证券研究报告·行业跟踪周报·有色金属 有色金属行业跟踪周报 宏观降息预期下行叠加产业步入淡季，工业 金属价格本周回调 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 回顾本周行情（11 月 17 日-11 月 21 日），有色板块本周下跌 6.75%，在全部一级 行业中排名靠后。二级行业方面，周内申万有色金属类二级行业中贵金属板块下跌 3.32%，能源金属板块下跌 5.04%，小金属板块下跌 5.08%，金属新材料板块下跌 7.21%，工业金属板块下跌 8.28%。工业金属方面，美国降息预期下降叠加需求进 入淡季，宏观及产业端的共同作用下工业金属于本周大幅下行，我们认为整体宏观 仍处于做多周期内，专注需求的落地情况。贵金属方面，本份 ADP 数据并未凸显 出美国劳动力市场复苏的预期。但作为 12 月 FOMC 会议前的唯一可参考数据，足 以让部分联储理事开始表达进一步谨慎的态度，贵金属价格环比走弱，我们并不担 心 2026 年的整体降息节奏，贵金属金属仍处于宏观做多框架内，同时需要关注近 期日债利率上行带来的潜在 carry trade unwind 风险。 ◼ 周观点： ...

相关报告：智研咨询发布的《2026-2032年中国氧化铝行业发展模式分析及未来前景规划报告》 2020-2025年1-9月中国氧化铝产量统计图 上市企业：中国铝业（601600）,天山铝业（002532）,南山铝业（600219）,云铝股份（000807）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,宏创控股（002379）,闽发铝业（002578）,宁 波富邦（600768） 根据国家统计局数据显示：2025年9月中国氧化铝产量为800万吨，同比增长8.7%；2025年1-9月中国氧 化铝累计产量为6856万吨，累计增长8.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 ...

Core Viewpoint - The A-share market in Fujian province experienced a significant decline, with multiple stocks plummeting, indicating a bearish trend in the region's equity market [1] Summary by Category Stock Performance - Haixia Innovation (300300) saw a drop of 18.26%, with a total market capitalization of 9.943 billion [2] - Zhongfutong (300560) decreased by 12.71%, with a market cap of 3.961 billion [2] - Ashi Chuang (300706) fell by 12.25%, with a market value of 5.102 billion [2] - Yuanxiang New Materials (301300) declined by 10.97%, with a market cap of 2.961 billion [2] - Aerospace Development (000547) dropped by 10.01%, with a total market capitalization of 19.8 billion [2] - Jiumuwang (601566) decreased by 9.99%, with a market cap of 9.522 billion [2] - Xinha Co. (003016) fell by 9.95%, with a market value of 3.654 billion [2] - Sanmu Group (000632) saw a decline of 9.93%, with a market cap of 3.124 billion [2] - Dahua Intelligent (002512) decreased by 9.93%, with a market value of 5.651 billion [2] - Longzhou Co. (002682) fell by 9.92%, with a market cap of 3.217 billion [2] - Xiamen Engineering Machinery (600815) dropped by 9.38%, with a market value of 6.511 billion [2] - Minfa Aluminum (002578) decreased by 8.96%, with a market cap of 3.529 billion [2] - Jianfa Heceng (603909) fell by 8.66%, with a market value of 3.136 billion [2] - Qingyuan Co. (603628) decreased by 8.68%, with a market cap of 3.733 billion [2] - Shengtun Mining (600711) dropped by 8.50%, with a total market capitalization of 35 billion [2]

Core Points - The A-share market in Fujian province experienced a collective decline, with several stocks dropping significantly, indicating a bearish trend in the region [1] Group 1: Stock Performance - Haixia Innovation saw the largest drop, falling by 18.26%, with a total market value of 99.43 billion [2] - Zhongfutong and Ashichuang also faced substantial declines, with decreases of 12.71% and 12.25% respectively [2] - Yuanxiang New Materials and Aerospace Development dropped nearly 11% and 10.01%, with market values of 29.61 billion and 198 billion respectively [2] Group 2: Other Notable Declines - Other companies such as Jiumuwang, Xinha Shares, and Sanmu Group experienced declines of around 10% [2] - Companies like Minfa Aluminum and Jianfa Heceng saw declines exceeding 8%, indicating a broader market downturn in the Fujian sector [2]

Group 1 - The company, Minfa Aluminum (002578), responded to investor inquiries on November 20 regarding the number of shareholders, indicating that detailed information can be found in the periodic report [1]

Core Viewpoint - The company, Minfa Aluminum, stated that its production of products related to new energy vehicles, specifically aluminum profiles for battery trays, constitutes a small portion of its sales revenue and will not significantly impact its operational performance [1] Group 1 - The company produces aluminum profiles primarily for battery trays related to new energy vehicles [1] - The sales revenue from these products represents a minor share of the company's total revenue [1] - The impact of this segment on the company's overall operational performance is minimal [1]

Core Viewpoint - The company, Minfa Aluminum (002578.SZ), indicated that its revenue from products related to the new energy sector, specifically aluminum profiles for battery trays, constitutes a small portion of its overall revenue and will not significantly impact its operational performance [2] Group 1 - The company produces aluminum profiles primarily for battery trays related to electric vehicles [2] - The sales revenue from these products is relatively minor compared to the company's total revenue [2] - The company expressed gratitude for investor interest in its operations [2]

Core Viewpoint - The company, Minfa Aluminum, has a pricing model based on "aluminum ingot prices + processing fees," which mitigates the impact of raw material price increases on profits. The company is focusing on product structure upgrades and market diversification to address insufficient downstream demand [1]. Group 1: Pricing and Profitability - The company's product pricing is linked to the Shanghai Changjiang or Guangdong Nanhai spot market prices for aluminum ingots, which limits the impact of raw material price fluctuations on profitability [1]. Group 2: Strategic Initiatives - To enhance product value and avoid low-end market competition, the company plans to upgrade its product structure and develop new products, aiming to increase gross margins [1]. - The company is committed to increasing investment in technology research and development to boost patent numbers and strengthen core competitiveness [1]. - The company aims to diversify its market presence by actively exploring overseas markets, particularly in emerging markets, to reduce reliance on the domestic market [1]. - The company is focusing on high-growth sectors such as new energy vehicle profiles, photovoltaic profiles, and rail transit profiles to identify new growth opportunities [1]. Group 3: Operational Efficiency - The company is implementing lean production and sustainable development practices, enhancing cost control, and upgrading technology and equipment to reduce waste and labor costs, thereby improving production efficiency [1].

Core Viewpoint - The company focuses on the research, production, and sales of architectural aluminum profiles, industrial aluminum profiles, and aluminum formwork for construction, aiming to enhance investor returns through business growth [1] Group 1 - The company's main business includes architectural aluminum profiles, industrial aluminum profiles, and aluminum formwork for construction [1] - The company plans to continue focusing on its core business and steadily advance investments [1] - The company aims to drive value enhancement through business growth [1]

Group 1 - The industrial metal sector experienced a decline of 2.95% on November 18, with Minfa Aluminum leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] - Key stocks in the industrial metal sector showed varied performance, with significant declines in several companies [1] Group 2 - Minfa Aluminum saw a substantial drop of 9.92%, closing at 4.45, with a trading volume of 1.21 million shares and a turnover of 552 million [2] - Other notable declines included Chang Aluminum at -8.75% and Yuguang Jin Lead at -5.67% [2] - The industrial metal sector experienced a net outflow of 6.155 billion in main funds, while retail investors saw a net inflow of 5.182 billion [2][3] Group 3 - Among individual stocks, Hongchuang Holdings had a net inflow of 44.02 million from main funds, while Hai Liang Co. saw a net inflow of 25.21 million [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with significant outflows from main funds in several companies [3] - The data reflects a cautious approach from institutional investors amidst the sector's downturn [3]