南山铝业公告，公司于2024年12月27日至2025年12月26日期间，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）。本次回购股份将全部注销并相应减少注册资本。 ...

South32 will shut its Mozal aluminum smelter in Mozambique after failing to secure long-term electricity supply https://t.co/sg1C6uxt1c ...

Summary of Conference Call Notes Industry Overview - The conference call focused on the **China Materials** industry, particularly in relation to **lithium**, **copper**, and **aluminum** sectors, as well as companies like **CATL**, **Zijin Mining**, and **Chalco** [1][2][3]. Key Insights 1. **Investor Sentiment on Lithium**: - There is significant interest in lithium due to a recent price rally driven by strong expectations in **Energy Storage Systems (ESS)**. Most investors are bullish on lithium [2][3]. - A cautious near-term outlook is suggested due to a slowdown in **Electric Vehicle (EV)** sales since November, which may impact battery production in Q1 2026E. A more constructive view is expected post-Chinese New Year (CNY) when demand is anticipated to increase [2][4]. 2. **Copper and Aluminum Market**: - Investors show little push-back on copper and aluminum stocks, with a preference for aluminum over copper at current price levels. **Zijin Mining** received the most follow-up inquiries from investors [2][4]. - The aluminum market is expected to remain tight in 2026E, which is supportive for prices and margins. The potential risks associated with aluminum supply are believed to be underappreciated by the market [4]. 3. **Company-Specific Insights**: - **CATL** is highlighted as the most well-owned name among US investors, with discussions around its risk/reward profile being favorable. It is considered to have the lowest risk among ESS-related investments [2][4]. - Other companies mentioned include **China Hongqiao**, **Ganfeng Lithium**, **Guangzhou Tinci Materials Technology**, **Hunan Yuneng New Energy Battery Material**, and **Yunnan Energy New Material**, which are seen as having potential upside in a rising price environment [4][7]. 4. **Market Dynamics**: - The call noted a shift in investor behavior, with many now open to adding selective Chinese equities to their portfolios. This marks a change from previous meetings where the focus was more on sector read-throughs and channel checks [3][4]. Additional Considerations - The report emphasizes the importance of understanding the implications of **China's anti-involution policies** on the materials sector, although specific details were not elaborated [1][2]. - The overall sentiment indicates a positive outlook for the battery price up-cycle into 2026E, with expectations of stronger ESS demand driving market dynamics [4]. Companies Mentioned - **CATL** (Contemporary Amperex Technology Co Ltd) - **Zijin Mining Group Co Ltd** - **Aluminum Corporation of China** - **China Hongqiao** - **Ganfeng Lithium** - **Guangzhou Tinci Materials Technology** - **Hunan Yuneng New Energy Battery Material** - **Yunnan Energy New Material** [7].

December 15, 2025 11:03 PM GMT China Materials | Asia Pacific 2026 Outlook – Up-cycle Continues Supportive macro environment and some supply disruptions are supporting commodity prices. Energy storage demand remains strong. We prefer aluminum, copper, gold, lithium, and cobalt equities in this environment. Supportive macro environment and supply disruptions are supporting commodity prices: Our global strategy team expects the USD Bear Regime to continue, weakening the DXY another 5% into 1H26 before rebound ...

Flash | 12 Dec 2025 04:10:17 ET │ 17 pages China Materials 2025 On-ground Demand Monitor Series #177 – Aluminum Inventory and Consumption CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on demand recovery has been largely cautious. In this note, we enclose weekly data from Mysteel, a consultant, on China aluminum ingot and billet production, inventory, and apparent consumption data during the week of 4th to 10th Dec 2025. ...

CITI'S TAKE Flash | 12 Dec 2025 04:06:50 ET │ 16 pages China Materials 2025 On-ground Demand Monitor Series #176 – Thermal Coal Production and Inventory Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in ...

Alcoa Corporation (NYSE:AA) is included among the 13 Best Blue Chip Stocks to Buy Under $50. JPMorgan Lifts Alcoa (AA) Target to $45 in 2026 Metals Outlook On December 5, JPMorgan raised its price target on Alcoa Corporation (NYSE:AA) to $45 from $35 as part of the firm’s broader 2026 outlook for North American metals and mining companies. The firm kept a Neutral rating on the shares. Alcoa Corporation (NYSE:AA)’s third-quarter earnings showed a modest improvement as revenue rose 3% from the same period ...

Core Viewpoint - The aluminum market is experiencing significant turmoil due to tightening global supply, which is driving prices higher and disrupting operations [1] Group 1: U.S. Aluminum Market Dynamics - The U.S. aluminum smelting industry has drastically reduced from 20 smelters in 1998 to only five currently, with Alcoa Corporation and Century Aluminum Company being among the last operators [2][4] - The key issue affecting aluminum smelting is the high cost of power, with data centers and AI companies willing to pay significantly more for electricity than smelters can afford [3][9] - The outlook for aluminum prices is cautiously optimistic, with expectations of prices exceeding $3,000 per ton next year, although not as bullish as for copper [4] Group 2: Global Supply Constraints - China, the world's leading aluminum supplier, is facing production caps imposed by the government, limiting its ability to increase supply despite rising domestic consumption [5] - The International Aluminium Institute projects a 40% increase in aluminum demand by 2030, driven by clean technology needs [6] - Operational issues in Mozambique could threaten 10% of Europe's aluminum supply if the South32 Ltd. Mozal smelter fails to secure affordable electricity by March 2026 [7] Group 3: Market Expectations and Price Projections - ING Research anticipates material deficits in the aluminum market due to slower production growth and resilient demand, with a price target of $2,900 per ton by 2026 [8] - Electricity costs are a major factor in smelting, accounting for nearly half of production costs, with competitive smelters requiring long-term contracts at around $40/MWh, while tech companies are currently paying up to $115/MWh [9]

Australia’s biggest aluminum smelter is set to remain in operation beyond 2028 after Prime Minister Anthony Albanese backed a government rescue package to tackle soaring energy costs https://t.co/o2Z0rDI2m0 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the materials sector, specifically aluminum, copper, and the battery chain, with a cautious stance on anti-involution sectors [1][2][3]. Core Insights Aluminum - Aluminum is preferred over copper due to underappreciated supply risks, particularly regarding smelting capacity in Indonesia and potential over-optimism in Middle Eastern expansion plans [2]. - Chinese smelter utilization is reported at over 98%, with China being a net importer of aluminum, primarily from Russia [2]. - Apparent consumption and inventory levels for aluminum in China are healthier compared to copper [2]. - Top picks in aluminum include Hongqiao and Chalco H/A [2]. Copper - Demand for copper is weakening as of Q4 2025, with inventory stockpiling observed in both the US and China [3]. - Price expectations for copper may be influenced by anticipated rate cuts into 2026, with long-term bullish sentiment due to potential supply deficits in the next 3-5 years [3]. - Tight global power supply is contributing to positive sentiment for copper [3]. - Zijin Mining's copper and lithium assets are considered undervalued, with a Buy rating maintained [3]. - Among pure copper plays, MMG is preferred over CMOC for better valuation [3]. Battery Chain - The battery chain is viewed as more defensive, with a rally driven by strong expectations for energy storage systems (ESS) [4]. - Caution is advised before the Chinese New Year, as the rally may be mostly priced in [4]. - Defensive names like CATL are preferred into Q1 2026 due to uncertainties in production pipelines and weak EV demand [4]. - Key catalysts to watch include the production pipeline in March 2026, which could shift market sentiment towards companies with higher elasticity [4]. Cement and Steel - Cement and steel sectors are the least preferred, with steel demand supported by exports but facing weaker anti-involution enforcement [5]. - Production cuts in cement are not expected due to profitability among companies, leading to low prices and profits into H1 2026, with potential recovery in H2 2026 [6]. Additional Important Points - The report emphasizes the importance of monitoring the production pipeline and market conditions closely, particularly for aluminum and copper [2][3][4]. - The overall sector ranking is: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel [1]. - Cross-sector top picks include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A [1].