Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

法律意见书 北京市中伦律师事务所 关于天山铝业集团股份有限公司 2024 年年度股东大会的 法律意见书 致：天山铝业集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上市公司股东会网络 投票实施细则》（以下简称"《网络投票实施细则》"）等法律、行政法规、规 章和规范性文件以及《天山铝业集团股份有限公司章程》（以下简称"《公司章 程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作为天山铝业集 团股份有限公司（以下简称"公司"）的常年法律顾问，指派律师出席公司 2024 年年度股东大会（以下简称"本次股东大会"），并依法出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序是否符合法律、行政法规、 规章、规范性文件及《公司章程》的规定，以及出席本次股东大会人员的资格、 召集人资格、会议表决程序及表决结果是否合法有效发表意见，而不对本次股东 大会所审议的议案内容以及该等议案所表述的相关事实或数据的真实性、准确性 或合法性发表意见。本次股东大会通过网络投票系统进行投票的股东资格由网络 投票系统提供机构验证 ...

天山铝业集团股份有限公司 关于公司对全资子公司提供担保的公告 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。 特别提示： 本次担保后，本公司及控股子公司对外担保总额超过最近一期经审计净资产 100%（均为合并报表内单位担保），敬请投资者充分关注担保风险。 一、担保情况概述 （一）担保情况 根据公司业务的发展和生产经营的需要，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"）为平安银行股份有限公司乌鲁木齐分行（以 下简称"平安银行乌鲁木齐分行"）对本公司全资子公司新疆生产建设兵团第八师 天山铝业有限公司（以下简称"天铝有限"）享有的 7 亿元人民币主债权提供最高 额保证担保。 证券代码：002532 证券简称：天山铝业 公告编号：2025-029 （二）担保审议情况 公司分别于 2024 年 12 月 9 日、2024 年 12 月 27 日召开第六届董事会第十 一次会议和 2024 年第三次临时股东大会，审议通过了《关于 2025 年度对外担保 ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-028 天山铝业集团股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2025 年 5 月 9 日 14:30 1）参加本次股东大会现场表决和网络投票的股东及股东代理人共 388 人， 1 / 5 代表的股份数共计 2,185,350,192 股，占公司有表决权股份总数的 47.3746%。其 中，参加现场表决的股东及股东代理人共 10 人，代表股份数 1,955,950,229 股， 占公司有表决权股份总数的 42.4016%；参加网络投票的股东 378 名，代表股份 数 229,399,963 股，占公司有表决权股份总数的 4.9730%。参加本次股东大会投 票的中小股东（中小股东指除公司董事、监事、高管、单独或者合计持有公司 5% 以上股份的股东以外的其他股东，以下同）共 384 人 ...

Core Viewpoint - Tianshan Aluminum Industry Group Co., Ltd. has initiated a share buyback program, aiming to repurchase a portion of its A-shares using a combination of special loans and its own funds, with a total budget ranging from RMB 200 million to RMB 300 million [2] Group 1: Buyback Plan Details - The company plans to repurchase shares at a price not exceeding RMB 10 per share, estimating to buy back approximately 20 million to 30 million shares, which represents about 0.43% to 0.64% of the current total share capital [2] - The buyback period is set for six months from the board's approval date [2] Group 2: Initial Buyback Execution - On April 30, 2025, the company executed its first buyback, acquiring 669,000 shares, which is 0.01% of the total share capital, at a maximum price of RMB 7.48 per share and a minimum price of RMB 7.46 per share, utilizing a total of RMB 4.9987 million [3][4] Group 3: Compliance and Future Plans - The buyback actions are in compliance with relevant laws and regulations, and the company will continue to implement the buyback plan based on market conditions while fulfilling disclosure obligations [5][6]

关于首次回购股份暨回购股份进展情况的公告 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。 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部用于实施员工持股计划或股权激励计划，若公司 未能在本次回购实施完成之日起 ...

Group 1 - The aluminum processing industry involves the use of plastic processing methods to convert aluminum ingots into products such as aluminum profiles, plates, and foils [1] - Major upstream processes include the production of electrolytic aluminum and recycled aluminum, which require bauxite and alumina processing [1] - The aluminum processing products are widely used in various sectors including transportation, packaging, construction, aerospace, and electrical machinery [1] Group 2 - Key listed companies in the aluminum processing industry include Tianshan Aluminum (002532), Mingtai Aluminum (601677), China Aluminum (601600), and Nanshan Aluminum (600219) [2][3] - Mingtai Aluminum, Asia Pacific Technology, Nanshan Aluminum, Ding Sheng New Materials, and Hong Chuang Holdings have over 90% of their business focused on aluminum processing [8] - Domestic market sales dominate, with overseas sales being relatively small for most aluminum processing companies [8] Group 3 - In 2023, Mingtai Aluminum, Nanshan Aluminum, and Yun Aluminum reported revenues exceeding 20 billion yuan, with significant variations in gross margins due to the diversity of aluminum processing products [11] - The production output of aluminum processing products is led by Nanshan Aluminum, Mingtai Aluminum, and Yun Aluminum [11] - Companies are focusing on optimizing their business models and enhancing their technological capabilities to meet the growing demand for aluminum in high-end applications [13] Group 4 - Companies are planning to reduce upstream costs, accelerate technological research and development, and increase production capacity as part of their strategic initiatives [13] - Specific plans include Mingtai Aluminum's focus on recycling aluminum and enhancing product quality, while Nanshan Aluminum aims to develop high-end aluminum materials for the automotive and aerospace sectors [15][16] - The industry is expected to continue growing steadily, driven by the increasing application of aluminum in various sectors and the push for carbon neutrality [13]

Core Viewpoint - Tianshan Aluminum's comprehensive competitiveness has been released, significantly enhancing its profitability, as evidenced by its financial performance in the first quarter of 2025 and the year 2024 [1][3]. Financial Performance - In Q1 2025, Tianshan Aluminum achieved an operating income of approximately 79 billion yuan, a year-on-year increase of about 16% [1][3]. - The net profit attributable to shareholders reached 10.58 billion yuan, reflecting a year-on-year growth of approximately 47% [1][3]. - For the full year 2024, the company reported an operating income of 280.89 billion yuan, a decrease of about 3% year-on-year, while the net profit attributable to shareholders was approximately 45 billion yuan, doubling compared to the previous year [2][4]. Production and Pricing - Tianshan Aluminum's main products include electrolytic aluminum and alumina, with a notable increase in production and sales volumes due to favorable market conditions in 2024 [2][4]. - The average selling price of self-produced electrolytic aluminum was approximately 19,800 yuan per ton, up about 6% year-on-year, while the average selling price of self-produced alumina was around 4,000 yuan per ton, reflecting a 40% increase [5]. - The company completed an electrolytic aluminum production of 1.1759 million tons in 2024, a year-on-year increase of about 1%, and alumina production of 2.2789 million tons, up 7.55% [4]. Cost Management and Cash Flow - Tianshan Aluminum's operating cash flow net inflow increased to 52.20 billion yuan in 2024, a year-on-year growth of 33.29% [2][9]. - The company's total operating costs for 2024 were 233.54 billion yuan, a reduction of approximately 33.70 billion yuan compared to 2023 [6]. - The company's asset-liability ratio has been decreasing for four consecutive years, reaching 52.74% at the end of 2024, down 5.04 percentage points from the previous year [2][9]. Vertical Integration and Competitive Advantage - Tianshan Aluminum has established a vertically integrated industrial chain, enhancing its cost competitiveness and resilience against market price fluctuations [7][8]. - The company has invested in advanced production technologies, particularly in high-purity aluminum, which has improved efficiency and reduced production costs [8]. - The integration of upstream and downstream operations allows Tianshan Aluminum to maintain a strong competitive position within the industry [7][8].

Core Insights - The report highlights the recent developments in the non-ferrous metals industry, including advancements in AI tools by ByteDance and Meituan, indicating a growing demand for AI-driven solutions in various sectors [1] - The market performance of the non-ferrous metals sector shows a positive trend, with the SW non-ferrous metals industry index increasing by 1.50% [2] - Key metal prices have shown varied movements, with copper, aluminum, and zinc prices rising, while some rare earth elements have decreased [3] Market Performance - As of April 25, the Shanghai Composite Index rose by 0.56% to 3295.06 points, and the CSI 300 Index increased by 0.38% to 3786.99 points [2] - The SW non-ferrous metals industry index reached 4641 points, reflecting a 1.50% increase [2] - Among the five sub-industries in non-ferrous metals, industrial metals and energy metals saw increases of 2.35% and 2.93%, respectively, while precious metals decreased by 2.52% [2] Key Metal Prices - The prices for key metals on the Shanghai Futures Exchange are as follows: copper at 77,440 CNY/ton (+1.91%), aluminum at 20,030 CNY/ton (+1.68%), zinc at 22,750 CNY/ton (+3.34%), lead at 16,945 CNY/ton (+0.68%), nickel at 125,800 CNY/ton (+0.15%), and tin at 262,840 CNY/ton (+2.39%) [3] - On the London Metal Exchange, copper, aluminum, and zinc prices also increased, with copper at 9,360 USD/ton (+1.87%) and aluminum at 2,438 USD/ton (+3.04%) [3] - Gold and silver prices on the Shanghai Futures Exchange were 787.20 CNY/gram (+0.22%) and 8,280 CNY/kilogram (+1.79%), respectively [3] Investment Recommendations - The report suggests that the easing of trade tensions between the U.S. and China may enhance market risk appetite, leading to potential rebounds in industrial metal stocks [4][5] - Specific recommendations include investing in gold-related A-shares such as Chifeng Jilong Gold Mining, Shandong Gold Mining, and Hunan Gold, as well as industrial metal leaders like Zijin Mining, Luoyang Molybdenum, and China Aluminum [5]