Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industries [5] Core Viewpoints - The focus is on investment opportunities in the stable and high-dividend electro-aluminum sector [2][9] - Short-term demand concerns are alleviated, with a greater emphasis on supply-side logic for mid-term investments [8][13] - Long-term stable and low-cost electricity supply is a critical constraint for the electro-aluminum industry [14] - The supply-demand balance is expected to ensure stable profitability and dividends, making the electro-aluminum sector a true dividend asset [14] Summary by Sections Electro-Aluminum Sector - Concerns about downstream demand affecting short-term profitability are noted, but the report argues that short-term demand is not a worry [8][13] - Inventory levels in the electro-aluminum sector are decreasing, indicating a healthy supply-demand balance [8][13] - The report emphasizes the importance of stable, low-cost electricity supply as a hard constraint for the electro-aluminum industry [14] - Future profitability is expected to be stable, with major companies potentially achieving a dividend yield close to 6% [14] Steel Sector - The steel industry is entering a demand lull, with a focus on monitoring production reduction policies [15] - Rebar production has increased significantly, with a slight rise in consumption [15][16] - Total steel inventory has seen a slight increase week-on-week but a significant decrease year-on-year [22] - Steel prices have shown a slight decline, with the overall price index down by 0.49% [35][36] New Energy Metals - Lithium production in May 2025 saw a significant year-on-year increase of 31.37% [39] - The production of new energy vehicles in China has also risen sharply, with a 33.02% increase in production [43] - Prices for lithium and nickel have shown an upward trend, indicating a robust market [48][49]

Core Viewpoint - The non-ferrous metal sector has experienced significant stock price increases, particularly with North Copper rising over 7%, driven by market dynamics and external factors [1] Group 1: Stock Performance - North Copper's stock increased by over 7% during the trading session [1] - Other companies such as Jingyi Co., Zijin Mining, Western Mining, Jincheng Mining, Electric Alloy, Zhongfu Industrial, Tianshan Aluminum, and Baiyin Nonferrous also saw price increases [1] Group 2: Market Dynamics - A report from Wukuang Securities highlighted renewed discussions around U.S. copper tariffs, alongside low LME (London Metal Exchange) inventory levels leading to warehouse congestion [1] - The LME copper prices have broken through their previous trading range and are showing a strong upward trend [1] Group 3: Future Outlook - The market is advised to monitor the results and implementation timeline of the Section 232 investigation, as copper prices are expected to rise ahead of any potential tariff imposition [1]

Group 1: Industry Overview - Guinea holds the world's largest bauxite reserves, accounting for 25.52% of the total [1] - Aluminum is the third most abundant metal in the Earth's crust, following oxygen and silicon [1] - Global bauxite resources are concentrated in a few countries, including Guinea, Australia, Vietnam, Brazil, Indonesia, China, India, and Russia [1] - China is the largest consumer and importer of bauxite, with a significant role in the global bauxite industry [1] - As of the end of 2024, the proven bauxite reserves globally are approximately 2.9 billion tons, with a static reserve-to-production ratio of about 64.44 years [1] Group 2: Market Demand and Trends - There is an increasing demand for lightweight aluminum profiles globally, particularly in the automotive and aerospace sectors [4] - The rapid development of industries such as new energy vehicles and photovoltaics is creating new opportunities for the aluminum profile industry [4] - The application of aluminum profiles in various sectors is deepening, leading to a significant increase in demand [4] Group 3: Company Rankings and Performance - In April 2024, the top companies in China's industrial aluminum profile sector were announced, with Conglin Aluminum Technology, Dingmei New Materials, and Fen'an Aluminum ranking in the top three [7][8] - The top companies in aluminum melting and casting services included Hunan Baling Kiln Energy Saving, Guangdong Jucheng Equipment Technology, and Zhejiang Lanwei Environmental Protection Equipment [9] - Major listed companies in the aluminum industry include China Aluminum, Nanshan Aluminum, Yun Aluminum, and Shenhuo Co., with revenues exceeding 30 billion yuan [10][11] - China Aluminum leads in revenue with 136.36 billion yuan from the primary aluminum segment, while Yun Aluminum and Shenhuo Co. also show strong performance [11][13]

证券代码：002532 证券简称：天山铝业 公告编号：2025-039 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规定，上市公司在实施回购期间，应当在每个月的前三 个交易日内披露截至上月末的回购进展情况公告。现将回购进展情况公告如下： 一、回购进展情况 截至 2025 年 6 月 30 日，公司通过回购专用证券账户以集中竞价方式累计回 购公司股份 1,320.90 万股，占公司总股本的 0.28%，最高成交价为 7.89 元/股， 1 / 2 最低成交价为 7.41 元/股，已使用资金总额为 10,089.62 万元（不含交易费用）。 本次回购符合相关法律法规的要求，符合既定的回购方案。 天山铝业集团股份有限公司 回购股份进展公告 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"）于 2025 年 4 月 9 日召开第 六届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用股票回购专项贷款和自有资金以集中竞价交易方式 回购公司 ...

Core Viewpoint - The industrial aluminum profile market in China is experiencing significant growth driven by the increasing demand for lightweight vehicles and the expansion of the new energy vehicle sector, alongside robust demand from the photovoltaic industry [1][9]. Market Overview - Industrial aluminum profiles are primarily alloy materials made from aluminum, produced through processes like melting and extrusion, resulting in various shapes for different applications [2]. - The market is witnessing a production capacity expansion among Chinese manufacturers to meet the rising demand, with a projected production volume of 11.705 million tons in 2024, marking a year-on-year increase of 23.21% [1][9]. Market Policies - A series of supportive policies have been introduced to encourage technological innovation and green manufacturing in the industrial aluminum profile sector, including guidelines for recycling and promoting green finance [4][6]. Industry Chain - The upstream of the industrial aluminum profile industry includes bauxite, recycled aluminum, and production equipment, while the downstream encompasses applications in photovoltaic, new energy vehicles, and construction [7]. Competitive Landscape - The industrial aluminum profile market is highly competitive, with numerous players entering the field. The top twenty companies include prominent names such as Conglin Aluminum Technology and Dingmei New Materials [11][13]. - Conglin Aluminum Technology specializes in high-end industrial aluminum profiles and lightweight equipment, serving major clients like China CRRC and Maersk [14]. - Dingmei New Materials focuses on high-performance aluminum and magnesium alloys, achieving a revenue of 1.491 billion yuan in 2024, with 44.01% from industrial aluminum materials [16]. Development Trends - The industry is expected to adopt smart production lines and technologies such as IoT and AI to enhance efficiency and reduce costs. The use of recycled aluminum is anticipated to increase, promoting resource circularity [18].

Group 1 - The core index, the China Securities Zhejiang Phoenix Action 50 Index (Phoenix 50), increased by 0.6% to 6186.75 points, with a trading volume of 16.109 billion yuan [1] - The Phoenix 50 index has shown a growth of 3.22% over the past month, 2.36% over the past three months, and 6.16% year-to-date [1] - The index comprises 50 securities selected from profitable and high-dividend companies listed in Zhejiang Province, reflecting the overall performance of high-dividend and high-growth stocks in the region [1] Group 2 - The top ten holdings of the Phoenix 50 index include: Hangzhou Bank (10.03%), Hikvision (9.6%), Huayou Cobalt (8.93%), Xinhongcheng (5.79%), Dahua Technology (5.57%), China Jushi (4.85%), Tianshan Aluminum (4.11%), Changchuan Technology (3.51%), Deyang Co. (3.38%), and Wuchan Zhongda (2.91%) [1] - The index's market composition shows that 55.76% of the holdings are from the Shenzhen Stock Exchange, while 44.24% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes: Materials (25.39%), Information Technology (18.98%), Industrials (13.69%), Financials (12.04%), Consumer Discretionary (11.96%), Health Care (9.78%), Communication Services (5.49%), Consumer Staples (1.77%), Utilities (0.74%), and Real Estate (0.17%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Phoenix 50 include: Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link A, Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link C, and Zhejiang Merchants Huijin China Securities Phoenix 50 ETF [2]

天山铝业集团股份有限公司 证券代码：002532 证券简称：天山铝业 公告编号：2025-038 关于控股股东的一致行动人部分股份质押的公告 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。 一、股东股份质押基本情况 公司近日接到控股股东的一致行动人石河子市锦汇能源投资有限公司（以 下简称"锦汇投资"）函告，获悉其所持有本公司的部分股份被质押，具体事 项如下 ： （一）股东股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 为补 | 质押起 | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量(万 | 持股份 | 总股本 | 为限 | | | | 质权人 | | | 名称 | 大股东及其 | | | | | 充质 | 始日 | 期日 | | 用途 | | | 一致行动人 | 股 ...

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 ...