Core Viewpoint - The non-ferrous metal sector continues to surge, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, up over 0.6% in intraday trading [1] Group 1: Market Performance - In the gold sector, Shandong Gold leads with a rise of over 4%, while Western Gold and Zhongjin Gold increase by more than 1% [3] - Among small metal leaders, Yunnan Zhenye and Zhongkuang Resources both rise over 2% [3] - Major stocks such as Zijin Mining and China Aluminum also show positive performance [3] Group 2: Price Trends and Influences - Recent surges in precious metals are attributed to geopolitical tensions, particularly the situation in Israel and Palestine, and escalating U.S.-Venezuela relations, which have heightened demand for safe-haven assets [4] - Gold prices have increased by over 60% year-to-date, reflecting a strong market for precious metals [4] Group 3: Economic Factors - Recent strong gold prices are linked to expectations of interest rate cuts in January due to higher unemployment and lower CPI, alongside the conclusion of the Bank of Japan's interest rate hike [5] - The long-term outlook for gold prices is positive, driven by low domestic gold reserves and ongoing central bank purchases [5] Group 4: Future Outlook for Industrial Metals - By 2025, metals such as copper, aluminum, cobalt, and lithium are expected to perform well, driven by energy transition needs, AI advancements, and strategic reserves amid global competition [6] - The duration of the super cycle for non-ferrous metals will depend on the recovery of U.S. dollar credit, progress in strategic reserves, and the effectiveness of "de-involution" policies [6] Group 5: Investment Strategy - For investors looking to capitalize on the non-ferrous metal sector, a diversified approach through the Huabao non-ferrous ETF (159876) and its associated funds is recommended, as it covers a wide range of metals [7]

Group 1 - The core viewpoint of the news highlights the upward trend in the non-ferrous metal industry, with the industry index rising by 0.92% and several key stocks showing significant gains, such as Xiamen Tungsten Industry up by 5.01% and Zhongtung High-tech up by 4.79% [1] - Precious metals continue to rise, with spot gold reaching a historical high of $4489.10 per ounce and spot silver hitting $69.56 per ounce, indicating strong market performance [1] - Dongwu Securities notes that the recent interest rate hike by Japan has limited global liquidity impact, and the strengthening of precious metal prices this week suggests a positive outlook for future trends, especially with upcoming economic data in December [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, including Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth [2] - The non-ferrous ETF fund closely tracks the industry index and reflects the overall performance of listed companies in the non-ferrous metal sector, providing a benchmark for index-based investment in this segment [1][3]

今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 海航控股 | 600221 | 增发A股法人配售上市 | 99.73亿 | | 龙建股份 | 600853 | 股权激励限售流通 | 296.28万 | | 伟星股份 | 002003 | 股权激励限售流通 | 858万 | | 中国铝业 | 601600 | 股权激励限售流通 | 790.43万 | | 诺普信 | 002215 | 股权激励限售流通 | 137.5万 | | 微导纳米 | 688147 | | 3.6亿 | | 迪哲医药 | 688192 | | 297.72万 | | 杰华特 | 688141 | | 1.83亿 | 智通财经APP获悉，12月23日共有8家上市公司的限售股解禁，解禁总市值约299.36亿元。 ...

郑菁华 A0230525060001 zhengjh@swsresearch.com 今日重点推荐 2025 年 12 月 23 日 人民币升值，"结汇潮"的助推——汇率双周报系列之六 10 月中旬以来，美元小幅贬值背景下、人民币大幅升值；这一非对称的涨 势引发了市场对"年终结汇"的热议。本轮升值是不是结汇推动、后续人 民币汇率的可能演绎？本文分析，供参考。 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3917 | 0.69 | 2.15 | 1.28 | | 深证综指 | 2493 | 1.13 | 5.16 | 1.56 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.86 | 3.48 | 20.31 | | 中盘指数 | 1.42 | 6.66 | 29.76 | | 小盘指数 | 1.12 | 5.06 | 25.03 | | 涨幅居前 行业(％) | ...

股票代码：601600 股票简称：中国铝业 公告编号：临2025-076 中国铝业股份有限公司2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025年12月22日 （二）股东会召开的地点：中国北京市海淀区西直门北大街62号中国铝业股份有限公司总部办公楼会议 室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司2025年第三次临时股东会由公司董事会召集，公司董事长何文建先生主持会议。本次会议的召集、 召开、表决方式符合《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律、法规、规范性 文件及《中国铝业股份有限公司章程》（以下简称"《公司章程》"）的规定。 （五）公司董事和董事会秘书的列席情况 1.公司在任董事7人，列席6人。公司董事蒋涛先生因其他公务未能参加本次会议。 2.公司董事会秘书朱 ...

Summary of Aluminum Industry Research Report Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels from December 11 to December 17, 2025. The overall market expectation for demand recovery remains cautious [1]. Key Data Points Production - Total aluminum production in China was 857,000 tons (kt), remaining flat week-over-week (WoW) but showing a 3% increase year-over-year (YoY). Aluminum billet production was 362 kt, also flat WoW, with a 6% YoY increase [2]. - Year-to-date (YTD) aluminum production reached 43.1 million tons (mnt), up 2.8% YoY, while aluminum billet production totaled 17.6 mnt, up 6.1% YoY [2]. Inventory - As of December 18, 2025, total aluminum ingot and billet inventory was 844 kt, down 1% WoW but up 9% YoY. The inventory included 691 kt from social sources and 154 kt from producers, with respective changes of -2% and +8% WoW [3]. - Total aluminum ingot inventory was 614 kt, down 3% WoW and up 6% YoY, while aluminum billet inventory was 230 kt, up 7% WoW and 18% YoY [3]. Apparent Consumption - Overall aluminum apparent consumption in China was 894 kt during the week, down 2% WoW and 1% YoY. The apparent consumption of aluminum ingot and billet was 925 kt and 331 kt, respectively [4]. - YTD apparent consumption reached 44.4 mnt, reflecting a 4.1% YoY increase [4]. Core Insights - The report suggests that aluminum ingot and billet inventory data is more representative of overall aluminum demand, as it captures a broader range of inventory types. The total aluminum inventory decreased WoW, indicating a tighter supply compared to the same period in 2021, although it remains higher than in 2022-2024 [5]. - Apparent consumption levels were lower than in 2023 but higher than in 2022 and 2024 on the lunar calendar [7]. Investment Recommendations - Top picks in the aluminum sector include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A, reflecting a preference for companies with strong fundamentals and market positioning [1]. Risks - Key risks identified for the aluminum sector include: 1. Lower-than-expected aluminum and alumina prices [18][20]. 2. Higher-than-expected operational costs [18][20]. 3. Potential impairment losses [18][20]. 4. Changes in government policies regarding supply cuts if prices rise excessively [18][20]. Company Valuations - **Chalco A-share**: Target price set at RMB 14.77 per share, based on a price-to-book (PB) ratio of 2.93x for 2026E, reflecting expected higher aluminum margins due to decreasing raw material costs [17]. - **Chalco H-share**: Target price of HK$ 12.41 per share, based on a PB ratio of 2.28x for 2026E [19]. - **CATL**: Valued at RMB 571 per share, based on an EV/EBITDA multiple of 17.3x for 2026E [21]. - **China Hongqiao**: Target price of HK$ 36.00 per share, based on a PE ratio of 11.4x for 2026E [22]. - **Zijin Mining**: Target price of RMB 35.5 per share, based on a discounted cash flow (DCF) valuation [25]. Conclusion - The aluminum industry in China is experiencing cautious demand recovery, with production and consumption trends indicating a complex market environment. Investment opportunities exist, particularly in companies with strong fundamentals, but potential risks must be carefully monitored.

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **China Basic Materials** sector, particularly highlighting the performance of **lithium**, **copper**, **aluminum**, and **steel** industries [2][10]. Core Insights and Arguments - The **MSCI China Materials Index** outperformed the broader MSCI China Index, rallying **9%** from its November low, while the overall market saw a modest recovery of **0.2%** [2]. - **Commodity Price Dynamics**: - Lithium prices have surged, followed by gold and copper, while aluminum and coal have seen price pullbacks but remain resilient. Steel prices continue to face pressure [2]. - **Demand Verification**: As 2026 approaches, market focus is expected to shift towards verifying demand, with supply-side disruptions posing a significant upside risk [2]. - **Regulatory Uncertainty**: The proposed cancellation of **27 mining rights** in Jiangxi, including lithium-bearing porcelain clay mines, is expected to have minimal impact on supply as these licenses had already expired [2]. - **Environmental Impact Assessments**: The first environmental impact assessment by CATL was announced, which may delay the restart of operations compared to previous expectations [2]. - **Lithium Price Forecast**: Prices are expected to exceed **Rmb 120k** if market conditions tighten in **1Q26** [2]. Additional Important Insights - **Steel Production**: November crude steel output in China was down **10.9% YoY**, with cumulative output for the year being **38mt lower YoY**. The profitability of steel mills is under pressure, with only **36%** reporting profits [18]. - **Aluminum Production**: In November, aluminum production was stable at **3.8mt**, with exports rebounding to **570kt**. Prices have fluctuated between **Rmb 21,000-22,100** [28]. - **Coal Production**: November raw coal output increased by **5% MoM** to **427mt**, with imports rising to **44mt** despite a **20% YoY** decline [25]. - **Investment Trends**: The property market remains under pressure, with new housing starts falling **28% YoY** and a decline in national sales values by **28% YoY** [10]. Market Forecasts - **Lithium Demand**: The outlook for lithium demand remains strong, with a **23%** increase in spot lithium carbonate prices since early November, driven by robust downstream demand [35]. - **FAI Trends**: Total Fixed Asset Investment (FAI) for the first eleven months of 2025 dropped **2.6% YoY**, with real estate investment contracting **15.9% YoY** [14]. Valuation Comparisons - A comparison of global diversified mining valuations highlighted key players in the copper and aluminum sectors, with Zijin Mining and CMOC being favored [40]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and outlook of the China Basic Materials sector.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 2025年第三次臨時股東會投票結果 於2025年12月22日舉行的本公司2025年 第 三 次 臨 時 股 東 會 上，所 有 載 列於日期為2025年11月7日 的2025年第三次臨時股東會通告以及日期 為2025年12月4日 的2025年第三次臨時股東會補充通告的決議案均已 獲 正 式 通 過。 茲 提 述 中 國 鋁 業 股 份 有 限 公 司（「本公司」）日 期 為2025年11月7日 的2025年 第 三 次 臨 時 股 東 會（「臨時股東會」）通 告（「通 告」）及 通 函（「通 函」），以 及 日 期 為2025年12月4日 的 臨 時 股 東 會 補 充 通 告（「補充通告」）及 補 充 通 函（「補 充通函」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 應 與 通 函 及 補 充 通 函 所 ...

2026 年度中国期货市场投资报告 铝：宏观与基本面共振下的震荡上行 有色金属/铝 内容提要： 周肖肖 从业资格证：F03147504 投资咨询证：Z0022770 TEL：0516-83831160 E-MAIL： zhouxiaoxiao@neweraqh.c om.cn 投资有风险理财请匹配 ◆ 原料层面，铝土矿供应呈现结构性转变，国内复产带动产量稳步增长， 政策推动下 2026-2027 年复合增速有望达 2.5%；海外依赖度高达 77%， 几内亚为核心增量来源，但资源民族主义、基础设施约束及地缘风险推 升长期成本中枢，2026 年 CIF 价格或在 60-70 美元/吨波动，短期库存高 位支撑供应宽松。 ◆ 供给层面，氧化铝供应过剩格局难改，2025 年新增产能集中释放导致库 存高企，2026 年仍有 1440 万吨国内新投产能及 300 万吨海外产能落地， 过剩压力加剧；但"反内卷"政策及产能天花板讨论升温，若落实落后 产能退出，市场有望趋向平衡。电解铝国内逼近 4500 万吨产能红线，供 应增量受限，海外印尼等地区成为增量主力，但建设周期长、欧美电力 问题或引发意外减停产，全球整体呈弱增长供应格 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 雲鋁股份收購附屬公司少數股權之進展 茲提述中國鋁業股份有限公司（「本公司」）日期為2025年11月25日的公告 （「該公告」），內 容 有 關 雲 鋁 股 份 與 雲 南 冶 金 訂 立 收 購 協 議，據 此，雲 鋁 股份擬通過非公開協議轉讓方式以現金收購雲南冶金持有的雲鋁湧鑫 28.7425%股 權、雲 鋁 潤 鑫27.3137%股權及雲鋁泓鑫30%股 權。除 非 文 義 另 有 所 指，否 則 本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 誠 如 該 公 告 所 披 露，收 購 協 議 自 雙 方 法 定 代 表 人 或 授 權 代 表 簽 字 並 加 蓋 公 章 之 日 起 成 立，自 下 列 條 件 全 部 成 就 之 日 起 生 效： – 1 – (a) 本 次 收 購 經 雲 鋁 股 ...