Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

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, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

证券代码：002532 证券简称：天山铝业 天山铝业集团股份有限公司 投资者关系活动记录 编号：2025-002 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 电话会议 主要参与单 位名称及人 员姓名 投资者网上提问 时间 2025 年 4 月 25 日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接 待人员姓名 公司董事长兼总经理曾超林、副总经理李亚洲、独立董事李书锋、 副总经理兼董事会秘书周建良、财务总监胡春华 投资者关系 活动主要内 容介绍 1.祝贺公司 2024 年取得了不错的业绩，请问净利润增长的主 要原因是什么？ 答:尊敬的投资者您好！公司 2024 年业绩同比实现大幅增长 的主要原因如下：2024 年公司自产氧化铝对外销售均价同比上升 约 40%，产量同比增加约 7.5%，氧化铝板块利润同比实现较大幅 度增长。另外，公司自产铝锭对外销售均价同比上升约 6.5%，除 氧化铝之外的其他生产要素成本有所下降，电解铝板块利润同比 亦实现增长。 2.去年公司氧化铝的产量有多少？销售价格 ...

2025 年 04 月 25 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn ——天山铝业（002532）2025 年一季报&2024 年年报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/24 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 天山铝业 | | -16.8% | -16.4% | 12.5% | | 沪深 300 | | -3.8% | -1.3% | 7.5% | | 市场数据 | 2025/04/24 | | --- | --- | | 当前价格（元） | 7.57 | | 52 周价格区间（元） | 6.08-9.88 | | 总市值（百万） | 35,214.77 | | 流通市值（百万） | 31,264.14 | | 总股本（万股） | 465,188.54 | | 流通股本（万股） | 413,000. ...

Summary of Key Points Core Viewpoint - The social security fund has made significant movements in its stock holdings during the first quarter, with a total of 122 stocks appearing in the top ten circulating shareholders list, including 36 new entries and 30 increased holdings [1][2]. Group 1: Stock Holdings - The social security fund holds a total of 1.815 billion shares across 122 stocks, with a total market value of 32.863 billion yuan [1]. - The most represented stock by the social security fund is Kaili New Materials, with three funds listed among the top ten shareholders, holding a total of 5.9559 million shares, accounting for 4.56% of circulating shares [1]. - The stock with the highest holding ratio is Mingtai Aluminum, with a holding ratio of 5.98%, followed by Ankao Intelligent Electric at 5.91% [2]. Group 2: Performance and Changes - Among the stocks held by the social security fund, 83 companies reported year-on-year net profit growth in the first quarter, with Limin Co. achieving the highest growth rate of 1373.23% [2]. - The average performance of the social security fund's heavy stocks has seen a decline of 2.37% since April, underperforming the Shanghai Composite Index [3]. - The best-performing stock since April is Yanjinpuzi, with a cumulative increase of 37.10%, while Junda Co. has experienced the largest decline at 20.07% [3]. Group 3: Sector Distribution - The stocks held by the social security fund are primarily concentrated in the basic chemical, pharmaceutical, and electric equipment sectors, with 18, 16, and 10 stocks respectively [2]. - The distribution of stocks includes 75 on the main board, 35 on the Growth Enterprise Market, and 12 on the Sci-Tech Innovation Board [2].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 7.925 billion yuan in Q1 2025, representing a year-on-year increase of 16% and a quarter-on-quarter increase of 9%. The gross margin was 20%, while the net profit attributable to shareholders was 1.058 billion yuan, up 47% year-on-year but down 23% quarter-on-quarter, with a net profit margin of 13% [1] - The company plans to accelerate the construction of an integrated aluminum industry park in Indonesia, aiming to enhance its resource, cost, technology, and management advantages in the global aluminum market [2] - The company has completed an equity acquisition of a local mining company in Guinea, securing exclusive purchasing rights for bauxite, with an annual production capacity planned at 5-6 million tons [3] - The company is expected to achieve net profits of 4.8 billion, 5.5 billion, and 6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.925 billion yuan, with a gross margin of 20% and a net profit of 1.058 billion yuan [1] - The company’s revenue for 2025 is projected to be 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit for 2025 is estimated at 4.791 billion yuan, reflecting a year-on-year growth of 7.5% [5] Strategic Initiatives - The company is constructing an integrated aluminum industry chain in Indonesia, which includes bauxite, alumina, electrolytic aluminum, and deep processing [2] - The company has secured three bauxite mining rights in Indonesia, with plans to start mining in 2025 [2] - The company aims to achieve a 100% self-sufficiency rate for bauxite through acquisitions and exploration efforts [3] Market Outlook - The company has adjusted its aluminum price assumptions for 2025-2027 to 20,000, 20,500, and 21,000 yuan per ton, respectively, due to the impact of U.S. tariffs [4] - The company’s competitive edge is expected to strengthen through its integrated layout and cost advantages, positioning it for significant growth [4]

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" [6] Core Views - Tianshan Aluminum reported a revenue of 7.925 billion yuan in Q1 2025, a year-on-year increase of 16% and a quarter-on-quarter increase of 9%, with a gross margin of 20%. The net profit attributable to shareholders was 1.058 billion yuan, a year-on-year increase of 47% but a quarter-on-quarter decrease of 23% [1] - The company plans to build an integrated aluminum industry park in Indonesia, which will include bauxite, alumina, electrolytic aluminum, deep processing, and supporting industries, enhancing its competitive edge in the global aluminum market [2] - Tianshan Aluminum aims to achieve a 100% self-sufficiency rate in bauxite supply by expanding its resource acquisition capabilities and upstream industry layout [3] - The company is expected to achieve net profits of 4.8 billion yuan, 5.5 billion yuan, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Financial Summary - In 2025, Tianshan Aluminum is projected to have a revenue of 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit attributable to shareholders is expected to be 4.791 billion yuan in 2025, reflecting a year-on-year growth rate of 7.5% [5] - The company's earnings per share (EPS) is projected to be 1.03 yuan in 2025, with a net asset return rate of 16.2% [5]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][3] - The quarterly report has not been audited [3][7] Financial Data - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the current quarter [3] - The company has not defined any non-recurring profit and loss items as recurring [3] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are not disclosed in the provided documents [5] - There are no changes in the top ten shareholders due to securities lending activities [5] Other Important Matters - The company has changed its website to http://www.tslyjt.com and its email to 002532@tslyjt.com [5]

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

转自：证券日报网 重要公告： 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 北元集团：一季度净利润同比增长442.29% 方大特钢：一季度净利润同比增长167.99% 杰瑞股份：拟1.5亿元—2.5亿元回购公司股份 海泰科：一季度净利润同比增长5738.82% 沪市重要公告： 澜起科技（688008）公告，公司2025年第一季度实现营业收入12.22亿元，同比增长65.78%；净利 润5.25亿元，同比增长135.14%。 上海雅仕：一季度净利润同比增长129.78% 上海雅仕（603329）公告，公司2025年第一季度实现营业收入8.01亿元，同比增长57.5%；净利润 974.87万元，同比增长129.78% 北元集团：一季度净利润同比增长442.29% 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 中国交建（601800）公告，2025年一季度，公司新签合同额为5530.34亿元，同比增长9.02%，完成 年度目标的27%。 方大特钢：一季度净利润同比增长167.99% 方大特钢（600507）公告，公司2025年第一季度实现营业收入43.46亿元，同比下降26. ...