铜作为新时代的"黄金"，在中美贸易摩擦的背景下，其战略价值日益凸显。供应端方面，全球铜矿品位 下降、资本开支长期不足带来的新增矿山项目有限以及矿端扰动加剧共同制约供应增长，导致铜精矿市 场持续偏紧。需求端来看，受益于全球宽松货币周期与绿色转型趋势，电力投资、新能源汽车及数据中 心建设等领域对铜的需求形成有力支撑。在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望保 持上行态势。基于资源稀缺性与产业链地位，建议重点关注资源储量丰富、产能规划明确的头部企业紫 金矿业(601899.SH)与洛阳钼业(603993.SH)。 铝：电解铝供需偏紧，行业维持高景气度 智通财经APP获悉，中原证券发布研报称，在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望 保持上行态势。该行预计2026年电解铝平均价格水平在2.2万元/吨左右。同时随着电解铝企业盈利能力 不断增强，公司纷纷提高分红比例，股息率在不断提升，板块具有红利属性。受到美联储进入降息周 期、国内一系列利好政策施放显效、经济保持向好态势，海内外对有色金属需求增加，该行维持有色金 属及新材料行业评级为"强于大市"，建议关注铜、铝、黄金和超硬材料板块。 在美联储货币 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108] Core Views - The report highlights that copper prices are experiencing high volatility due to the Federal Reserve's expectations of a rate cut in December, with recent price changes showing a decline of 1.38% for London copper and 1.43% for Shanghai copper [5][25] - The report indicates a potential shift in the copper supply-demand balance from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mining and frequent supply disruptions [5] - The aluminum market is facing macroeconomic disturbances, leading to a decline in aluminum prices, but a long-term upward trend is still anticipated due to stable demand growth [5][37] - Lithium prices are entering a new cycle driven by demand, with significant price increases observed in lithium carbonate and lithium spodumene [5][78] - The cobalt market remains tight, with prices expected to continue rising due to ongoing supply constraints [5][90] Summary by Sections 1. Industry Overview - The report notes that the U.S. non-farm payrolls exceeded expectations, with 119,000 jobs added in September, impacting market sentiment [9] - The overall performance of the non-ferrous metals sector showed a decline of 6.75%, underperforming the Shanghai Composite Index by 2.85 percentage points [11][12] 2. Industrial Metals 2.1 Copper - London copper prices fell by 1.38%, while Shanghai copper prices decreased by 1.43%, with inventories rising significantly [25] - The copper smelting profit margin is reported at -1909 yuan/ton, indicating a narrowing loss [25] 2.2 Aluminum - London aluminum prices decreased by 2.24%, and Shanghai aluminum prices fell by 2.32%, with a notable increase in inventory levels [37] - The profit margin for aluminum enterprises dropped to 5533 yuan/ton, down 8.56% [37] 2.3 Lead and Zinc - Lead prices fell by 3.97% in London and 2.19% in Shanghai, with significant inventory changes [50] - Zinc prices also saw a decline, with smelting processing fees dropping to 2350 yuan/ton [50] 2.4 Tin and Nickel - Tin prices decreased slightly, while nickel prices also saw a decline, with domestic nickel iron enterprises reporting reduced profitability [63] 3. Energy Metals 3.1 Lithium - Lithium prices have shown significant increases, with lithium carbonate rising to 92,300 yuan/ton, reflecting a strong demand-driven cycle [78] 3.2 Cobalt - Cobalt prices are on the rise, with domestic prices reaching 405,000 yuan/ton, indicating a tightening supply situation [90]

Core Viewpoint - Yun Aluminum Co., Ltd. has shown significant stock performance with a year-to-date increase of 79.66%, despite a recent decline of 6.29% over the last five trading days [1] Group 1: Stock Performance - As of November 24, Yun Aluminum's stock price reached 23.41 CNY per share, with a market capitalization of 81.185 billion CNY [1] - The trading volume was 8.22 billion CNY, with a turnover rate of 1.03% [1] - The stock has experienced a 2.32% increase over the last 20 days and a 36.82% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Yun Aluminum reported a revenue of 44.072 billion CNY, representing a year-on-year growth of 12.47% [2] - The net profit attributable to shareholders for the same period was 4.398 billion CNY, reflecting a year-on-year increase of 15.14% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Yun Aluminum has distributed a total of 6.069 billion CNY in dividends, with 3.884 billion CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 8.51% to 79,100, while the average number of circulating shares per person increased by 9.30% to 43,857 shares [2][3] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 269 million shares, an increase of 72.0936 million shares from the previous period [3]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price has recently retreated from high levels due to fluctuating expectations regarding the Federal Reserve's interest rate cuts, with a notable drop in aluminum prices observed [6][9] - The demand for aluminum is entering a traditional off-season, leading to concerns about inventory levels and price stability [9] - Long-term prospects for the aluminum industry remain positive due to limited supply growth and potential demand increases, justifying the "Recommended" rating [9] Summary by Sections Price - As of November 21, the LME three-month aluminum closing price was $2808.0 per ton, down $500.0 from the previous week, a 2.3% decrease [13] - The Shanghai aluminum active contract closing price was 21340.0 yuan per ton, reflecting a 2.4% decrease compared to the previous week [19] Production - In October 2025, the aluminum production was 3.742 million tons, a month-on-month increase of 3.5% and a year-on-year increase of 4.7% [50] - The alumina production for the same month was 7.785 million tons, also showing a month-on-month increase of 2.4% and a year-on-year increase of 12.6% [50] Inventory - As of November 20, the domestic mainstream consumption area of aluminum ingot inventory recorded 621,000 tons, with a slight decrease of 2,500 tons from the previous week [7] - The overall inventory situation remains a concern as the market enters the off-season, with potential risks of inventory accumulation [9] Key Companies and Earnings Forecast - Key companies in the industry include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" [5]

Core Viewpoint - The report highlights the growth of China's alumina production, indicating a significant increase in output and projecting future trends in the industry [1]. Industry Overview - As of September 2025, China's alumina production reached 8 million tons, reflecting a year-on-year growth of 8.7% [1]. - Cumulatively, from January to September 2025, the total alumina production in China was 68.56 million tons, with an overall increase of 8.4% compared to the previous year [1]. Companies Involved - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Hongchuang Holdings (002379), Minfa Aluminum (002578), and Ningbo Fubang (600768) [1]. Research and Analysis - The report titled "Analysis of Development Models and Future Prospects of China's Alumina Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]. - Zhiyan Consulting has been dedicated to industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1].

Core Viewpoint - China is a significant player in the global aluminum die-casting alloy industry, with the market size expected to reach 215.26 billion yuan in 2024, reflecting a year-on-year increase of 3.67% driven by the automotive market, electronics industry, and high-end equipment manufacturing [1][10]. Industry Overview - Aluminum die-casting alloys are produced through die-casting processes, primarily composed of silicon, manganese, magnesium, and trace elements, with production involving melting, refining, molding, and pouring [3]. - The industry benefits from the lightweight, high strength, and corrosion resistance of aluminum die-casting alloys, which are widely used in automotive, aerospace, medical, military, and electronic sectors [3]. Market Size and Growth - The aluminum die-casting alloy market in China is projected to grow, supported by the country's large automotive market and rapid advancements in the electronics sector [1][10]. - The global aluminum die-casting alloy market is expected to reach $142.78 billion by 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031 [10]. Competitive Landscape - International companies like Nemak, Ahresty, and Ryobi dominate the industry due to their technological expertise and extensive market presence [10]. - Domestic companies such as Aikodi, Wencan Group, and Guangdong Hongtu are emerging as significant players, benefiting from China's market demand and industrial support [10]. Industry Trends - The industry is moving towards precision and high performance, driven by the increasing quality and performance requirements from the automotive sector, especially for electric vehicles [12]. - There is a growing demand for customized solutions, necessitating improved customer communication and tailored product designs [13]. - The industry is also expanding into international markets, seeking to enhance competitiveness and brand influence through global partnerships and participation in international events [14].

Core Viewpoint - China Aluminum Corporation (中铝) has announced a capital increase agreement involving Yunnan Aluminum Foil (云南铝箔) and several subsidiaries, totaling RMB 906 million, aimed at enhancing the aluminum industry chain and supporting national carbon reduction strategies [1][2]. Group 1: Capital Increase Details - The capital increase will involve cash and asset contributions from China Aluminum High-end (中铝高端), Yunnan Aluminum (云铝股份), and Kunming Copper (昆明铜业), with contributions of RMB 229 million, RMB 500 million, and RMB 177 million respectively [1]. - After the capital increase, Yunnan Aluminum Foil's registered capital will rise from RMB 800 million to RMB 1.147 billion, with shareholdings of 68.31% for China Aluminum High-end, 9.06% for Northwest Aluminum (西北铝), 16.70% for Yunnan Aluminum, and 5.93% for Kunming Copper [1]. Group 2: Strategic Implications - The capital increase is expected to optimize Yunnan Aluminum's production capabilities, enhance local aluminum liquid conversion, and increase alloying rates, aligning with national dual carbon strategies and aluminum industry development plans [2]. - Yunnan Aluminum Foil plans to establish a new energy high-precision aluminum plate and foil project, which is anticipated to yield significant economic benefits upon completion [2].

Core Viewpoint - China Aluminum Corporation (Chinalco) has announced a capital increase agreement involving Yunnan Aluminum Foil, which will enhance its production capabilities and align with national carbon reduction strategies [1][2] Group 1: Capital Increase Details - Chinalco's subsidiaries, including Chinalco High-end, Yunnan Aluminum, and Kunming Copper, will contribute a total of RMB 906 million to Yunnan Aluminum Foil, with specific contributions of RMB 229 million, RMB 500 million, and RMB 177 million respectively [1] - Following the capital increase, Yunnan Aluminum Foil's registered capital will rise from RMB 800 million to RMB 1.147 billion, with ownership stakes of 68.31%, 9.06%, 16.70%, and 5.93% held by Chinalco High-end, Northwest Aluminum, Yunnan Aluminum, and Kunming Copper respectively [1] Group 2: Strategic Implications - The capital increase will enable Yunnan Aluminum to optimize its aluminum industry chain, promote local conversion of primary aluminum, and enhance alloying rates, supporting the national "dual carbon" strategy [2] - Yunnan Aluminum Foil plans to establish a new energy high-precision aluminum plate and foil project, which is expected to yield significant economic benefits upon completion [2]

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with a notable increase in production and a positive outlook for the coming years [1] Industry Summary - As of September 2025, China's aluminum alloy production reached 1.78 million tons, marking a year-on-year increase of 17.1% [1] - From January to September 2025, the cumulative production of aluminum alloys in China totaled 14.116 million tons, reflecting a cumulative growth of 15.9% [1] - The report by Zhiyan Consulting outlines the market operation pattern and strategic analysis of the aluminum alloy industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), Mingtai Aluminum (601677), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Yiqiu Resources (601388), Haomei New Materials (002988), Asia Pacific Technology (002540), and Shunbo Alloy (002996) [1]

Core Points - The chairman of Yunnan Aluminum Co., Ltd. (Yun Aluminum) has resigned due to work changes, and the board has appointed Huang Li to act as the chairman temporarily until a new chairman is elected [2][6][8] Group 1: Resignation and Transition - Ji Shujun has submitted his resignation as the chairman and other positions within the company, effective immediately upon delivery to the board [2][6] - The board expressed gratitude for Ji Shujun's contributions during his tenure, highlighting his efforts in promoting the company's development as a leading green and low-carbon aluminum enterprise [2][6] Group 2: Board Meeting and Decisions - The 18th (temporary) meeting of the 9th board of directors was held on November 20, 2025, with all 10 directors present [4][5] - The board unanimously approved the proposal to appoint Huang Li as the acting chairman and legal representative of the company [5][7] - A proposal to elect Zhang Dejiao as a non-independent director was also approved, pending shareholder approval [8][9] Group 3: Upcoming Shareholder Meeting - The company will hold its third temporary shareholder meeting on December 9, 2025, combining on-site and online voting [16][17] - The meeting will allow shareholders to vote on the proposed election of Zhang Dejiao and other matters [9][24]