Core Viewpoint - The China Securities 500 Growth ETF (562340) opened with a slight increase of 0.24%, indicating a stable market performance despite fluctuations in its constituent stocks [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (562340) opened at 1.229 yuan [1] - Since its establishment on April 25, 2024, the fund has achieved a return of 22.72% [1] - The fund's performance over the past month has seen a decline of 3.99% [1] Group 2: Constituent Stocks Performance - Among the major holdings, Huagong Technology decreased by 0.19%, and Kaiying Network fell by 0.13% [1] - Dongwu Securities increased by 0.22%, while Hengxuan Technology dropped by 0.81% [1] - Other notable movements include a 7.81% increase in Jereh Holdings and a 0.03% increase in Shunluo Electronics [1]

Group 1 - The company held its 19th meeting of the sixth board of directors on December 2, 2025, in Shanghai, with all 7 directors present [2] - The board approved a financing limit of up to 23 billion yuan for the year 2026, which includes various financing methods such as bank loans and credit guarantees [2][4] - The board also approved a guarantee limit of up to 23 billion yuan for the same period, allowing the company and its subsidiaries to provide guarantees for financing and daily operations [4][45] Group 2 - The company plans to change its registered address from Zhejiang Province to Xinjiang Province to align with its strategic deployment [6][40] - The board approved the convening of the third extraordinary shareholders' meeting of 2025, scheduled for December 18, 2025, in Shanghai [8][12] Group 3 - The company disclosed that the total amount of external guarantees provided by the company and its subsidiaries is 28.353 billion yuan, which accounts for 105.67% of the latest audited net assets [74] - The company has no overdue guarantees and has not faced any lawsuits related to guarantees [75]

Core Points - Tianshan Aluminum announced a guarantee for financing and daily operations for itself and its wholly-owned subsidiaries, with a total new guarantee amount not exceeding 23 billion yuan [1] - As of the announcement date, the company's external guarantee balance (excluding guarantees between consolidated subsidiaries) is 28.353 billion yuan, which accounts for 105.67% of the company's most recent audited net assets [1] Summary by Category - **Company Actions** - Tianshan Aluminum will provide guarantees for financing and daily operations for the year 2026, with a limit of 23 billion yuan [1] - **Financial Position** - The current external guarantee balance stands at 28.353 billion yuan, representing 105.67% of the latest audited net assets [1]

天山铝业集团股份有限公司 章 程 （2025 年 12 月修订） | 第一节 | 股份发行 2 | | | --- | --- | --- | | 第二节 | 股份增减和回购 | 4 | | 第三节 | 股份转让 5 | | | 第一节 | 股东 5 | | | 第二节 | 控股股东和实际控制人 | 8 | | 第三节 | 股东会的一般规定 | 9 | | 第四节 | 股东会的召集 | 12 | | 第五节 | 股东会的提案与通知 | 13 | | 第六节 | 股东会的召开 | 14 | | 第七节 | 股东会的表决和决议 | 17 | | 第一节 | 董事 21 | | | 第二节 | 董事会 24 | | | 第三节 | 独立董事 27 | | | 第四节 | 董事会专门委员会 | 30 | | 第一节 | 财务会计制度 | 33 | | 第二节 | 内部审计 36 | | | 第三节 | 会计师事务所的聘任 | 37 | | 第一节 | 通知 37 | | | 第二节 | 公告 38 | | | 第一节 | 合并、分立、增资和减资 38 | | | 第二节 | 解散和清算 39 | | 天山铝业集团股份 ...

一、关于变更公司住所的基本情况 为契合公司战略部署，实现资源集约化运营，公司拟将住所由"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。 二、关于《公司章程》的修订说明 《公司章程》具体修订内容如下： | 序号 | 修订前条文 | 修订后条文 | | --- | --- | --- | | 1 | 第五条 公司住所：浙江省温岭市大溪镇 | 第五条 公司住所：新疆石河子市开发区 | | | 大洋城工业区，邮政编号：317525 | 北工业园区北二三路 号，邮政编号： 1 | | | | 832000 | 证券代码：002532 证券简称：天山铝业 公告编号：2025-093 天山铝业集团股份有限公司 关于修订《公司章程》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（以下简称"公司"或"天山铝业"）于 2025 年 12 月 2 日召开第六届董事会第十九次会议，审议通过了《关于变更公司住所并修订 <公司章程> ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-092 天山铝业集团股份有限公司 关于 2026 年度对外担保额度预计的公告 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（以下简称"公司"或"本公司"）于 2025 年 12 月 2 日召开第六届董事会第十九次会议审议并通过了《关于 2026 年度对外担保额度预计 的议案》，并将该议案提交公司股东会审议，现将具体内容公告如下： | 被担保方 | 投资类型 | 被担保方 最近一期 资产负债 | 截至目 前担保 | 本次新增 | 担保额度 占上市公 司最近一 | 是否 关联 | | --- | --- | --- | --- | --- | --- | --- | | | | | 余额 | 担保额度 | 期净资产 | 担保 | | | | 率 | | | 比例 | | | 新疆生产建设 兵团第八师天 | | | | | | | | | 全资子公司 | 42.06% | 1,700,500 | 1,100,000 | 41.00% | 否 | | 山铝业有限公 | | | ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-094 1、股东会届次：2025 年第三次临时股东会 天山铝业集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 一、召开会议的基本情况 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 18 日 14:45 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 12 月 18 日 9:15 至 15:00 的任意时间。 6、会议的股权登记日：2025 年 12 月 11 日 7、出席对象： （1）在股权 ...

1、以 7 票同意、0 票反对、0 票弃权，审议通过了《关于 2026 年度向金融 机构申请融资额度的议案》 证券代码：002532 证券简称：天山铝业 公告编号：2025-091 天山铝业集团股份有限公司 第六届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 天山铝业集团股份有限公司（以下简称"公司"）第六届董事会第十九次会议 于 2025 年 12 月 2 日 14:00 在上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 层会议室召开，会议通知于 2025 年 11 月 29 日以电子邮件方式向全体董事发出。 会议采取现场表决方式召开，应到董事 7 人，实到董事 7 人。本次董事会会议由 董事长曾超林主持，部分高级管理人员列席了会议。本次董事会会议的召开符合 法律法规和公司章程的规定。 二、董事会会议审议情况 经与会董事认真审议，会议通过如下决议： 董事会同意公司（包括子公司、孙公司）2026 年度（自 2026 年 1 月 1 日起 至 2026 年 12 月 31 日止）向金融机构申请融资额 ...

Investment Rating - The report maintains a "Buy" rating for the non-ferrous and steel sectors, indicating a positive outlook for investment opportunities in these industries [9][10]. Core Viewpoints - The report suggests that a cross-year market for gold and copper may unfold, making it an opportune time to invest in non-ferrous metals [9][10]. - It highlights that the copper supply shortage is expected to continue, which may drive up copper prices, while strict control over smelting capacity could lead to improved profitability for midstream players [9][10]. - The report also emphasizes the bullish outlook for gold prices, projecting a rise to $4,500 per ounce by the end of 2025 and potentially exceeding $5,000 per ounce in 2026 [9][10]. - For the electrolytic aluminum sector, the report suggests that despite recent stock dilution, the overall supply-demand dynamics remain intact, presenting opportunities for investment [9][10]. Summary by Sections Non-Ferrous Metals - The report notes a 3.37% increase in the non-ferrous metals sector, driven by a significant rise in copper prices due to supply constraints and inflation expectations [9][10]. - It highlights the historical high copper premium set by Codelco, which is expected to further tighten supply [9][10]. - The report recommends focusing on investment opportunities in copper, gold, and aluminum sectors [9][10]. Steel Industry - The report indicates a slight decrease in iron and steel production, with rebar consumption at 2.28 million tons, down 1.23% week-on-week but up 1.15% year-on-year [16][21]. - It mentions that overall steel inventory continues to decline, with total social and steel mill inventories down by 2.15% [23][24]. - The profitability of most steel products has significantly improved due to rising costs, with the average price index for common steel rising by 0.42% [26][35]. New Energy Metals - The report states that lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth [39][40]. - It also notes that the production of new energy vehicles continues to grow, with October 2025 production reaching 1.68 million units, up 19.94% year-on-year [43][46]. - The report highlights price increases in lithium and cobalt, with lithium carbonate priced at 93,300 yuan per ton, reflecting a slight decrease of 0.27% week-on-week [49][50].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price is experiencing high-level fluctuations due to inventory depletion and macroeconomic factors, including expectations of interest rate cuts by the Federal Reserve [6][10] - The demand for aluminum is gradually entering a low season, with the aluminum water conversion rate facing downward pressure [10] - Long-term supply growth in the aluminum industry is limited, while demand still has growth points, indicating sustained high prosperity in the industry [10] Summary by Sections 1. Price - As of November 28, the LME three-month aluminum closing price is $2865.0 per ton, up $57.0 from the previous week, a 2.0% increase week-on-week, and up $263.0 year-on-year, a 10.1% increase [22] - The Shanghai aluminum active contract closing price is 21610.0 yuan per ton, up 270.0 yuan from the previous week, a 1.3% increase week-on-week, and up 1035.0 yuan year-on-year, a 5.0% increase [22] - The average price of A00 aluminum in Changjiang is 21430.0 yuan per ton, up 70.0 yuan from the previous week, a 0.3% increase week-on-week, and up 910.0 yuan year-on-year, a 4.4% increase [22] 2. Production - In November 2025, the aluminum production is 363.7 million tons, a decrease of 10.6 million tons month-on-month, and a decrease of 6.6 million tons year-on-year [51] - The alumina production in November 2025 is 743.9 million tons, a decrease of 34.6 million tons month-on-month, but an increase of 15.2 million tons year-on-year [51] 3. Inventory - As of November 27, the domestic mainstream consumption area aluminum ingot inventory is 596,000 tons, a decrease of 25,000 tons week-on-week, indicating a continued trend of inventory reduction [7] - The aluminum rod inventory is 131,000 tons, down 6500 tons week-on-week, reflecting a steady decline in inventory [7] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.25 yuan for 2024, increasing to 2.54 yuan in 2025E and 2.77 yuan in 2026E [5] - Tianshan Aluminum (002532.SZ) is rated "Buy" with an EPS forecast of 0.96 yuan for 2024, increasing to 1.00 yuan in 2025E and 1.27 yuan in 2026E [5] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 1.91 yuan for 2024, increasing to 2.13 yuan in 2025E and 2.56 yuan in 2026E [5]