Group 1 - The article highlights 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 December 29, 2025 [1][5] - Nanshan Aluminum (600219.SH) leads with a daily increase of 5.99% and a year-to-date increase of 48.46%, along with a dividend yield of 7.78% [1][5] - Luri Co., Ltd. (002083.SZ) shows the highest year-to-date increase at 154.02%, with a daily increase of 3.61% and a dividend yield of 1.23% [1][5] Group 2 - The data indicates that several companies have significant year-to-date gains, such as Tianshan Aluminum (002532.SZ) with a 105.37% increase and Jiangsu Guotai (002091.SZ) with a 34.27% increase [1][5] - Companies like Semir Apparel (002563.SZ) and Tunnel Co. (600820.SH) have experienced negative year-to-date performance, with declines of 14.22% and 3.57% respectively [1][5] - The article provides a comprehensive overview of dividend yields, with Semir Apparel having the highest yield at 9.14% despite its negative performance [1][5]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1]. Core Views - The aluminum market is experiencing a seasonal inventory accumulation due to weak demand, while macroeconomic conditions remain supportive for aluminum prices [10]. - The report emphasizes the need for mergers and acquisitions among alumina companies to enhance competitiveness amid high inventory levels [10]. Summary by Sections 1. Prices - As of December 26, the average price of A00 aluminum in Changjiang was 22,060.0 CNY/ton, up 220.0 CNY/ton week-on-week, and up 2,210.0 CNY/ton year-on-year [20]. - The LME three-month aluminum closing price was 2,956.5 USD/ton, reflecting a week-on-week increase of 220.0 CNY/ton [14]. 2. Production - In November 2025, the production of electrolytic aluminum was 3.637 million tons, a decrease of 106,000 tons month-on-month and a decrease of 66,000 tons year-on-year [49]. - The production of alumina in November 2025 was 7.439 million tons, down 346,000 tons month-on-month but up 152,000 tons year-on-year [49]. 3. Inventory - As of December 25, the inventory of electrolytic aluminum ingots in major domestic consumption areas was recorded at 617,000 tons, an increase of 39,000 tons week-on-week [7]. - The report notes that the inventory of bauxite at alumina plants increased to 55.411 million tons, indicating a high inventory level despite tight domestic supply [8]. 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an expected EPS of 2.25 CNY for 2024, 2.54 CNY for 2025, and 2.77 CNY for 2026 [5]. - Tianshan Aluminum (002532.SZ) is also rated "Buy" with an expected EPS of 0.96 CNY for 2024, 1.00 CNY for 2025, and 1.27 CNY for 2026 [5]. - Other companies such as Shenhuo Co. (000933.SZ), China Aluminum (601600.SH), and Yun Aluminum (000807.SZ) are similarly rated "Buy" with positive earnings forecasts [5].

Core Viewpoint - The report highlights the growth and production statistics of China's primary aluminum (electrolytic aluminum) industry, projecting a slight increase in production for 2025 and providing insights into investment opportunities within the sector [1]. Group 1: Industry Overview - As of October 2025, China's primary aluminum (electrolytic aluminum) production is expected to reach 3.8 million tons, reflecting a year-on-year growth of 0.4% [1]. - Cumulative production from January to October 2025 is projected to be 37.753 million tons, indicating a cumulative growth of 2% compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Dongyangguang (600673), Tianshan Aluminum (002532), and Minfa Aluminum (002578) [1]. Group 3: Research and Consulting - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports, business plans, feasibility studies, and customized services [1].

12月26日，天山铝业盘中上涨2.01%，截至09:53，报15.25元/股，成交1.65亿元，换手率0.26%，总市值 709.41亿元。 资金流向方面，主力资金净流入417.94万元，特大单买入1357.53万元，占比8.21%，卖出433.37万元， 占比2.62%；大单买入3012.41万元，占比18.23%，卖出3518.63万元，占比21.29%。 分红方面，天山铝业A股上市后累计派现74.80亿元。近三年，累计派现43.81亿元。 机构持仓方面，截止2025年9月30日，天山铝业十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1.31亿股，相比上期增加1854.47万股。 责任编辑：小浪快报 资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销售自产铝锭65.26%，销售氧化铝 24.20%，销售铝箔及铝箔坯料6.89%，销售高纯铝2.10%，其他(补充)1.55%。 天山铝业所属 ...

天山铝业今年以来股价涨97.75%，近5个交易日涨8.36%，近20日涨16.10%，近60日涨38.74%。 截至9月30日，天山铝业股东户数3.78万，较上期减少23.85%；人均流通股109224股，较上期增加 31.32%。2025年1月-9月，天山铝业实现营业收入223.21亿元，同比增长7.34%；归母净利润33.40亿元， 同比增长8.31%。 分红方面，天山铝业A股上市后累计派现74.80亿元。近三年，累计派现43.81亿元。 机构持仓方面，截止2025年9月30日，天山铝业十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1.31亿股，相比上期增加1854.47万股。 责任编辑：小浪快报 12月24日，天山铝业盘中上涨2.00%，截至13:10，报14.78元/股，成交3.64亿元，换手率0.60%，总市值 687.55亿元。 资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销 ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-097 天山铝业集团股份有限公司 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） 成立日期：1997年11月03日 注册资本：肆拾陆亿伍仟壹佰捌拾捌万伍仟肆佰壹拾伍元整 住所：新疆石河子市开发区北工业园区北二三路1号 一、本次变更的基本情况 天山铝业集团股份有限公司（以下简称"公司"）分别于2025年12月2日、2025年12月18日召开了第六届 董事会第十九次会议、2025年第三次临时股东会，审议通过了《关于变更公司住所并修订〈公司章程〉 的议案》，同意公司将住所由"浙江省温岭市大溪镇大洋城工业区"变更为"新疆石河子市开发区北工业 园区北二三路1号"，并对《公司章程》的相关条款进行修订，修订后的条款以主管市场监督管理局核准 的为准。详情请见公司于2025年12月3日、2025年12月19日在巨潮资讯网（http：//www.cninfo.com.cn） 上披露的《第六届董事会第十九次会议决议公告》（公告编号：2025-091）《关于修订《公司章程》的 公告》（公告编号：2025-093）《2025年第三次临时股东会决 ...

Core Viewpoint - Tianshan Aluminum has completed the registration of business changes and obtained a new business license, indicating a significant operational shift for the company [2] Group 1: Company Changes - The company has changed its registered address from "Daxizhen Dayangcheng Industrial Zone, Wenling City, Zhejiang Province" to "No. 1, North Ersan Road, North Industrial Park, Shihezi City, Xinjiang" [2] - The new business license was issued by the Market Supervision Administration of the Eighth Division of the Xinjiang Production and Construction Corps [2]

关于完成工商变更登记并取得新营业执照的公告 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 二、新营业执照的基本信息 1、公司于近日完成了工商变更登记手续，并取得了由新疆生产建设兵团第 八师市场监督管理局换发的新营业执照，新营业执照基本信息如下： 名称：天山铝业集团股份有限公司 统一社会信用代码：91330000255498648W 法定代表人：曾超林 证券代码：002532 证券简称：天山铝业 公告编号：2025-097 一、本次变更的基本情况 天山铝业集团股份有限公司（以下简称"公司"）分别于 2025 年 12 月 2 日、 2025 年 12 月 18 日召开了第六届董事会第十九次会议、2025 年第三次临时股东 会，审议通过了《关于变更公司住所并修订<公司章程>的议案》，同意公司将 住所由"浙江省温岭市大溪镇大洋城工业区"变更为"新疆石河子市开发区北工业 园区北二三路 1 号"，并对《公司章程》的相关条款进行修订，修订后的条款以 主管市场监督管理局核准的为准。详情请见公司于 2025 年 12 月 3 日、2025 年 12 ...

Group 1 - Tianshan Aluminum's stock price reached a historical high, increasing by 2.22% to 14.72 yuan, with a trading volume of 13.96 million shares and a transaction amount of 202 million yuan, resulting in a total market capitalization of 68.48 billion yuan [1] - The non-ferrous metal industry, to which Tianshan Aluminum belongs, saw an overall increase of 0.80%, with 78 stocks rising, including Xianglu Tungsten Industry, Zhangyuan Tungsten Industry, and Haotong Technology, which rose by 9.99%, 9.00%, and 5.81% respectively [1] - The latest margin trading data shows that Tianshan Aluminum's margin balance is 445 million yuan, with a financing balance of 435 million yuan, reflecting a decrease of 26.21 million yuan over the past 10 days, a decline of 5.68% [1] Group 2 - For the first three quarters, Tianshan Aluminum reported a total operating income of 22.32 billion yuan, a year-on-year increase of 7.34%, and a net profit of 3.34 billion yuan, a year-on-year increase of 8.31%, with basic earnings per share of 0.7300 yuan and a weighted average return on equity of 11.89% [1]

Group 1 - The core viewpoint of the news is that Tianshan Aluminum has shown significant stock price growth and positive financial performance in recent periods [1][2] - As of December 23, Tianshan Aluminum's stock price increased by 2.08% to 14.70 CNY per share, with a total market capitalization of 683.83 billion CNY [1] - The company has experienced a stock price increase of 96.68% year-to-date, with notable gains of 11.62% in the last five trading days, 15.29% in the last twenty days, and 35.45% in the last sixty days [1] Group 2 - For the period from January to September 2025, Tianshan Aluminum reported a revenue of 22.321 billion CNY, representing a year-on-year growth of 7.34%, and a net profit attributable to shareholders of 3.340 billion CNY, up 8.31% year-on-year [2] - The company has distributed a total of 7.480 billion CNY in dividends since its A-share listing, with 4.381 billion CNY distributed in 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][3]