was $2,603.0 per ton, down $12.0 from the previous week but up $276.0 year-on-year [24]. - The Shanghai aluminum active contract closing price was 20,770.0 yuan per ton, up 85.0 yuan week-on-week and up 1,755.0 yuan year-on-year [24]. - The average price of A00 aluminum in Changjiang was 20,680.0 yuan per ton, up 50.0 yuan week-on-week and up 1,750.0 yuan year-on-year [24]. 2. Production - In July 2025, the production of electrolytic aluminum was 3.721 million tons, an increase of 112,000 tons month-on-month and 168,000 tons year-on-year [55]. - The production of alumina in July 2025 was 7.650 million tons, up 392,000 tons month-on-month and 808,000 tons year-on-year [55]. 3. Inventory - As of August 14, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 588,000 tons, an increase of 24,000 tons week-on-week [7]. - The inventory of aluminum rods was 138,500 tons, down 4,000 tons week-on-week, indicating a continuous decline due to reduced production by manufacturers [7]. 4. Key Companies and Earnings Forecast - Key companies in the aluminum sector include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yunnan Aluminum, all rated as "Buy" [5].

Group 1 - The core point of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A fund, which has shown positive returns since its inception [1] - The fund's latest net value is 1.3793 yuan, with a weekly return of 2.43%, a three-month return of 12.44%, and a year-to-date return of 14.46% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Holdings, Tencent Holdings, China National Offshore Oil Corporation, Chuan Yi Co., Ltd., Sinopharm Holdings, Zhuhai Yinhai Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1]