Yunnan Aluminium (SZ:000807) Jin Rong Jie·2025-12-30 07:02Core Viewpoint - The recent performance of the Huabao ETF (159876) indicates strong investor confidence in the non-ferrous metals sector, with significant net subscriptions and positive price movements, suggesting a bullish outlook for the industry [1][5]. Group 1: ETF Performance - The Huabao ETF saw an intraday increase of 2.27%, currently up by 1.55%, with a real-time net subscription of 28.2 million units and an additional 15.36 million yuan attracted yesterday, reflecting strong market interest [1]. - Key constituent stocks such as Yun Aluminum and Tianshan Aluminum reached new highs, while Hai Liang, China Aluminum, and Huayou Cobalt rose over 4% [1]. Group 2: Stock Performance - Notable stock performances include: - Yun Aluminum: +5.67%, market cap of 108.6 billion yuan, trading volume of 1.625 billion yuan [2]. - Tianshan Aluminum: +4.86%, market cap of 75.3 billion yuan, trading volume of 1.023 billion yuan [2]. - Hai Liang: +4.85%, market cap of 30.2 billion yuan, trading volume of 393 million yuan [2]. - China Aluminum: +4.54%, market cap of 201.7 billion yuan, trading volume of 4.406 billion yuan [2]. - Huayou Cobalt: +4.42%, market cap of 129 billion yuan, trading volume of 4.911 billion yuan [2]. Group 3: Industry Insights - The National Development and Reform Commission emphasizes the need for large-scale mergers and restructuring in the aluminum and copper industries to enhance competitiveness and scale [2]. - The aluminum market is undergoing a transformation, shifting from a traditional commodity to a core energy value carrier, with potential for independent price increases driven by the copper-aluminum ratio and rising demand for aluminum [3]. - The current phase of the industry is characterized by a reversal in fundamentals, a "de-involution" policy, and opportunities arising from AI developments, which are expected to lead to more stable returns and a focus on investment efficiency [4].