智通财经APP讯，天山铝业(002532.SZ)公告，公司实际控制人曾超懿、曾超林拟减持公司股份。曾超懿 拟在本公告披露之日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万股;曾 超林拟在本公告披露之日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万 股。 ...

格隆汇2月25日丨天山铝业(002532.SZ)公布，曾超懿拟在本公告披露之日起15个交易日后的3个月内通 过大宗交易方式减持公司股份不超过4589.87万股暨不超过公司总股本的1%；曾超林拟在本公告披露之 日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万股暨不超过公司总股本的 1%。曾超懿、曾超林为公司的实际控制人，自本减持计划公告披露之日起15个交易日后的3个月内拟通 过大宗交易方式合计减持公司股份不超过公司总股本的2%（总股本按剔除公司回购专用证券账户中的 股份数量计算）。 ...

天山铝业（002532）(002532.SZ)公告，公司实际控制人曾超懿、曾超林拟减持公司股份。曾超懿拟在 本公告披露之日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万股;曾超林 拟在本公告披露之日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万股。 ...

格隆汇2月25日丨天山铝业(002532.SZ)公布，曾超懿拟在本公告披露之日起15个交易日后的3个月内通 过大宗交易方式减持公司股份不超过4589.87万股暨不超过公司总股本的1%；曾超林拟在本公告披露之 日起15个交易日后的3个月内通过大宗交易方式减持公司股份不超过4589.87万股暨不超过公司总股本的 1%。曾超懿、曾超林为公司的实际控制人，自本减持计划公告披露之日起15个交易日后的3个月内拟通 过大宗交易方式合计减持公司股份不超过公司总股本的2%（总股本按剔除公司回购专用证券账户中的 股份数量计算）。 ...

特别提示： 天山铝业集团股份有限公司（以下简称"天山铝业""公司"或"本公司"）的实 际控制人曾超懿直接持有公司股份 370,829,064 股，占公司总股本的 8.08%（总 股本按剔除公司回购专用证券账户中的股份数量计算，下同）；实际控制人曾超 林直接持有公司股份 279,112,287 股，占公司总股本的 6.08%。曾超懿拟在本公 告披露之日起 15 个交易日后的 3 个月内通过大宗交易方式减持公司股份不超过 45,898,700 股；曾超林拟在本公告披露之日起 15 个交易日后的 3 个月内通过大 宗交易方式减持公司股份不超过 45,898,700 股。 二、本次减持计划的主要内容 （一）曾超懿本次减持计划的具体安排 证券代码：002532 证券简称：天山铝业 公告编号：2026-009 天山铝业集团股份有限公司 关于实际控制人减持股份的预披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 公司实际控制人曾超懿、曾超林保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露 ...

南财智讯2月25日电，天山铝业公告，公司实际控制人曾超懿、曾超林拟在本公告披露之日起15个交易 日后的3个月内，分别通过大宗交易方式减持公司股份不超过45898700股，即各自不超过公司总股本的 1%；二人合计减持不超过公司总股本的2%。 ...

Group 1 - The core viewpoint of the news highlights a significant rise in the industrial metals sector, particularly with the Tianhong ETF (159157) showing a 4.69% increase and a trading volume of 300 million yuan, indicating strong market interest [1] - The Tianhong ETF has seen a net inflow of 1.067 billion yuan over the last ten trading days, reaching a total fund size of 2.159 billion yuan, marking a new high since its listing and making it the largest in its category in the Shenzhen market [1] - The ETF's core advantage lies in its focus on industrial metals, with copper (34.7%), aluminum (20.2%), and rare earths (12.5%) making up over 70% of its holdings, which are directly linked to the demand from emerging industries such as renewable energy and AI [1] Group 2 - The industrial metals index has a PE-TTM of 27.57, currently positioned at the 44.67% historical percentile, suggesting it is more cost-effective than 55% of the time in the past, indicating potential investment value [2] - Recent news indicates that the U.S. plans to set reference prices for critical minerals like germanium and gallium using AI, which has heightened market attention on strategic resources [2] - The London Metal Exchange reported a significant increase in tin prices by 5.41% and copper prices by 2.54%, with external price movements providing support to the sector [2]

会议主持人: 好的，各位投资者新年好。 甚至是食品饮料，也都出现了这个明显的这个机会所以我觉得就是在今天大家都要看到在 中国市场，它的市场结构变得更加广泛，更加具有梯度。科技和非科技都在出现这个投资 机会。同时，权重和小市值也在出现投资机会。所以我觉得市场结构本身的变化也非常值 得大家去重新的审视今年中国市场的一个。这个眼镜，那说到我们的看法，大家也其实大 家也比较熟悉了。在 1 月中旬以来，国泰海通应该是唯一一个在市场当中讲，要开始重视 内需，要开始重视这个传统行业的这样的一个，这个证券公司和研究团队。 李鹏飞 国泰海通金属分析师: 现在就是我们联合还是策略跟十大周期行业的首席，给大家开年梳理一下这个周期整个板 块，这个投资逻辑，还有这个机会。那首先，我们还是有请策略首席方毅老师发言。 方奕 国泰海通策略首席: 好的，谢谢。各位朋友，大家晚上好，我是方毅。大家新年快乐，这是开年以来，这个第 一天，也是第一次和大家沟通我们对中国市场的看法。那应该来说，2026 年以来，实际 上大家可以看到今年所上涨的这个板块，其实和去年是有比较大的这个差异的。比如说去 年比较强劲的这个算力，今年普遍的表现是这个比较差的。那当 ...

期货市场交易指引 2026 年 02 月 25 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 短线交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 震荡偏弱 | | | 有色金属 | | ◆铜： | 建议逢低做多 | | ◆铝： | 建议加强观望 | | ◆镍： | 建议逢低适度持多 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | ◆碳酸锂： | 区间震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 低位震荡 | | ◆纯碱： | 逢高做空 | | ◆苯乙烯： | 偏强震荡 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡偏强 | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 05 谨慎追空，待反弹 ...

Summary of Key Points from Conference Call Records Industry Overview - **Metals Industry**: The records discuss various segments of the metals industry, including precious metals, industrial metals, energy metals, and strategic metals, highlighting their current status and future outlooks [1][5][6][7]. Precious Metals - **Investment Drivers**: Geopolitical tensions and U.S. economic data are driving the safe-haven and anti-inflation attributes of precious metals. Central bank purchases, de-dollarization, and geopolitical risks are long-term support factors. For instance, the People's Bank of China has increased its gold reserves for 15 consecutive months, with a projected global central bank purchase of approximately 683 tons in 2025 [1][3]. - **Price Trends**: Gold prices have stabilized above $5,000 per ounce, with expectations to hold around $5,100 per ounce. The valuation of gold stocks remains low, with companies like Shandong Gold International and Zhongjin Gold being recommended for investment [3][10]. - **Market Performance**: During the Spring Festival, gold and silver prices rebounded significantly, with gold surpassing 5,100 yuan per gram and silver exceeding $85 per ounce, influenced by geopolitical tensions and U.S. economic indicators [2]. Industrial Metals - **Demand Shift**: The demand structure for industrial metals is shifting from traditional sectors to electric infrastructure, renewable energy, and AI-driven data centers. This transition is expected to sustain an upward cycle for the next two to three years, with copper and aluminum valuations being attractive at around 10 times earnings [5]. - **Supply Constraints**: The supply side faces challenges such as depletion of high-grade mines, geopolitical risks, and insufficient exploration investments, leading to tight supply conditions [5]. Energy Metals - **Market Outlook**: Lithium inventories are decreasing amid strong demand, leading to a positive outlook for lithium prices. Cobalt and nickel are benefiting from quota and supply restrictions, while strategic metals like rare earths, tungsten, and uranium have solid long-term fundamentals despite short-term price corrections [6][12]. Steel Industry - **Current Challenges**: The steel industry is experiencing a downturn, with many companies reducing or halting production. Attention is needed on supply-side policies and support from the real estate sector. A potential improvement in demand is expected post-spring commencement [7][32]. - **Profit Projections**: The total profit for the steel industry is projected to be around 7 billion yuan in 2025, with a price-to-earnings ratio of 112 times [1][32]. Geopolitical and Economic Influences - **Tariff Implications**: The U.S. Supreme Court ruled that previous tariffs imposed by the former president were invalid, but details on refunds remain unclear. Future fluctuations in import tariffs may impact precious metal prices, with expectations of upward price movements in 2026, albeit less volatile than in 2025 [1][7]. Strategic Metals - **Price Trends**: Recent price increases for light rare earths, such as neodymium oxide, have been noted, with a 12% increase year-on-year. Heavy rare earths, however, are experiencing price declines due to weaker demand [20][21]. - **Supply Control**: Future supply is expected to be tightly controlled, with significant reductions in mining and refining quotas anticipated, which will maintain upward pressure on prices [23][25]. Recommendations - **Investment Opportunities**: Companies such as Shandong Gold International, Zhongjin Gold, and various firms in the lithium and nickel sectors are highlighted as potential investment opportunities due to their favorable market positions and growth prospects [3][10][12][19]. This summary encapsulates the key insights and projections from the conference call records, providing a comprehensive overview of the current state and future outlook of the metals industry.