Core Insights - The automotive cable industry is crucial for electric energy transmission, signal transmission, and control in vehicles, with increasing importance due to the rise of electric vehicles and automotive intelligence [1][7] - The market size of China's automotive cable industry is projected to grow from 149 billion yuan in 2021 to 193.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.05% [1][7] - The global automotive cable market is expected to expand from $58.21 billion in 2020 to $71.74 billion in 2024, with a CAGR of 5.36% [6] Industry Overview - Automotive cables are specifically designed for vehicles, categorized by purpose (signal and power cables), material (copper and aluminum), voltage (high and low), and temperature tolerance (high and low) [3] - The automotive cable industry supply chain includes raw materials (copper, aluminum, rubber, plastic), manufacturing, and downstream automotive manufacturers [3] Market Trends - The automotive cable market is expected to benefit from the increasing demand for electric vehicles and the advancement of smart connectivity in cars, leading to higher cable usage and value per vehicle [1][4] - The market size is anticipated to exceed 200 billion yuan by 2025, driven by economic growth and rising consumer demand [1][7] Competitive Landscape - The Chinese automotive cable industry is characterized by a mix of foreign dominance and local competition, with companies like Yazaki and Sumitomo leading the high-end market, while domestic firms like Carby and Xinhongye are gaining market share [8] - Carby and Xinhongye are focusing on technology introduction and cost advantages to enhance their market presence, especially in the growing electric vehicle segment [8] Challenges - The industry faces challenges such as outdated raw material performance, which affects the development of new automotive cables and increases operational costs [11] - The supply chain is often closed, with established international brands preferring to source from stable partners, making it difficult for local manufacturers to penetrate these networks [12] Future Development Trends - Lightweight cables are becoming a focus due to the push for energy efficiency and electric vehicle transition, utilizing aluminum alloys and innovative insulation materials [13][14] - High-voltage systems are being integrated into electric vehicles, necessitating advancements in insulation materials and safety features [15] - The demand for high-speed data transmission is increasing, leading to the development of high-frequency and high-speed cable systems [16] - Smart manufacturing technologies are reshaping production processes, enhancing flexibility and customization in cable manufacturing [17]

证券日报网讯12月18日晚间，天山铝业（002532）发布公告称，公司2025年第三次临时股东会会议审议 通过《关于2026年度向金融机构申请融资额度的议案》《关于2026年度对外担保额度预计的议案》《关 于变更公司住所并修订 <公司章程> 的议案》。 ...

天山铝业集团股份有限公司 2025 年第三次临时股东会决议公告 证券代码：002532 证券简称：天山铝业 公告编号：2025-096 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.本次股东会未出现否决提案的情形； 2.本次股东会不涉及变更以往股东会已通过的决议。 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 12 月 18 日 14:45 2）会议召开地点：上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 楼 公司会议室 3）会议召开方式：本次股东会采用现场表决与网络投票相结合的方式召 开 网络投票时间为：2025 年 12 月 18 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为 2025 年 12 月 18 日的交易时间，即 9:15—9:25， 9:30—11:30 和 13:00—15:00；通过互联网投票系统进行网络投票的具体时间为 2025 年 12 月 18 日 9:15—15:00 期间的任意时间。 4）股权登记日：2025 年 12 月 11 日 5）会议召集人：公司董事 ...

北京市中伦律师事务所 关于天山铝业集团股份有限公司 2025 年第三次临时股东会的 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 2025 年第三次临时股东 会（以下简称"本次股东会"），并依法出具本法律意见书。 本法律意见书仅就本次股东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 统提供机构验证其身份。 为 ...

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 December 17, 2025 [1][4] - The stock with the highest daily increase is Xue Ri Co., Ltd. (002083.SZ) with a daily rise of 5.88% and a year-to-date increase of 138.85% [1][4] - Zhongyuan Marine Energy (600026.SH) and China National Materials (600970.SH) follow with daily increases of 5.48% and 4.59%, respectively, and year-to-date increases of 5.08% and 8.67% [1][4] Group 2 - The dividend yields for the top stocks range from 1.34% to 8.38%, with Nanshan Aluminum (600219.SH) offering the highest yield at 8.38% [1][4] - Other notable stocks include Tianshan Aluminum (002532.SZ) with a year-to-date increase of 80.26% and a dividend yield of 3.00%, and Action Education (605098.SH) with a year-to-date increase of 26.14% and a yield of 5.55% [1][4] - The data is sourced from the Shanghai Stock Exchange and reflects the performance as of December 17, 2025 [1][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industries [9]. Core Viewpoints - The report emphasizes the sustained upward trend of copper, gold, and aluminum driven by industrial logic, despite uncertainties regarding future interest rate cuts by the Federal Reserve [9][14]. - It suggests that the primary driver for non-ferrous metal pricing will shift from interest rate expectations to industrial demand growth, presenting ongoing investment opportunities [9][14]. - The report highlights the potential for gold prices to rise due to increased liquidity from the Federal Reserve's asset purchase program, which may weaken the dollar's credit [9][14]. - It notes that tight supply conditions are expected to support copper prices in the medium term, with significant inventory shortages in non-American regions [9][15]. - The aluminum sector is poised to benefit from the accelerated industrialization of aluminum as a substitute for copper in air conditioning systems, driven by rising copper prices [9][15]. Summary by Sections Non-Ferrous Metals - The report anticipates a super cycle for industrial metals, particularly copper, gold, and aluminum, supported by strong industrial demand [9][14]. - It recommends focusing on investment opportunities in the gold sector, particularly companies with improving production metrics [9][14]. - For copper, it highlights companies with significant resource reserves and ongoing production expansion as attractive investment targets [9][15]. Steel Industry - The steel sector is experiencing weak supply-demand fundamentals during the off-season, leading to pressure on steel profitability [16][20]. - Weekly rebar consumption has decreased significantly, with a 6.40% decline compared to the previous week and a 14.55% drop year-on-year [20]. - Steel prices have shown a slight overall decline, with the average price index for common steel dropping by 1.14% [32][33]. New Energy Metals - Lithium carbonate production in October 2025 saw a substantial year-on-year increase of 67.28%, indicating strong supply growth [37]. - The demand for new energy vehicles remains robust, with significant year-on-year growth in production and sales [41]. - Prices for lithium and cobalt have risen, reflecting increased demand and supply constraints in the market [46][48].

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 12, 2025 [1][4]. - The stock with the highest daily increase is Changbao Co., Ltd. (002478.SZ) with a daily rise of 10.04% and a year-to-date increase of 64.21% [1][4]. - Other notable performers include Jiufeng Energy (605090.SH) with a daily increase of 9.99% and a year-to-date increase of 38.54%, and Jianlin Home (603408.SH) with a daily increase of 9.98% and a year-to-date increase of 22.34% [1][4]. Group 2 - The dividend yields for the top stocks range from 1.43% to 7.67%, with Yongxin Co., Ltd. (002014.SZ) offering the highest yield at 7.67% [1][4]. - The data indicates that several companies, such as Tianshan Aluminum (002532.SZ) and De Ye Co., Ltd. (605117.SH), have shown significant year-to-date increases of 79.46% and 57.02%, respectively [1][4]. - The overall performance of the index reflects a diverse range of industries, including energy, home appliances, and aluminum production, showcasing potential investment opportunities [1][4].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

Core Viewpoint - The report highlights the growth in China's alumina production, indicating a positive trend in the industry with a projected increase in output and a detailed analysis of the market dynamics from 2026 to 2032 [1] Industry Summary - As of October 2025, China's alumina production reached 7.87 million tons, marking a year-on-year increase of 5.8% [1] - From January to October 2025, the cumulative alumina production in China was 76.344 million tons, reflecting an 8% growth compared to the previous year [1] - The report provides insights into the development patterns and future prospects of the alumina industry in China, emphasizing the importance of strategic planning for stakeholders [1] Company Summary - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), and others, indicating a diverse market landscape [1] - The report by Zhiyan Consulting serves as a comprehensive resource for industry analysis, offering tailored consulting services to support investment decisions in the alumina sector [1]