Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady performance with a year-on-year profit recovery due to declining costs. For the first three quarters of 2025, the company achieved an operating income of 44.072 billion yuan, up 12.47% year-on-year, and a net profit attributable to shareholders of 4.398 billion yuan, up 15.14% year-on-year. In Q3 2025, the operating income was 14.993 billion yuan, up 3.13% year-on-year, and the net profit was 1.630 billion yuan, up 25.31% year-on-year [4] - The increase in profit is attributed to rising aluminum prices and falling alumina prices. The average domestic spot price of electrolytic aluminum in Q3 2025 was 20,740 yuan/ton, up 5.96% year-on-year and 2.64% quarter-on-quarter. The alumina price decreased significantly, which further enhanced profit margins [4] - The company has a high dividend payout, distributing 3.20 yuan per 10 shares, totaling 1.11 billion yuan, which accounts for approximately 40.1% of the net profit attributable to shareholders for the first half of 2025 [5] - The profit forecasts for 2025-2027 are 6.047 billion yuan, 7.393 billion yuan, and 8.226 billion yuan respectively, with corresponding P/E ratios of 13.30, 10.88, and 9.78 [6] Financial Performance Summary - For 2024A, the operating income is projected at 54.450 billion yuan, with a year-on-year growth of 27.6%. The net profit attributable to shareholders is expected to be 4.412 billion yuan, with a year-on-year growth of 11.5% [8] - The gross margin is expected to improve from 13.2% in 2024A to 20.2% in 2027E, indicating a positive trend in profitability [8] - The return on equity (ROE) is projected to be 15.6% in 2024A, increasing to 17.8% in 2027E, reflecting improved efficiency in generating profits from equity [8]

中国铝业第三季度营收601.2亿元人民币。 ...

中国铝业10月27日公告，2025年第三季度实现营业收入601.24亿元，同比下降4.66%；归属于上市公司 股东的净利润38.01亿元，同比增长90.31%；基本每股收益0.222元。前三季度实现营业收入1765.16亿 元，同比增长1.57%；归属于上市公司股东的净利润108.72亿元，同比增长20.65%；基本每股收益0.635 元。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为1.62亿元。该股近5个交易日累计 上涨12.31%，主力资金合计净流入4.87亿元。 责任编辑：小浪快报 第1笔成交价格为9.40元，成交1,400.00万股，成交金额13,160.00万元，溢价率为0.00%，买方营业部为 中信证券股份有限公司总部(非营业场所)，卖方营业部为中信证券股份有限公司深圳滨海大道证券营业 部。 10月27日，中国铝业收涨1.84%，收盘价为9.40元，发生1笔大宗交易，合计成交量1400万股，成交金额 1.32亿元。 ...

Group 1 - China Aluminum's stock price increased by 1.84% to 9.40 CNY per share, with a trading volume of 3.747 billion CNY and a turnover rate of 3.07%, resulting in a total market capitalization of 161.263 billion CNY [1] - The stock has risen for five consecutive days, with a cumulative increase of 12.31% during this period [1] - China Aluminum's main business includes exploration and mining of bauxite and coal, production and sales of alumina, primary aluminum, and aluminum alloy products, as well as international trade and logistics [1] Group 2 - The fund "Chuangjin Hexin Xinrui Mixed A" holds a significant position in China Aluminum, with 34,200 shares, unchanged from the previous period, representing 0.23% of the fund's net value [2] - The fund has generated a floating profit of approximately 5,814 CNY today and 35,200 CNY during the five-day increase [2] - The fund was established on April 26, 2021, with a current scale of 10.953 million CNY and a year-to-date return of 4.21% [2] Group 3 - The fund manager Wang Yibing has a tenure of 10 years and 169 days, managing assets totaling 5.003 billion CNY, with the best fund return of 21.02% during his tenure [3] - Co-manager Huang Haodong has a tenure of 5 years and 317 days, managing assets of 373 million CNY, with the best fund return of 17.54% during his tenure [3]

10月27日，云铝股份涨0.09%，截至发稿，报23.20元/股，成交25.86亿元，换手率3.27%，总市值804.57 亿元。云铝股份股价已经连续6天上涨，区间累计涨幅12.09%。 资料显示，云南铝业股份有限公司位于云南省昆明市呈贡区七甸街道，成立日期1998年3月20日，上市 日期1998年4月8日，公司主营业务涉及铝土矿开采、氧化铝生产、铝冶炼、铝加工及铝用炭素生产。主 营业务收入构成为：电解铝58.12%，铝加工产品40.67%，其他1.21%。 从基金十大重仓股角度 数据显示，长信基金旗下1只基金重仓云铝股份。长信均衡策略一年持有混合A（016713）二季度减持 3.14万股，持有股数16.49万股，占基金净值比例为4.13%，位居第四大重仓股。根据测算，今日浮盈赚 取约3298元。连续6天上涨期间浮盈赚取41.23万元。 长信均衡策略一年持有混合A（016713）成立日期2022年12月13日，最新规模3124.37万。今年以来收益 21.7%，同类排名4205/8226；近一年收益18%，同类排名4478/8099；成立以来收益19.44%。 长信均衡策略一年持有混合A（016713）基金经 ...

Core Viewpoint - Yun Aluminum Co., Ltd. has experienced a continuous stock price increase, reflecting positive market sentiment and potential investment opportunities in the aluminum industry [1][2] Group 1: Company Overview - Yun Aluminum Co., Ltd. is located in Kunming, Yunnan Province, and was established on March 20, 1998, with its listing date on April 8, 1998 [1] - The company's main business includes bauxite mining, alumina production, aluminum smelting, aluminum processing, and the production of carbon products for aluminum [1] - The revenue composition of the company is as follows: electrolytic aluminum 58.12%, aluminum processing products 40.67%, and others 1.21% [1] Group 2: Stock Performance - As of October 27, the stock price of Yun Aluminum has risen by 0.09% to 23.20 CNY per share, with a trading volume of 2.586 billion CNY and a turnover rate of 3.27% [1] - The total market capitalization of Yun Aluminum is 80.457 billion CNY, and the stock has seen a cumulative increase of 12.09% over the past six days [1] Group 3: Fund Holdings - A fund under Guotai Haitong Asset Management holds a significant position in Yun Aluminum, with Guotai Junan Vision Value Mixed Fund A (017935) owning 77,800 shares, accounting for 4.51% of the fund's net value [2] - The fund has generated a floating profit of approximately 19,450 CNY during the six-day stock price increase [2] - The fund was established on March 1, 2023, with a current size of 20.181 million CNY and has achieved a year-to-date return of 13.23% [2]

Report Title - "Non-ferrous Metals Weekly Report - Alumina, Electrolytic Aluminum, and Aluminum Alloys" [1] Core Viewpoint - The easing of Sino-US trade relations and the decline in domestic social inventories have made aluminum prices cautiously bullish [2] Industry Investment Rating - Not provided in the report Summary by Section Alumina - **Supply Side** - Domestic: The construction of China National Aluminum's Guixi Nadou sedimentary bauxite mine has started, with an expected annual output of 800,000 physical tons. The first phase of the bauxite recycling project in Qingzhen City has started producing 440,000 tons of aluminum concentrate per year. The production of domestic bauxite in October may increase month-on-month. Several alumina projects are under construction or in production, which may increase the domestic alumina production in October [3][18][26] - Overseas: The third-phase project of Nanshan Aluminum's Bintan Alumina in Indonesia with a capacity of 1 million tons started trial production in early May and is expected to reach full production in 2025. The overseas alumina production in October may increase, and the domestic alumina imports in October may increase month-on-month [3][35] - **Demand Side** - The matching surplus of China's alumina operating capacity compared to electrolytic aluminum in September has expanded month-on-month [3][26] - **Inventory** - The total inventory of China's alumina has increased compared to last week, including the inventory in ports, warehouses, and factories [15][17][27] - **Price and Cost** - The alumina basis is positive, and the monthly spread is negative, both within a reasonable range. The near-far month contract closing prices show a Contango structure. The average daily full production cost of China's alumina is about 2,850 yuan/ton [12][22][14] - **Investment Strategy** - The domestic alumina supply and demand are expected to be loose, but production losses may limit the downside of alumina prices. Investors are advised to wait for the price to rise to a high level to lay out short positions, paying attention to the support level around 2,600 - 2,800 and the resistance level around 3,300 - 3,600 [4] Electrolytic Aluminum - **Supply Side** - Domestic: The first phase of the energy-saving renovation project of Guangxi Baise Guangtou Yinhai Electrolytic Aluminum's second phase has started production, and the second phase of Inner Mongolia Huomei Hongjun Aluminum's green power aluminum project is expected to be put into production in December 2025. The domestic electrolytic aluminum production in October may increase month-on-month. The import volume in October may also increase month-on-month due to the restart of overseas capacities [5][56][60] - Overseas: Several overseas electrolytic aluminum projects are restarting or expanding production [60] - **Demand Side** - The capacity utilization rate of China's downstream leading aluminum processing enterprises has remained flat compared to last week. The production of remelted rods (aluminum rods) in October may increase month-on-month [5] - **Inventory** - The social inventory of China's electrolytic aluminum has decreased compared to last week, and the inventory in bonded areas, LME, and COMEX has also decreased [45][46] - **Price and Cost** - The Shanghai aluminum basis is negative and at a relatively low level, and the monthly spread is negative and within a reasonable range. The theoretical weighted average full cost of domestic electrolytic aluminum is about 16,080 yuan/ton [39][41][56] - **Investment Strategy** - The expectation of the Fed's future interest rate cuts and the end of balance sheet reduction, the preliminary agreement reached in Sino-US economic and trade negotiations, and the increasing proportion of domestic electrolytic aluminum molten aluminum production leading to a decline in inventories may make Shanghai aluminum prices cautiously bullish. Investors are advised to lay out long positions when the price drops, paying attention to the support and resistance levels [6] Aluminum Alloys - **Supply Side** - Domestic: The production of domestic scrap aluminum in October may increase month-on-month, while the import volume may decrease. The production of primary (recycled, ADC12) aluminum alloys in October may decrease month-on-month [7][70][81] - Overseas: The competition for overseas scrap aluminum procurement is fierce, and the export of scrap aluminum to China has declined [7] - **Demand Side** - The capacity utilization rate of China's downstream leading aluminum processing enterprises has decreased compared to last week [90] - **Inventory** - The social inventory of China's aluminum alloys has decreased compared to last week, and the raw material (finished product) inventory of recycled aluminum alloy enterprises has also decreased [86][81] - **Price and Cost** - The basis of cast aluminum alloy is positive and at a relatively high level, and the monthly spread is negative and within a reasonable range. The daily full production cost of China's primary aluminum alloy is 20,920 yuan/ton, and that of recycled aluminum alloy ADC12 is 20,700 yuan/ton [64][75][78] - **Investment Strategy** - The expectation of the Fed's future interest rate cuts and the end of balance sheet reduction, the preliminary agreement reached in Sino-US economic and trade negotiations, and the expected tight supply and demand of domestic scrap aluminum may make aluminum alloy prices cautiously bullish. Investors are advised to lay out long positions when the price drops or try to go long on the spread between electrolytic aluminum and aluminum alloys with a light position in the short term, paying attention to the support and resistance levels [8]

Core Viewpoint - The company has approved the temporary use of idle raised funds to supplement working capital, not exceeding RMB 100 million, ensuring it does not affect the progress of investment projects [9][12][13] Financial Data - The third quarter financial report has not been audited [3][8] - The company reported a net fundraising amount of RMB 869.26 million after deducting issuance costs [9] - The company has previously used idle funds of RMB 130 million and has fully returned it to the special account [11][12] Shareholder Information - The company disclosed a plan for the controlling shareholder to reduce shares, with a maximum of 3,724,392 shares, representing 1.54% of the total share capital [5] - As of October 17, 2025, the controlling shareholder has completed the reduction, totaling 2,847,859 shares, or 1.18% of the total share capital [5] Board Meeting - The third board meeting approved the third quarter report, affirming its accuracy and completeness [20][21] - The board also approved the use of idle funds for working capital, with unanimous support from all attending members [24][25] Risk Management - The company plans to engage in foreign exchange hedging to mitigate risks associated with currency fluctuations, with a limit of USD 8 million or equivalent [38][41] - The hedging activities will be conducted with qualified financial institutions and will not involve speculative trading [39][53]

Copper Market Overview - LME copper price increased by 3.17% to $10,947.00 per ton, while Shanghai copper rose by 3.95% to ¥87,700 per ton [1] - Import copper concentrate processing fee index dropped to -$42.7 per ton, indicating supply pressure [1] - National copper inventory increased by 0.5 million tons to 181.6 thousand tons, primarily due to lower import and domestic supply [1] - The operating rate of waste anode plate enterprises rose to 57.7%, with a slight expected decrease next week [1] - Domestic copper wire and cable enterprises' operating rate was 62.34%, showing a minor increase but overall demand remains weak [1] Aluminum Market Overview - LME aluminum price rose by 2.75% to $2,856.50 per ton, while Shanghai aluminum increased by 1.51% to ¥21,200 per ton [2] - Domestic electrolytic aluminum ingot inventory decreased by 0.7 million tons, indicating a slight reduction in supply [2] - Despite high operational capacity in alumina production, the overall supply remains excessive, leading to expectations of continued price declines [2] - The operating rate of downstream aluminum processing enterprises recorded at 62.4%, showing stability but with internal differentiation [2] Gold Market Overview - COMEX gold price decreased by 5.66% to $4,126.9 per ounce, influenced by U.S. government shutdown and geopolitical risks [3] - SPDR gold holdings decreased by 11.73 tons to 1,046.93 tons, reflecting market sentiment [3] - The U.S. government shutdown has disrupted key economic data, complicating the Federal Reserve's decision-making process [3] Rare Earth Market Overview - Praseodymium-neodymium oxide price decreased by 1.35%, aligning with previous expectations of price fluctuations [4] - The outlook for overseas replenishment is positive, with potential price increases anticipated [4] - The strategic importance of rare earths is highlighted, with a bullish view on companies like China Rare Earth, Guangxi Chaozhou, and others [4] Lithium and Cobalt Market Overview - Carbonate lithium price increased by 1.97% to ¥74,500 per ton, while hydroxide lithium rose by 0.15% to ¥78,300 per ton [5] - Cobalt prices surged by 7% to ¥407,500 per ton, indicating strong demand in the market [5] - Nickel prices saw a slight increase, with LME nickel price at $15,300 per ton [5]