Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with notable gains in various companies following comments from the Federal Reserve Chairman regarding potential interest rate cuts [1] Company Performance - Northern Copper Industry has reached its daily limit increase - Jiangxi Copper, Silver Nonferrous, Electrical Alloy, and Yunnan Copper have all surged over 5% - Other companies such as Luoping Zinc & Electricity, Zijin Mining, Luoyang Molybdenum, and Yun Aluminum have also seen significant gains [1]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Viewpoints - The macroeconomic environment is favorable, with expectations of a Federal Reserve interest rate cut, which is likely to support aluminum prices [6] - Downstream aluminum processing rates are recovering, indicating a potential increase in demand as the industry approaches the peak season [9] - Current low inventory levels and reduced aluminum supply are expected to provide price support [9] Summary by Sections 1. Prices - As of August 22, the LME three-month aluminum closing price is $2,622.0 per ton, while the Shanghai aluminum active contract closing price is ¥20,630.0 per ton, reflecting a week-on-week decrease of ¥140.0 per ton [19] - The average price of A00 aluminum in Changjiang is ¥20,750.0 per ton, up ¥70.0 from the previous week [19] 2. Production - In July 2025, the electrolytic aluminum production reached 3.721 million tons, a month-on-month increase of 11.2 million tons, and a year-on-year increase of 16.8 million tons [52] - The alumina production in July 2025 was 7.650 million tons, up 39.2 million tons month-on-month and 80.8 million tons year-on-year [52] 3. Inventory - As of August 21, the domestic electrolytic aluminum ingot inventory is 596,000 tons, with a week-on-week increase of 900 tons [7] - The aluminum rod inventory in major consumption areas is 124,500 tons, down 1,400 tons week-on-week, indicating a declining 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] - Earnings per share (EPS) forecasts for 2025 are as follows: China Hongqiao at ¥2.62, Tianshan Aluminum at ¥1.12, Shenhuo Co. at ¥2.13, China Aluminum at ¥0.91, and Yun Aluminum at ¥2.00 [5] 5. Demand - Downstream enterprises are increasing their inventory levels in anticipation of upcoming peak season orders, although the overall demand remains in a recovery phase [7] - The aluminum processing industry is experiencing a gradual revival, with the operating rate recorded at 50.5% as of August 21 [61]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting potential price increases for various metals due to rising demand and favorable macroeconomic conditions [2][4]. Core Views - The report emphasizes that the expectation of interest rate cuts by the Federal Reserve, combined with improving seasonal demand, is likely to drive up industrial metal prices [2][4]. - It identifies specific companies as key investment opportunities, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining, among others [2][4]. Summary by Sections Industrial Metals - The report notes that the SMM import copper concentrate index decreased by $3.47 per ton week-on-week, indicating stable demand with downstream purchases primarily driven by necessity [2]. - Aluminum production has slightly increased due to the commissioning of replacement capacity, and companies are beginning to stockpile for the upcoming peak season [2]. - Domestic electrolytic aluminum social inventory stands at 596,000 tons, with a weekly reduction of 11,000 tons [2]. Energy Metals - Cobalt supply continues to decrease, leading to expectations of a significant price increase, while lithium prices are expected to remain strong due to market dynamics [3]. - The report highlights that cobalt prices are likely to rise as domestic inventory continues to deplete [3]. - Nickel prices are also expected to increase due to low supply and rising demand from precursor manufacturers [3]. Precious Metals - The report indicates that the Federal Reserve's comments have bolstered expectations for interest rate cuts, which is likely to support gold prices [4]. - The People's Bank of China has increased its gold holdings for nine consecutive months, further supporting the bullish outlook for gold [4]. - The report suggests that if gold prices stabilize above $3,500 per ounce, it could present a significant investment opportunity [4]. Key Company Earnings Forecasts, Valuations, and Ratings - Zijin Mining: EPS forecast for 2024A is 1.21 CNY, with a PE ratio of 17, rated as "Buy" [4]. - Luoyang Molybdenum: EPS forecast for 2024A is 0.63 CNY, with a PE ratio of 18, rated as "Buy" [4]. - China Nonferrous Mining: EPS forecast for 2024A is 0.77 CNY, with a PE ratio of 11, rated as "Buy" [4].

Core Insights - The Invesco Great Wall State-Owned Enterprise Value Mixed A Fund (018294) has a latest net value of 1.3787 yuan, with a weekly return of -0.04%, a three-month return of 11.07%, and a year-to-date return of 14.41% [1] - The fund was established on May 30, 2023, and managed by Zou Lihua, with a total scale of 295 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm Holdings, Zhuhai Mining, Yun Aluminum, and CRRC Corporation, accounting for a total of 52.32% of the portfolio [1]

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 ...