Group 1: Overall Report Information - The report is dated October 24, 2025 [2] Group 2: Steel Products (Chengcai) - **Investment Rating**: Not provided - **Core View**: Steel products are expected to oscillate and consolidate, with prices moving downward and the center of gravity shifting lower due to a weak supply - demand situation and pessimistic market sentiment, and a lackluster winter storage season [1][3] - **Summary**: - Yunnan - Guizhou short - process construction steel producers will shut down for maintenance from mid - January, resuming around the 11th to 16th day of the first lunar month, affecting 741,000 tons of production [2] - In Anhui, 1 out of 6 short - process steel mills stopped on January 5, most will stop in mid - January, and some after January 20, with a daily production impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the transaction area of new commercial housing in 10 key cities was 2.234 million square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [3] - Later concerns include macro policies and downstream demand [3] Group 3: Aluminum Products - **Investment Rating**: Not provided - **Core View**: Aluminum prices are expected to be strong in the short term, with high - level fluctuations. The short - term fundamentals are stable, but macro overseas events affect market sentiment [1][4] - **Summary**: - On October 23, the inventory of electrolytic aluminum ingots in domestic main consumption areas was 618,000 tons, down 7,000 tons from Monday and 9,000 tons from last Thursday [3] - The overall开工 rate of domestic aluminum downstream processing enterprises was 62.4%, with some sectors showing different trends [3] - The market is waiting for the US September CPI data, with an expected 0.4% month - on - month increase in overall CPI and a 0.3% increase in core CPI [2] - Later concerns include macro expectations, geopolitical crises, mine resumption, and consumption release [4]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the short - to - medium term, against the backdrop of tight scrap and ore supplies, there is a high risk of contraction in the smelting sector, and the supply - demand balance of base metals is expected to tighten, which supports base metal prices. However, weak demand limits the upside potential of prices. In the long term, there are still expectations of potential incremental stimulus policies in China, and supply disruptions in copper, aluminum, and tin remain, so the prices of copper, aluminum, and tin are expected to rise [3]. 3. Summary by Related Catalogs 3.1行情观点 3.1.1 Copper - **Viewpoint**: After the release of the communiqué of the Fourth Plenary Session of the 20th Central Committee, copper prices are showing a strong trend. - **Logic**: Macroeconomic sentiment has warmed up with the release of the communiqué and the resumption of Sino - US trade negotiations. On the supply - demand side, copper ore supply disruptions are increasing, and the cost and difficulty of scrap copper recycling have risen, leading to a decline in electrolytic copper production. Although the peak demand season has arrived, high prices have suppressed demand to some extent. - **Outlook**: Copper supply constraints remain, and considering the improved macro - sentiment, copper prices are expected to be oscillating with an upward bias [8]. 3.1.2 Alumina - **Viewpoint**: As the operating capacity of smelters declines, alumina prices are oscillating. - **Logic**: High - cost production capacity has reduced output, but the reduction is insufficient, and China still maintains a strong inventory build - up trend. Ore prices have shown a slight decline, so there is still pressure on the upside of the disk price. - **Outlook**: Alumina is expected to oscillate in the short term. It is recommended to wait and see or conduct short - term trading, and pay attention to the potential increase in volatility [10]. 3.1.3 Aluminum - **Viewpoint**: The risk of Mozal's shutdown has intensified, and aluminum prices have slightly rebounded. - **Logic**: The macro - tone at home and abroad is positive. On the supply side, some replacement capacities are being put into production, and the operating capacity and utilization rate are at a high level. On the demand side, orders in the peak season have improved marginally, and social inventories have started to decline. The current copper - aluminum price ratio is above 4.0, and the valuation of aluminum is relatively low. - **Outlook**: In the short term, aluminum prices are expected to be oscillating with an upward bias. In the medium term, the supply increase is limited, and demand remains resilient, so the center of aluminum prices is expected to rise [11]. 3.1.4 Aluminum Alloy - **Viewpoint**: With strong cost support, the disk is oscillating upward. - **Logic**: The tight supply of scrap aluminum is difficult to change in the short term, providing strong cost support. Although some enterprises have slightly reduced production due to unclear policies and weak demand, the overall reduction is not large. Demand has improved marginally, and social inventories and warehouse receipts have continued to rise. - **Outlook**: In the short term, prices are expected to oscillate within a range. In the medium term, due to unclear policy implementation and potential raw material disruptions, prices are expected to continue to oscillate [12]. 3.1.5 Zinc - **Viewpoint**: With optimistic macro - expectations and an open export window, pay attention to short - selling opportunities at high zinc prices. - **Logic**: Macroeconomic sentiment is optimistic. In the short term, zinc ore supply has become looser, and smelters' profitability is good, so their production willingness is strong. Domestic consumption is in the transition period between peak and off - peak seasons, and demand expectations are average. The overall fundamentals are in surplus, but the "soft squeeze" of LME zinc has not ended. - **Outlook**: In October, zinc ingot production will remain high, and demand recovery is limited, so inventories may continue to accumulate. Zinc prices are expected to oscillate [14]. 3.1.6 Lead - **Viewpoint**: Due to supply disruptions in recycled lead and low social inventories, lead prices have risen significantly. - **Logic**: On the spot side, the spot discount has narrowed slightly, and the price difference between primary and recycled lead has increased. On the supply side, the profitability of recycled lead smelters has improved, and production has increased slightly. On the demand side, the operating rate of lead - acid battery factories has recovered, and demand remains high. - **Outlook**: After the Fed's interest rate cut, the US dollar may still decline. After the holidays, lead supply growth has been slightly lower than expected, and demand is in the peak season. Lead prices are expected to be oscillating with an upward bias [15]. 3.1.7 Nickel - **Viewpoint**: With LME nickel inventories exceeding 250,000 tons, nickel prices are oscillating widely. - **Logic**: Market sentiment still dominates the disk. The industrial fundamentals are weakening marginally. Ore supply is relatively loose, and the reality of excess electrolytic nickel is serious, with significant inventory accumulation. - **Outlook**: In the short term, nickel prices are expected to oscillate widely [18]. 3.1.8 Stainless Steel - **Viewpoint**: With low warehouse receipts, the stainless - steel disk is rising. - **Logic**: Nickel - iron prices have weakened, and chromium prices are relatively stable. Stainless - steel production has increased in September, but the sustainability of demand in the "Golden September and Silver October" peak season needs to be monitored. Social inventories have decreased slightly, and warehouse receipts have continued to decline. - **Outlook**: Downstream demand is slightly lower than expected, and cost support has a certain boosting effect on steel prices. Stainless - steel prices are expected to oscillate within a range in the short term [22]. 3.1.9 Tin - **Viewpoint**: With supply constraints remaining, tin prices are oscillating. - **Logic**: There have been continuous supply disruptions in tin. Indonesia has taken measures to restrict supply, and the resumption of production in the Wa State's Manxiang mining area is slow. The domestic tin ore supply is tight, and the processing fee for tin concentrate remains low. - **Outlook**: With tight supply at the mine end, tin prices are expected to oscillate [23]. 3.2行情监测 - **Comprehensive Index**: The commodity index increased by 0.70% to 2250.50, the commodity 20 index increased by 0.58% to 2546.54, the industrial products index increased by 1.12% to 2229.03, and the PPI commodity index increased by 0.86% to 1342.15 [148]. - **Plate Index**: The non - ferrous metals index on October 23, 2025, increased by 0.70% on the day, 1.60% in the past 5 days, 3.15% in the past month, and 7.08% since the beginning of the year [149].

铝期货方面：2025-10-23日沪铝主力合约开于21105元/吨，收于21165元/吨，较上一交易日变化155元/吨，最 高价达21180元/吨，最低价达到21070元/吨。全天交易日成交167345手，全天交易日持仓286749手。 新能源及有色金属日报 | 2025-10-24 氧化铝缺乏跟随反弹的动力 重要数据 铝现货方面：SMM数据，华东A00铝价21040元/吨，较上一交易日变化60元/吨，华东铝现货升贴水-10元/吨， 较上一交易日变化-10元/吨；中原A00铝价20910元/吨，现货升贴水较上一交易日变化-20元/吨至-140元/吨； 佛山A00铝价录20950元/吨，较上一交易日变化60元/吨，铝现货升贴水较上一交易日变化-15元/吨至-100元/吨。 库存方面，截止2025-10-23，SMM统计国内电解铝锭社会库存61.8万吨，较上一期变化-0.7万吨，仓单库存66894 吨，较上一交易日变化-376吨，LME铝库存477675吨，较上一交易日变化-4850吨。 氧化铝现货价格：2025-10-23SMM氧化铝山西价格录得2855元/吨，山东价格录得2815元/吨，河南价格录得 2875 ...

Core Viewpoint - Tianshan Aluminum experienced a 5.12% increase in stock price on October 23, with a trading volume of 892 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On October 23, Tianshan Aluminum had a financing buy-in amount of 78.91 million yuan, with a net financing buy of 33.09 million yuan after repayments [1]. - The total financing and securities balance for Tianshan Aluminum reached 446 million yuan, with the current financing balance at 429 million yuan, representing 0.71% of the circulating market value, which is below the 10% percentile level over the past year [1]. - The company repaid 2,100 shares in securities lending and sold 10,840 shares, amounting to 1.40 million yuan in sales, with a securities lending balance of 16.80 million yuan, exceeding the 90% percentile level over the past year [1]. Business Performance - As of June 30, Tianshan Aluminum reported a total of 49,700 shareholders, an increase of 4.44% from the previous period, with an average of 83,175 circulating shares per shareholder, a decrease of 4.25% [2]. - For the first half of 2025, Tianshan Aluminum achieved operating revenue of 15.33 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 2.08 billion yuan, a slight increase of 0.51% [2]. Dividend Information - Since its A-share listing, Tianshan Aluminum has distributed a total of 7.48 billion yuan in dividends, with 4.38 billion yuan distributed over the past three years [3]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder of Tianshan Aluminum, holding 113 million shares, a decrease of 10.08 million shares from the previous period [3].

Core Viewpoint - China Hongqiao (01378) announced the cancellation of 300,000 repurchased shares on October 23, 2025 [1] Summary by Category - **Company Actions** - The company will cancel a total of 300,000 shares that were previously repurchased [1]

Core Insights - The stock price of Alcoa Corporation (AA.US) increased by over 13.4%, reaching $40.44 [1] Financial Performance - Alcoa's Q3 revenue was $2.995 billion, representing a year-over-year growth of over 3% [1] - The net profit attributable to the company was $232 million, showing a significant year-over-year increase of nearly 158% [1] Production Metrics - During the period, alumina production increased by 4% quarter-over-quarter to 2.5 million tons [1] - The rise in production was primarily due to reduced maintenance at Australian refineries and an overall increase in output [1]

Group 1 - The core point of the news is that Tianshan Aluminum conducted significant block trades on October 23, with a total transaction volume of 21 million shares and a transaction amount of 268 million yuan, at a price of 12.75 yuan, which is a discount of 1.47% compared to the closing price of the day [2][3] - Institutional specialized seats participated in both buy and sell sides of the block trades, resulting in a net purchase of 268 million yuan [2] - Over the past three months, Tianshan Aluminum has recorded a total of five block trades, amounting to 1.077 billion yuan [2] Group 2 - The closing price of Tianshan Aluminum on the day of the report was 12.94 yuan, reflecting a 5.12% increase, with a turnover rate of 1.69% and a total transaction amount of 892 million yuan [2] - The stock has seen a net inflow of 43.39 million yuan from main funds throughout the day, and over the past five days, the stock has increased by 9.94% with a total net inflow of 76.22 million yuan [2] - The latest margin financing balance for Tianshan Aluminum is 396 million yuan, which has increased by 36.20 million yuan over the past five days, representing a growth of 10.07% [3]

Summary of Key Points Core Viewpoint - On October 23, Tianshan Aluminum conducted a block trade of 21 million shares, amounting to 268 million yuan, which accounted for 23.08% of the total trading volume for the day. The transaction price was 12.75 yuan, representing a discount of 1.47% compared to the market closing price of 12.94 yuan [1]. Group 1: Trading Details - The block trade involved a total of 21 million shares of Tianshan Aluminum at a price of 12.75 yuan per share [1]. - The total transaction value was 268 million yuan, indicating significant trading activity [1]. - The transaction price was lower than the market closing price, suggesting a strategic move by investors [1]. Group 2: Transaction Breakdown - The trading date was October 23, 2025, with the stock code 002532 for Tianshan Aluminum [2]. - The transaction included two separate trades: one for 11 million shares and another for 10 million shares, both at the price of 12.75 yuan [2]. - The total value of the trades was 140 million yuan and 127 million yuan respectively, highlighting the scale of the transactions [2].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 26.6 CNY per share, corresponding to a PE ratio of approximately 12 times for 2025 [3][5]. Core Insights - The company's revenue for the first three quarters of 2025 reached 31.005 billion CNY, representing a year-on-year increase of 9.5%. In Q3 2025, revenue was 10.576 billion CNY, showing a year-on-year increase of 4.8% but a quarter-on-quarter decrease of 2.03% [1]. - The increase in revenue is primarily driven by strong aluminum prices and a stabilization in coal prices. The average aluminum price in Q3 2025 was 20,728 CNY per ton, up 2.9% quarter-on-quarter and 5.65% year-on-year. The price of non-smoking coking coal slightly increased to 1,035 CNY per ton, up 0.19% quarter-on-quarter [1]. - The overall gross margin for the first three quarters was 17.47%, a decrease of 0.12 percentage points year-on-year, while the gross margin for Q3 was 24.19%, an increase of 6.15 percentage points year-on-year, mainly due to reduced electricity costs during the abundant water period in Yunnan [1]. Financial Performance - The company's expense ratio decreased to 4.49%, down 1.32 percentage points year-on-year. The sales expense ratio was 0.45%, down 0.41 percentage points, attributed to a decrease in the sales proportion of aluminum ingots and reduced transportation costs [2]. - The net profit for the first three quarters was 3.489 billion CNY, a year-on-year decrease of 1.38%. However, Q3 net profit was 1.585 billion CNY, reflecting a year-on-year increase of 26.39% and a quarter-on-quarter increase of 32.61% [2]. - The company reported a cash flow from operations of 6.898 billion CNY, an increase of 544 million CNY year-on-year, with a cash collection ratio of 1.07, up 2.71 percentage points [2]. Future Projections - The company is expected to achieve revenues of 41.34 billion CNY, 42.98 billion CNY, and 43.73 billion CNY for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 5.11 billion CNY, 6.05 billion CNY, and 6.37 billion CNY, with EPS of 2.27 CNY, 2.69 CNY, and 2.83 CNY per share [3][4].

Group 1 - Tianshan Aluminum's stock increased by 5.04%, reaching 12.93 CNY per share, with a trading volume of 840 million CNY and a turnover rate of 1.60%, resulting in a total market capitalization of 60.149 billion CNY [1] - Tianshan Aluminum, established on November 3, 1997, and listed on December 31, 2010, is primarily engaged in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition of Tianshan Aluminum includes 65.26% from aluminum ingot sales, 24.20% from alumina sales, 6.89% from aluminum foil and foil stock sales, 2.10% from high-purity aluminum sales, and 1.55% from other sources [1] Group 2 - Huafu Fund holds a significant position in Tianshan Aluminum through its Huafu Small and Medium Enterprises 100 Index Enhanced Fund (410010), which maintained 31,000 shares in the second quarter, accounting for 2.59% of the fund's net value, ranking as the ninth largest holding [2] - The Huafu Small and Medium Enterprises 100 Index Enhanced Fund (410010) was established on December 9, 2011, with a latest scale of 9.9295 million CNY, achieving a year-to-date return of 27.15% and a one-year return of 26.09% [2] - The fund manager, Li Xiaohua, has been in position for 4 years and 171 days, overseeing assets totaling 11.675 billion CNY, with the best fund return during his tenure being 91.41% and the worst being -20.2% [3]