Core Viewpoint - Shenhuo Co., Ltd. has shown a significant stock price increase of 53.33% year-to-date, despite a recent decline of 6.85% over the last five trading days, indicating volatility in its stock performance [1]. Group 1: Stock Performance - As of November 19, Shenhuo's stock price reached 25.15 CNY per share, with a market capitalization of 565.62 billion CNY [1]. - The trading volume was 7.46 billion CNY, with a turnover rate of 1.34% [1]. - The stock has experienced a 30.72% increase over the last 60 days and an 8.13% increase over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shenhuo reported a revenue of 310.05 billion CNY, reflecting a year-on-year growth of 9.50% [2]. - The net profit attributable to shareholders was 34.90 billion CNY, which represents a year-on-year decrease of 1.38% [2]. Group 3: Shareholder Information - As of November 10, the number of shareholders increased to 68,100, a rise of 4.13% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.96% to 33,003 shares [2]. - Shenhuo has distributed a total of 94.22 billion CNY in dividends since its A-share listing, with 58.43 billion CNY distributed over the last three years [3]. Group 4: Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 77.66 million shares, an increase of 38.67 million shares from the previous period [3]. - Southern CSI 500 ETF was the seventh largest circulating shareholder, holding 22.93 million shares, a decrease of 448,000 shares from the previous period [3].

Core Viewpoint - The aluminum industry in China is experiencing a slight decline in production, with a reported decrease of 1.5% year-on-year in September 2025, indicating potential challenges ahead for companies in this sector [1]. Group 1: Industry Overview - As of September 2025, China's aluminum production reached 5.976 million tons, reflecting a year-on-year decrease of 1.5% [1]. - Cumulative aluminum production from January to September 2025 totaled 49.768 million tons [1]. Group 2: Companies Involved - Listed companies in the aluminum sector include China Aluminum (601600), Yun Aluminum (000807), Shenhuo Co. (000933), Jiaozuo Wanfang (000612), and Nanshan Aluminum (600219) [1]. Group 3: Market Research - The report titled "2025-2031 China Aluminum Material Industry Market Development Potential and Investment Risk Forecast" by Zhiyan Consulting provides insights into the market dynamics and future trends in the aluminum industry [1][2].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a weekly increase of 1.07% from November 10 to November 14, outperforming the overall market index [14]. - Precious metals, particularly gold, are expected to maintain a bullish outlook in the medium term despite short-term fluctuations due to changing interest rate expectations [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.18%, while the non-ferrous metals sector ranked 16th among 31 sectors, outperforming the index by 1.25 percentage points [14]. - Precious metals increased by 2.77%, energy metals by 2.47%, and industrial metals by 1.56%, while small metals and new materials declined by 1.42% and 3.22%, respectively [14]. Industrial Metals - **Copper**: Prices rose with LME copper at $10,846 per ton (up 1.41%) and SHFE copper at ¥86,900 per ton (up 1.12%). Supply remains weak, with Codelco's September production down 7.2% year-on-year [2][31]. - **Aluminum**: LME aluminum reached $2,859 per ton (up 1.41%), driven by increased demand from the electric vehicle sector, where sales exceeded 50% of total new car sales in October [3][35]. - **Zinc**: Prices fell with LME zinc at $3,015 per ton (down 1.70%) and SHFE zinc at ¥22,470 per ton (down 1.30%). Zinc inventories increased, indicating a bearish trend [41]. - **Tin**: LME tin rose to $36,860 per ton (up 2.90%) due to reduced exports from Indonesia, which halved in October [45]. Precious Metals - **Gold**: COMEX gold closed at $4,084.40 per ounce (up 1.91%), while SHFE gold was at ¥953.20 per gram (up 3.47%). The resumption of U.S. government operations alleviated liquidity concerns, boosting prices [4][49]. - The Federal Reserve's hawkish comments and the lack of supporting economic data have led to a decrease in December rate cut expectations from 95% to around 50%, causing some price corrections in precious metals [50]. Inventory Changes - Copper inventories decreased, with LME at 135,700 tons (down 0.13%) and SHFE at 109,400 tons (down 4.89%) [29][34]. - Aluminum inventories increased slightly, with LME at 552,400 tons (up 0.57%) and SHFE at 114,900 tons (up 1.38%) [35].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Viewpoints - The coal price is expected to remain stable and slightly strong, with the northern port coal price reaching 834 RMB/ton, an increase of 17 RMB/ton week-on-week, as the industry anticipates an increase in daily consumption during the winter peak season [4][14][71] - The supply-demand balance in the coal market remains favorable, with stable production and a slight increase in port inventories, while non-electric demand from sectors like metallurgy and chemicals continues to support coal consumption [5][14][71] - The report highlights the investment value of coal companies, particularly those with strong cash flows and high dividend yields, amidst market volatility and external economic pressures [7][73] Summary by Sections 1. Thermal Coal - The northern port thermal coal price increased to 834 RMB/ton, with production capacity utilization in the Sanxi region stable at 89.79% [14][21] - Daily consumption at coastal and inland power plants showed a week-on-week change of -8.0 and +12.3 thousand tons, respectively, indicating a recovery phase [14][24] - The report notes a decrease in coal imports due to rising prices and lower acceptance from downstream users, while supply constraints from Indonesia and Russia are expected to limit import availability [14][71] 2. Coking Coal - Coking coal production capacity utilization increased by 0.37 percentage points to 84.2%, driven by recovery in some mines in Shanxi [5][72] - The average customs clearance volume at Ganqimaodu port rose to 1,366 trucks, indicating stable supply [5][72] - The report anticipates that despite short-term market sentiment fluctuations, coking coal prices will remain stable due to low production and inventory levels [6][72] 3. Coke - The supply-demand balance for coke remains stable, with some steel mills accepting a price increase of 50-55 RMB/ton, effective from November 15 [6][51] - The report indicates that independent coking plants have seen a decrease in production rates, while iron output has increased, supporting demand for coke [6][58] 4. Investment Focus - The report emphasizes the importance of focusing on robust coal companies such as China Shenhua, Shaanxi Coal, and Yanzhou Coal, which exhibit strong fundamentals and growth potential [7][9][73] - It suggests that investors should consider the value attributes of the coal sector, particularly in light of ongoing market dynamics and regulatory changes [7][73]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - Concerns over overseas electrolytic aluminum supply due to power shortages have led to aluminum prices surpassing 22,000 RMB/ton [11] - The macroeconomic environment remains favorable, with expectations of continued demand growth despite entering the traditional off-season [11] - The aluminum industry is expected to maintain high prosperity in the long term due to limited supply growth and potential demand increases [11] Summary by Sections Price - As of November 14, the LME three-month aluminum closing price was 2,858.5 USD/ton, a decrease of 3.5 USD/ton week-on-week but an increase of 330.5 USD/ton year-on-year [21] - The Shanghai aluminum active contract closing price was 21,840.0 RMB/ton, up 215.0 RMB/ton week-on-week and up 1,075.0 RMB/ton year-on-year [21] Production - In October 2025, electrolytic aluminum production was 3.742 million tons, an increase of 127,000 tons month-on-month and 168,000 tons year-on-year [51] - The production of alumina in October 2025 was 7.785 million tons, up 182,000 tons month-on-month and 872,000 tons year-on-year [51] Inventory - As of November 13, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 621,000 tons, with a slight decrease of 1,000 tons week-on-week [7] - The inventory of alumina at electrolytic aluminum plants was 3.281 million tons, an increase of 16,000 tons week-on-week [31] Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price 30.55 RMB, EPS forecast for 2025E is 2.65 RMB, with a PE ratio of 11.5, rated as "Buy" [5] - Tianshan Aluminum (002532.SZ): Price 14.02 RMB, EPS forecast for 2025E is 1.00 RMB, with a PE ratio of 14.0, rated as "Buy" [5] - Shenhuo Co. (000933.SZ): Price 25.73 RMB, EPS forecast for 2025E is 2.13 RMB, with a PE ratio of 12.1, rated as "Buy" [5] - China Aluminum (601600.SH): Price 11.66 RMB, EPS forecast for 2025E is 0.84 RMB, with a PE ratio of 13.8, rated as "Buy" [5] - Yun Aluminum (000807.SZ): Price 25.95 RMB, EPS forecast for 2025E is 1.88 RMB, with a PE ratio of 13.8, rated as "Buy" [5]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Market Overview - The industrial metal sector experienced a decline of 2.19% on November 14, with Shenhuo Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the industrial metal sector included: - Guocheng Mining (000688) with a closing price of 25.22, up 3.40% on a trading volume of 589,400 shares and a turnover of 1.508 billion [1] - Minfa Aluminum (002578) closed at 5.00, up 2.67% with a trading volume of 3.1543 million shares and a turnover of 1.621 billion [1] - Major decliners included: - Shenhuo Co. (000933) with a closing price of 25.73, down 4.63% on a trading volume of 601,500 shares [3] - Shengda Resources (000603) closed at 24.57, down 4.51% with a trading volume of 253,700 shares [3] Capital Flow - The industrial metal sector saw a net outflow of 3.963 billion in main funds, while retail investors contributed a net inflow of 2.957 billion [5] - Key stocks with significant capital flow included: - Zijin Mining with a main fund net inflow of 132 million, but a net outflow from retail investors of 41.48 million [5] - Hai Liang Co. (002203) had a main fund net inflow of 48.92 million, but also saw a retail net outflow of 41.32 million [5]

Group 1 - The core point of the article is that Shenhuo Co., Ltd. (000933) reported its latest number of shareholders as 68,100 as of November 10 [1]

Core Viewpoint - Shenhuo Co., Ltd. has shown significant stock price appreciation this year, with a year-to-date increase of 65.76% and notable gains over various trading periods, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of November 12, Shenhuo's stock price increased by 2.03%, reaching 27.19 CNY per share, with a trading volume of 396 million CNY and a turnover rate of 0.66%, resulting in a total market capitalization of 61.15 billion CNY [1]. - The stock has experienced a 65.76% increase year-to-date, with recent trading gains of 8.54% over the last five days, 21.17% over the last 20 days, and 43.71% over the last 60 days [2]. Group 2: Company Overview - Shenhuo Co., Ltd. was established on August 31, 1998, and listed on August 31, 1999. The company is primarily engaged in the production, processing, and sales of aluminum products and coal, with its main revenue sources being electrolytic aluminum (69.40%), coal (14.11%), and aluminum foil (6.41%) [2]. - The company operates within the non-ferrous metals industry, specifically in the industrial metals-aluminum sector, and is associated with concepts such as non-ferrous aluminum, thermal coal, battery foil, the Belt and Road Initiative, and scarce resources [2]. Group 3: Financial Performance - For the period from January to September 2025, Shenhuo reported a revenue of 31.005 billion CNY, reflecting a year-on-year growth of 9.50%. However, the net profit attributable to shareholders decreased by 1.38% to 3.49 billion CNY [2]. - The company has distributed a total of 9.422 billion CNY in dividends since its A-share listing, with 5.843 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of October 31, 2025, the number of shareholders in Shenhuo decreased by 10.16% to 65,400, while the average number of circulating shares per person increased by 11.31% to 34,365 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 77.6616 million shares, an increase of 38.6067 million shares compared to the previous period [3].