Group 1 - The A-share non-ferrous metal sector opened with significant gains, leading the market [1] - Electrical alloy stocks surged over 7%, indicating strong investor interest [1] - Companies such as Zhongfu Industrial and Northern Copper experienced increases of over 5% [1] - Other companies like Innovation New Materials and Tianshan Aluminum also saw upward movement [1]

Group 1 - The core announcement is regarding the exchangeable bonds issued by the controlling shareholder, Jinlong Energy, which will enter the exchange period on June 30, 2025 [1][2] - The exchangeable bonds, named "24 Jinlong EB02," were issued on December 27, 2024, with a total scale of 850 million yuan and a maturity of three years [1][2] - The initial exchange price for the bonds is set at 9.8 yuan per share, which may be adjusted due to the company's 2024 equity distribution [2] Group 2 - As of the announcement date, the actual controllers of the company hold a total of 1,954.12 million shares, accounting for 42.00% of the total share capital [2] - Jinlong Energy holds 913.18 million shares, representing 19.63% of the total share capital, and has pledged a total of 370 million shares across two pledge accounts, which is 7.95% of the total share capital [2] - The potential reduction in shares held by Jinlong Energy due to bondholders exercising their exchange rights is noted, but it is stated that this will not change the controlling shareholder or significantly impact the company's governance structure [2][3]

证券代码：002532 证券简称：天山铝业 公告编号：2025-037 天山铝业集团股份有限公司 关于控股股东面向专业投资者非公开发行可交换公司债券 （第二期）进入换股期的提示性公告 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。 2025 年 6 月 24 日，天山铝业集团股份有限公司（以下简称"公司"）收到控 股股东石河子市锦隆能源产业链有限公司（以下简称"锦隆能源"）的通知，锦隆 能源于 2024 年 12 月 27 日发行的石河子市锦隆能源产业链有限公司 2024 年面 向专业投资者非公开发行可交换公司债券（第二期）（债券简称"24 锦隆 EB02"， 债券代码"117226.SZ"），将于 2025 年 6 月 30 日进入换股期，现将相关事项公告 如下： 一、控股股东可交换公司债券的基本情况 锦隆能源于 2024 年 12 月 27 日发行石河子市锦隆能源产业链有限公司 2024 年面向专业投资者非公开发行可交换公司债券（第二期）（债券简称"24 锦隆 EB02"，债券代码"117226.SZ"），发行规模为 8.5 亿元，债券期限为 3 年。 本 ...

Group 1: Core Insights - The report emphasizes the strategic and tactical value of investing in the rare earth sector, viewing it as a critical asset in the long-term geopolitical competition between China and the US [2][15]. - It argues that the current market fluctuations in the rare earth and magnetic materials sectors are largely driven by short-term speculative trading rather than long-term fundamentals [8][14]. - The report highlights the unique competitive advantages of China's rare earth refining and separation capabilities, which are difficult for foreign entities to replicate [15][16]. Group 2: Supply Side Analysis - The domestic supply of rare earths is expected to remain stable, with a concentration of production among two major rare earth groups, while illegal mining activities are being strictly controlled [16]. - China's ability to manage both domestic and international rare earth resources is strengthening, which may further enhance the strategic importance of these resources [16] . Group 3: Demand Side Analysis - The demand for high-performance rare earth permanent magnets is anticipated to grow significantly due to emerging industries such as humanoid robots and low-altitude economies [17]. - Recent approvals for export applications have alleviated previous concerns regarding demand for magnetic materials, indicating a positive shift in market sentiment [17]. Group 4: Steel Industry Insights - The steel industry is entering a seasonal downturn, with a notable increase in rebar production and a slight decrease in consumption [18][23]. - Total steel inventory has decreased significantly, both on a week-over-week and year-over-year basis, indicating a tightening supply [25]. - The profitability of long and short process rebar production is diverging, with long process margins showing slight improvement [29][34]. Group 5: New Energy Metals - Lithium production in China saw a substantial year-over-year increase, while hydroxide production experienced a decline [41]. - The production and sales of new energy vehicles in China have surged, reflecting strong demand in the market [45]. - Prices for lithium, nickel, and cobalt have generally declined, indicating a potential softening in the market [51]. Group 6: Industrial Metals - The report notes a continuous decline in electrolytic aluminum inventory, suggesting potential upward pressure on prices [62]. - Global refined copper production has increased, with slight improvements in smelting fees [62].

Core Viewpoint - The article discusses the evolution of policies in China's aluminum profile industry, emphasizing the shift towards high-quality development, green technology, and international competitiveness in the sector [1][3][7]. Policy Evolution - The aluminum profile industry's policy development has followed the macro policies of the aluminum processing industry, transitioning from capacity restrictions to promoting new materials and enhancing recycling technology [1]. - Key milestones include the 2011 "12th Five-Year Plan" which aimed to control the blind expansion of electrolytic aluminum capacity and the 2024 announcement to cancel export tax rebates for aluminum products to guide domestic enterprises towards high-quality development [1][3]. National Policy Summary - The Chinese government has made comprehensive plans for the aluminum profile industry, focusing on green and low-carbon development, particularly in the "14th Five-Year Plan" [3]. - Recent policies include the cancellation of export tax rebates to encourage high-quality development and the promotion of standards for aluminum alloys and composite materials [3][7]. Key Policy Documents - A summary of key policies includes: - "High-Quality Development Implementation Plan (2025-2027)" aiming for a significant increase in aluminum resource security and recycling capacity by 2027 [4]. - "Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry" targeting a 30% share of benchmark energy efficiency capacity by 2025 and a recycling aluminum output of 11.5 million tons [11][12]. Provincial Policy Initiatives - Various provinces have introduced policies to enhance the aluminum processing industry, focusing on safety, technological advancement, and environmental sustainability [13][14]. - For instance, Guangdong aims to improve energy efficiency levels of aluminum products by 5% by 2025, while Jiangsu plans to update significant equipment in aluminum processing facilities by 2027 [18]. Future Outlook - The demand for aluminum alloy new materials is expected to grow significantly, driving technological reforms and development in the aluminum profile industry [17].

上 市 公 司 有色金属 ——140 万吨技改项目落地，未来公司产量有望释放 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 06 月 18 日 | | --- | --- | | 收盘价（元） | 8.38 | | 一年内最高/最低（元） | 9.88/6.08 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 4.77 | | 流通 A 股市值（百万元） | 34,609 | | 上证指数/深证成指 | 3,388.81/10,175.59 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.99 | | 资产负债率% | 49.30 | | 总股本/流通 A 股（百万） | 4,652/4,130 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 02-18 03-18 04-18 05-18 06-18 -30% ...

Group 1 - In 2024, China's bauxite production is expected to be approximately 93 million tons, remaining stable compared to 2023 due to environmental regulations and mining restrictions [1] - China's alumina production is projected to reach about 85.52 million tons in 2024, reflecting a year-on-year growth of 3.9% [2] - The output of electrolytic aluminum in China is estimated to be around 44.01 million tons in 2024, showing a year-on-year increase of 4.6% [4] Group 2 - China's recycled aluminum production is anticipated to be about 10.5 million tons in 2024, continuing its growth trend despite previous slowdowns [5][8] - The production of aluminum processing materials in China is expected to be around 64.6 million tons in 2024, with a year-on-year growth of 4.2%, accounting for 67.15% of the global total [9]

记载、误导性陈述或重大遗漏。 证券代码：002532 证券简称：天山铝业 公告编号：2025-036 天山铝业集团股份有限公司 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 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 假记载、误导性陈述或重大遗漏。 特别提示： 本次担保后，本公司及控股子公司对外担保总额超过最近一期经审计净资产 限公司提供担保，属于对资产负债率超过 70%的对象提供担保。敬请投资者充分 关注担保风险。 一、担保情况概述 （一）担保情况 根据公司业务的发展和生产经营的需要，天山铝业集团股份有限公司（以下 简称"天山铝业""公司"或"本公司"）为招商银行股份有限公司石河子分行（以下 简称"招商银行石河子分行"）对本公司全资子公司新疆生产建设兵团第八师天山 铝业有限公司（以下简称"天铝有限"）享有的 2.5 亿元人民币主债权提供最高额 保证担保；为上海农村商业银行股份有限公司上海长三角一体化示范区分行（以 下简称"上海农商行长三角一体化示范区分行"）对本公司全资孙公司上海辛然实 业有限公司（以下简称"上海辛然"）享有的 1.755 亿元人民币主债权提供最高 ...

Group 1 - The overall economic operation in 2024 was stable, with a 5.8% increase in industrial added value for large-scale enterprises, and a 8.9% growth in the non-ferrous metal industry [15][16] - The non-ferrous metal industry saw a profit increase of 24.5% in the smelting and rolling sector and 47.8% in the mining sector in the first four months of 2025 [15] - The non-ferrous metal industry index rose by 16.41% as of June 13, 2025, outperforming other sectors [16] Group 2 - Gold prices are expected to rise due to multiple factors including weakened dollar credit, increased central bank purchases, and ongoing geopolitical risks [20][34] - In 2024, global central banks purchased 1,045 tons of gold, accounting for 21% of total demand, with significant purchases from emerging market countries [23] - The demand for gold in investment increased by 25% in 2024, reaching 1,180 tons, with bar investment demand growing significantly [23][30] Group 3 - The strategic metals sector, including rare earths and tungsten, is crucial for national defense, economic development, and technological advancement, with China leading in production and reserves [50][62] - The supply of rare earths is expected to tighten due to export controls and limited quota increases, while demand from new energy vehicles and robotics continues to grow [50][67] - The tungsten market is projected to remain strong due to increasing demand from photovoltaic and nuclear fusion sectors, despite tightening supply [50][67] Group 4 - The aluminum industry faces rigid supply constraints with a production cap of 45 million tons, while demand is expected to grow in the new energy sector [4][18] - The demand for aluminum in the automotive and new energy sectors is on the rise, with significant increases in production for battery foils and structural components [4][18] - The copper market is experiencing a shift in demand dynamics, with traditional demand weakening while new energy applications drive growth [5][8]

证券代码：002532 证券简称：天山铝业 公告编号：2025-036 天山铝业集团股份有限公司 关于公司对全资子公司和全资孙公司提供担保的公告 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。 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。 特别提示： 本次担保后，本公司及控股子公司对外担保总额超过最近一期经审计净资产 100%（均为合并报表内单位担保）；公司本次对下属全资孙公司上海辛然实业有 限公司提供担保，属于对资产负债率超过 70%的对象提供担保。敬请投资者充分 关注担保风险。 一、担保情况概述 （一）担保情况 单位：万元 三、被担保方基本情况 （一）公司名称：新疆生产建设兵团第八师天山铝业有限公司 根据公司业务的发展和生产经营的需要，天山铝业集团股份有限公司（以下 简称"天山铝业""公司"或"本公司"）为招商银行股份有限公司石河子分行（以下 简称"招商银行石河子分行"）对本公司全资子公司新疆生产建设兵团第八师天山 铝业有限公司（以下简称"天铝有限"）享有的 2.5 亿元人民币主债权提供最高额 保证担保； ...