Group 1 - Shanxi has established 281 green mines, including 75 national-level and 206 provincial-level, ranking among the top in the country for total green mine selections [1] - Since 2022, Shanxi has deepened the market-oriented reform of mining rights, providing key support for coal production and supply through public auctions and the approval of exploration rights [1] - A unified, standardized, efficient, and transparent mining rights trading system has been established, with 20 mining rights for coal, bauxite, and coalbed methane publicly auctioned, generating a total transaction amount of 117.8 billion yuan and expected new coal production capacity of approximately 29.2 million tons per year [1] Group 2 - Shanxi is promoting the integration and rectification of non-coal mines, accelerating the process of "closing small, transforming medium, and building large" [1] - The province has approved non-coal rectification and integration plans for seven cities, significantly reducing the number of mines [1] - Shanxi is actively promoting geothermal energy utilization to facilitate the transition of energy consumption structure towards clean and low-carbon [1][2]

- The "CSI Industrial Nonferrous Metals Theme Index" (H11059.CSI) focuses on industrial nonferrous metals, selecting 30 large-cap securities involved in industries such as copper, aluminum, lead-zinc, and rare earth metals to reflect the overall performance of listed companies in this theme. The index uses adjusted free-float market capitalization weighting, with individual sample weights capped at 15%, and the top five samples collectively capped at 60%[24][25][26] - The index is rebalanced semi-annually, with sample adjustments implemented on the next trading day following the second Friday of June and December[25] - The index's top five constituent stocks account for 36.57% of the total weight, while the top ten account for 54.18%, with leading companies like Northern Rare Earth, China Molybdenum, and Aluminum Corporation of China having significant weightage. This concentration enhances the index's sensitivity to price cycles and supply-demand changes in key resources like rare earths, copper, and aluminum[28][29][30] - Compared to other nonferrous metal indices, such as the CSI SW Nonferrous Metals Index, the CSI Industrial Nonferrous Metals Theme Index has lower exposure to energy and precious metals, making it more focused on industrial metals closely tied to macroeconomic cycles. This characteristic provides higher elasticity during manufacturing recovery and economic rebound phases[30][33][34] - Over the backtesting period from January 1, 2021, to November 10, 2025, the index achieved an annualized return of 9.18%, outperforming broad-based indices like CSI 300, CSI 500, and ChiNext Index. However, it also exhibited higher annualized volatility (32.29%) and a maximum drawdown of -61%[35][39][40] - The index's valuation (PE_TTM) has shown a downward trend over the past five years, with a recent recovery driven by market sentiment and sector rebound. As of November 10, 2025, the index's PE ratio stood at 20.41x, at the 68.56th percentile of its five-year valuation range, indicating reasonable investment value amid improving industry fundamentals[41][43][44] - The index's profit scale has grown significantly, with total profits increasing from 46.139 billion yuan in 2020 to 168.052 billion yuan in 2022, representing a compound growth rate of over 90%. After a temporary decline in 2023, profits rebounded in 2024 with a 19.05% year-on-year growth, and further growth is expected in 2025 and 2026[45][47]

中国铝业(601600.SH)公告称，其控股子公司云南铝业股份有限公司拟通过协议方式，以22.67亿元收购 云南冶金集团股份有限公司持有的云南云铝涌鑫铝业有限公司、云南云铝润鑫铝业有限公司及云南云铝 泓鑫铝业有限公司的少数股东股权，交易完成后，云铝股份对这三家公司的持股比例将分别提高至 96.0766%、97.4560%及100%。本次交易构成关联交易，不构成重大资产重组，已通过公司董事会审核 委员会、独立董事专门会议及第九届董事会第七次会议审议，尚待提交公司股东会审议、批准。 ...

Core Viewpoint - The most significant growth in A-shares and Hong Kong stocks this year is observed in the non-ferrous metals sector, particularly gold, silver, copper, and aluminum, with the A-share non-ferrous sector rising 75% since 2025, leading all industries [1][4]. Group 1: Industry Performance - The non-ferrous metals sector has outperformed other sectors, with Hong Kong's non-ferrous sector showing even greater gains than A-shares, particularly in core leaders within copper, gold, and aluminum [1][4]. - Specific stocks such as Zijin Mining and Luoyang Molybdenum have seen substantial increases, with Zijin's H-shares rising 123% and Luoyang Molybdenum's H-shares increasing 222% [4][6]. - The top five performing sectors in the market are all related to non-ferrous metals, indicating a strong trend in this industry [1][2]. Group 2: Supply and Demand Dynamics - The supply-demand dynamics are crucial, with significant supply constraints in key metals like copper due to mining accidents and geopolitical risks, leading to a tight supply situation expected to persist into 2025 [9][10]. - The demand for non-ferrous metals is driven by the growth of the global economy, technological advancements, and the increasing need for resources in industries such as electric vehicles and renewable energy [10][11]. - Projections indicate a substantial copper deficit by 2030, with estimates ranging from 200,000 to 400,000 tons, highlighting the ongoing supply challenges [11][12]. Group 3: Long-term Outlook - The non-ferrous metals industry is expected to remain in a favorable economic cycle for the next few years, supported by a tight supply-demand balance [13][14]. - The U.S. has recognized the importance of non-ferrous metals for its energy transition and high-end manufacturing, leading to increased domestic production efforts and strategic resource accumulation [13][14]. - The overall trend suggests that non-ferrous metal resources will continue to see both volume and price increases in the future [14][27]. Group 4: Investment Opportunities - Investment focus should be on leading companies with strong resource reserves, scale, and integrated supply chains, such as Zijin Mining, Luoyang Molybdenum, and China Hongqiao [26][27]. - Companies involved in lithium and cobalt, which are closely tied to battery production, as well as those benefiting from the demand for copper and aluminum in energy storage and AI infrastructure, are also recommended for investment [26][27]. - The market sentiment remains positive for the non-ferrous metals sector, with significant inflows of capital despite recent market adjustments [25][26].

21世纪经济报道记者 彭新 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，中国商用飞机有限责任公司（下称"中国商飞"）近日发生工商变更， 注册资本由约501.01亿元人民币大幅增至约940.98亿元人民币，增幅约88%。 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、15.64亿元和7.56亿元，持股比例相 应回落至6.90%、3.85%和1.86%。中国中化则因未参与本轮增资，股权占比稀释至2.2%。 中国商飞成立于2008年3月，总部位于上海，是实施国家大型飞机重大专项中大型客机项目的主体，也 是统筹干线飞机和支线飞机发展、实现中国民用飞机产业化的主要载体，旗下拥有C909支线客机、 C919干线客机两款自主研制的商用机型。 此次中国商飞巨额增资正值国产大飞机C919开启商业运营并步入规模化交付的关键时期。C919是 ...

Industry Overview and Price Trends - The steel industry is entering a demand off-season, leading to increasing fundamental pressure on steel prices, which are expected to fluctuate at low levels in the short term [2] - Copper supply remains tight due to accidents at major overseas mines, providing support for copper prices. China's significant waste copper imports may face constraints if the EU restricts exports, potentially tightening domestic copper supply next year [2] - Aluminum prices are expected to remain volatile due to weak demand in the domestic off-season and a lack of support from the Federal Reserve's interest rate cut expectations [2] - Gold prices face upward pressure due to better-than-expected U.S. non-farm employment data and diverging opinions among Federal Reserve officials [2] - The lithium industry shows positive fundamentals, with adjustments to trading rules for lithium carbonate contracts aimed at curbing speculative behavior, leading to increased price volatility in the short term [2] - Rare earth prices are expected to fluctuate without significant improvement in downstream demand [2] Weekly Strategy - For the steel industry, the implementation of steady growth policies is expected to improve the competitive landscape and enhance profitability, with demand in shipbuilding and construction likely to increase [3] - The copper industry is anticipated to benefit from tightening global supply due to accidents at major mines, while demand is expected to rise in key sectors such as electric power grids and new energy vehicles [3] - In the aluminum sector, the release of new alumina project capacities is expected to keep alumina prices low, while demand from new energy vehicles and high-voltage power grids may support aluminum prices [4] - Gold prices will be influenced by U.S. economic data, Federal Reserve interest rate expectations, and geopolitical tensions, with long-term factors such as central bank gold purchases enhancing gold's attractiveness [4] - The rare earth industry is expected to see a revaluation of related companies due to upgraded export controls, with strategic value in resources and advancements in robotics and new energy sectors driving future demand [4] - The cobalt market is projected to remain tight due to constrained supply from the Democratic Republic of Congo, while demand from new energy vehicles and consumer electronics is expected to support prices [5] Investment Ratings - The report maintains a "positive" rating for the steel industry and the non-ferrous metals sector, with specific companies such as Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) receiving "overweight" ratings [6]

Group 1 - The company is one of the earliest producers and suppliers of gallium metal in China [1] - The company's gallium production capacity ranks first in the world [1] - The production and sales of gallium metal by the company are strictly in accordance with national regulations [1]

Core Viewpoint - China Aluminum (601600.SH) has confirmed that the company currently does not engage in any silver production or sales activities [1] Company Summary - The company has clarified its position regarding silver, indicating a lack of involvement in this market segment [1]

格隆汇11月26日丨中国铝业(601600.SH)在投资者互动平台表示，我公司未参与几内亚西芒杜铁矿石项 目。 ...

Group 1 - The company currently does not engage in silver production or sales [1]