Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

Core Viewpoint - The company has decided to adjust the maximum repurchase price of its shares from RMB 30 per share to RMB 41 per share, indicating a strategic move to enhance shareholder value and potentially stabilize the stock price [1] Summary by Relevant Sections Share Repurchase Details - The company will hold its 36th meeting of the fifth board of directors on November 12, 2025, to review the proposal for adjusting the share repurchase price limit [1] - As of the announcement date, the company has repurchased a total of 1.3574 million shares, which accounts for 0.64% of the total share capital [1] - The highest purchase price for the repurchased shares was RMB 28.43 per share, while the lowest was RMB 9.33 per share, with a total expenditure of RMB 20.0584 million (excluding transaction fees) [1]

Core Viewpoint - Haomei New Materials has experienced a significant stock price increase of 88.49% year-to-date, despite recent fluctuations in trading performance [2] Company Performance - As of September 30, Haomei New Materials reported a revenue of 5.582 billion yuan, representing a year-on-year growth of 15.40%, while the net profit attributable to shareholders decreased by 16.68% to 143 million yuan [3] - The company has a market capitalization of 9.893 billion yuan, with a stock price of 39.61 yuan per share as of November 12 [1] Stock Trading Activity - The stock has seen a recent decline of 2.00% in intraday trading on November 12, with a trading volume of 47.862 million yuan and a turnover rate of 0.48% [1] - Over the past five trading days, the stock has increased by 5.21%, but it has decreased by 5.33% over the last 20 days and 10.99% over the last 60 days [2] Shareholder Information - The number of shareholders increased by 25.72% to 12,000 as of September 30, with an average of 20,743 shares held per shareholder, a decrease of 22.05% [3] - The company has distributed a total of 181 million yuan in dividends since its A-share listing, with 99.333 million yuan distributed in the last three years [4] Institutional Holdings - As of September 30, the fifth-largest circulating shareholder is Huaxia Industry Prosperity Mixed Fund, holding 2.2905 million shares, a decrease of 866,200 shares from the previous period [4] - Hong Kong Central Clearing Limited is a new shareholder, holding 1.4877 million shares [4]

Group 1 - Xinjiang Zhonghe's stock price increased by 6.1%, reaching 9.04 CNY per share, with a trading volume of 2.19 billion CNY and a turnover rate of 1.80%, resulting in a total market capitalization of 12.69 billion CNY [1] - The company, established on February 13, 1996, and listed on February 15, 1996, is located in Urumqi, Xinjiang, and specializes in the production and sales of various aluminum products, including high-purity aluminum and electronic aluminum foil [1] - The main revenue composition of Xinjiang Zhonghe includes alloy products (39.49%), high-purity aluminum (18.16%), electrode foil (14.49%), electronic aluminum foil (9.34%), aluminum products (9.05%), and other categories [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Xinjiang Zhonghe, having reduced its holdings by 66,600 shares in the third quarter, now holding 7.71 million shares, which is 0.55% of the circulating shares [2] - The Southern CSI 1000 ETF has a total scale of 76.63 billion CNY and has achieved a year-to-date return of 28.07%, ranking 1919 out of 4216 in its category [2] - The fund manager, Cui Lei, has been in position for 7 years and 7 days, with a total asset scale of 122.76 billion CNY, achieving a best return of 179.77% and a worst return of -15.93% during the tenure [3]

Core Viewpoint - Yiqiu Resources has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the aluminum recycling sector [1][2]. Group 1: Stock Performance - As of November 12, Yiqiu Resources' stock price rose by 2.13% to 3.35 CNY per share, with a trading volume of 98.03 million CNY and a turnover rate of 1.35%, resulting in a total market capitalization of 7.374 billion CNY [1]. - Year-to-date, the stock price has increased by 36.18%, with a 4.36% rise over the last five trading days, 10.56% over the last 20 days, and 28.35% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 30.72 million CNY on September 17 [1]. Group 2: Financial Performance - For the period from January to September 2025, Yiqiu Resources reported a revenue of 5.595 billion CNY, reflecting a year-on-year growth of 11.00%, and a net profit attributable to shareholders of 97.51 million CNY, up by 26.19% [2]. - Cumulative cash dividends since the company's A-share listing amount to 692 million CNY, with 117 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yiqiu Resources reached 80,100, an increase of 12.27% from the previous period, with an average of 27,486 circulating shares per shareholder, down by 10.93% [2]. - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 18.1344 million shares, an increase of 1.4406 million shares from the previous period [3].

Core Viewpoint - Shenhuo Co., Ltd. has shown significant stock price appreciation this year, with a year-to-date increase of 65.76% and notable gains over various trading periods, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of November 12, Shenhuo's stock price increased by 2.03%, reaching 27.19 CNY per share, with a trading volume of 396 million CNY and a turnover rate of 0.66%, resulting in a total market capitalization of 61.15 billion CNY [1]. - The stock has experienced a 65.76% increase year-to-date, with recent trading gains of 8.54% over the last five days, 21.17% over the last 20 days, and 43.71% over the last 60 days [2]. Group 2: Company Overview - Shenhuo Co., Ltd. was established on August 31, 1998, and listed on August 31, 1999. The company is primarily engaged in the production, processing, and sales of aluminum products and coal, with its main revenue sources being electrolytic aluminum (69.40%), coal (14.11%), and aluminum foil (6.41%) [2]. - The company operates within the non-ferrous metals industry, specifically in the industrial metals-aluminum sector, and is associated with concepts such as non-ferrous aluminum, thermal coal, battery foil, the Belt and Road Initiative, and scarce resources [2]. Group 3: Financial Performance - For the period from January to September 2025, Shenhuo reported a revenue of 31.005 billion CNY, reflecting a year-on-year growth of 9.50%. However, the net profit attributable to shareholders decreased by 1.38% to 3.49 billion CNY [2]. - The company has distributed a total of 9.422 billion CNY in dividends since its A-share listing, with 5.843 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of October 31, 2025, the number of shareholders in Shenhuo decreased by 10.16% to 65,400, while the average number of circulating shares per person increased by 11.31% to 34,365 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 77.6616 million shares, an increase of 38.6067 million shares compared to the previous period [3].

Core Viewpoint - Ming Tai Aluminum's stock has shown significant growth this year, with a 30.34% increase, reflecting strong market performance and investor interest [1][2]. Company Overview - Ming Tai Aluminum Industry Co., Ltd. is located in Gongyi City, Henan Province, established on April 18, 1997, and listed on September 19, 2011. The company specializes in the research, production, and sales of aluminum plates, strips, and profiles [1]. - The main business revenue composition includes: Henan Ming Tai Division (64.61%), Ming Tai Technology Division (37.46%), Ming Sheng New Materials Division (36.97%), Tai Hong New Materials Division (25.44%), Yi Rui New Materials Division (24.73%), Kunshan Ming Tai Division (12.86%), Other Operating Divisions (10.53%), Tai Hong Aluminum Division (8.57%), and Transportation New Materials Division (1.99%) [1]. Financial Performance - For the period from January to September 2025, Ming Tai Aluminum achieved operating revenue of 25.874 billion yuan, a year-on-year increase of 9.38%. However, the net profit attributable to shareholders decreased by 0.49% to 1.404 billion yuan [2]. - Since its A-share listing, Ming Tai Aluminum has distributed a total of 1.489 billion yuan in dividends, with 655 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Ming Tai Aluminum was 57,200, an increase of 2.37% from the previous period. The average circulating shares per person decreased by 2.32% to 21,309 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 82.9587 million shares, an increase of 59.1481 million shares from the previous period. The Southern CSI 1000 ETF (512100) is the tenth-largest circulating shareholder, holding 11.3749 million shares as a new shareholder [3].

亚太科技今年以来股价涨20.05%，近5个交易日涨3.68%，近20日涨5.07%，近60日涨17.51%。 11月12日，亚太科技盘中上涨2.33%，截至10:03，报7.04元/股，成交2937.82万元，换手率0.49%，总市 值88.05亿元。 资金流向方面，主力资金净流入134.59万元，大单买入494.95万元，占比16.85%，卖出360.36万元，占 比12.27%。 亚太科技所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：有色铝、小盘、海水淡化、大 飞机、航天军工等。 机构持仓方面，截止2025年9月30日，亚太科技十大流通股东中，红利低波（512890）位居第三大流通 股东，持股5289.76万股，持股数量较上期不变。创金合信中证红利低波动指数A（005561）位居第七大 流通股东，持股1493.34万股，相比上期增加26.23万股。易方达中证红利低波动ETF（563020）位居第 八大流通股东，持股1154.40万股，相比上期增加363.49万股。香港中央结算有限公司位居第十大流通股 东，持股880.85万股，相比上期增加131.43万股。 资料显示，江苏亚太轻合金科技股份有限 ...

Core Viewpoint - Minfa Aluminum's stock price has shown significant growth this year, with a year-to-date increase of 44.82% and a recent surge of 7.44% in a single trading session, indicating strong market interest and potential investment opportunities [1]. Financial Performance - For the period from January to September 2025, Minfa Aluminum reported a revenue of 1.283 billion yuan, representing a year-on-year decrease of 20.37%. The net profit attributable to shareholders was -8.1134 million yuan, a decline of 128.51% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 163 million yuan, with 37.5452 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Minfa Aluminum was 35,900, a decrease of 1.10% from the previous period. The average number of circulating shares per shareholder increased by 1.12% to 23,963 shares [2]. - Among the top ten circulating shareholders, the Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) held 3.2645 million shares, a reduction of 35,500 shares from the previous period [3]. Market Activity - Minfa Aluminum's stock has been actively traded, with a trading volume of 164 million yuan and a turnover rate of 4.42%. The stock's market capitalization stands at 4.064 billion yuan [1]. - The stock has experienced notable price increases over various time frames, including an 11.31% rise over the last five trading days and a 22.32% increase over the past 20 days [1].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals, but in the short - term (November), there is no strong driving force, and the market is in an adjustment phase [3]. - **Copper**: The spot market's purchasing sentiment is high, and the average price of 1 electrolytic copper is 86,535 yuan/ton with an expanding premium. However, when the price breaks through 86,000 yuan/ton, downstream counter - offer willingness increases. Whether the copper price can break through the trading - intensive area remains to be seen [12]. - **Aluminum**: Funds are the core factor affecting aluminum prices. There is a contradiction between funds and the industry. For alumina, it is on an over - supply path despite some price increases due to environmental restrictions [33]. - **Zinc**: In November, the TC dropped significantly due to intense competition for mines and limited domestic mine increments. There is a possibility of inventory reduction, and low inventory supports the price. There is some upward driving force in November, and export and macro factors need to be monitored [58]. - **Nickel**: Weak demand in the off - season suppresses the upward space. The Philippines' nickel mine production and shipment are affected by the rainy season and typhoons, and the price may remain strong in the short - term. Nickel iron prices are falling, and stainless - steel demand needs attention [74]. - **Tin**: Supply is weaker than demand due to limited resumption in Wabang and reduced concentrate imports. The Shanghai tin price will maintain a high - level shock, with a predicted support at around 276,000 yuan. There is a risk of price decline due to potential inventory accumulation [89]. - **Lithium Carbonate**: The supply increment is stable, and demand is strong in November. The market sentiment is positive. Technically, it is easy to rise and difficult to fall, maintaining a shock - upward trend [104]. - **Silicon**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and both are expected to have wide - range fluctuations. Attention should be paid to market sentiment and policies [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend, short - term adjustment in November [3]. - **Price Data**: SHFE gold and silver futures prices, COMEX gold and silver prices, and their ratios are presented in the report [4]. - **Spread Data**: SHFE and SGX gold and silver futures - spot spreads are shown [5][7]. - **Inventory Data**: SHFE and COMEX gold and silver inventories are provided [11]. Copper - **Spot Market**: High purchasing sentiment, average 1 electrolytic copper price at 86,535 yuan/ton, and expanding premium [12]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are given. For example, the latest price of Shanghai copper's main contract is 86,630 yuan/ton, with a daily increase of 0.17% [13]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented [19][21]. - **Import and Processing**: Copper import profit is - 585.37 yuan/ton, and copper concentrate TC is - 42 dollars/ton [24]. - **Scrap - to - Refined Spread**: The current refined - scrap spread (tax - included) is 3,393.51 yuan/ton, with a daily increase of 13.58% [28]. - **Warehouse Receipts and Inventory**: Shanghai copper's total warehouse receipts are 42,964 tons, a decrease of 1.88% [29]. Aluminum - **Aluminum**: Funds drive the price, but there is a contradiction with the industry. Domestic supply is stable, and demand is weak [33]. - **Alumina**: Some price increases due to environmental restrictions, but overall in an over - supply situation [33]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum futures, alumina futures, and aluminum alloy futures are provided [35]. - **Spread Data**: Various spreads between different contracts of aluminum and alumina are presented [37][39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international aluminum spot prices and premiums are given [43]. - **Inventory Data**: Shanghai and London aluminum warehouse receipts and inventories, as well as alumina warehouse receipts, are reported [52]. Zinc - **Market Outlook**: TC dropped in November, and there is a possibility of inventory reduction. Low inventory supports the price, and there is upward driving force [58]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided [59]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international zinc spot prices and premiums are presented [67]. - **Inventory Data**: Shanghai and London zinc warehouse receipts and inventories are reported [71]. Nickel - **Market Situation**: Weak demand in the off - season, affected by macro factors. Nickel mine prices may be strong, and nickel iron and stainless - steel demand need attention [74]. - **Price and Volume Data**: The latest prices, trading volumes, open interests, and warehouse receipt numbers of Shanghai and London nickel futures, as well as stainless - steel futures, are given [75]. Tin - **Market Outlook**: Supply is weaker than demand, and the price will maintain a high - level shock. There is a risk of price decline due to potential inventory accumulation [89]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided [90]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot products are presented [95]. - **Inventory Data**: Shanghai tin's warehouse receipts and London tin's inventory are reported [99]. Lithium Carbonate - **Market Outlook**: Supply is stable, demand is strong, and it is in a shock - upward trend [104]. - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures contracts are given [105]. - **Spot Data**: The latest prices, daily changes, and weekly changes of various lithium - related spot products, as well as their price differences, are presented [110]. - **Inventory Data**: The latest numbers, daily and weekly changes of Guangzhou Futures Exchange's lithium carbonate warehouse receipts and various social inventories are reported [114]. Silicon - **Market Outlook**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, with wide - range fluctuations expected [116]. - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116]. - **Industry Chain Price**: The prices of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain are presented [123][124][125]. - **Production and Inventory**: The weekly production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan, as well as the polysilicon inventory, are reported [130][134][143].