Group 1 - The AMAC Nonferrous Metals Index increased by 0.81%, closing at 3387.8 points with a trading volume of 36.511 billion [1] - The AMAC Nonferrous Metals Index has risen by 8.81% in the past month, 21.63% in the past three months, and 21.46% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Nonferrous Metals Index include Northern Rare Earth (8.77%), China Aluminum (5.63%), and Huayou Cobalt (5.56%) [1] - The market capitalization distribution shows that 52.51% of the holdings are from the Shenzhen Stock Exchange, while 47.49% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Nonferrous Metals Index shows that raw materials account for 96.48%, industrials for 2.09%, information technology for 1.07%, and consumer discretionary for 0.36% [2]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4][6][10]. Core Views - The report highlights a significant increase in the probability of interest rate cuts, which has led to rising prices for both industrial and precious metals. The macroeconomic environment is expected to support metal prices in the second half of the year [2][4]. - Industrial metals are anticipated to benefit from ongoing macroeconomic policy support in China, with a focus on the "14th Five-Year Plan" and continued investment in infrastructure [2][4]. - Precious metals, particularly gold, are expected to see a long-term upward trend due to central bank purchases and weakening US dollar credit [4][6]. Summary by Sections Industrial Metals - Copper prices have been affected by the US imposing a 50% tariff on semi-finished copper, leading to a significant drop in COMEX copper prices. However, domestic demand is showing signs of recovery with an increase in the operating rate of copper rod enterprises to 71.73% [2][4]. - Aluminum production capacity remains stable, but demand is weak due to seasonal factors, with social inventory increasing to 544,000 tons [2][4]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Cobalt prices are expected to rise due to the impact of the Democratic Republic of Congo's mining ban, while lithium prices have seen a rapid decline amid cautious market sentiment [3][4]. - Nickel prices are projected to remain strong due to low inventory levels and increased purchasing activity from downstream sectors [3][4]. - Recommended companies include Huayou Cobalt and Zangge Mining [3][4]. Precious Metals - Gold prices are expected to rise due to strong central bank purchases and a favorable macroeconomic environment, with the report highlighting a long-term upward trend for gold prices [4][6]. - Silver prices are also expected to increase, driven by industrial demand and recovery in the market [4][6]. - Key companies recommended include Shandong Gold, Zhongjin Gold, and Zijin Mining [4][6].

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 a recent net value of 1.3060 yuan and has experienced a weekly return of -3.04% [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] - 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 Smelter Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1] Group 2 - The fund has achieved a return of 8.78% over the past three months and 8.37% year-to-date [1]

Group 1 - The core viewpoint of the news is that Yun Aluminum Co., Ltd. (云铝股份) has experienced a decline in stock price and a mixed performance in its latest financial results, indicating potential challenges ahead for the company [1][3]. - As of July 31, 2025, Yun Aluminum's stock closed at 15.56 yuan, down 3.71%, with a trading volume of 598,000 hands and a transaction amount of 939 million yuan [1]. - The company's latest quarterly report shows total operating revenue of 14.411 billion yuan, a year-on-year increase of 26.89%, while net profit attributable to shareholders decreased by 16.26% to 974 million yuan [1]. Group 2 - The company has a current ratio of 2.081, a quick ratio of 1.414, and a debt-to-asset ratio of 23.97%, indicating a relatively strong liquidity position [1]. - Yun Aluminum has made investments in 30 enterprises and participated in 5,000 bidding projects, showcasing its active engagement in the market [2]. - The company holds 41 trademark registrations and 265 patents, along with 71 administrative licenses, reflecting its commitment to innovation and compliance [2].

来源：金融界 金融界消息 截至2025年7月30日收盘，云铝股份（000807）报收于16.16元，下跌0.31%，换手率 1.09%，成交量37.90万手，成交金额6.14亿元。 资金流向方面，今日主力资金净流出5279.57万元，占比成交额8.59%。其中，超大单净流出1333.82万 元、占成交额2.17%，大单净流出3945.74万元、占成交额6.42%，中单净流出流入831.20万元、占成交 额1.35%，小单净流入4448.37万元、占成交额7.24%。 云铝股份最新一期业绩显示，截至2025一季报，公司营业总收入144.11亿元、同比增长26.89%，归属净 利润9.74亿元，同比减少16.26%，扣非净利润9.70亿元，同比减少6.30%，流动比率2.081、速动比率 1.414、资产负债率23.97%。 天眼查商业履历信息显示，云南铝业股份有限公司，成立于1998年，位于昆明市，是一家以从事有色金 属冶炼和压延加工业为主的企业。企业注册资本346795.7405万人民币，实缴资本346795.7405万人民 币。公司法定代表人为冀树军。 通过天眼查大数据分析，云南铝业股份有限公司共对外投资了 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

Core Viewpoint - In Q2 2025, active equity public funds continued to increase their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings in this sector rising to 2.21% of total stock investments [1][2]. Group 1: Fund Holdings and Sector Performance - Active equity public funds primarily increased their positions in the A-share precious metals and rare metals sectors, focusing on major commodity leaders such as gold and copper, while also significantly increasing holdings in rare earth and silver stocks [1][4]. - The market value of heavy holdings in the A-share non-ferrous metal sector rose by 0.03 percentage points from Q1 2025, marking two consecutive quarters of increased investment in this industry [2][3]. Group 2: Sector-Specific Insights - In Q2 2025, the market value proportions of various non-ferrous metal sub-sectors within active equity public funds were as follows: copper (0.89%), aluminum (0.19%), lead-zinc (0.11%), gold (0.48%), rare earth (0.07%), lithium (0.03%), and others, with notable changes in their respective holdings compared to Q1 2025 [3]. - The top ten A-share non-ferrous metal stocks held by active equity public funds accounted for 73.31% of the total market value of all heavy holdings in this sector, reflecting a 0.08 percentage point increase from Q1 2025 [4].

Investment Rating - The report suggests a positive investment outlook for the aluminum industry, highlighting the potential for high prices due to stable demand and controlled supply [4][8]. Core Insights - Aluminum is the most abundant metal on Earth, with Guinea holding the largest bauxite reserves at approximately 7.4 billion tons, accounting for 25.52% of global reserves [4][21]. - The global electrolytic aluminum production is projected to reach 72 million tons in 2024, with China maintaining a dominant position at 43 million tons, representing 60% of the total [4][67]. - The report emphasizes the growth potential of the green aluminum industry, particularly in regions like Yunnan, which benefits from abundant hydropower resources [5][70]. Summary by Sections Global Bauxite Resource Status - Bauxite is primarily found in Guinea, Australia, and other countries, with China having a relatively low reserve of 2.34% [21]. - In 2024, global bauxite production is expected to be 45 million tons, with Guinea contributing 13 million tons, or 28.89% [27]. Global Bauxite Production - The top three producers of bauxite in 2024 are Guinea (13 million tons), Australia (10 million tons), and China (9.3 million tons) [27][28]. - China imports significant amounts of bauxite from Guinea and Australia, with imports of 110.58 million tons and 39.89 million tons, respectively [27]. Global Alumina Production - The global alumina production is projected to be 142 million tons in 2024, with China producing 84 million tons, accounting for 60% of the total [37]. - China's alumina capacity is expanding rapidly, with a year-on-year growth of 6.86% [37]. Global Electrolytic Aluminum Production - The report indicates that the global electrolytic aluminum production will reach 72 million tons in 2024, with China leading at 43 million tons [67]. - The demand for electrolytic aluminum is expected to grow due to the increasing use in renewable energy sectors [89]. Yunnan's Clean Energy Advantage - Yunnan province has a significant advantage in clean energy, with hydropower accounting for 71.22% of its total electricity generation in 2024 [70]. - The province is positioned to support high-energy-consuming industries like electrolytic aluminum production [70]. Investment Opportunities - The report identifies Yunnan's green aluminum industry as having substantial growth opportunities due to its resource advantages and the EU's carbon tax policy [5][8]. - Companies like Yun Aluminum are highlighted as leaders in the green aluminum sector, with a comprehensive production capacity and a focus on sustainable practices [79].

Group 1: Production and Supply - The company's electrolytic aluminum production line is operating at full capacity, with no expected impact from power restrictions due to favorable water supply in Yunnan province this year [1] - The electricity procurement cost remains controllable as it is determined through market-based pricing [1] - The company adopts a market-based pricing model for alumina procurement, maintaining reasonable inventory levels based on production needs [1] Group 2: Financial Performance and Dividends - In 2024, the total dividend amount is approximately CNY 1.422 billion, accounting for 32.23% of the net profit attributable to shareholders [2] - The company aims to maintain a cash dividend ratio of no less than 30% of the distributable profits each year, with plans to increase the dividend amount as operational performance improves [2] Group 3: Resource Acquisition and Sustainability - The company plans to accelerate the process of converting exploration to mining and enhance the acquisition of bauxite resources, while also participating in resource exploration within Yunnan province [2] - There is a focus on developing a green aluminum integrated industrial chain to ensure long-term returns for shareholders [2] Group 4: Green Aluminum Market - The company is the largest supplier of green low-carbon aluminum in China, with some downstream enterprises accepting a premium for its green aluminum products [3] - Future strategies include leveraging the green aluminum brand advantage to expand into high-end markets such as photovoltaic power, national defense, rail transportation, and electronics [3]