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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum industry is expected to benefit from favorable domestic policies and supply disruptions in Guinea affecting bauxite supply, leading to potential price increases and inventory reductions [6][9] - The report highlights that the aluminum industry is likely to experience a sustained "de-inventory + price increase" trend, supported by improving export conditions and limited supply growth [9] Summary by Sections 1. Prices - As of May 23, the LME three-month aluminum closing price was $2466.0 per ton, while the Shanghai aluminum active contract closing price was ¥20155.0 per ton [19] - The average price of A00 aluminum in Changjiang was ¥20400.0 per ton, showing a week-on-week increase of ¥170.0 [19] 2. Production - In April 2025, the production of electrolytic aluminum was 360.6 million tons, a month-on-month decrease of 10.8 million tons but a year-on-year increase of 2.5 million tons [51] - The production of alumina in April 2025 was 708.4 million tons, down 46.6 million tons month-on-month but up 30.2 million tons year-on-year [51] 3. Inventory - As of May 22, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 557,000 tons, a week-on-week decrease of 24,000 tons [6] - The inventory of aluminum rods was 130,800 tons, down 740 tons week-on-week, remaining at a three-year low [6] 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]

Core Insights - The high-pressure cleaning machine market in China is experiencing steady growth, with the market size projected to increase from 1.937 billion yuan in 2018 to 3.02 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.68% [1][13] - The demand for high-pressure cleaning machines is diversifying due to rising living standards and changing consumer perceptions, which will further expand the market [1][13] - The industry is characterized by a complete supply chain, including upstream raw material supply, midstream manufacturing, and downstream applications across various sectors [7] Industry Overview - High-pressure cleaning machines utilize a power-driven high-pressure pump to generate high-pressure water for cleaning surfaces, making them an efficient and environmentally friendly cleaning solution [3] - The machines can be categorized based on the driving engine (electric, gasoline, diesel), usage (household, commercial, industrial), and water temperature (cold, hot, or both) [3] Industry Development History - The Chinese high-pressure cleaning machine industry has evolved through four stages: initial imitation of imported equipment, expansion with domestic innovation, technological upgrades, and a focus on high-quality development driven by carbon neutrality goals [5] Industry Chain - The industry chain includes upstream raw materials (plastics, steel, aluminum alloys), midstream manufacturing, and downstream applications in household, automotive, construction, food processing, and municipal sectors [7] Market Trends - The global high-pressure cleaning machine market is projected to reach approximately 3.195 billion yuan by 2024, driven by industrialization and urbanization [12] - The application of high-pressure cleaning machines is expanding into various sectors, including vehicle washing, building maintenance, and municipal cleaning, due to their efficiency and environmental benefits [24] Competitive Landscape - The industry is fragmented, with domestic manufacturers transitioning from OEM to ODM and OBM models, enhancing their competitive edge [16][18] - Key players include Greenfield Machinery, Zhejiang Danong, and others, with Greenfield's revenue from high-pressure cleaning machines expected to reach 1.085 billion yuan in 2024, a 70.06% increase [19][21] Future Development Trends - The industry is expected to see continued technological innovation, with a focus on high-performance materials and smart manufacturing processes [23] - The trend towards specialization, diversification, integration, and intelligence in high-pressure cleaning machines will cater to specific market needs and enhance user experience [25]