Core Viewpoint - The implementation of a green tax system in Qinghai Province's Xining Economic Development Zone has led to significant environmental tax reductions for companies, promoting green development and encouraging businesses to adopt eco-friendly practices [1][2]. Group 1: Environmental Tax Impact - A total of 28 companies in the Ganhe Industrial Park have benefited from environmental tax reductions amounting to approximately 69.35 million yuan due to lower emissions [1]. - Qinghai Yuntianhua International Fertilizer Co., Ltd. has seen a steady decrease in its environmental tax payments over the past two years, attributed to the adoption of energy-saving and emission-reducing technologies [2]. Group 2: Multi-Department Collaboration - The tax bureau, in collaboration with the park management and environmental departments, has initiated environmental protection awareness campaigns to encourage companies to upgrade their facilities and optimize processes for pollution reduction [3]. - A new management model has been established, integrating tax administration, enterprise reporting, environmental monitoring, and information sharing to enhance compliance and support for green initiatives [3]. Group 3: Green Transformation and Development - The Ganhe Industrial Park is experiencing a boost in green, high-quality development, with companies like Qinghai Baihe Aluminum Co., Ltd. and Huanghe Xinye Co., Ltd. adopting green low-carbon and intelligent manufacturing practices [4]. - Huanghe Xinye Co., Ltd. has invested in new environmental facilities, significantly reducing pollution emissions, while Qinghai Baihe Aluminum Co., Ltd. has enhanced its environmental investments to lower its carbon footprint and promote circular production [4].

Group 1 - The core point of the article is the performance and changes in the top holdings of the Ping An Ruixing 1-Year Holding Mixed Fund, which reported a net value growth rate of 6.38% over the past year [1] - The fund's top ten holdings saw the addition of several new stocks, including Ningbo Bank, Tianshan Aluminum, Tencent Holdings, Muyuan Foods, and others, indicating a diversification strategy [1] - Ningbo Bank emerged as the largest holding with a 0.69% allocation, while several previous top holdings such as Guansheng Co., Huaneng Hydropower, and Alibaba were removed from the list [1] Group 2 - The new top ten holdings include stocks with significant share quantities and market values, such as Tianshan Aluminum with 3.72 million shares valued at 0.43 billion and Tencent Holdings with 68,900 shares valued at 0.42 billion [1] - The fund's adjustments reflect a strategic shift in investment focus, moving away from previously held stocks to new opportunities in the market [1] - The overall market sentiment and performance of the fund suggest a cautious yet optimistic approach to investment in the current economic climate [1]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The core contradiction in the aluminum market this week is concentrated on the sudden disturbances in the international supply. After the previous news of the shutdown of the Mozal aluminum plant in Mozambique under South32, Century Aluminum's Grundartangi aluminum plant in Iceland announced production cuts due to equipment failures this week, intensifying market concerns about overseas supply. The LME aluminum rose 2.8% to $2,856.5 per ton, reaching a new high for the year; SHFE aluminum rose 1.4% to 21,225 yuan per ton, and the internal - external price spread widened. With relatively stable demand and expected supply disturbances, aluminum prices are expected to further fluctuate upwards. This week, the operating range of the SHFE aluminum main contract is expected to be between 21,000 - 21,600 yuan per ton; the operating range of LME aluminum 3M is expected to be between $2,780 - $2,950 per ton [12][13] 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - Supply: As of the end of September, China's electrolytic aluminum operating capacity was about 44.06 million tons, with a slight increase due to the commissioning of some replacement projects. In September, China's electrolytic aluminum production increased 1.1% year - on - year and decreased 3.2% month - on - month. In October, the operating capacity is expected to continue a slight increase. In September, the domestic aluminum water ratio rebounded 1.2% month - on - month, and the electrolytic aluminum ingot casting volume decreased 8.7% year - on - year and 7.9% month - on - month to about 857,000 tons [12] - Inventory & Spot: As of Thursday, the inventory was 607,000 tons, down 8,000 tons from last Thursday. The bonded area inventory was 74,000 tons, down 6,000 tons from last week. The total aluminum rod inventory on Thursday was 157,000 tons, down 4,000 tons from last Thursday. The LME global aluminum inventory was 473,000 tons, down 14,000 tons from last week. The spot premium in East China turned into a discount, and the LME market Cash/3M premium was $3.2 per ton [12] - Imports and Exports: In September 2025, China's primary aluminum imports were 247,000 tons, a 13.5% month - on - month increase and an 80.0% year - on - year increase. In September, China's exports of unwrought aluminum and aluminum products were 521,000 tons, a 1.7% month - on - month decrease [12] - Demand: According to SMM research, the operating rate of domestic aluminum downstream processing leading enterprises this week was 62.4%, a slight decrease of 0.1% from last week. The operating rates of primary aluminum alloy, aluminum cable, and aluminum profile increased slightly, while those of aluminum plate and strip, and aluminum foil were weak. It is expected that the operating rate of the aluminum downstream processing industry will remain stable next week [12] 3.2 Futures and Spot Market - Futures: SHFE aluminum rose 1.39% to 21,225 yuan per ton this week; LME aluminum rose 2.84% to $2,856.5 per ton. The spread between SHFE aluminum's first - and third - month contracts narrowed [21][27] - Spot: The East China region turned to a discount, the South China region was at par, and the discount in the Central Plains region widened. The LME aluminum Cash/3M premium narrowed [33][37] 3.3 Profit and Inventory - Profit: The primary aluminum smelting profit increased compared to last week and is at a historical high [42] - Inventory: The electrolytic aluminum inventory decreased. As of Thursday, the inventory was 607,000 tons, down 8,000 tons from last Thursday; the bonded area inventory was 74,000 tons, down 6,000 tons from last week; the total aluminum rod inventory was 157,000 tons, down 4,000 tons from last Thursday; the LME global aluminum inventory was 473,000 tons, down 14,000 tons from last week and at a multi - year low for the same period [49][52][56] 3.4 Cost Side - Bauxite: Domestic and overseas bauxite prices remained stable [70] - Alumina: The domestic alumina price decreased by 34 yuan per ton compared to last week, and the import price decreased by $6 per ton [73] - Electrolytic Aluminum Smelting Cost: The anode price remained flat, and the thermal coal price increased slightly compared to last week [75] 3.5 Supply Side - Alumina: In September, the monthly alumina output was 7.746 million tons, a decrease of 132,000 tons from August and a 12.7% year - on - year increase [82] - Electrolytic Aluminum: As of the end of September, China's electrolytic aluminum operating capacity was about 44.06 million tons, with a slight month - on - month increase in operating capacity and industry operating rate. In September, the output decreased 3.2% month - on - month. In October, the operating capacity is expected to continue a slight increase. In September, the overseas electrolytic aluminum output was 2.499 million tons, a 3.4% month - on - month decrease [85] - Aluminum Water Ratio: In September, the domestic aluminum water ratio rebounded 1.2%, and the electrolytic aluminum ingot casting volume decreased 8.7% year - on - year and 7.9% month - on - month to about 857,000 tons. The aluminum rod processing fee decreased compared to last week [88] - Provincial Electrolytic Aluminum Output: In September, the electrolytic aluminum output in each province decreased compared to August, with Shandong's output decreasing by 38,400 tons [93] 3.6 Demand Side - Downstream Operating Rate: In September, the operating rate of aluminum profiles decreased month - on - month, while those of aluminum plate and strip, and aluminum foil rebounded. The operating rates of primary aluminum alloy ingots and aluminum rods rebounded month - on - month. The operating rate of recycled aluminum alloy ingots rebounded. The price difference between primary aluminum and recycled aluminum alloy widened by 56 yuan per ton to 385 yuan per ton this week [104][107][110] - Terminal Demand: According to the production scheduling reports of the three major white goods released by Industry Online, in October 2025, the production scheduling of household air conditioners was 1.153 million units, an 18.0% year - on - year decrease with an expanding decline; the production scheduling of refrigerators was 863,000 units, a 5.8% year - on - year decrease with a slightly narrowing decline; the production scheduling of washing machines was 908,000 units, a slight 1.6% year - on - year decrease. The real estate completion data improved slightly, automobile production and sales were acceptable, and the production scheduling of photovoltaic modules is expected to rebound slightly [114] 3.7 Imports and Exports - Primary Aluminum: In September 2025, China's primary aluminum imports were 247,000 tons, a 13.5% month - on - month increase and an 80.0% year - on - year increase. The cumulative imports from January to September were 1.962 million tons, a 18.9% year - on - year increase. This week, the spot import loss of aluminum ingots fluctuated and widened [119] - Unwrought Aluminum and Aluminum Products: In September 2025, China's exports of unwrought aluminum and aluminum products were 521,000 tons, a 1.7% month - on - month decrease. The cumulative exports from January to September were 4.516 million tons, an 8.0% year - on - year decrease [126] - Recycled Aluminum: In September 2025, China's recycled aluminum imports were 155,000 tons, a decrease of 17,000 tons month - on - month and a 17.7% year - on - year increase. The cumulative imports from January to September were 1.501 million tons, a 10.9% year - on - year increase [126] - Bauxite: In September 2025, China's bauxite imports were 15.881 million tons, with imported ore accounting for 74.2%. The cumulative bauxite imports from January to September were 157.305 million tons [129] - Alumina: In September 2025, China's alumina exports were 246,000 tons, a 36.7% month - on - month increase and an 82.2% year - on - year increase. The cumulative alumina exports from January to September were 1.999 million tons [129]

Group 1 - The independent director Han Fang of Electric Power Investment Energy is unreachable, but the company asserts that this will not affect the board's operations or the company's management [1][3] - The company has confirmed that all other board members are functioning normally, and the board will not fall below the legal minimum number of members [3] - The company will continue to monitor the situation and fulfill disclosure obligations as required [3] Group 2 - For the third quarter of 2025, the company reported a revenue of 7.939 billion yuan, a year-on-year increase of 3.34%, while net profit attributable to shareholders decreased by 8.52% to 1.331 billion yuan [4] - Year-to-date revenue reached 22.403 billion yuan, up 2.72%, with net profit attributable to shareholders at 4.118 billion yuan, down 6.40% [4] - The company's cash balance at the end of the period was 4.276 billion yuan, an increase of 43.50% from the beginning of the year, primarily due to increased collections from coal and aluminum sales [4] Group 3 - The company faced profit pressure due to a significant increase in operating expenses, with non-operating expenses rising by 520.17% mainly due to estimated carbon emission trading [5] - Income tax expenses increased by 21.10% due to changes in the western region's encouraged industry directory, resulting in the parent company no longer enjoying tax incentives [5]

Investment Rating - The investment rating for Tianshan Aluminum (002532) is "Buy" [1] Core Views - The company has achieved a revenue of 22.32 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 7.34%. The net profit attributable to shareholders reached 3.34 billion yuan, up 8.31% year-on-year [2] - The company continues to focus on cost reduction and efficiency improvement, with a significant increase in gross profit margin from 20.25% in Q2 2025 to 27.23% in Q3 2025, driven by rising aluminum prices and lower electricity costs [3] - The company is progressing well in its capacity expansion, with a 200,000-ton electrolytic aluminum capacity under construction, expected to be operational by the end of November 2025 [4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 6.994 billion yuan, a decrease of 0.25% year-on-year and a decrease of 5.53% quarter-on-quarter. However, the net profit attributable to shareholders was 1.256 billion yuan, showing a year-on-year increase of 24.30% and a quarter-on-quarter increase of 22.41% [2] - The company forecasts revenues of 30.8 billion yuan, 33.8 billion yuan, and 37.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 5.03 billion yuan, 6.16 billion yuan, and 7.16 billion yuan [5] Profitability and Efficiency - The gross profit margin is expected to improve from 23.3% in 2024 to 26.3% in 2027, reflecting ongoing cost control measures and operational efficiencies [5] - The earnings per share (EPS) are projected to be 1.08 yuan, 1.32 yuan, and 1.54 yuan for 2025, 2026, and 2027, respectively [5] Capacity Expansion - The company is undertaking a green low-carbon energy efficiency upgrade for its 1.4 million tons of electrolytic aluminum capacity, with the construction of an additional 200,000 tons of electrolytic aluminum capacity progressing smoothly [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 44.072 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.47%. The net profit attributable to shareholders was 4.398 billion yuan, up 15.14% year-on-year [2] - In Q3 2025, the company achieved a revenue of 14.993 billion yuan, a year-on-year increase of 3.13%, but a quarter-on-quarter increase of only 2.23%. The net profit attributable to shareholders was 1.630 billion yuan, showing a year-on-year growth of 25.31% but a quarter-on-quarter decrease of 9.09% [2] - The company's gross profit margin in Q3 2025 was 17.95%, down from 18.10% in Q2 2025, attributed to a high proportion of externally purchased alumina despite rising aluminum prices [3] - As of Q3 2025, the company had cash and cash equivalents of 10.675 billion yuan, a significant increase from 7.570 billion yuan in H1 2025 and 8.201 billion yuan in Q3 2024. The asset-liability ratio was 23.21%, down from 23.28% in H1 2025 and 24.99% in Q3 2024, indicating a strong financial position [4] Financial Summary - The company is projected to achieve revenues of 57.6 billion yuan, 58.9 billion yuan, and 60.2 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 5.8%, 2.3%, and 2.2% [5] - The net profit attributable to shareholders is expected to be 6.5 billion yuan, 7.41 billion yuan, and 8.29 billion yuan for the same years, with growth rates of 47.4%, 14.0%, and 11.9% respectively [5] - The earnings per share (EPS) are forecasted to be 1.87 yuan, 2.14 yuan, and 2.39 yuan for 2025, 2026, and 2027 respectively, maintaining the profit forecast [5] - The company’s price-to-earnings (PE) ratios are projected to be 12.36, 10.85, and 9.70 for the years 2025, 2026, and 2027 respectively [5] Profitability and Valuation - The gross profit margin is expected to improve from 18.4% in 2025 to 22.0% in 2027, indicating a positive trend in profitability [6] - The return on equity (ROE) is projected to be 19.2% in 2025, 18.5% in 2026, and 17.7% in 2027, reflecting strong financial performance [6] - The asset-liability ratio is expected to decrease significantly to 3.0% by 2027, indicating improved financial stability [8]

Core Viewpoint - Minfa Aluminum (002578) reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved a revenue of 508 million yuan in the third quarter, representing a year-on-year decrease of 12.32% [1] - The net profit for the same period was -11.0491 million yuan, reflecting a year-on-year decline of 185.66% [1]

Core Insights - Ming Tai Aluminum (601677.SH) reported its Q3 2025 results on October 25, 2025, highlighting a total of 5 institutional investors holding shares, amounting to 135 million shares, which represents 10.87% of the total share capital [1] - The institutional holding percentage decreased by 3.73 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Hong Kong Central Clearing Limited, Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Portfolio, China International Capital Corporation, Zhonghui Life Insurance Co., Ltd. - Traditional Products, and China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF [1] - The public fund sector saw a decrease in holdings from one public fund, specifically Southern CSI 1000 ETF, with a slight decline in holding percentage [1] - A total of 264 public funds did not disclose their holdings this quarter, including notable funds such as Huaxia CSI 1000 ETF and GF CSI 1000 ETF [1] Social Security Fund - One social security fund, the National Social Security Fund 113 Portfolio, did not disclose its holdings this quarter compared to the previous quarter [1]

Core Viewpoint - The quarterly report of Yunnan Aluminum Co., Ltd. has been approved by the company's board of directors, ensuring the accuracy and completeness of the financial information disclosed [2][6]. Financial Data - The third-quarter financial report has not been audited [6]. - The company does not require retrospective adjustments or restatements of previous annual accounting data [3]. - There are no non-recurring profit and loss items applicable for this quarter [3]. Shareholder Information - The total number of common shareholders and the situation of the top ten shareholders have not changed compared to the previous period [5]. - There are no changes in the borrowing or returning of shares by the top ten shareholders due to transfer and financing [5]. Other Important Matters - The company has not applied any new accounting standards for the current reporting period [5].

Core Viewpoint - Tianshan Aluminum Group Co., Ltd. is preparing for its second extraordinary general meeting of shareholders in 2025, focusing on governance and the nomination of an independent director candidate [9][10][37]. Financial Data - The third quarter financial report has not been audited, and the company confirms that there are no adjustments or restatements of previous accounting data [3][8]. - The company has completed a share buyback plan, repurchasing a total of 23.71 million shares, which is 0.51% of the total share capital, with a total expenditure of approximately 200 million yuan [6]. Shareholder Information - The company will hold its second extraordinary general meeting on November 10, 2025, with provisions for both on-site and online voting [11][12]. - The meeting will address several proposals, including the nomination of an independent director and amendments to the company's articles of association [16][37]. Independent Director Nomination - The board has nominated Chen Timothy Teck-Leng as an independent director candidate, with a proposed annual remuneration of 150,000 yuan before tax [37][38]. - The candidate has extensive experience in banking and finance, having held various senior positions in international financial institutions [39][40].