证券代码：002532 证券简称：天山铝业 公告编号：2025-034 司股份回购规则》 的相关规定，具体情况如下： 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 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 回购公司发行在外的部分 A 股普通股股票。本次用于回购股份的资金总额不低 于人民币 20,000 万元（含），不超过人民币 30,000 万元（含）。在本次回购股份 价格不超过 10 元/股（含）的条件下，按照本次回购资金总额上限测算，预计可 回购股份总数约为 3000 万股，约占公司当前总股本的 0.64%；按照本次回购资 金总额下限测算，预计可回购股份总数约为 2000 万股，约占公司当前总股本的 回购股份的实施期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 内。本次回购的股份后续将全部用于实施员工持股计划或股权激励计划，若公司 未 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates that tariff pressures are expected to ease further, and the off-season destocking performance is better than anticipated. The aluminum industry is likely to experience a continuous trend of destocking and price increases, supported by improving export conditions [10] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases, maintaining a high level of industry prosperity [10] Summary by Sections 1. Prices - As of May 30, the LME three-month aluminum closing price was $2,448.5 per ton, while the Shanghai aluminum active contract closing price was ¥20,070.0 per ton [14][20] - The average price of A00 aluminum in Changjiang was ¥20,240.0 per ton, down ¥160.0 from the previous week [20] 2. Production - In May 2025, the production of electrolytic aluminum was 3.729 million tons, an increase of 123,000 tons month-on-month and 214,000 tons year-on-year [53] - The production of alumina in May 2025 was 7.272 million tons, up 189,000 tons month-on-month and 593,000 tons year-on-year [53] 3. Inventory - As of May 29, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 511,000 tons, a decrease of 46,000 tons week-on-week [7] - The inventory of aluminum rods was recorded at 128,300 tons, with a slight decrease of 2,500 tons week-on-week [7] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5] 5. Supply and Demand - Domestic electrolytic aluminum production capacity remains stable, with a slight increase in the alloying ratio affecting the delivery situation [7] - Demand from downstream sectors is showing signs of weakness, particularly in photovoltaic aluminum and automotive materials, while cable orders remain strong due to state grid demand [7]

证券代码：002532 证券简称：天山铝业 公告编号：2025-034 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 回购公司发行在外的部分 A 股普通股股票。本次用于回购股份的资金总额不低 于人民币 20,000 万元（含），不超过人民币 30,000 万元（含）。在本次回购股份 价格不超过 10 元/股（含）的条件下，按照本次回购资金总额上限测算，预计可 回购股份总数约为 3000 万股，约占公司当前总股本的 0.64%；按照本次回购资 金总额下限测算，预计可回购股份总数约为 2000 万股，约占公司当前总股本的 0.43%。具体以公司公告回购方案实施完毕之日的实际回购股份数量为准。本次 回购股份的实施期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 内。本次回购的股份后续将全 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report highlights the impact of the US debt crisis and tariff shocks, suggesting a focus on investment opportunities in the gold sector [12]. - Steel prices are experiencing a significant decline, with the overall price index dropping by 1.90% [37]. - The supply and prices of new energy metals are both on the decline, indicating potential challenges in this sector [41]. Summary by Sections 1. Core Viewpoints - The US debt crisis and tariff shocks are leading to a focus on gold investment opportunities, with expectations of continued high gold prices due to market conditions [12]. - Steel consumption has slightly increased, but overall prices are down, with rebar prices falling to 3217 CNY/ton, a decrease of 1.94% [13][37]. 2. Steel Industry - Steel consumption for rebar reached 2.49 million tons, a slight increase of 0.63% week-on-week [17]. - Total steel inventory has decreased significantly, with a total inventory of 933 thousand tons, down 2.92% week-on-week [25]. - The profitability of long and short process rebar steel shows divergence, with long process profitability slightly increasing while short process profitability decreased [32]. 3. New Energy Metals - Lithium production in April 2025 was 70,640 tons, a year-on-year increase of 40.38%, but a slight month-on-month decrease of 0.87% [41]. - The average price of battery-grade lithium carbonate is reported at 61,000 CNY/ton, reflecting a week-on-week decline of 3.17% [50]. 4. Industrial Metals - Copper smelting fees (TC) have slightly increased, with the current fee at -43.50 USD/thousand tons, up 1.69% week-on-week [61]. - The overall production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang decreasing by 3.79% [15].

Investment Rating - The report maintains a "Buy" recommendation for the aluminum sector, indicating a positive outlook due to ongoing inventory depletion and price support for aluminum [1]. Core Viewpoints - The report highlights that domestic aluminum inventories continue to decrease, providing stable support for aluminum prices around 20,000 yuan per ton. The market is transitioning from peak to off-peak consumption, with current inventory levels being among the lowest in three years [8][9]. - The copper sector is also viewed positively, with recommendations for specific companies such as Zijin Mining, Jincheng Mining, and Western Mining, as global copper supply remains tight [2][9]. Industry Data Summary Aluminum Industry - As of May 29, domestic aluminum ingot inventory stands at 511,000 tons, down by 23,000 tons from the previous week, indicating a significant reduction in stock levels [8]. - The report notes that the aluminum rod inventory has also decreased, albeit at a slower pace, with current levels around 128,300 tons, which is still low compared to historical data [8]. Copper Industry - The report mentions that as of the latest data, the Shanghai Futures Exchange (SHFE) copper inventory is 105,800 tons, reflecting a week-on-week increase of 7,120 tons, while the London Metal Exchange (LME) copper inventory decreased by 16,650 tons to 149,900 tons [2][9]. - The global visible copper inventory is reported at 472,000 tons, down by 12,656 tons from the previous week, indicating a tightening supply situation [2]. Tungsten and Rare Metals - The report indicates that tungsten prices continue to rise due to supply constraints, with domestic tungsten concentrate prices at 169,500 yuan per ton and APT prices at 248,000 yuan per ton [9]. - The report recommends focusing on companies benefiting from tungsten price elasticity and those involved in the strategic reassessment of rare metals [9].

Core Viewpoint - Tianshan Aluminum Industry Group Co., Ltd. has initiated a share repurchase plan, aiming to buy back a portion of its A-shares using a total fund of no less than RMB 200 million and no more than RMB 300 million, with a maximum repurchase price of RMB 10 per share [2] Summary by Sections Share Repurchase Plan - The company plans to repurchase shares using special loans and its own funds, with an estimated total number of shares to be repurchased ranging from approximately 20 million to 30 million, representing about 0.64% to 0.96% of the current total share capital [2] - The repurchase period is set for six months from the board's approval date, and the repurchased shares will be used for employee stock ownership plans or equity incentive plans [2] Progress of Share Repurchase - As of May 28, 2025, the company has repurchased a total of 9.2065 million shares, accounting for 0.2% of the total share capital, with a total expenditure of RMB 70.2212 million [3] - The highest and lowest transaction prices during this repurchase were RMB 7.89 and RMB 7.41 per share, respectively [3] Historical Repurchase Results - The company has previously repurchased shares in different phases, with the total number of shares repurchased across all phases reaching 47.5098 million, which is 1.02% of the total share capital, and a total expenditure of RMB 320.2219 million [5] - The highest price in previous repurchase phases was RMB 8.17 per share, and the lowest was RMB 4.86 per share [5] Compliance and Regulations - The company's share repurchase activities comply with relevant laws and regulations, and the execution of the repurchase plan adheres to the established guidelines [6]

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：2025-033 关于回购股份比例达到 1%暨回购股份进展公告 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 回购公司发行在外的部分 A 股普通股股票。本次用于回购股份的资金总额不低 于人民币 20,000 万元（含），不超过人民币 30,000 万元（含）。在本次回购股份 价格不超过 10 元/股（含）的条件下，按照本次回购资金总额上限测算，预计可 回购股份总数约为 3000 万股，约占公司当前总股本的 0.64%；按照本次回购资 金总额下限测算，预计可回购股份总数约为 2000 万股，约占公司当前总股本的 0.43%。具体以公司公告回购方案实施完毕之日的实际回购股份数量为准。本次 回购股份的实施期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 ...

Summary of Key Points Core Viewpoint - Tianshan Aluminum (002532) announced a share repurchase plan on April 9, 2025, aiming to buy back shares worth between 200 million to 300 million yuan for employee stock ownership or equity incentive plans [1] Group 1: Share Repurchase Details - As of May 28, 2025, the company has repurchased a total of 9.2065 million shares, representing 0.2% of the total share capital, with a maximum transaction price of 7.89 yuan per share and a minimum transaction price of 7.41 yuan per share [1] - The total amount of funds used for the repurchase so far is 70.2212 million yuan, excluding transaction costs [1] Group 2: Historical Repurchase Activity - The company previously completed two share repurchase rounds in 2024 and 2022, with a cumulative total of 47.5098 million shares repurchased, accounting for 1.02% of the total share capital, and a total expenditure of 320 million yuan, excluding transaction costs [1]

Group 1 - The core announcement is about the exchange period of the convertible bonds issued by the controlling shareholder, Jinlong Energy, which will begin on June 3, 2025 [1][2] - The convertible bonds, named "24 Jinlong EB01," were issued on December 2, 2024, with a total scale of 1.15 billion yuan and a maturity of three years [1] - The initial conversion 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, with Jinlong Energy holding 913.18 million shares, or 19.63% [2] - The potential reduction in shares held by Jinlong Energy due to bondholders exercising their conversion rights is noted, but it is stated that this will not change the control of the company or significantly impact its governance structure [2][3] - The company will continue to monitor the conversion situation of the bonds and fulfill its information disclosure obligations as required by law [3]

证券代码：002532 证券简称：天山铝业 公告编号：2025-032 截至本公告披露日，公司实际控制人曾超懿、曾超林合计直接持有及间接支 1 / 2 配公司股份共计 195,412.16 万股，占公司总股本的 42.00%，其中，通过锦隆能 源持有公司股份 91,317.54 万股，占公司总股本的 19.63%；石河子市锦隆能源产 业链有限公司可交换私募债质押专户（一期）中锦隆能源质押公司股票 21,000.00 万股，占公司总股本的 4.51%。进入换股期后，锦隆能源所持有的公司股份可能 因债券持有人选择换股而减少，假设本期可交换债券持有人持有的可交换债券全 部以换股价用于交换公司股票，公司控股股东及实际控制人不会发生变化，亦不 会对公司治理结构及持续经营产生重大影响。 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 （第一期）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 5 月 28 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 ...