每经AI快讯，中国铝业(02600.HK)早盘涨超3%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 （文章来源：每日经济新闻） ...

消息面上，中国铝业近日宣布，云铝股份拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫股权。这三 家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股 份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心 主业的战略目标。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 智通财经APP获悉，中国铝业(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港 元。 ...

中国铝业（601600）(02600)早盘涨超4%，截至发稿，涨3.34%，报11.13港元，成交额2.25亿港元。 汇丰发布研报称，展望明年中国铝行业基本面转强，下游需求持续增长，潜在供应短缺会成为市场关注 重点，预期中国产能维持4,500万吨上限，全球新增产能则依然有限，在电动车行业发展及电网投资的 支持下，中国需求维持稳固，来自建筑行业的拖累预期减弱，预料2026年铝价将按年增长6%，并存在 上行风险，继续列铝业股为中国材料板块的首选。 消息面上，中国铝业近日宣布，云铝股份（000807）拟向云南冶金收购云铝涌鑫、云铝润鑫及云铝泓鑫 股权。这三家公司均为云铝股份的控股子公司。本次收购完成后，云南冶金不再持有三家公司股权，有 利于云铝股份优化所属企业股权结构，实现铝资产专业化归集，提高权益电解铝产能，符合云铝股份做 优做强核心主业的战略目标。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Real Estate Industry**: The real estate sector is supported by policies aimed at high-quality development, with state-owned enterprises (SOEs) expected to avoid significant losses. It is projected that real estate investment growth may decline to around 8 trillion yuan by 2025, with the contribution of real estate and its industrial chain to GDP dropping to 8-10% from a peak of approximately 30% [1][2][3]. Core Insights and Arguments - **Investment Trends**: The construction industry is facing negative growth in investment, with infrastructure, manufacturing, and real estate investments all declining. In October, new home sales fell by 30% year-on-year, and second-hand home sales dropped by 18% [1][4]. - **Future Projections**: The real estate sector's contribution to GDP is expected to decrease to about 4.2%, with a potential drop in investment to the 7 trillion yuan range if the fourth quarter sees significant declines [2][4]. - **Policy Support**: The emphasis on high-quality development suggests that a number of quality companies will emerge as market benchmarks over the next three to five years, particularly among SOEs [2][3]. Investment Recommendations - **Construction Sector**: It is advised to selectively invest in SOEs in the construction sector to capitalize on potential short-term policy boosts. Key companies to watch include: - **Planning and Design**: Huayang International, Shenzhen Ruijie - **EPC and General Contracting**: China State Construction, China Railway, China Railway Construction - **Construction**: Shanghai Construction, Honglu Steel Structure - **Completion**: Jintai Long, Jianghe Group [5][6]. - **Building Materials Sector**: The building materials industry is expected to show significant divergence by 2025, with some companies maintaining growth while others decline. Companies with unique growth advantages or low valuations and high dividend yields will be favored by the market [7][8]. Notable Companies in Consumer Building Materials - **Oriental Yuhong**: Growth driven by overseas markets, with improving gross margins due to raw material price declines [8]. - **Hankow Group**: Expected to maintain over 30% growth [8]. - **San Ke Shu**: Benefiting from rural revitalization and renovation markets [8]. - **Beijing New Materials, Rabbit Baby, and North New Materials**: Notable for their valuation or dividend advantages [8]. Glass Fiber and Cement Sectors - **Glass Fiber**: The sector is experiencing a split between high-end and low-end demand, with leading companies showing strong profitability. Recommended companies include China Jushi and China National Materials [9][10]. - **Cement**: The cement sector is expected to face limited demand elasticity, with supply-side restrictions anticipated to be implemented by the end of next year. Recommended companies include Conch Cement and Huaxin Cement [10]. Steel Industry Outlook - **Steel Demand**: The steel industry is expected to see demand bottoming out, contingent on policy support. Recommended leading companies include Baosteel, Nanjing Steel, and CITIC Special Steel [11][12]. Aluminum Industry Insights - **Aluminum Demand**: The aluminum sector is benefiting from increased demand due to renewable energy needs, with domestic production nearing capacity limits. Companies like Yunnan Aluminum are favored for long-term investments [13]. Coking Coal Market Analysis - **Coking Coal Trends**: The coking coal market is expected to recover from a poor first half of 2025, with prices anticipated to rise due to supply constraints and resource depletion. Recommended companies include North China Mining and Shanxi Coking Coal [14][15].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600219 证券简称：南山铝业公告编号：2025-073 山东南山铝业股份有限公司 第十一届董事会第二十三次会议决议公告 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。 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第二十三次会议于2025年12 月2日上午10时以现场和通讯相结合的方式召开，公司于2025年11月22日以书面、传真和邮件方式通知 了各位参会人员。会议应到董事9名，实到董事9名，其中，独立董事3名，公司高级管理人员列席了会 议。会议的召开符合《公司法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风 先生主持，经审议表决通过了以下议案： 审议通过了《山东南山铝业股份有限公司关于调整董事会专门委员会成员的议案》 因公司董事会成员变动，经公司2025年第二次临时股东会审议通过，选举马正清、张华为新任董事，任 期与本届董事会任期一致。现就董事会专门委员会调整如下： 审计委员会成员：宋昌明、马正清、方玉峰、梁仕念、季猛， ...

证券日报网讯12月2日晚间，南山铝业（600219）发布公告称，2025年11月，公司通过集中竞价交易方 式已累计回购公司股份19，755，100股，占公司总股本的比例约为0.17%，支付的资金总额为人民币 102，197，045.2元(不含交易费用)。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report provides a daily data tracking of the aluminum industry chain on December 2, 2025, including key data on alumina, electrolytic aluminum, and aluminum alloy. 3. Summary by Directory Alumina - On December 2, the SMM AOD average price was 21,710 yuan/ton, a decrease of 20 yuan/ton compared to the previous day; the premium/discount was -50 yuan/ton [1]. - The domestic ore price was 509 yuan/ton on December 2, with no change compared to the previous day; the price of imported ore from Guinea was 71 US dollars per dry ton, also unchanged [1]. - The spot price index was 2,826 yuan/ton on December 2, a decrease of 3 yuan/ton compared to the previous day [1]. - The futures inventory was 253,612 tons on December 2, with no change compared to the previous day [1]. - The aluminum import profit and loss was -2,006 yuan/ton on December 2, a decrease of 13 yuan/ton compared to the previous day [1]. Electrolytic Aluminum - On December 2, the Baotai ADC12 price was 20,900 yuan/ton, remaining unchanged compared to the previous day [1]. - The electrolytic aluminum smelting profit was 5,284 yuan/ton on December 2, a decrease of 246 yuan/ton compared to the previous day [1]. - The futures inventory was 64,198 tons on December 2, a decrease of 29 tons compared to the previous day [1]. - The import profit and loss was -375 yuan/ton on December 2, a decrease of 15 yuan/ton compared to the previous day [1]. Aluminum Alloy - The scrap price difference between raw aluminum and profile aluminum on December 2 was 1,669 yuan/ton and 2,421 yuan/ton respectively, both decreasing by 30 yuan/ton compared to the previous day [1]. - The futures inventory was 66,833 tons on December 2, with no change compared to the previous day [1]. - The import profit and loss was 58 yuan/ton on December 2, with no change compared to the previous day [1].

Core Viewpoint - Nanshan Aluminum (600219.SH) has repurchased a total of 113 million shares, accounting for approximately 0.97% of the company's total share capital, with a total expenditure of RMB 470 million (excluding transaction fees) [1] Summary by Relevant Sections - **Share Repurchase Details** - The company has conducted share repurchases through centralized bidding transactions [1] - The highest repurchase price was RMB 5.29 per share, while the lowest was RMB 3.24 per share [1] - The total amount spent on the repurchase was RMB 470 million [1]

智通财经APP讯，南山铝业(600219.SH)发布公告，截止2025年11月30日，公司通过集中竞价交易方式已 累计回购公司股份1.13亿股，占公司总股本的比例约为0.97%，回购成交的最高价为5.29元/股，最低价 为3.24元/股，支付的资金总额为4.7亿元(不含交易费用)。 ...

以伊冲突 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 晨报 铝锭 成材：重心下移 偏弱运行 铝锭：宏观情绪提振 关注淡季需求 成文时间： 2025 年 12 月 2 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 投资咨询业务资格： 证监许可【2011】1452 号 负责人：赵 毅 逻辑:昨日沪铝偏强运行。宏观上受美国经济数据疲软以及美联储官员做出 鸽派发言的影响，交易员认为 12 月降息的概率提高至 87%。美国制造业 11 月连 续第九个月萎缩，工厂面临订单下滑和原材料价格上涨的双重压力，进口关税的 拖累持续存在。 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 ...