Core Viewpoint - Tianshan Aluminum's actual controllers reduced their shareholding after the stock price reached a new high, cashing out over 800 million yuan, which has attracted market attention [1]. Group 1: Shareholding Reduction - On January 13, Tianshan Aluminum announced the completion of the share reduction plan by its actual controllers, Zeng Chao Yi and Zeng Chao Lin, who sold a total of 22,949,300 shares at an average price of 17.78 yuan, totaling approximately 816 million yuan [1][2]. - After the reduction, the combined shareholding of Zeng Chao Yi, Zeng Chao Lin, and their concerted parties decreased from 37.00% to 36.67% [1]. Group 2: Stock Performance - Tianshan Aluminum's stock price saw a significant increase of 116.6% in 2025, with the stock continuing to perform strongly into 2026 [4]. - During the reduction period, the stock price reached a new high of 18.98 yuan, and as of January 14, 2026, the closing price was 18.31 yuan, with a market capitalization of approximately 874.5 billion yuan and a dynamic P/E ratio of 17.99 times [4]. Group 3: Factors Influencing Stock Price - The rise in aluminum prices, ongoing share buybacks, and share cancellations have contributed to the continuous increase in Tianshan Aluminum's stock price [5]. - The company has established a complete aluminum industry chain, from bauxite to aluminum foil, which provides strong cost and integrated competitive advantages [5]. - Despite the overall aluminum price being in a fluctuating pattern over the past three years, the price increased by 15.9% in 2025, with further gains in early 2026, indicating potential for performance growth for Tianshan Aluminum [5]. Group 4: Share Buyback Plans - From 2022 to 2025, Tianshan Aluminum conducted three share buyback plans, with significant floating profits exceeding 1.8 times the repurchase price based on current closing prices [6][7]. - In 2022, the company repurchased 23,148,000 shares at an average price between 6.22 yuan and 6.72 yuan, while in 2024, it repurchased 15,155,300 shares at prices ranging from 4.86 yuan to 8.17 yuan [6][7].

Group 1 - Domestic copper and aluminum futures prices have risen significantly as of January 14, 2026, indicating a positive trend in the industrial metals market [1] - The Industrial Nonferrous ETF (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, which includes leading companies in copper, aluminum, and rare earths, attracting substantial capital inflows [1][3] - The fund experienced a net inflow of 250 million on January 13, with a total of 1.825 billion in net inflows over the past five trading days, and nearly 2.7 billion in the last ten days [1] Group 2 - The CSI Industrial Nonferrous Metals Theme Index comprises 30 leading companies in the industrial nonferrous metals sector, with copper (34.4%), aluminum (21.8%), and rare earths (13.6%) making up nearly 70% of the index as of January 9 [5] - The top ten constituent stocks of the index include major players such as Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, collectively accounting for 56.18% of the index [7] - The Industrial Nonferrous ETF (560860) is the only ETF product tracking the CSI Industrial Nonferrous Metals Theme Index, providing investors with an efficient solution to invest in this sector [7]

关于实际控制人股份减持计划实施完成的公告 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。 证券代码：002532 证券简称：天山铝业 公告编号：2026-003 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公告内容与信息披露义务人提供的信息一 致。 天山铝业集团股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日在巨 潮资讯网（http://www.cninfo.com.cn）上披露了《关于实际控制人减持股份的预 披露公告》，公司实际控制人曾超懿拟在上述公告披露之日起 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；公司实际控 制人曾超林拟在上述公告披露之日起 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。 二、其他相关说明 截至本公告披露日，曾超懿通过集中竞价交易方式累计减持公司股份 22,949,300 股，占公司总股本的 0.50%；曾超林通过集中竞价交易方式累计减持 公司股份 22,949,300 股，占公司总股本的 ...

从资金流向上来看，当日工业金属板块主力资金净流出37.99亿元，游资资金净流入5.92亿元，散户资金 净流入32.06亿元。工业金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601702 | 华峰铝业 | 19.52 | -2.01% | 12.17万 | 2.37亿 | | 002532 | 天山铝业 | 17.84 | -1.60% | 73.51万 | 13.12亿 | | 600219 | 南山铝业 | 5.76 | -1.54% | 389.34万 | 22.51亿 | | 601600 | 中国铝业 | 13.85 | -1.42% | 474.33万 | 65.97亿 | | 000933 | 神火股份 | 29.73 | -1.16% | 42.98万 | 12.82 Z | | 600595 | 中国实业 | 8.61 | -0.92% | 75.24万 | 6.47亿 | | 603132 | 金徽股份 | 15.41 | -0.90% | 7 ...

Core Insights - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 9, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields [1][5]. Group 1: Stock Performance - The top performer is Jiufeng Energy (605090.SH) with a daily increase of 4.62% and a year-to-date increase of 8.24%, offering a dividend yield of 2.54% [1][5]. - Weichai Power (000338.SZ) follows with a daily rise of 4.32% and a year-to-date increase of 6.63%, with a dividend yield of 4.00% [1][5]. - Tianshan Aluminum (002532.SZ) shows a daily increase of 2.78% and a year-to-date increase of 12.05%, with a dividend yield of 2.25% [1][5]. - Other notable stocks include China Shenhua (601088.SH) with a dividend yield of 7.82% and a year-to-date increase of 4.81% [1][5]. Group 2: Dividend and Valuation Metrics - The overall dividend yield for the index is reported at 4.76%, with a price-to-book ratio of 1.34 times [2]. - The historical price-to-earnings ratio stands at 11.75 times, while the expected price-to-earnings ratio is slightly lower at 11.07 times [2].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum industry is experiencing a seasonal inventory accumulation, with adjustments in export tax rebates for photovoltaic and battery products [1] - Despite a favorable macroeconomic environment, the industry faces challenges due to declining demand and high aluminum prices, which are suppressing downstream consumption [6][11] - The report suggests that while short-term pressures exist, 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 January 9, the LME three-month aluminum closing price is $3,136.0 per ton, up $115.0 from the previous week, and the Shanghai aluminum active contract closing price is ¥24,330.0 per ton, up ¥1,405.0 [15][21] - The average price of A00 aluminum in Changjiang is ¥24,060.0 per ton, reflecting a week-on-week increase of ¥1,540.0 [21] 2. Production - In December 2025, the production of electrolytic aluminum reached 3.781 million tons, a month-on-month increase of 144,000 tons, and a year-on-year increase of 197,000 tons [53] - The production of alumina in December 2025 was 7.520 million tons, with a month-on-month increase of 80,000 tons and a year-on-year increase of 181,000 tons [53] 3. Inventory - As of January 8, the domestic electrolytic aluminum ingot inventory was recorded at 714,000 tons, an increase of 54,000 tons week-on-week [7] - The alumina inventory at alumina plants increased by 33,000 tons, indicating a continued accumulation trend [9] 4. Key Companies and Earnings Forecast - Key companies include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth for 2026 [5]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [5] Core Insights - The report emphasizes that investing in resource stocks is not only about bullish metal prices but also serves as a hedge against rising inflation. The recent surge in metal prices, including gold, silver, copper, and aluminum, is attributed to a significant drop in market expectations for a Federal Reserve rate cut, alongside rising inflation expectations [8][13] - The aluminum sector is expected to benefit from geopolitical events, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages. The report highlights the increasing domestic supply of bauxite and alumina, which enhances the industry's resource security [14] - The precious metals sector is viewed positively as the long-term debt cycle enters its late stage, with rising physical prices reflecting a loss of trust in fiat currency systems. The report anticipates that precious metal prices will continue to reach historical highs in 2026 [15] - The copper sector faces supply chain vulnerabilities, with recent labor disputes leading to production cuts. The report suggests that the basic fundamentals support the equity side of copper investments, which are expected to rise alongside copper prices [16] Summary by Sections Non-Ferrous Metals - The report indicates that the recent collective rise in metal prices is a response to inflationary pressures and a re-evaluation of physical asset values as the dollar debt cycle matures [8][13] - The aluminum sector is highlighted for its strong supply chain capabilities, with domestic production of bauxite and alumina expected to increase, providing a competitive edge [14] - The precious metals market is projected to see continued price increases, driven by a shift in investor sentiment towards physical assets as a safeguard against debt risks [15] Steel Industry - The steel industry is currently experiencing a weak fundamental outlook as it approaches the year-end off-season, with a slight increase in iron and steel production but a decrease in demand [17][22] - Inventory levels for both social and steel mill stocks have increased, indicating a potential oversupply situation [24] - Steel prices have shown a slight overall increase, with specific products like hot-rolled steel experiencing marginal price rises [36][37] New Energy Metals - The report notes a significant year-on-year increase in lithium carbonate production, with December 2025 figures showing a 69.09% rise [40] - The demand for new energy vehicles remains strong, with production and sales figures for November 2025 reflecting substantial growth [44] - Prices for lithium and cobalt have risen sharply, indicating a robust market for new energy metals [49][50]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002532 | 天山铝业 | 17.64 | -4.80% | 84.77万 | 15.04亿 | | 000603 | 盛达资源 | 32.71 | -3.85% | 33.89万 | 11.29亿 | | 601702 | 华峰铝业 | 19.81 | -3.46% | 9.80万 | 1.96亿 | | 603979 | 金诚信 | 76.43 | -3.28% | 8.29万 | 6.39亿 | | 002379 | 宏创控股 | 26.96 | -3.02% | 24.15万 | 6.54亿 | | 000612 | 焦作万方 | 11.69 | -2.91% | 76.82万 | 9.06亿 | | 000426 | 兴/银锡 | 40.92 | -2.90% | 77.65万 | 32.39亿 | | 601600 | 中国铝业 | 13.65 | -2.85% | 376.91万 | 51.81亿 | | 002578 | 闽发铝 ...

Core Viewpoint - The report highlights the growth of China's alumina production, indicating a significant increase in output and projecting future trends in the industry [1] Group 1: Industry Overview - As of November 2025, China's alumina production reached 8.14 million tons, reflecting a year-on-year growth of 7.6% [1] - From January to November 2025, the cumulative alumina production in China totaled 84.657 million tons, marking an 8.4% increase compared to the previous year [1] Group 2: Companies Involved - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Hongchuang Holdings (002379), Minfa Aluminum (002578), and Ningbo Fubang (600768) [1] Group 3: Research and Analysis - The report titled "Analysis of Development Models and Future Prospects of China's Alumina Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing in-depth reports, business plans, feasibility studies, and customized services [1]

Group 1 - The article presents 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 January 7, 2026 [1][5] - The top performer is Tuke Mining (600188.SH) with a daily increase of 3.61% and a year-to-date increase of 6.84%, along with a dividend yield of 5.31% [1][5] - Nanshan Aluminum (600219.SH) ranks second with a daily increase of 2.82% and a year-to-date increase of 8.36%, offering a dividend yield of 6.87% [1][5] Group 2 - Other notable stocks include Daimay Co. (603730.SH) with a daily increase of 1.72% and a year-to-date increase of 1.48%, and Tianshan Aluminum (002532.SZ) with a daily increase of 1.70% and a year-to-date increase of 14.52% [1][5] - The list also features companies like Midea Group (000333.SZ) and China Shenhua (601088.SH), which have year-to-date increases of 1.56% and 1.88%, respectively, with dividend yields of 5.09% and 7.95% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 7, 2026, with dividend yields calculated up to January 6, 2026 [1][5]