Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6] Core Viewpoints - A super cycle for industrial metals may have arrived, with a focus on copper and aluminum sectors. The report highlights that even small supply-demand gaps can lead to significant price elasticity during a rate-cutting cycle [9][13] - Copper prices have surged, with LME copper closing at a historical high of $11,655 per ton, driven by supply tightness and tariff concerns [9][13] - The aluminum sector is expected to benefit from strong demand in energy storage, with projections indicating a need for 800,000 tons of aluminum materials due to the anticipated growth in storage battery production [9][14] - The gold sector is also viewed positively, with expectations for gold prices to exceed $5,000 per ounce by 2026, driven by rising inflation expectations [9][15] Summary by Sections Industrial Metals - The report indicates a significant increase in metal prices, with copper and aluminum prices rising sharply. The LME copper price increased by 1.88% recently, reflecting strong market conditions [9][13] - Supply constraints are evident, with LME copper warehouse cancellations reaching 56,900 tons, about 35% of total inventory, marking the largest single-day withdrawal in 13 years [9][13] - The report suggests that the copper and aluminum sectors will see continued price increases due to strong demand from traditional and new energy sectors [9][13][14] Steel - The steel sector is experiencing weak supply-demand fundamentals during the off-season, with a slight recovery in steel profitability noted [17] - Weekly rebar consumption decreased by 4.81% compared to the previous week, indicating a decline in demand [21] - Overall steel prices have shown a slight increase, with the rebar price rising to 3,355 yuan per ton, reflecting a 1.16% week-on-week increase [38][39] New Energy Metals - Lithium carbonate production in October 2025 saw a significant year-on-year increase of 67.28%, indicating strong supply growth in the new energy sector [42] - The demand for new energy vehicles remains robust, with production and sales in October 2025 showing year-on-year growth of 19.94% and 18.65%, respectively [46] - Nickel production and consumption trends are mixed, with refined nickel output in China showing a notable year-on-year decline of 12.20% [44][49] Price Trends - The report notes that lithium prices have seen a slight decline, with battery-grade lithium carbonate priced at 91,100 yuan per ton, down 2.36% week-on-week [51][52] - Cobalt prices have increased significantly, with sulfuric acid cobalt priced at 90,000 yuan per ton, reflecting a year-on-year increase of 236.45% [51][52]

Core Insights - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 5, 2025 [1][4]. Group 1: Stock Performance - The top performer is Luodi Co., Ltd. (002083.SZ) with a daily increase of 9.99% and a year-to-date increase of 115.68% [1][4]. - Nanshan Aluminum (600219.SH) follows with a daily increase of 8.55% and a year-to-date increase of 41.18% [1][4]. - Shenhuo Co., Ltd. (000933.SZ) shows a daily increase of 5.43% and a year-to-date increase of 65.72% [1][4]. - Tianshan Aluminum (002532.SZ) has a daily increase of 5.16% and a year-to-date increase of 85.94% [1][4]. - Chuanheng Co., Ltd. (002895.SZ) reports a daily increase of 4.22% and a year-to-date increase of 61.41% [1][4]. Group 2: Dividend Yields - Siwei Liekong (603508.SH) has the highest dividend yield at 11.60% over the past 12 months [1][4]. - Other notable dividend yields include Chuanheng Co., Ltd. (3.86%), Yungxin Co., Ltd. (7.84%), and Yuntianhua (5.23%) [1][4]. - The average dividend yield among the top 20 stocks varies, with some stocks like Kesheng Co., Ltd. (300856.SZ) showing a lower yield of 1.41% [1][4]. Group 3: Market Trends - The article indicates a positive market trend with the formation of MACD golden cross signals for several stocks, suggesting potential upward momentum [3][6].

Core Viewpoint - 2025 is expected to be a significant year for non-ferrous metal investments, with electrolytic aluminum being a key player in the industrial metals sector [1] Group 1: Market Performance - On December 5, the A-share electrolytic aluminum sector saw a significant rise, with Minfa Aluminum hitting the daily limit and nine other stocks, including Zhongfu Industrial and Hongchuang Holdings, rising over 5% [2][4] - Zhongfu Industrial has increased by 183.04% year-to-date, while other stocks like Yun Aluminum and Hongchuang Holdings have also seen gains exceeding 100% [5] Group 2: Price and Cost Dynamics - As of December 5, the main aluminum futures contract price has surpassed 22,000 yuan/ton, while the price of alumina, a core raw material for electrolytic aluminum, has dropped nearly 50% this year to 2,580 yuan/ton, significantly reducing operational costs for the electrolytic aluminum industry [5][6] - The profitability of the electrolytic aluminum industry is shifting from upstream alumina to the smelting end, with profit levels expected to exceed 4,500-5,000 yuan per ton by November 2025 [5] Group 3: Company Performance - Yun Aluminum's Q3 report shows a total revenue of 44.072 billion yuan, an increase of 12.47% year-on-year, with net profit rising by 15.14% to 4.398 billion yuan [6] - The cash inflow from operating activities for Yun Aluminum increased by 25.19% year-on-year, indicating improved financial health [6] Group 4: Future Outlook - Institutions maintain a positive outlook for the aluminum industry in 2026, citing limited domestic production capacity and structural resilience in demand, which supports the expectation of stable or rising aluminum prices [7] - Zhongjin Securities forecasts the average price of electrolytic aluminum to be around 22,000 yuan/ton in 2026, with increasing dividend payouts from companies enhancing the sector's attractiveness [7][8] - The potential for price surges exists if high-energy-consuming electrolytic aluminum production is disrupted or if sanctions on Russia are lifted, allowing for market-driven aluminum imports into China [8]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with expectations of interest rate cuts by the Federal Reserve, which has led to an increase in aluminum prices [6][11] - Domestic aluminum supply is slightly increasing due to new projects, while demand is expected to weaken as the year-end approaches [7][11] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases [11] Summary by Sections 1. Prices - As of December 5, 2025, the LME three-month aluminum closing price was $2900.5 per ton, up $35.5 from the previous week, and up $262.0 year-on-year [24] - The Shanghai aluminum active contract closing price was ¥22,345.0 per ton, an increase of ¥735.0 week-on-week and ¥1,765.0 year-on-year [24] - The average price of A00 aluminum in Changjiang was ¥22,150.0 per ton, up ¥720.0 week-on-week and ¥1,740.0 year-on-year [24] 2. Production - In November 2025, the production of electrolytic aluminum was 3.637 million tons, a decrease of 106,000 tons month-on-month and 66,000 tons year-on-year [56] - The production of alumina in November 2025 was 7.439 million tons, down 346,000 tons month-on-month but up 152,000 tons year-on-year [56] 3. Inventory - As of December 4, 2025, the inventory of electrolytic aluminum ingots in major consumption areas was 596,000 tons, unchanged week-on-week [7] - The inventory of alumina at electrolytic aluminum plants reached 3.365 million tons, with a weekly increase of 19,000 tons [34] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price ¥30.67, EPS forecast for 2025E is ¥2.54, with a "Buy" rating [5] - Tianshan Aluminum (002532.SZ): Price ¥14.07, EPS forecast for 2025E is ¥1.00, with a "Buy" rating [5] - Shenhuo Co. (000933.SZ): Price ¥27.20, EPS forecast for 2025E is ¥2.13, with a "Buy" rating [5] - China Aluminum (601600.SH): Price ¥11.40, EPS forecast for 2025E is ¥0.84, with a "Buy" rating [5] - Yun Aluminum (000807.SZ): Price ¥28.31, EPS forecast for 2025E is ¥1.88, with a "Buy" rating [5]

展望后市，财信证券认为，随着机构资金逐步开始布局2026年方向、美联储降息靴子落地、"AI投资泡 沫"担忧阶段性消退，A股市场流动性有望持续改善。 中证500质量成长指数(930939)由中证指数有限公司("中证")编制和计算，其所有权归属中证及/或其指定 的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任何明示或暗示的担 保，不因标的指数的任何延迟、缺失或错误对任何人承担责任(无论是否存在过失)。中证对于跟踪标的 指数的产品不作任何担保、背书、销售或推广，中证不承担与此相关的任何责任。本基金为被动投资的 交易型开放式指数基金，主要采用完全复制策略，跟踪标的指数市场表现，具有与标的指数所表征的市 场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场平均回报偏离、标的指数波 动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、成份股停牌或退市等潜在风 险。 本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付责任。基金管理人承诺 以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证最低收益。基金 的过往业绩并不预示其未 ...

近日，天山铝业140万吨电解铝产能绿色低碳提升改造项目通电仪式在公司位于新疆的石河子厂区举 行。据了解，该项目建成后，天山铝业电解铝每年总产量预计增长20%，提升至140万吨/年，铝液综合 交流电耗达到行业领先水平。 资料显示，自上市以来，天山铝业在资源和能源富集的区域兴建产业基地，拥有铝土矿、氧化铝、预焙 阳极、发电、电解铝、高纯铝、铝深加工的全产业链生产环节，具有完整铝产业链一体化综合优势和较 强的成本竞争优势。 在夯实一体化布局的同时，天山铝业持续通过高分红、股份回购完善股东回报体系，向市场持续传递发 展信心。2020年至2024年，公司每年分红金额分别为9.30亿元、18.60亿元、9.26亿元、6.92亿元和18.45 亿元。近期，公司2025年中期分红计划已实施完毕，总金额达9.2亿元。截至目前，天山铝业上市以来 累计现金分红总额达71.7亿元。 值得注意的是，在2025年中期分红方案中，天山铝业明确提出，2025年度累计现金分红总额不低于当年 归属于上市公司股东净利润的50%，较2024年提出的41%的分红比例进一步提升。这意味着，在2025年 度分红方案实施后，天山铝业将成为A股上市有色板块中 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司实际控制人曾超懿、曾超林保证向本公司提供的信息内容真实、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公告内容与信息披露义务人提供的信息一致。 特别提示： 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"）的实际控制人曾超懿直接持有公 司股份393,778,364股，占公司总股本的8.58%（总股本按剔除公司回购专用证券账户中的股份数量计 算，下同）；实际控制人曾超林直接持有公司股份302,061,587股，占公司总股本的6.58%。曾超懿拟在 本公告披露之日起15个交易日后的3个月内通过集中竞价交易方式减持公司股份不超过22,949,300股；曾 超林拟在本公告披露之日起15个交易日后的3个月内通过集中竞价交易方式减持公司股份不超过 22,949,300股。 一、本次减持股东及其一致行动人的持股情况 （一）曾超懿本次减持计划的具体安排 1、减持原因：自身资金需求。 2、股份来源：公司2020年7月重组上市所获得的股份。 3、减持方式：通过集中竞价交易方式。 4、减持期间：自本减持计划公告披露之日起15个交 ...

中国经济网北京12月4日讯 天山铝业（002532.SZ）昨日晚间披露《关于实际控制人减持股份的预 披露公告》。 根据公告，实际控制人曾超懿拟在公告披露之日起15个交易日后的3个月内通过集中竞价交易方式 减持公司股份不超过22,949,300股，不超过公司总股本的0.5%；实际控制人曾超林拟在公告披露之日起 15个交易日后的3个月内通过集中竞价交易方式减持公司股份不超过22,949,300股，不超过公司总股本的 0.5%。 2025年4月18日公司披露的《年度募集资金使用情况专项说明》显示，经中国证券监督管理委员会 出具的《关于核准天山铝业集团股份有限公司非公开发行股票的批复》（证监许可〔2020〕2776号）， 核准公司非公开发行股票的发行数量不超过1,166,557,991股。根据发行结果，天山铝业向29名特定对象 发行股票763,358,778股，每股面值为人民币1元，发行价格为每股人民币6.55元，募集资金总额为人民 币4,999,999,995.90元。上述募集资金总额扣除承销费用人民币40,000,000.00元后，公司收到募集资金人 民币4,959,999,995.90元，募集资金总额扣除保荐承 ...

Group 1 - Yonghe Intelligent Control plans to publicly transfer 100% equity and a debt of 114 million yuan of its subsidiary Chengdu Shanshuishang Hotel, with a minimum listing price of 185 million yuan [1] - Grinda intends to invest 79.9999 million yuan to subscribe for 764,400 shares of Muxi Integrated Circuit (Shanghai) Co., accounting for 0.19% of the total share capital after issuance [1] - Tianshan Aluminum's actual controllers plan to reduce their holdings by no more than 1% of the company's shares starting from December 25, 2025 [1][2] Group 2 - Guang'an Aizhong plans to publicly issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [3] - Tengda Technology's shareholder plans to reduce holdings by no more than 0.8% of the company's shares starting from December 26, 2025 [4] - Tianwo Technology intends to invest in a 300,000-kilowatt "solar thermal + wind power integration" project with a total investment not exceeding 1.918 billion yuan [5][6] Group 3 - Yunnan Energy Investment announces that three wind power expansion projects have achieved full capacity grid connection, adding 596,250 kilowatts of wind power capacity [7] - Jinggong Technology wins a bid for a carbon fiber production base project worth 729 million yuan, accounting for 42.16% of its audited revenue for 2024 [8] - CITIC Bank's risk director's qualification has been approved by the regulatory authority [9][10] Group 4 - Electric Media plans to establish a joint venture with Mango Super Media and Zhangjiajie Tourism Group with a registered capital of 180 million yuan [11] - New Lai Ying Material's subsidiary plans to invest 157 million yuan to acquire a 51% stake in Anpu Intelligent Technology [13] - Kuaiji Elevator has been notified of the cancellation of its high-tech enterprise qualification for 2021-2023, which may impact its operating performance [15] Group 5 - Huakai Yibai's shareholders plan to reduce their holdings by no more than 2.94% of the company's shares [16] - Del Shares' shareholder plans to reduce holdings by no more than 2.98% of the company's shares [17] - Rifa Precision plans to sell idle assets for 155 million yuan to an affiliated party [19] Group 6 - Wanlong Optoelectronics is planning a major asset restructuring and has suspended trading of its shares [20] - Bangjie Co.'s shareholder plans to reduce holdings by no more than 400,000 shares [22] - Nanhua Instrument's actual controller and related parties plan to reduce holdings by no more than 1.62% of the company's shares [24] Group 7 - Unisplendour has re-submitted its H-share listing application to the Hong Kong Stock Exchange [25] - Zhongshi Technology plans to acquire 51% of Zhongshi Xun Cold for 35.7 million yuan [26] - Pulutong is planning a major asset restructuring and has suspended trading of its shares [26]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 3, 2025 [1][4]. - Tianshan Aluminum (002532.SZ) leads with a daily increase of 5.14% and a year-to-date increase of 78.27%, with a dividend yield of 3.08% [1][4]. - Other notable performers include Nanshan Aluminum (600219.SH) with a daily increase of 4.00% and a year-to-date increase of 30.85%, and Shenhuo Co. (000933.SZ) with a daily increase of 3.45% and a year-to-date increase of 57.07% [1][4]. Group 2 - The article provides detailed performance metrics for each stock, including daily increase percentages, year-to-date performance, and dividend yields for the last 12 months [1][4]. - The data indicates a mix of industries represented in the top 20, including aluminum, pharmaceuticals, and logistics, showcasing diverse investment opportunities [1][4]. - The overall trend suggests a positive market sentiment towards these stocks, as indicated by the significant year-to-date increases for many of them [1][4].