Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2] Core Viewpoints - The report highlights a strong performance in the metals sector, with the non-ferrous metals index outperforming the broader market indices [3][4] - It emphasizes the upward trend in industrial metal prices, particularly copper and aluminum, driven by supply-demand dynamics and macroeconomic factors [3][9] - The report suggests a long-term bullish outlook for gold prices due to central bank purchasing trends and geopolitical uncertainties [3][21] Weekly Market Review - The Shanghai Composite Index rose by 1.91%, while the non-ferrous metals index increased by 5.11%, outperforming the CSI 300 by 3.16 percentage points [3][4] - Year-to-date, the non-ferrous metals index has risen by 17.99%, significantly outpacing the CSI 300 [4][8] - Key metal price movements include a 7.33% increase in copper and a 5.37% rise in aluminum over the past week [3][9] Price Changes - Industrial metal prices saw increases: copper up by 2.54%, aluminum by 1.78%, and zinc by 5.65% [3][15] - Precious metals experienced a decline, with gold prices down by 2.90% [3][15] - Lithium prices showed a slight increase, with battery-grade lithium carbonate rising by 1.67% [3][15] Supply and Demand Analysis - Copper supply remains tight, with domestic social inventory decreasing by 1.6 million tons [3][29] - Aluminum production capacity is stable, with a reported operating rate of 97.6% [3][46] - Steel production has increased, but demand from downstream sectors has softened, leading to a mixed outlook for the steel market [3][67] Key Company Valuations - Notable companies in the sector include Zijin Mining, with a PE ratio of 25, and China Aluminum, with a PE ratio of 16 [3][18] - The report suggests focusing on companies with stable earnings and dividend attributes, such as Baosteel and Shandong Steel [3][19]

Group 1 - The core viewpoint of the report emphasizes the sustained upward trend in gold prices driven by ongoing U.S. fiscal pressures and geopolitical issues, while silver is expected to enter a phase of catch-up growth [1][2] - The report predicts that the precious metals market will continue to benefit from a weakening U.S. dollar credit system, with gold's price center expected to rise due to multiple converging factors [2][3] - Silver's supply-demand dynamics are projected to maintain a deficit throughout the year, creating a favorable environment for price increases, especially as the gold-silver ratio is expected to converge downward during the easing cycle [1][2] Group 2 - The industrial metals sector is anticipated to experience price increases due to a combination of limited supply and low inventory levels, particularly for copper and aluminum, which are expected to see demand elasticity release [2][3] - The report highlights that the global economy is likely to remain in a loose monetary environment, which will support industrial metal prices and enhance demand driven by domestic policy [2][3] - The energy metals sector is currently in a clearing phase, with demand from sectors like electric vehicles and photovoltaics expected to remain resilient, although the overall supply-demand balance is still skewed towards excess [3] Group 3 - Investment recommendations suggest focusing on companies with significant cost advantages and expected volume growth in the coming years, including Zijin Mining, Chifeng Jilong Gold Mining, Shandong Gold, Luoyang Molybdenum, Tianshan Aluminum, Yun Aluminum, Huayou Cobalt, and Zhongjin Resources [4]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, suggesting potential investment opportunities in this sector [2]. Core Views - The report highlights that gold prices are currently fluctuating at high levels, influenced by the Federal Reserve's decision to maintain interest rates and ongoing geopolitical tensions [2][20]. - The report emphasizes the long-term trend of central banks, particularly in China, increasing their gold reserves, which is expected to support gold prices in the future [20]. - The industrial metals sector is experiencing a tightening supply-demand balance, with specific recommendations for companies in copper and aluminum sectors due to their favorable market conditions [2][29][42]. Weekly Market Review - The Shanghai Composite Index fell by 0.51%, while the Shenzhen Component Index decreased by 1.16% [4]. - The non-ferrous metals index dropped by 3.57%, underperforming the CSI 300 index by 3.12 percentage points [4]. - Year-to-date, the non-ferrous metals index has risen by 12.25%, outperforming the CSI 300 index by 14.49 percentage points [7]. Price Changes - Industrial metals and precious metals saw varied price changes, with copper prices down by 0.12% and aluminum prices up by 1.86% [13]. - Gold prices on COMEX decreased by 1.98%, while silver prices fell by 1.15% [13]. - Lithium prices showed a decline, with battery-grade lithium carbonate down by 1.07% [13]. Precious Metals - The report notes that gold prices are influenced by the Federal Reserve's interest rate decisions and geopolitical developments [2][20]. - China's central bank has resumed increasing its gold reserves, which is expected to bolster market confidence in gold [20]. Industrial Metals - In the copper sector, the report indicates a slight increase in domestic social inventory, while exchange inventories have decreased [29]. - The report suggests that the copper supply is tightening, with recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][29]. - For aluminum, the report highlights a decrease in downstream processing enterprise operating rates, indicating a potential upward trend in aluminum prices [42]. Steel Industry - The report indicates that steel production has increased, while downstream demand has also risen, leading to stable prices for rebar [64]. - The report emphasizes the importance of monitoring supply-side production adjustments and export demand changes in the steel sector [2].

Core Viewpoint - The article discusses the evolution of policies in China's aluminum profile industry, emphasizing the shift towards high-quality development, green technology, and international competitiveness in the sector [1][3][7]. Policy Evolution - The aluminum profile industry's policy development has followed the macro policies of the aluminum processing industry, transitioning from capacity restrictions to promoting new materials and enhancing recycling technology [1]. - Key milestones include the 2011 "12th Five-Year Plan" which aimed to control the blind expansion of electrolytic aluminum capacity and the 2024 announcement to cancel export tax rebates for aluminum products to guide domestic enterprises towards high-quality development [1][3]. National Policy Summary - The Chinese government has made comprehensive plans for the aluminum profile industry, focusing on green and low-carbon development, particularly in the "14th Five-Year Plan" [3]. - Recent policies include the cancellation of export tax rebates to encourage high-quality development and the promotion of standards for aluminum alloys and composite materials [3][7]. Key Policy Documents - A summary of key policies includes: - "High-Quality Development Implementation Plan (2025-2027)" aiming for a significant increase in aluminum resource security and recycling capacity by 2027 [4]. - "Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry" targeting a 30% share of benchmark energy efficiency capacity by 2025 and a recycling aluminum output of 11.5 million tons [11][12]. Provincial Policy Initiatives - Various provinces have introduced policies to enhance the aluminum processing industry, focusing on safety, technological advancement, and environmental sustainability [13][14]. - For instance, Guangdong aims to improve energy efficiency levels of aluminum products by 5% by 2025, while Jiangsu plans to update significant equipment in aluminum processing facilities by 2027 [18]. Future Outlook - The demand for aluminum alloy new materials is expected to grow significantly, driving technological reforms and development in the aluminum profile industry [17].

Group 1: Resource Acquisition and Development Plans - The company plans to enhance its bauxite resource acquisition capabilities by accelerating the transition from exploration to mining and ensuring resource continuity [1] - Active participation in resource exploration within Yunnan Province and surrounding areas is a priority for the company [1] - Future industrial layout of alumina will be considered based on the acquisition of bauxite resources [1] Group 2: Dividend Policy - The company aims to maintain a "shareholder-centric" approach, gradually increasing the annual cash dividend ratio to no less than 30% of the distributable profits achieved in that year [1] - The dividend policy will be adjusted in line with the company's operational performance to enhance investor returns [1] Group 3: Alloy Industry Development - Future development of the aluminum alloy industry will be guided by national and regional policies, focusing on strengthening and extending the industry chain [2] - The company seeks to enhance its overall competitiveness and risk resistance in the aluminum alloy sector [2]

Core Viewpoint - Yunnan Aluminum Co., Ltd. has announced the profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 624,232,332.90 to be distributed to shareholders based on the current total share capital [1][2]. Profit Distribution Plan - The profit distribution plan approved by the shareholders' meeting involves a cash dividend of RMB 0.18 per share for every 10 shares held, based on a total share capital of 3,467,957,405 shares [2][3]. - The total cash dividend amounts to RMB 624,232,332.90, and there will be no capital reserve fund conversion into share capital or issuance of bonus shares [1][2]. Key Dates - The record date for the distribution of rights is set for June 25, 2025, and the ex-dividend date is June 26, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to the accounts of shareholders through their securities companies on the ex-dividend date [3][4]. - Specific shareholders will receive cash dividends directly from the company, while others will have their dividends distributed through the China Securities Depository and Clearing Corporation [3]. Consultation Information - For inquiries, shareholders can contact the company at its office in Kunming, Yunnan Province, with provided contact details [3].

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-023 云南铝业股份有限公司 2024 年度利润分配实施公告 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"）2024 年度利润分配方 案已获 2025 年 6 月 6 日召开的 2024 年年度股东大会审议通过，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 2024 年度利润分配方案为：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 1.8 元（含税），共 派发现金红利人民币 624,232,332.90 元（含税）。本次分配不进行资本公积金转增股 本，不送红股。剩余未分配利润结转以后年度分配。 本次利润分配方案公告后至实施前，如公司股本发生变化，公司将保持分配总额不 变，按照调整每股分配比例的原则进行相应调整。 （二）本次利润分配方案自披露至实施期间公司股本总额未发生变化。 （三）本次实施的分配方案与股东大会审议通过的分 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-022 云南铝业股份有限公司 关于更换职工监事的公告 本公司及监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。 近日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）收到骆灵芝女士 以书面形式提交的辞职报告。因个人原因，骆灵芝女士辞去公司职工监事职务。根据《公 司法》、云铝股份《公司章程》等有关规定，骆灵芝女士的辞职报告自送达公司之日起生 效。截止本公告披露日，骆灵芝女士持有公司股份 200 股，骆灵芝女士承诺，将严格遵守 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》以及《深圳证券交易 所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关法律 法规的规定。 根据《公司法》、云铝股份《公司章程》等有关规定，公司于 2025 年 6 月 17 日召开 了职工代表会议，选举赵从甫先生为公司第九届监事会职工监事，任期自职工代表会议审 议通过之日起至第九届监事会任期届满之日止。赵从甫先生简历附后。 特此公告。 云南铝业股份有限公司监事会 2025 年 6 月 ...

Group 1 - In 2024, China's bauxite production is expected to be approximately 93 million tons, remaining stable compared to 2023 due to environmental regulations and mining restrictions [1] - China's alumina production is projected to reach about 85.52 million tons in 2024, reflecting a year-on-year growth of 3.9% [2] - The output of electrolytic aluminum in China is estimated to be around 44.01 million tons in 2024, showing a year-on-year increase of 4.6% [4] Group 2 - China's recycled aluminum production is anticipated to be about 10.5 million tons in 2024, continuing its growth trend despite previous slowdowns [5][8] - The production of aluminum processing materials in China is expected to be around 64.6 million tons in 2024, with a year-on-year growth of 4.2%, accounting for 67.15% of the global total [9]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [12][14]. Core Insights - Geopolitical military conflicts have led to increased capital inflow into precious metals, driving strong upward momentum in prices [6]. - The U.S. Federal Reserve is expected to continue its interest rate cuts, which supports the bullish trend in gold prices [12]. - Domestic demand for copper and aluminum is expected to weaken in the short term, but long-term supply-demand dynamics remain tight, supporting prices [12]. Summary by Sections Precious Metals - Gold prices have risen due to geopolitical tensions and continued purchases by the People's Bank of China, which increased its gold reserves by 60,000 ounces in May [6][12]. - The report notes that after a period of consolidation, gold prices are likely to enter a new upward phase [6]. Copper and Aluminum - Domestic macroeconomic indicators show a slight decline in demand, with China's May CPI at -0.1% and PPI at -3.3% [7][29]. - Despite weak downstream demand, low domestic inventory levels are expected to support copper and aluminum prices, which are projected to experience wide fluctuations [11][12]. Tin and Antimony - Tin prices are expected to remain strong due to supply constraints and declining inventories, with domestic refined tin prices at 265,680 RMB/ton [12]. - Antimony prices are under pressure due to weak demand, but long-term supply constraints are expected to support prices [12]. Key Recommendations - The report recommends specific stocks within each sector, including Zijin Mining and Zhongjin Gold for gold, and various companies for copper and aluminum [14][16].