Group 1 - Tianshan Aluminum Industry Co., Ltd. experienced a stock price increase of 5.07%, reaching 17.00 CNY per share, with a trading volume of 137 million CNY and a turnover rate of 0.20%, resulting in a total market capitalization of 78.689 billion CNY [1] - The company, established on November 3, 1997, and listed on December 31, 2010, is located in Shanghai and specializes in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition of Tianshan Aluminum includes 65.26% from the sale of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil raw materials, 2.10% from high-purity aluminum sales, and 1.55% from other sources [1] Group 2 - E Fund's fund, E Fund CSI 500 Quality Growth ETF (159606), holds Tianshan Aluminum as its seventh-largest position, having reduced its holdings by 250,800 shares to 587,300 shares, which represents 1.9% of the fund's net value [2] - The fund has achieved a year-to-date return of 34.65%, ranking 1385 out of 4189 in its category, with the same return over the past year and a total return of 17.09% since its inception on December 17, 2021 [2]

证券代码：002532 证券简称：天山铝业 公告编号：2026-001 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。 一、本次变更的基本情况 关于完成工商变更登记并取得新营业执照的公告 类型：其他股份有限公司（上市） 1 / 2 成立日期：1997 年 11 月 03 日 注册资本：肆拾陆亿贰仟捌佰柒拾叁万柒仟肆佰壹拾伍元整 天山铝业集团股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开 第六届董事会第十八次会议、于 2025 年 11 月 10 日召开 2025 年第二次临时股东 大会，审议通过了《关于变更回购股份用途为注销并减少公司注册资本的议案》， 同意将公司根据 2022 年 7 月 6 日召开的第五届董事会第二十一次会议审议通过 的《关于以集中竞价交易方式回购公司股份方案的议案》，使用自有资金以集中 竞价交易方式回购的 2,314.80 万股股份用途，由原计划"全部用于实施员工持股 计划或股权激励计划"变更为"注销并减少公司注册资本"，暨对回购专用证券 账户中的 2,314.80 万股股份进行注销并减 ...

Group 1 - The report highlights that industrial metal prices have shown a significant upward trend, particularly for copper and tin, which are constrained by supply issues. Prices have gradually increased throughout the year, with copper reaching a historical high [14][15][39]. - The overall performance of the non-ferrous metal sector has been impressive, with a year-to-date weighted average increase of 100.46% as of December 11, 2025, outperforming major indices like the Shanghai Composite and CSI 300 [26][33]. - The macroeconomic environment is expected to remain favorable for industrial metals in 2026, with continued liquidity support from the U.S. Federal Reserve's interest rate cuts and domestic policies aimed at boosting demand [39][10]. Group 2 - The report identifies AI and energy storage as significant drivers of marginal demand growth for copper and aluminum, with substantial capital expenditures from major cloud service providers expected to continue [45][58]. - For copper, the demand from AI data centers is projected to add approximately 26.8 thousand tons to total copper demand in 2026, driven by increased infrastructure investments [58][59]. - In the aluminum sector, while demand growth is anticipated, it is expected to be more limited compared to copper, with projected aluminum demand from data centers reaching around 78 thousand tons globally by 2026 [64][66]. Group 3 - The supply side for copper remains constrained due to ongoing production cuts and delays in new mining projects, which are expected to exacerbate structural shortages in the market [42][43]. - The aluminum market is facing a rigid supply ceiling domestically, with limited growth in production capacity and risks of shutdowns due to high electricity costs [43][44]. - The report recommends several companies with strong growth potential in the copper sector, including Shengtun Mining, Zangge Mining, and Zijin Mining, as well as companies in the aluminum sector like China Aluminum and China Hongqiao [11][39].

Precious Metals - The report highlights that gold remains a strong investment, with central banks continuing to increase their gold holdings, and gold ETFs experiencing sustained inflows during the interest rate cut cycle, indicating a bullish trend for gold prices [1][20] - Silver is expected to see significant price increases, driven by financial demand rather than industrial demand, with the gold-silver ratio indicating that silver is undervalued compared to gold [1][20] Industrial Metals - Copper is projected to experience a bullish market due to a clear supply-demand gap, supported by macroeconomic factors such as tariff reductions and increased capital expenditures, alongside strong demand from the energy and AI sectors [2][3] - Aluminum supply may face constraints due to high demand from data centers, with potential production risks and a tightening global supply-demand balance expected in 2026 [3] - Tin supply is limited due to global resource scarcity, while demand is expected to rise from the semiconductor and AI sectors, leading to a price increase [4] - Nickel prices are anticipated to recover as supply disruptions in Indonesia continue to impact the market [4] Energy Metals - Lithium demand is expected to surge, particularly from energy storage applications, with supply growth projected to slow down due to reduced capital expenditures by producers [7] - Cobalt prices are likely to rise due to export controls from the Democratic Republic of Congo, which will create a supply gap that cannot be compensated by increases in Indonesian production [8] Minor Metals - Tungsten prices are expected to rise due to persistent supply-demand imbalances, with limited new supply expected before 2027 [9] - Antimony prices are projected to remain high due to rigid supply constraints and potential easing of export controls, which could enhance price elasticity [10] - The rare earth sector is expected to see improved supply-demand dynamics, with prices likely to rise as demand from electric vehicles and robotics increases [11]

天山铝业集团股份有限公司 关于回购股份注销完成暨股份变动公告 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。 重要内容提示： 证券代码：002532 证券简称：天山铝业 公告编号：2025-099 2022 年 11 月 1 日、2022 年 12 月 1 日在巨潮资讯网上披露的《关于股份回购进 展的公告》。 1、公司本次注销回购股份 2,314.80 万股，占注销前公司总股本的 0.50%。 本次注销完成后，公司股份总数由 4,651,885,415 股减少至 4,628,737,415 股，总 股本由 4,651,885,415 股减少至 4,628,737,415 股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销事宜已于 2025 年 12 月 29 日办理完成。 一、股份回购情况和实施情况 2022 年 7 月 6 日，公司第五届董事会第二十一次会议审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞 价交易方式回购公司股份，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 ...

Core Viewpoint - The aluminum market is experiencing a complex situation with a significant drop in spot prices, a slight rebound in futures, and a rise in aluminum concept stocks, indicating a clash between short-term adjustments and long-term positive factors [9] Group 1: Market Performance - On December 30, the international aluminum market rose slightly to $2969 per ton, while domestic futures showed mixed performance, with the main 2602 contract closing at 22565 yuan per ton, up 0.13% [1] - The spot market saw a substantial decline, with prices in the Yangtze region dropping by 310 yuan per ton and in Guangdong by 320 yuan per ton, reflecting weak demand from downstream buyers [1][2] Group 2: Demand and Supply Dynamics - The significant drop in the spot market is attributed to a seasonal demand slump and high aluminum prices, leading to reduced purchasing intentions among downstream enterprises [2] - Downstream leading enterprises are operating at only 60.8% capacity, indicating a decrease in demand across various sectors [2] Group 3: Macro Factors - Uncertainties in overseas policies, particularly comments from former President Trump regarding the Federal Reserve, have created market concerns, although the direct impact on aluminum prices is limited [3] - Positive domestic economic indicators, including a rise in major stock indices and expectations for increased infrastructure investment, are providing strong support for aluminum prices [4] Group 4: Inventory and Cost Analysis - Short-term inventory pressures are evident due to stable production capacity and improved shipping conditions, leading to an increase of 44,000 tons in aluminum ingot and rod inventories [5] - Long-term support for aluminum prices is expected due to relatively low inventory levels compared to last year and stable production costs, with a cost support level estimated at around 20,000 yuan per ton [5] Group 5: Company Insights - Yun Aluminum Co., as a leader in "green aluminum," benefits from lower production costs due to its reliance on hydropower, allowing it to maintain profitability even at lower aluminum prices [6] - Tianshan Aluminum's integrated business model across the aluminum supply chain enhances its risk resilience, allowing it to offset losses in one area with profits from another [6] Group 6: Market Outlook - In the short term, the aluminum market is expected to face pressure with prices likely to fluctuate between 22,000 and 23,000 yuan per ton due to weak demand and inventory accumulation [7] - The medium to long-term outlook is optimistic, with anticipated demand growth from infrastructure investments and the rapid development of the new energy vehicle and photovoltaic industries, potentially raising aluminum prices to a range of 24,000 to 26,000 yuan per ton by 2026 [8]

Group 1 - Industrial metals experienced a volatile rebound on December 30, with notable increases in stock prices for companies such as Tianshan Aluminum and Yun Aluminum, both rising nearly 5% [1] - Guocheng Mining, China Aluminum, and Jiangxi Copper saw their stock prices increase by over 3% [1] - Other companies like Jiaozuo Wanfang and Hongchuang Holdings also experienced upward movement in their stock prices [1]

Core Viewpoint - The performance of the Huabao ETF (159876), which encompasses leading companies in the non-ferrous metals industry, shows resilience with a recent price increase of 0.52% after an initial drop of 2%, indicating strong investor interest in the sector [1][7]. Fund Performance - As of the latest report, the Huabao ETF has seen a net subscription of 28.8 million shares, with an additional inflow of 15.36 million yuan the previous day, reflecting positive market sentiment towards the non-ferrous metals sector [1][7]. - The current trading price of the Huabao ETF is 0.974, with a gain of 0.005, representing a 0.52% increase [1][7]. Leading Stocks - Key stocks within the ETF include Tianshan Aluminum, which rose by 4.41%, and Yun Aluminum, which increased by 4.22%. Other notable performers include Jiangxi Copper, China Aluminum, and Luoyang Molybdenum, all of which saw gains exceeding 2% [2][8]. Market Trends - The overall metal market has been on an upward trend, particularly in precious metals, energy metals, and industrial metals, with significant price increases observed [9]. - The recent announcement by the CME Group to raise margin requirements for various metal futures, including gold and silver, has led to a decline in international metal futures prices [9]. Future Outlook - Analysts predict that the non-ferrous metals sector is entering a new bull market driven by strong demand from "new productive forces," with supply constraints and diverse driving factors [3][9]. - The current bull market is characterized by a shift from traditional infrastructure-driven demand to one that integrates global energy transitions, technological revolutions, and industrial upgrades, with emerging fields such as new energy, new materials, AI, and aerospace being key growth drivers [3][9]. Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4][10].

Group 1 - The core viewpoint of the news is that Tianshan Aluminum has shown significant stock price growth and financial performance, with a notable increase in revenue and net profit year-on-year [1][2]. - As of December 30, Tianshan Aluminum's stock price increased by 110.60% year-to-date, with recent gains of 8.63% over the last five trading days, 22.68% over the last twenty days, and 37.55% over the last sixty days [1]. - The company reported a revenue of 22.32 billion yuan for the first nine months of 2025, representing a year-on-year growth of 7.34%, and a net profit of 3.34 billion yuan, which is an increase of 8.31% compared to the previous year [2]. Group 2 - Tianshan Aluminum's main business revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and its raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1]. - The company has distributed a total of 7.48 billion yuan in dividends since its A-share listing, with 4.38 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 23.85% to 37,800, while the average circulating shares per person increased by 31.32% to 109,224 shares [2].

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。 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"）为中信银行股份有限公司乌鲁木齐分行（以 下简称"中信银行乌鲁木齐分行"）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 20 亿元人民币主债权提供最 高额保证担保、对本公司全资孙公司新疆天山盈达碳素有限公司（以下简称"盈 达碳素"）享有的 1 亿元人民币主债权提供最高额保证担保、对本公司全资孙公 司新疆天展新材料科技有限公司（以下简称"天展新材"）享有的 1 亿元人民币主 债权提供最高额保证担保。 （二）担保审议情况 证券代码：002532 证券简称：天山铝业 公告编号：2025-098 天山铝业集团股份有限公司 关于公司对全资子公司和全资孙公司提供担保的公告 三、被担保方基本情况 （一）公司名称：新疆生产建设兵团第八师天山铝业有限公司 ...