作为本次上市项目的重要参与方，内蒙古银行以"扎根乡土、全程陪伴"的金融服务模式，助力企业把握 市场机遇，成为创源金属赴港IPO进程中的关键支撑力量。 内蒙古创源金属有限公司自2012年在霍林郭勒市扎根以来，已形成年产80万吨电解铝及配套6台330MW 火电机组的庞大产能，构建起贯通铝产业链上下游的完整生态，成为区域铝产业绿色转型的标杆。2020 年斩获自治区"高新技术企业"殊荣，2025年更是跻身内蒙古民营企业100强第9位。 企业的腾飞，离不开金融活水的持续滋养。内蒙古银行以"地方银行服务地方经济"的责任担当，长期将 目光聚焦于像创源金属这样的本土支柱产业龙头。通过建立常态化走访沟通机制，分行管理团队经常深 入生产一线，精准把脉企业金融需求，确保金融服务始终与企业发展的脉搏同频共振。 11月24日，随着香港交易所内一声清脆的钟鸣，内蒙古创源金属有限公司正式登陆港股市场。 创源金属成为通辽市首家实现港股上市的民营企业，这是中国铝工业领域的一件盛事，更是通辽市民营 企业跨越发展的里程碑。 据估算，该项目每年可为企业替代部分外购火电用量，显著降低运营成本，大幅提升企业环保形象和市 场竞争力，为企业在国际资本舞台上 ...

华创证券发布研报称，中国宏桥(01378)作为全球领先铝全产业链生产商，全产业链配套及规模优势打 造盈利护城河，铝土矿、电力、氧化铝高自给率保障公司吨铝成本优势。该行预计25-27年公司实现归 母净利润248.03亿元、258.1亿元、279.6亿元，分别同比+10.9%、4.1%、8.3%。2026年行业可比公司平 均估值为11倍，考虑公司高股息属性，给予公司2026年12倍市盈率，目标价为34.3港元，维持"推荐"评 级。 综合铝价波动和原料成本变化，该行上调25-27年铝价假设为2.06/2.1/2.13万元/吨，下调25-27年氧化铝 假设为0.32/0.275/0.275万元/吨。 华创证券主要观点如下： 公司完成配售事项，主要满足国内外项目和偿债需要，未来资产结构和质量有望进一步优化 美减产，铝上涨弹性或更强，铝成本下行电解铝利润有望维持高位，看好铝红利+弹性。而中国宏桥电 解铝产能位于全球前列，且高分红+回购持续推进，红利资产属性逐步凸显，有望核心受益。 公司旗下西芒杜铁矿正式投产，未来将增厚公司业绩 2025年11月11日，几内亚西芒杜铁矿项目投产仪式举行，标志着全球大型优质铁矿石项目正式投产 ...

Report Industry Investment Ratings - Aluminum: Cautiously bullish [8] - Alumina: Cautiously bearish [8] - Aluminum alloy: Cautiously bullish [8] - Arbitrage: Neutral [8] Core Views - The report analyzes the aluminum, alumina, and aluminum alloy markets, considering factors such as production, inventory, cost, and consumption. It concludes that aluminum and aluminum alloy prices may have limited downside in the long - term, while alumina faces supply - side pressure [6][7][8] Summary by Related Catalogs Aluminum Price and Inventory - On December 17, 2025, the price of East China A00 aluminum was 21,750 yuan/ton, up 120 yuan/ton from the previous trading day. The Shanghai Aluminum main contract opened at 21,845 yuan/ton and closed at 21,915 yuan/ton, up 120 yuan/ton. The domestic electrolytic aluminum ingot social inventory was 596,000 tons, up 12,000 tons from the previous period [1][2] Market Analysis - Mozambique's 500,000 - ton electrolytic aluminum production capacity will be cut in March 2026 due to water and electricity shortages and high power costs. The Fed's December interest rate cut has been priced in, and there are few short - term macro - level positive factors. The social inventory is not smoothly decreasing, and the spot discount is difficult to repair. However, the low inventory level limits the downside of aluminum prices [6] Alumina Price and Inventory - On December 17, 2025, the alumina main contract opened at 2,539 yuan/ton and closed at 2,558 yuan/ton, up 24 yuan/ton (0.95%). The Shanxi price was 2,755 yuan/ton, the Shandong price was 2,685 yuan/ton, etc. The overseas East Australia FOB price was 310 US dollars/ton. The domestic warehouse receipt pressure is not relieved, with over 110,000 tons of January - due warehouse receipts [2] Market Analysis - Some mines in Guinea are resuming production, increasing the price pressure on the ore end. The supply side is unlikely to have large - scale production cuts in the short term, and the supply surplus pattern cannot be reversed. The electrolytic aluminum plants have sufficient raw material reserves, and the winter storage replenishment expectation is low [7] Aluminum Alloy Price, Inventory, and Cost - profit - On December 17, 2025, the Baotai civil raw aluminum purchase price was 16,600 yuan/ton, and the mechanical raw aluminum purchase price was 16,900 yuan/ton, both up 100 yuan/ton. The ADC12 Baotai quotation was 21,000 yuan/ton, up 100 yuan/ton. The social inventory was 73,100 tons, and the in - factory inventory was 58,100 tons. The theoretical total cost was 21,245 yuan/ton, and the theoretical profit was - 145 yuan/ton [3][4][5] Market Analysis - The report has a cautiously bullish view on the aluminum alloy market, but no detailed analysis of market factors is provided in the given text [8]

铝价这几个月像坐了火箭，伦敦交易所的报价已经摸到每吨2880美元的边儿上，就在12月16日那天，还 小涨了点。想想那些工厂老板，平时铝材就是他们的命根子，现在价格窜得这么高，谁不心疼？ 全球需求旺盛，尤其是电动车和太阳能板这些新玩意儿，用铝的地方越来越多。供应那边却卡壳了，印 尼的冶炼厂因为能源和政策问题拖后腿，冰岛一家厂子设备坏了直接停产。这些事儿一凑堆，市场就慌 了，大家抢着囤货，生怕明天更贵。 美国制造商日子不好过。试着从中国厂拿报价，电话一打就成，还跟进两次。美国本土厂呢？打几个电 话没人接，好不容易找到分销商，价格高4倍多，交期一样。这现实太扎心，工业未来被高价卡住。客 户一半不在乎来源，因为本土买不起。想支持本土制造，得先建强供应链，不然工厂全跑国外去。 关税这把双刃剑，砍得美国自己也疼。原本想护着本土产业，结果进口量从年初到七月降了6%，单月 最低只剩30万吨。加拿大铝本来免税，可产能有限，巴西和澳洲的货运费又高。企业库存警报拉响，大 家开始期货对冲避险。可长远看，这不是个事儿。铝短缺直接卡住脖子，高科技发展慢下来。想想那些 工程师，设计图纸画得再好，材料跟不上，一切白搭。 电力问题更是雪上加霜 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 证券代码：600219 证券简称：南山铝业 公告编号：2025-079 山东南山铝业股份有限公司 关于股份回购实施结果暨股份变动的公告 本次回购股份的资金总额不低于人民币3亿元（含）且不超过人民币6亿元（含），回购股份价格不超过 人民币6.24元/股。回购期限为自公司股东大会审议通过回购方案之日起不超过12个月，即自2024年12 月27日至2025年12月26日。 一、回购审批情况和回购方案内容 山东南山铝业股份有限公司（以下简称"公司"）分别于2024年12月11日、2024年12月27日召开了第十一 届董事会第十五次会议、第十一届监事会第十一次会议和2024年第三次临时股东大会，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公 司部分社会公众股份，用于注销并减少公司注册资本。 具体详见公司于2024年12月12日和2025年1月7日在上海证券交易所网站（www.sse.com.cn）上披露的 《山 ...

Investment Rating - The report maintains a positive outlook on copper, predicting an average price of $10,650 per ton by 2026, while expressing a bearish view on aluminum, forecasting a decline to $2,350 per ton in the fourth quarter of 2026 [1][2]. Core Insights - The growth in copper demand is significantly driven by artificial intelligence data centers, which are expected to account for 26% of total demand growth by 2025, despite only representing 1% of total demand [1][4]. - China's recent copper demand has shown weakness, with a notable decline in the fourth quarter, which may persist into 2026 due to a shift towards service sector stimulus policies [1][5]. - The high copper prices may lead to a shift towards substitutes like aluminum, but the impact on aluminum is expected to be less significant compared to the negative effects on copper [1][6]. - The lithium market outlook is optimistic, with a price forecast of $11,000 per ton for lithium carbonate in the first half of 2026, driven by increased demand for energy storage systems [2][8]. - The iron ore market is projected to be bearish, with an average price of $93 per ton in 2026, influenced by high port inventories and declining steel demand in China [2][11]. Summary by Sections Copper Market - The average copper price is expected to reach $10,650 per ton by 2026, influenced by slow growth in scrap supply and increasing global demand [1][2]. - If U.S. tariff policies are clarified, it could stabilize prices between $10,500 and $11,000 per ton; otherwise, increasing U.S. inventories could tighten global markets [1][3]. Lithium Market - The lithium carbonate price is forecasted to rise to $11,000 per ton in early 2026 due to increased demand for battery storage systems, but is expected to decline to around $9,500 per ton later in the year as new supplies come online [2][8]. Aluminum Market - The aluminum market outlook is pessimistic, with expectations of a significant supply surplus starting in 2026, leading to a price drop to $2,350 per ton by the fourth quarter [2][7]. Iron Ore Market - The iron ore price is projected to average $93 per ton in 2026, with factors such as high port inventories and reduced steel production in China contributing to this outlook [2][11].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Views - The company is positioned as a rare growth-oriented electrolytic aluminum enterprise, with a focus on integrated production of alumina and electrolytic aluminum. It is expanding its capacity in Saudi Arabia, which is expected to be a significant growth driver [6][7]. - The company has a strong domestic production base with a total capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with a self-sufficiency rate exceeding 100% for alumina [6][21]. - The report highlights the company's competitive advantage in energy costs due to its location in Inner Mongolia, where it has access to abundant coal resources and is transitioning to green energy sources [6][16]. Summary by Sections 1. Domestic Integrated Layout and Overseas Expansion - The company has established a comprehensive alumina and electrolytic aluminum production layout, with significant investments planned for a 500,000-ton aluminum project in Saudi Arabia [13][21]. - The company aims to enhance its green energy usage by developing wind and solar power projects in Inner Mongolia, which will further reduce energy costs [13][16]. 2. Financial Performance - The company's revenue is projected to grow from RMB 15.16 billion in 2024 to RMB 18.95 billion in 2027, with a notable increase in net profit from RMB 2.06 billion to RMB 4.73 billion during the same period [2]. - The report indicates a strong upward trend in overall performance, with a projected net profit growth rate of 104.9% in 2024 [23]. 3. Industry Overview - The report notes that the electrolytic aluminum market is characterized by a tight supply-demand balance, with limited new capacity expected to come online in the near term [43][48]. - The domestic aluminum industry is nearing its capacity ceiling, with a projected net increase of only 65,000 tons in 2025, indicating limited supply elasticity [48][51]. 4. Company-Specific Insights - The company is recognized as a unique growth-oriented player in the electrolytic aluminum sector, with a focus on expanding its production capacity both domestically and internationally [6][21]. - The report emphasizes the company's strategic advantage in energy costs and its robust production capabilities, which are expected to support its growth trajectory [6][16].

证券日报网讯 12月17日晚间，南山铝业发布公告称，2025年1月15日，公司首次实施回购股份。2025年 12月16日，公司完成本轮回购，已实际回购公司股份129，969，289股，占公司总股本的比例约为 1.12%。 （文章来源：证券日报） ...

格隆汇12月17日丨南山铝业(600219.SH)公布，2025年12月16日，公司完成本轮回购，已实际回购公司 股份1.3亿股，占公司总股本的比例约为1.12%，回购成交的最高价为5.29元/股，最低价为3.24元/股，使 用资金总额为人民币5.5亿元（不含交易费用）。 ...

需期货有限公司 C Futures Company Limited 2025年12月16日 铝产业链日度数据跟踪 一、氧化铝 (1) 12月16日国产矿价格为509元/吨，环比0元/吨：16日几内亚进口矿 （1）12月16日SMM A00均价21630元/吨，环比一80元/吨；升贴水为~100 价格70美元/干吨,环比0美元/干吨; (2) 12月16日现货价格指数为2788元/吨,环比-2元/吨; (3) 12月16日期货库存246175吨,环比-2394吨; (4) 12月16日进口盈亏为68元/吨,环比+1元/吨; 二、电解铝 元/吨,环比-60元/吨; 三、铝合金 (1) 12月16日保太ADC12价格为21000元/吨,环比-100元/吨; (2) 12月16日生铝精度价差为1901元/吨,环比+37元/吨;16日型材铝精 废价差2654元/吨,环比+38元/吨; (3) 12月16日期货库存为69633吨,环比-89吨; 图表 1: 国产铝土矿价格 元/吨 - 2024 600 F 570 540 510 480 450 420 03/17 04/11 05/07 06/01 06/26 07/2 ...