中国铝业发布公告，于2025年11月25日，云铝股份与云南冶金订立收购协议，据此，云铝股份拟通过非公开协议转让方式以现金收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润鑫27.31 云铝涌鑫、云铝润鑫及云铝泓鑫均为云铝股份的控股子公司，云南冶金为前述三家公司的第二大股东，本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股份优化所属企业股权结构 责任编辑：卢昱君 中国铝业（02600）高开逾4%，截至发稿，股价上涨4.13%，报10.83港元，成交额760.27万港元。 ...

Core Viewpoint - The news highlights a strong performance in the non-ferrous metals sector, particularly focusing on the significant growth of the Non-Ferrous 50 ETF and the recent developments in gold and aluminum production, indicating a positive outlook for investment in this sector. Group 1: Market Performance - As of November 27, 2025, the CSI Non-Ferrous Metals Industry Theme Index (000811) rose by 1.33%, with notable increases in constituent stocks such as Tin Industry Co., Ltd. (000960) up 3.60% and Tianshan Aluminum (002532) up 2.99% [1] - The Non-Ferrous 50 ETF (159652) saw a 1.37% increase, with a recent price of 1.48 yuan, and has accumulated a 19.69% rise over the past three months [1] - The trading volume for the Non-Ferrous 50 ETF was 17.07 million yuan, with a turnover rate of 0.58% [1] Group 2: Fund Flows and Growth - The Non-Ferrous 50 ETF experienced a significant scale increase of 2.085 billion yuan over the past three months [3] - The ETF's shares grew by 94 million over the past week, indicating strong investor interest [3] - Recent net inflows into the ETF totaled 8.79 million yuan, with a cumulative inflow of 294 million yuan over the past ten days [3] Group 3: Industry Developments - A significant gold resource discovery was reported in Sichuan Province, with the Northeast Zhai gold mine adding 28.24 tons of gold resources, bringing the total to 81.06 tons, valued at over 76 billion yuan [3] - China Aluminum announced plans to acquire minority stakes in several subsidiaries for 2.267 billion yuan, increasing its ownership to over 96% in these companies [4] - Analysts predict a strong cycle for copper driven by supply constraints and new demand from AI and energy sectors, with expectations of a continued supply-demand gap into 2026 [4] Group 4: Investment Insights - The Non-Ferrous 50 ETF is highlighted for its high "gold and copper content," with 33% copper and 13% gold, making it a leading choice in its category [6] - The ETF's top five constituent stocks have a concentration of 38%, indicating a strong focus on key strategic metals [6] - The ETF has shown superior performance since 2022, with a cumulative return of 36% and a lower maximum drawdown compared to peers [8]

Core Insights - The National Index of Free Cash Flow has shown a positive trend, with an increase of 0.45% as of November 27, 2025, and notable stock performances from companies like Qin'an Co., Ltd. and Anfu Technology, which rose by 6.39% and 6.07% respectively [1] - The Free Cash Flow ETF (159201) has experienced a three-day consecutive rise, with a latest price of 1.17 yuan and an average daily trading volume of 439 million yuan over the past month [1] - The Free Cash Flow ETF has seen significant net inflows, totaling 1.778 billion yuan over the past 14 days, with a peak single-day inflow of 253 million yuan [1] - The ETF's total shares have reached a record high of 6.126 billion, and its total size has also hit a new high of 7.105 billion yuan [1] - Leverage funds are actively investing, with a net purchase amount of 4.5949 million yuan this month and a latest financing balance of 17.3 million yuan [1] Performance Metrics - The Free Cash Flow ETF has recorded a 17.28% increase in net value over the past six months [2] - Since its inception, the ETF has achieved a maximum monthly return of 7.00%, with the longest consecutive monthly gains lasting six months and a maximum increase of 22.69% [2] - The ETF has a monthly profit percentage of 87.50% and a historical six-month holding profit probability of 100.00% [2] - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are among the lowest in the market [2] Top Holdings - As of October 31, 2025, the top ten weighted stocks in the National Index of Free Cash Flow account for 54.79% of the index, including China National Offshore Oil Corporation and SAIC Motor Corporation [2] - The individual weightings of the top stocks vary, with China National Offshore Oil Corporation holding 9.87% and SAIC Motor Corporation at 8.71% [2]

记者丨彭新 此次增资完成后，中国商飞的股权结构迎来重要调整。其中，国务院国资委以近250亿元的注 资领投，持股比例跃升至53.08%，确立了绝对控股地位。 值得注意的是，处于航空制造上游的中国铝业集团、中国建材集团和中国电科集团持续增资 。其中，中国铝业注资28.02亿元，持股比例从4.11%提升至5.17%；中国建材注资26.50亿 元 ， 持 股 比 例 从 2.98% 升 至 4.40%； 中 国 电 科 注 资 17.28 亿 元 ， 持 股 比 例 亦 由 1.99% 增 至 2.90%。三家央企本轮跟进增资，显示大飞机项目对铝材、复材及航电系统等上游关键供应环 节深度绑定。 中国商飞其他老股东持股比例出现不同程度摊薄。上海国盛（集团）作为地方国资代表，虽注 资80亿元将出资额推高至184.79亿元，但其持股比例仍由20.91%微降至19.64%，仍为中国商 飞第二大股东。中国航空工业集团、中国宝武钢铁集团及中国国新控股分别注资15亿元、 编辑丨张伟贤 视频 丨 王学权 国产大飞机C919进入规模化交付的关键节点，其制造主体获得了成立以来最大规模的资本加 持。 国家企业信用信息公示系统显示，中国商用 ...

Group 1 - The core viewpoint of the articles highlights the active performance of non-ferrous metal stocks in the Hong Kong market, driven by the increasing probability of a Federal Reserve interest rate cut in December [1][2] - The probability of a 25 basis point rate cut by the Federal Reserve in December is reported at 84.9%, while the probability of maintaining the current rate is at 15.1% [1] - The anticipated rate cut is expected to positively impact non-ferrous metal stocks by improving demand expectations, lowering real interest rates, and reducing the dollar index, which collectively drive up metal prices and enhance the profitability and market valuation of related listed companies [1] Group 2 - Specific non-ferrous metal stocks that saw significant gains include China Daye Nonferrous Metals (up 3.33%), Jiangxi Copper (up 3.24%), China Hongqiao (up 3.14%), and Luoyang Molybdenum (up 2.93%) [2] - Other notable performers include China Aluminum (up 2.98%), Jinchuan Group (up 2.30%), Ganfeng Lithium (up 1.71%), and Shandong Gold (up 1.18%) [2] - The overall trend indicates a strong upward movement in the sector, reflecting investor confidence in the potential benefits from the anticipated monetary policy changes [1][2]

数据显示，截至2025年10月31日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、洛阳钼业(603993)、北方稀土(600111)、华友钴业(603799)、中国铝业(601600)、赣锋锂业 (002460)、中金黄金(600489)、山东黄金(600547)、天齐锂业(002466)、云铝股份(000807)，前十大权重 股合计占比52.91%。 截至2025年11月27日 09:39，国证有色金属行业指数(399395)强势上涨1.75%，成分股中孚实业(600595) 上涨4.34%，云铝股份(000807)上涨4.13%，锡业股份(000960)上涨3.99%，天山铝业(002532)，中国铝业 (601600)等个股跟涨。有色ETF基金(159880)上涨1.65%， 冲击4连涨。最新价报1.73元。 有色ETF基金(159880)，场外联接(A：021296；接C：021297；I：022886)。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪 ...

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market for non-ferrous metal stocks remains active, with several companies experiencing significant price increases due to favorable economic conditions [1][2] - The probability of a Federal Reserve interest rate cut in December has risen, with an 84.9% chance of a 25 basis point cut and a 15.1% chance of maintaining the current rate, which is expected to positively impact non-ferrous metal stocks [1] - The anticipated interest rate cut is expected to improve demand expectations, lower real interest rates, and decrease the US dollar index, collectively driving up metal prices and enhancing the profitability and market valuation of related listed companies [1] Group 2 - Specific companies that saw price increases include China Daye Nonferrous Metals (3.33%), Jiangxi Copper (3.24%), China Hongqiao (3.14%), and Luoyang Molybdenum (2.93%) among others [2] - The price movements of these companies reflect a broader trend in the non-ferrous metals sector, indicating investor confidence in the sector's growth potential amid changing economic conditions [2] - Other notable companies with positive price changes include China Aluminum (2.98%), Jinchuan Group (2.30%), and Ganfeng Lithium (1.71%), showcasing a diverse range of players benefiting from the market dynamics [2]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.08% and the ChiNext Index down 0.11% [1] - The Hong Kong Hang Seng Index opened up 0.07%, while the Hang Seng Tech Index fell 0.1% [1] Sector Performance - The non-ferrous metals sector opened strongly, with tin and aluminum leading the gains [1] - AI computing concepts remained active, with Cambrian rising over 3% [1] - The CPO concept experienced a general pullback, with lithium battery, aquaculture, and real estate sectors mostly declining [1] Company Specifics - Vanke A opened down nearly 5%, continuing a downward trend [1][3] - Vanke's bonds saw significant declines, with "23 Vanke 01" and "22 Vanke 04" dropping 32.4% and 41.8% respectively, leading to temporary suspensions [2][4] - Vanke A's stock price fell over 8%, reaching a new low not seen in over a decade [3] - Vanke is seeking to extend the maturity of a 2 billion yuan bond, with a meeting scheduled for December 10 to discuss the extension proposal [4][5] Debt Market - The bond market showed a downward trend, with most contracts declining, particularly the 30-year and 10-year contracts [2][5] - Vanke's domestic bonds experienced significant drops, with some bonds falling over 41% [4][5] Currency and Commodity - The opening of commodity markets showed mixed results, with platinum and palladium both experiencing gains on their first trading days [2][9] - The RMB appreciated against the USD, with the central parity rate set at 7.0779 [9]

Group 1 - The core viewpoint is that Hong Kong's non-ferrous metal stocks have risen, with notable increases in companies such as China Aluminum, China Hongqiao, Jiangxi Copper, and Luoyang Molybdenum, all gaining over 3% [1] Group 2 - Specific companies mentioned include China Aluminum, China Hongqiao, Jiangxi Copper, and Luoyang Molybdenum, which are all part of the non-ferrous metals sector [1] - The date of the reported increase in stock prices is November 27 [1]

Core Viewpoint - China Aluminum (02600.HK) opened over 4% higher, indicating positive market sentiment towards the company [2] Group 1 - The stock price increased by 4.13%, reaching HKD 10.83 [2] - The trading volume amounted to HKD 7.6027 million [2]