Core Viewpoint - The report highlights the growth and production statistics of China's primary aluminum (electrolytic aluminum) industry, projecting a slight increase in production for 2025 and providing insights into investment opportunities within the sector [1]. Group 1: Industry Overview - As of October 2025, China's primary aluminum (electrolytic aluminum) production is expected to reach 3.8 million tons, reflecting a year-on-year growth of 0.4% [1]. - Cumulative production from January to October 2025 is projected to be 37.753 million tons, indicating a cumulative growth of 2% compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Dongyangguang (600673), Tianshan Aluminum (002532), and Minfa Aluminum (002578) [1]. Group 3: Research and Consulting - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports, business plans, feasibility studies, and customized services [1].

Group 1 - The core viewpoint of the news is that Tianshan Aluminum has shown significant stock performance, with a year-to-date increase of 104.04% and a recent rise of 7.32% over the last five trading days [1] - As of December 26, Tianshan Aluminum's stock price reached 15.25 CNY per share, with a market capitalization of 709.41 billion CNY [1] - The company reported a net inflow of 4.18 million CNY from major funds, indicating positive investor sentiment [1] Group 2 - For the period from January to September 2025, Tianshan Aluminum achieved a revenue of 22.32 billion CNY, reflecting a year-on-year growth of 7.34% [2] - The net profit attributable to shareholders for the same period was 3.34 billion CNY, which is an increase of 8.31% compared to the previous year [2] - The company has distributed a total of 7.48 billion CNY in dividends since its A-share listing, with 4.38 billion CNY distributed in the last three years [3] Group 3 - Tianshan Aluminum's main business revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and its raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1] - As of September 30, 2025, the number of shareholders decreased by 23.85% to 37,800, while the average circulating shares per person increased by 31.32% to 109,224 shares [2] - The company is classified under the non-ferrous metals industry, specifically in the aluminum sector, and is part of various concept sectors including battery foil and MSCI China [1]

Group 1 - The core stock price of Tianshan Aluminum increased by 2.00% to 14.78 CNY per share, with a total market capitalization of 68.755 billion CNY as of December 24 [1] - The company has seen a stock price increase of 97.75% year-to-date, with recent gains of 8.36% over the last five trading days, 16.10% over the last twenty days, and 38.74% over the last sixty days [1] - Tianshan Aluminum's main business includes the production and sales of primary aluminum (65.26% of revenue), alumina (24.20%), aluminum foil and related materials (6.89%), high-purity aluminum (2.10%), and other products (1.55%) [1] Group 2 - As of September 30, Tianshan Aluminum reported a total revenue of 22.321 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 7.34%, and a net profit attributable to shareholders of 3.340 billion CNY, up 8.31% year-on-year [2] - The company has distributed a total of 7.480 billion CNY in dividends since its A-share listing, with 4.381 billion CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 23.85% to 37,800, while the average circulating shares per person increased by 31.32% to 109,224 shares [2][3]

Group 1 - The company has completed the registration of business changes and obtained a new business license, changing its address from "Daxi Town, Dongyang City, Zhejiang Province" to "No. 1, North 23rd Road, North Industrial Park, Shihezi City, Xinjiang" [1] - The new business license includes the company's name, unified social credit code, legal representative, type, establishment date, registered capital of 4.65 billion yuan, and the new address [1] - The company's business scope includes non-ferrous metal smelting, processing, manufacturing of graphite and carbon products, and various technical services [1] Group 2 - The company held the 19th meeting of the 6th Board of Directors and the 3rd extraordinary general meeting of shareholders on December 2 and December 18, 2025, respectively, to approve the change of address and amendments to the Articles of Association [1] - The new business license was issued by the Market Supervision Administration of the 8th Division of the Xinjiang Production and Construction Corps [1]

Core Viewpoint - Tianshan Aluminum has completed the registration of business changes and obtained a new business license, indicating a significant operational shift for the company [2] Group 1: Company Changes - The company has changed its registered address from "Daxizhen Dayangcheng Industrial Zone, Wenling City, Zhejiang Province" to "No. 1, North Ersan Road, North Industrial Park, Shihezi City, Xinjiang" [2] - The new business license was issued by the Market Supervision Administration of the Eighth Division of the Xinjiang Production and Construction Corps [2]

关于完成工商变更登记并取得新营业执照的公告 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、误导性陈述或重大遗漏。 天山铝业集团股份有限公司 二、新营业执照的基本信息 1、公司于近日完成了工商变更登记手续，并取得了由新疆生产建设兵团第 八师市场监督管理局换发的新营业执照，新营业执照基本信息如下： 名称：天山铝业集团股份有限公司 统一社会信用代码：91330000255498648W 法定代表人：曾超林 证券代码：002532 证券简称：天山铝业 公告编号：2025-097 一、本次变更的基本情况 天山铝业集团股份有限公司（以下简称"公司"）分别于 2025 年 12 月 2 日、 2025 年 12 月 18 日召开了第六届董事会第十九次会议、2025 年第三次临时股东 会，审议通过了《关于变更公司住所并修订<公司章程>的议案》，同意公司将 住所由"浙江省温岭市大溪镇大洋城工业区"变更为"新疆石河子市开发区北工业 园区北二三路 1 号"，并对《公司章程》的相关条款进行修订，修订后的条款以 主管市场监督管理局核准的为准。详情请见公司于 2025 年 12 月 3 日、2025 年 12 ...

Group 1 - Tianshan Aluminum's stock price reached a historical high, increasing by 2.22% to 14.72 yuan, with a trading volume of 13.96 million shares and a transaction amount of 202 million yuan, resulting in a total market capitalization of 68.48 billion yuan [1] - The non-ferrous metal industry, to which Tianshan Aluminum belongs, saw an overall increase of 0.80%, with 78 stocks rising, including Xianglu Tungsten Industry, Zhangyuan Tungsten Industry, and Haotong Technology, which rose by 9.99%, 9.00%, and 5.81% respectively [1] - The latest margin trading data shows that Tianshan Aluminum's margin balance is 445 million yuan, with a financing balance of 435 million yuan, reflecting a decrease of 26.21 million yuan over the past 10 days, a decline of 5.68% [1] Group 2 - For the first three quarters, Tianshan Aluminum reported a total operating income of 22.32 billion yuan, a year-on-year increase of 7.34%, and a net profit of 3.34 billion yuan, a year-on-year increase of 8.31%, with basic earnings per share of 0.7300 yuan and a weighted average return on equity of 11.89% [1]

Group 1 - The core viewpoint of the news is that Tianshan Aluminum has shown significant stock price growth and positive financial performance in recent periods [1][2] - As of December 23, Tianshan Aluminum's stock price increased by 2.08% to 14.70 CNY per share, with a total market capitalization of 683.83 billion CNY [1] - The company has experienced a stock price increase of 96.68% year-to-date, with notable gains of 11.62% in the last five trading days, 15.29% in the last twenty days, and 35.45% in the last sixty days [1] Group 2 - For the period from January to September 2025, Tianshan Aluminum reported a revenue of 22.321 billion CNY, representing a year-on-year growth of 7.34%, and a net profit attributable to shareholders of 3.340 billion CNY, up 8.31% year-on-year [2] - The company has distributed a total of 7.480 billion CNY in dividends since its A-share listing, with 4.381 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 23.85% to 37,800, while the average circulating shares per person increased by 31.32% to 109,224 shares [2][3]

Core Viewpoint - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields as of December 22, 2025. Group 1: Top Gainers - The top stock, 常宝股份 (Changbao Co., Ltd.), experienced a daily increase of 3.98% and a year-to-date increase of 65.00%, with a dividend yield of 2.71% over the past 12 months [1][9]. - 云天化 (Yuntianhua Co., Ltd.) ranked second with a daily increase of 2.88% and a year-to-date increase of 47.30%, offering a dividend yield of 5.36% [1][9]. - 中远海能 (COSCO Shipping Energy Transportation Co., Ltd.) saw a daily increase of 2.84% and a year-to-date increase of 5.08%, with a dividend yield of 1.58% [1][9]. Group 2: Dividend Yields and Performance - The index's average dividend yield is reported at 4.85%, with a historical price-to-earnings ratio of 11.57 times and a price-to-book ratio of 1.32 times [3]. - The stocks listed in the index are subject to a weight limit of 3% per stock and a maximum of 33% per GICS industry, ensuring diversified exposure [4]. Group 3: Additional Notable Stocks - Other notable performers include 天山铝业 (Tianshan Aluminum Co., Ltd.) with a year-to-date increase of 90.30% and a dividend yield of 2.78% [1][9]. - 南山铝业 (Nanshan Aluminum Co., Ltd.) achieved a year-to-date increase of 34.76% and a high dividend yield of 8.15% [1][9]. - 农业银行 (Agricultural Bank of China) reported a year-to-date increase of 50.87% with a dividend yield of 4.79% [1][9].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of the aluminum industry are weak, with domestic downstream demand entering the off - season and the开工 rate under pressure. Although the macro - atmosphere is good and many non - ferrous metals have risen, and technically, LME aluminum has broken through the resistance level, the aluminum price is expected to fluctuate at a high level. It is recommended to strengthen the wait - and - see for both Shanghai aluminum and cast aluminum alloy [4][5] 3. Summary by Directory 3.1 Weekly View - **Fundamental Analysis**: Domestic and foreign bauxite prices are expected to continue to decline under pressure. Alumina operating capacity remains stable, while electrolytic aluminum operating capacity increases slightly. The downstream demand is weak, and the overall demand is in the off - season. The inventory of aluminum ingots supports the aluminum price, and the demand for recycled cast aluminum alloy is gradually slowing down. The aluminum price is expected to fluctuate at a high level [4] - **Strategy Suggestion**: It is recommended to strengthen the wait - and - see for both Shanghai aluminum and cast aluminum alloy [5] 3.2 Macro - economic Indicators - The content mainly presents charts of US Treasury bond yields, the US dollar index, and RMB exchange rates, but no specific analysis is provided 3.3 Bauxite - Shanxi bauxite prices are temporarily stable, while Henan bauxite prices have dropped significantly. The mainstream transaction price of Guinea bulk ore has decreased by $0.6 per dry ton week - on - week to $69.9 per dry ton. Imported ore prices are expected to continue to decline due to increased supply, and $70 per dry ton is the key negotiation price for 2025 long - term contracts [11] 3.4 Alumina - As of last Friday, the alumina production capacity was 114.62 million tons (unchanged week - on - week), the operating capacity was 95.9 million tons (unchanged week - on - week), and the operating rate was 83.6%. The domestic spot weighted price was 2724.8 yuan/ton, a week - on - week decrease of 28.5 yuan/ton. The national alumina inventory was 458.5 million tons, a week - on - week increase of 102,000 tons. Alumina enterprises have a strong willingness to maintain stable production [14] 3.5 Alumina Important High - frequency Data - The content presents charts of alumina basis, port inventory, north - south price difference, and external transportation volume, without specific analysis 3.6 Electrolytic Aluminum - As of last Friday, the electrolytic aluminum production capacity was 45.302 million tons, a week - on - week increase of 30,000 tons; the operating capacity was 44.494 million tons, a week - on - week increase of 30,000 tons. Some enterprises have reduced production for technological transformation, while new production capacity such as Tianshan Aluminum and Zha Aluminum is gradually being put into operation [23] 3.7 Electrolytic Aluminum Important High - frequency Data - The content presents charts of aluminum import profit, Shanghai aluminum forward curve, aluminum rod processing fee, and动力煤 prices, without specific analysis 3.8 Inventory - The content presents charts of aluminum rod social inventory, aluminum ingot social inventory, SHFE aluminum futures inventory, and LME aluminum inventory, without specific analysis 3.9 Cast Aluminum Alloy - The operating rate of leading recycled aluminum alloy enterprises remained stable at 59.8% week - on - week. Since mid - December, the orders of downstream die - casting enterprises have weakened, and demand has gradually slowed down. Environmental protection control in Chongqing has also restricted the recovery of the local operating rate [35] 3.10 Cast Aluminum Alloy Important High - frequency Data - The content presents charts of aluminum profile prices, aluminum alloy futures forward curve, ADC12 - A00 price difference seasonal trend, and ADC12 aluminum alloy ingot import profit, without specific analysis 3.11 and 3.12 Downstream开工 - The overall operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.3% week - on - week to 61.5%. The operating rate of aluminum profile leading enterprises decreased by 1.4% week - on - week to 51.6%, and the operating rate of aluminum plate and strip leading enterprises remained stable at 65%. The operating rate of domestic cable leading enterprises has a pattern of strong expectations but weak reality, and the operating rate of leading primary aluminum alloy enterprises remained stable at 60% week - on - week [47][51]