1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are driven up by the strengthened expectation of a Fed rate cut in September, geopolitical risks in the Middle East and Eastern Europe, and the continuous gold - buying trend of global central banks [3]. - Copper prices are in a state of multi - factor intersection and remain volatile. The upside is limited by weak demand in the automotive, home appliance, and real estate sectors, while the support at 79,000 yuan/ton is solid [15]. - Aluminum prices are expected to be oscillatingly strong in the short term, but there is pressure above. Breaking through the 21,000 pressure level requires the fulfillment of peak - season expectations, a significant improvement in demand, and inventory reduction [35]. - Zinc prices are expected to oscillate in the short term, with the supply in an oversupply state and the demand awaiting the performance of the "Golden September and Silver October" [63]. - Nickel and stainless - steel prices are expected to oscillate within a range, with macro factors leading the market and little change in fundamentals [76]. - Tin prices have an upward driving force due to the tight supply, despite the demand pressure [93]. - Carbonate lithium futures are expected to enter an oscillating and consolidating stage, with attention paid to the environmental protection situation on the supply side and the continuation of downstream restocking [111]. - Industrial silicon prices are expected to oscillate at the bottom in the short term, with a relatively narrow price - fluctuation range [122]. - Polysilicon futures are expected to be oscillatingly strong, supported by the improved fundamentals from industrial integration [123]. 3. Summary by Related Catalogs Precious Metals - **Gold**: The expectation of a Fed rate cut in September has been strengthened to 89%, which suppresses the US dollar and boosts the financial attribute of gold. Geopolitical risks in the Middle East and Eastern Europe increase the demand for hedging, and the continuous gold - buying trend of global central banks provides long - term support, jointly driving up the gold price [3]. - **Silver**: No specific daily - view analysis provided, mainly shows relevant price and inventory data [4][12]. Copper - **Price**: The latest price of Shanghai copper futures shows an increase, with the daily increase of the main contract being 0.47%. The price of LME copper 3M also increases by 0.68%. The support at 79,000 yuan/ton is solid, but the upside is limited by weak demand [15][16]. - **Supply - demand**: The spot premium increases with the price increase, and the refined - scrap price difference is close to a reasonable level. The demand in the automotive, home appliance, and real estate sectors is weak, and the supply may shrink after September due to Fed rate cuts and maintenance [15]. Aluminum - **Aluminum**: The expectation of a Fed rate cut in September and domestic policies are beneficial to the price. The start - up rate of electrolytic aluminum has increased slightly, and the demand shows signs of recovery in the peak season, but the production and transportation control during the September parade may affect inventory reduction. The possible reduction in recycled aluminum supply supports the consumption of primary aluminum [35]. - **Alumina**: The supply of alumina is expected to be in a state of oversupply in the second half of the year, which suppresses the price. The environmental protection limit order for some alumina plants in Henan has only a short - term impact on production [36]. - **Casting Aluminum Alloy**: The supply of scrap aluminum is tight, and the cancellation of tax - return policies for some recycled aluminum enterprises may lead to a decline in the capacity utilization rate of waste - using enterprises, providing support for the price of aluminum alloy [37]. Zinc - **Supply**: The supply is in an oversupply state. The domestic zinc - ore price has an advantage, and the overseas zinc - ore supply is relatively loose. The increase in domestic processing fees in September may not be large, and the overseas refined - zinc increment is small [63]. - **Demand**: The demand is not significantly affected by the parade and remains stable. It is expected to improve during the "Golden September and Silver October", and there is a strong positive correlation with black varieties [63]. - **Inventory**: The LME inventory continues to decline, and the pattern of strong overseas and weak domestic zinc prices is more obvious [63]. Nickel - **Market Trend**: The nickel and stainless - steel markets oscillated last week, with macro factors leading the market and little change in fundamentals. The support of nickel ore continues, and the upward space of nickel iron needs attention. The new - energy sector was relatively strong last week [76]. Tin - **Supply - demand**: Tin prices are rising due to tight supply. Yunnan Tin plans to stop production for maintenance for 45 days starting from August 30. In August 2025, the output of refined tin decreased both month - on - month and year - on - year, mainly due to enterprise maintenance and the decrease in tin - concentrate imports in July [93]. Carbonate Lithium - **Market Sentiment**: The sentiment in the futures market declined last week, and the spot - market trading volume decreased. The production - scheduling data of downstream lithium - battery material enterprises increased by 5% month - on - month this month, providing support for the peak - season expectation. The futures market is expected to enter an oscillating and consolidating stage [111]. Silicon Industry Chain - **Industrial Silicon**: The downward space of industrial silicon is limited, and it is expected to oscillate at the bottom in the short term, with a relatively narrow price - fluctuation range [122]. - **Polysilicon**: Polysilicon futures are expected to be oscillatingly strong, supported by the improved fundamentals from industrial integration [123].

Core Insights - Company reported a total operating revenue of 3.309 billion yuan, an increase of 168 million yuan compared to the same period last year, achieving a 5.34% year-on-year growth [1] - Net profit attributable to shareholders reached 536 million yuan, marking a 49.06% increase year-on-year, ranking 21st among disclosed peers [1] - Operating cash flow was 462 million yuan, ranking 18th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 18.80%, ranking 2nd among disclosed peers, down 2.74 percentage points from the previous quarter and down 3.43 percentage points year-on-year [3] - The latest gross profit margin is 17.99%, ranking 15th among disclosed peers, up 6.52 percentage points from the previous quarter and up 4.86 percentage points year-on-year [3] - Return on equity (ROE) stands at 8.09%, ranking 14th among disclosed peers, with a year-on-year increase of 2.10 percentage points [3] Earnings Per Share - The diluted earnings per share is 0.45 yuan, ranking 14th among disclosed peers, with an increase of 0.15 yuan year-on-year, achieving a 48.68% growth [3] Asset Management - The latest total asset turnover ratio is 0.41 times, up 0.01 times year-on-year, achieving a 1.42% increase [3] - The latest inventory turnover ratio is 5.55 times, ranking 7th among disclosed peers [3] Shareholding Structure - The top ten shareholders hold a total of 431 million shares, accounting for 36.16% of the total share capital [4] - The largest shareholder is Ningbo Zhongman Technology Management Co., Ltd. with an 11.87% stake [4]

Group 1: Precious Metals - Gold shows potential for a breakout following the release of PCE data, with a 2.89% increase in COMEX gold prices this week, while silver rose by 4.81% [1] - The long-term trend of de-dollarization and the inflow of ETF funds due to interest rate cuts support a positive outlook for precious metals [1] Group 2: Copper - Copper prices continue to fluctuate at high levels, with a 0.99% increase this week, influenced by China's waste copper policy causing short-term supply disruptions [1] - The estimated reduction of at least 30% in the national recycled copper rod production since August indicates ongoing supply vulnerabilities [1] - Anticipation of increased demand in the upcoming "golden September and silver October" period may provide support for copper prices [1] Group 3: Aluminum - Aluminum prices are expected to rise, with a 0.53% increase this week, driven by inventory depletion during the "golden September and silver October" period [2] - The impact of U.S. aluminum tariffs is considered limited, and the long-term outlook suggests a potential upward shift in the price ceiling for electrolytic aluminum [2] Group 4: Rare Earths - Significant increase in processing fees for heavy rare earths is expected to improve the performance of related companies, with processing fees for certain rare earths rising dramatically from 1,000-2,000 RMB/ton to 18,000-20,000 RMB/ton [2] - The rise in processing fees is attributed to new regulations limiting processing to designated enterprises, increasing the bargaining power of qualified smelting plants [2] Group 5: Cobalt - Cobalt prices have stabilized and are showing signs of recovery, with supply constraints and rising costs affecting production levels [3] - The upcoming policy changes in the Democratic Republic of Congo in September may serve as a pivotal point for cobalt prices, alongside seasonal demand potentially leading to inventory depletion [3] Group 6: Investment Recommendations - Companies to focus on include Zhaojin Mining, Xinyi Silver Tin, Chifeng Jilong Gold Mining, Shenhuo Co., and Zijin Mining [4]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Views - Precious metals are expected to break upward, with gold showing potential for a breakout following the release of PCE data, leading to a 2.89% increase in COMEX gold and a 4.81% increase in silver for the week. The long-term trend of de-dollarization and inflows into ETFs under the backdrop of interest rate cuts support a positive outlook for precious metals [5]. - Copper prices continue to oscillate at high levels, with a 0.99% increase this week. Supply disruptions from China's waste copper policy have led to a significant reduction in recycled copper rod production, estimated to decrease by at least 30% in August. The end of the consumption off-season is approaching, and pre-stocking in September and October may support copper prices [6]. - Aluminum prices are also expected to rise, with a 0.53% increase this week. The focus remains on inventory reduction during the peak consumption season, and the impact of U.S. aluminum tariffs is considered limited [6]. - Heavy rare earth processing fees have surged, indicating improved performance for related companies. The processing fee for medium and heavy rare earths has increased significantly due to regulatory changes, which may pose risks for small private enterprises [7]. - Cobalt prices have stabilized and are expected to rise, with attention on policy changes in the Democratic Republic of the Congo in September. Supply constraints and a lack of demand recovery in the domestic market are noted [8]. Summary by Sections Industry Overview - The closing index for the industry is 6413.26, with a weekly high of 6413.26 and a low of 3700.9 [2]. Price Movements - Basic metals: LME copper increased by 0.99%, aluminum decreased by 0.11%, zinc increased by 0.30%, lead increased by 0.25%, and tin increased by 3.26%. Precious metals: COMEX gold increased by 2.89%, silver increased by 4.81%, NYMEX palladium decreased by 0.92%, and platinum increased by 0.47% [23]. Inventory Changes - Global visible inventory changes include an increase of 6550 tons in copper, 3810 tons in aluminum, a decrease of 6409 tons in zinc, and a decrease of 13621 tons in lead [35].

Group 1: Overall Industry Performance - The non-ferrous metal sector experienced a 5.50% increase in Q2 2025, outperforming the CSI 300 index, driven by rising prices of industrial and precious metals, which boosted company performance [2] - The precious metals segment reported revenues of 126.58 billion yuan in Q2 2025, a quarter-on-quarter increase of 25.15%, with net profit reaching 6.86 billion yuan, up 41.93% [3] Group 2: Precious Metals - The increase in gold and silver prices is attributed to heightened risk aversion following the downgrade of the US sovereign credit rating and ongoing global central bank gold purchases, with expectations for continued price strength [3] - The market anticipates sustained gold price increases due to strong expectations for interest rate cuts following signals from Powell in August [3] Group 3: Copper Sector - The copper sector saw revenues of 427.52 billion yuan in Q2 2025, a quarter-on-quarter increase of 20.41%, with net profit at 22.97 billion yuan, up 18.19% [2] - The rebound in copper prices is driven by supply shortages and increased demand from the electrical sector, particularly in China's new energy field [2] Group 4: Aluminum Sector - The aluminum sector reported revenues of 113.71 billion yuan in Q2 2025, a quarter-on-quarter increase of 6.29%, with net profit at 9.60 billion yuan, up 11.40% [2] - The resilience of aluminum prices is supported by strong fundamentals and a decrease in coal prices, leading to increased profit margins [2] Group 5: Rare Earth and Magnetic Materials - The rare earth sector experienced a revenue increase of 3.94% in Q2 2025, with net profit rising by 14.57% [3] - The average price of praseodymium and neodymium oxide was 432,000 yuan per ton, reflecting a 0.56% increase, driven by price hikes and supply chain improvements [3] Group 6: Small Metals - The small metals sector saw a revenue increase of 20.46% in Q2 2025, with net profit rising by 13.99% [4] - Prices for molybdenum, tungsten, antimony, and tin increased by 2.32%, 10.46%, 32.07%, and 1.12% respectively, indicating a positive price trend [4] Group 7: Lithium and Nickel-Cobalt Sectors - The lithium sector faced pressure with revenues of 25 billion yuan in Q2 2025, down 6.2% year-on-year, while net profit increased by 21% [4] - The nickel-cobalt sector reported revenues of 31.2 billion yuan, a year-on-year increase of 28%, with net profit at 2.65 billion yuan, up 16% [4] Group 8: New Materials - The new materials sector showed revenue growth of 12.53% in Q2 2025, with net profit increasing by 25.86% [5] - The growth is primarily driven by technological innovation and domestic substitution trends [5]

Core Viewpoint - The report from Guojin Securities highlights a comprehensive increase in precious metal prices, driven by rising risk aversion and ongoing global central bank gold purchases, with expectations for sustained gold price growth due to anticipated interest rate cuts [1][3]. Group 1: Precious Metals - The precious metals sector reported revenues of 126.58 billion yuan in Q2 2025, a quarter-on-quarter increase of 25.15%, and a net profit of 6.86 billion yuan, up 41.93% [1][3]. - The downgrade of the U.S. sovereign credit rating has heightened risk aversion, contributing to a continuous upward trend in gold prices [1][3]. - The expectation of ongoing global central bank gold purchases is anticipated to support gold prices, with a focus on gold ETF allocations and key stocks such as Shandong Gold and Zhongjin Gold [1][3]. Group 2: Non-Ferrous Metals - The non-ferrous metals sector saw a price increase of 5.50% in Q2 2025, outperforming the CSI 300 index, driven by rising industrial and precious metal prices [2]. - Copper prices rebounded due to supply shortages and increased electrical demand, with copper mining and smelting companies reporting revenues of 427.52 billion yuan, up 20.41%, and a net profit of 22.97 billion yuan, up 18.19% [2]. - The aluminum sector showed resilience with revenues of 113.71 billion yuan, a 6.29% increase, and net profits of 9.60 billion yuan, up 11.40%, supported by strong fundamentals and declining coal prices [2]. Group 3: Rare Earths and Specialty Metals - The rare earth sector experienced a revenue increase of 3.94% in Q2 2025, with net profits rising by 14.57%, driven by price increases and supply chain reforms [3]. - The average price of praseodymium and neodymium oxide was 432,000 yuan per ton, reflecting a 0.56% increase [3]. - The small metals sector reported a revenue increase of 20.46% and a net profit increase of 13.99%, with significant price increases in molybdenum, tungsten, antimony, and tin [4]. Group 4: Lithium and Nickel-Cobalt - The lithium sector faced pressure with revenues of 25 billion yuan in Q2 2025, a year-on-year decrease of 6.2%, while net profits increased by 21% [4]. - The nickel-cobalt sector saw revenue growth of 28% year-on-year, with net profits of 2.65 billion yuan, indicating an improvement in profitability [4]. Group 5: New Materials - The new materials sector reported a revenue increase of 12.53% and a net profit increase of 25.86% in Q2 2025, driven by technological innovation and domestic substitution [5].

Core Viewpoint - Nanshan Aluminum experienced a stock price decline of 2.22% on September 1, with a current price of 3.97 CNY per share and a total market capitalization of 46.106 billion CNY [1] Financial Performance - For the first half of 2025, Nanshan Aluminum reported a revenue of 17.274 billion CNY, representing a year-on-year growth of 10.25%, and a net profit attributable to shareholders of 2.625 billion CNY, which is a 19.95% increase compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 9.565 billion CNY, with 3.844 billion CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 7.76% to 165,500, while the average circulating shares per person increased by 8.41% to 70,175 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 749 million shares, an increase of 10.976 million shares from the previous period [3]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The report indicates that copper prices are expected to rise due to a decrease in domestic inventory and an increase in the expectation of a Federal Reserve rate cut in September. The weekly price changes for copper are +1.54% (London), +0.91% (Shanghai), and +2.78% (New York). The report highlights the importance of monitoring the Federal Reserve's actions and the demand during the peak season of September and October [6][28]. - For aluminum, the report suggests that prices will remain volatile due to rising inventory levels. The current price of alumina has decreased by 1.24% to 3185 CNY/ton, and the operating rate for metallurgical-grade alumina has dropped to 82.4% [6][39]. - Lithium prices are expected to rebound as demand increases during the peak season, despite a recent decline in prices. The price of lithium carbonate has fallen by 5.07% to 80,000 CNY/ton [6][83]. - Cobalt prices are anticipated to rise due to a decrease in raw material imports and an extension of export bans from the Democratic Republic of Congo, which may lead to a supply shortage in Q4 [6][97]. Summary by Sections 1. Industry Overview - The report notes that the overall performance of the non-ferrous metal sector has been strong, with the sector index rising by 7.16%, outperforming the Shanghai Composite Index by 6.32 percentage points [12][21]. - The report provides insights into macroeconomic indicators, including U.S. unemployment claims and core PCE inflation, which may impact market sentiment [10]. 2. Industrial Metals 2.1 Copper - Copper prices have shown an upward trend, with London copper increasing by 1.54% and Shanghai copper by 0.91%. The report highlights a decrease in domestic copper inventory by 2.39% [25][28]. 2.2 Aluminum - Aluminum prices are expected to remain stable, with current prices at 20,730 CNY/ton. The report notes a slight increase in aluminum production margins [39]. 2.3 Lead and Zinc - Lead prices have seen a minor increase, while zinc prices have fluctuated, with a significant drop in London zinc inventory [51][62]. 2.4 Tin and Nickel - Tin prices have risen by 5.61% in London and 3.56% in Shanghai, while nickel prices have also shown positive movement [65][69]. 3. Energy Metals 3.1 Lithium - Lithium prices have decreased recently, but the report anticipates a recovery in prices due to increased demand in the upcoming peak season [83]. 3.2 Cobalt - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo and a decrease in imports [97].

Summary of Key Points - Tianshan Aluminum (002532.SZ) announced that as of August 31, 2025, the company has repurchased a total of 23.7052 million shares through a special securities account, representing 0.51% of the total share capital [1] - The highest transaction price for the repurchased shares was 9.79 CNY per share, while the lowest transaction price was 7.41 CNY per share [1] - The total amount of funds used for the share repurchase is approximately 200 million CNY [1]

Group 1 - The company is named Shandong Nanshan Aluminium Corporation Ltd, established as a joint-stock company in accordance with the Company Law of the People's Republic of China [2][3] - The registered capital of the company is RMB 11,613,670,848 [2] - The company was approved for public offering of 75 million ordinary shares on September 10, 1999, and was listed on the Shanghai Stock Exchange on December 23, 1999 [2] Group 2 - The company's business scope includes power generation, transmission, and supply, as well as various manufacturing and sales activities related to metals and materials [5][6] - The company aims to enhance economic efficiency and maximize shareholder returns while adhering to legal and regulatory frameworks [4] Group 3 - The company has a total share capital of 11,613,670,848 shares, all of which are ordinary shares [9] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [23] Group 4 - The company is required to maintain a governance structure that ensures all shareholders, especially minority shareholders, enjoy equal rights [19] - Shareholders have the right to request the convening of shareholder meetings and to participate in decision-making processes [42][46]