1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market doubts whether the current valuation of NVIDIA has a bubble. The dovish shift of hawkish officials, mild US inflation, and rising employment risks have increased the expectation of an interest rate cut in December. The broad - monetary cycle provides upward momentum for non - ferrous metals [6]. - The domestic supply of bauxite remains tight, while the overseas supply is expected to be loose. The daily output of alumina in October decreased slightly. The domestic alumina production capacity is stable, and the price may oscillate weakly in the short term [6]. - Due to supply - side reforms and the pressure of global carbon neutrality, the capacity expansion space of electrolytic aluminum is limited. The supply shortage of primary aluminum may continue. The short - term macro environment is favorable for aluminum prices, and Shanghai aluminum is expected to oscillate at a high level [6]. - Aluminum alloy prices are expected to remain high, and attention should be paid to changes in macro sentiment [6]. 3. Summary by Directory 3.1后市研判 (Market Outlook) - Despite NVIDIA's strong performance and outlook, market doubts about its valuation bubble persist. The shift in the stance of hawkish officials, combined with mild inflation and rising employment risks in the US, has increased the expectation of an interest - rate cut in December, which provides upward momentum for non - ferrous metals [6]. - The domestic bauxite supply is tight, but overseas supply is expected to be loose. The daily output of alumina in October decreased slightly. The domestic alumina production capacity is stable, and its price may oscillate weakly in the short term [6]. - Electrolytic aluminum's capacity expansion is restricted. The supply shortage of primary aluminum may continue. With the decline in aluminum prices, downstream procurement has increased, and social inventories have decreased. The short - term macro environment is favorable for aluminum prices, and Shanghai aluminum is expected to oscillate at a high level. Attention should be paid to the guidance of the December dot - plot on the interest - rate cut expectation for next year [6]. - Aluminum alloy prices are expected to remain high, and attention should be paid to changes in macro sentiment [6]. 3.2行情回顾 (Market Review) - In November, the futures prices of alumina, electrolytic aluminum, and aluminum alloy showed divergent trends. The alumina futures price continued to be weak, hitting a low of 2,701 yuan/ton. The futures prices of electrolytic aluminum and aluminum alloy rose first and then fell, reaching highs of 22,160 yuan/ton and 21,390 yuan/ton respectively [8][9]. 3.3宏观面 (Macroeconomic Situation) - **US Situation**: The US economic data is mixed. The ISM manufacturing PMI has been in contraction for eight consecutive months, while the ISM services PMI reached an eight - month high. The labor market shows signs of slowdown, and inflation has picked up. The shift in the stance of hawkish officials has increased the expectation of an interest - rate cut in December to 75%. The long - term market pricing implies more than three interest - rate cuts within a year, which is positive for copper prices [14]. - **China Situation**: In October, China's national economy was generally stable. The manufacturing PMI declined, while the non - manufacturing PMI increased slightly. The government has introduced policies to promote "two - major" construction and consumption. Six departments have jointly issued a plan to enhance the adaptability of consumer goods supply and demand and promote consumption, aiming to optimize the supply structure of consumer goods by 2027 [16][20]. 3.4基本面 (Fundamentals) - **Supply Side** - **Bauxite**: In October, the domestic bauxite output decreased. The supply in Henan has recovered, but that in Shanxi has not fully recovered, and the domestic supply remains tight. China's bauxite imports in October decreased month - on - month but increased year - on - year. As the rainy season in Guinea ends, the imported bauxite supply is expected to increase [22][25]. - **Alumina**: In October, the output of metallurgical - grade alumina increased year - on - year, but the daily output decreased slightly. The operating capacity is still at a high level, but the weekly operating rate decreased slightly. The production profit of some enterprises has turned negative, and the expectation of production cuts is rising. The alumina price is expected to oscillate at a low level [29]. - **Electrolytic Aluminum**: In October, China's electrolytic aluminum output increased slightly year - on - year. The operating capacity remains stable at a high level, but the overall increase is limited due to energy - consumption indicators and capacity - replacement policies. The winter environmental protection restrictions may have a limited impact on production. Overseas, the release of electrolytic aluminum capacity is lower than expected due to various factors [30][34]. - **Demand Side** - **Aluminum Processing Enterprises**: High aluminum prices have put pressure on the开工 rate of aluminum processing enterprises. The开工 rate of aluminum profiles is 62.0%, with different trends in various sub - sectors [38]. - **Real Estate Market**: The Chinese real estate market is still in the adjustment period, which suppresses the demand for aluminum in the real estate sector [43]. - **New Energy Sector**: The new energy sector maintains high prosperity. The production and sales of new energy vehicles continue to grow, and the demand for aluminum in the photovoltaic and wind - power industries is strong [47]. - **Home Appliance Market**: The home appliance market is under pressure. The output of most home appliances decreased in October, and the sales are expected to remain under pressure in the future [50]. - **Inventory** - **Exchange Inventories**: The LME aluminum inventory has increased significantly compared with the end of October and may continue to decline. The SHFE aluminum inventory is at a relatively low level [54]. - **Social Inventories**: As of November 24, the 5 - location electrolytic aluminum social inventory decreased compared with the previous week. The low social inventory provides support for aluminum prices [57]. - **Other Aspects** - **Copper - Aluminum Ratio**: The copper - aluminum ratio has exceeded 4.0, which is beneficial for aluminum to replace copper [59]. - **Recycled Aluminum Alloy**: The开工 rate of the recycled aluminum alloy industry remained stable in November. The supply of scrap aluminum is tight, and the import of un - wrought aluminum alloy decreased significantly in October [62][65]. - **Aluminum Alloy Trade**: In October, the import of un - wrought aluminum alloy decreased significantly, while the export increased. The long - term price inversion has led to a significant reduction in imports [65].

Core Viewpoint - The aluminum industry in China is undergoing significant transformation driven by the "dual carbon" goals, with companies like Jiaozuo Wanfang leveraging their integrated supply chain to enhance profitability and optimize structure by 2025 [3][5]. Industry Changes - The aluminum industry is experiencing a profound change characterized by three key features: 1. The production capacity ceiling is firmly established at 45 million tons, with any new capacity requiring equal or reduced replacement, shifting supply from elastic to rigid [5][6]. 2. The cost structure is undergoing a revolutionary change, with electricity costs accounting for 35%-40% of production costs, and the shift towards hydropower aluminum due to its clean and low-carbon advantages [6]. 3. Demand is shifting, with traditional sectors like construction slowing down while new sectors such as electric vehicles and photovoltaics are emerging as new growth points for aluminum consumption [6]. Company Advantages - Jiaozuo Wanfang has a high degree of resource self-sufficiency, holding a 30% stake in Zhao Gu Energy, which provides stable coal supply, and its power generation units meet nearly 90% of its electricity needs [7][9]. - The company benefits from low logistics costs due to its location in the Central Plains Economic Zone, close to aluminum consumption markets [9]. Financial Performance - In 2022, the company faced a significant decline in net profit to 250 million yuan, down 62% year-on-year, but began to recover in 2023 as aluminum prices stabilized [10]. - For the first three quarters of 2025, the company reported revenue of 4.98 billion yuan, a 4% increase year-on-year, and a net profit of 910 million yuan, a substantial increase of 71.6% [12]. - The company's gross margin improved to 20.9%, a 10 percentage point increase from 2024, and net margin reached 18.2%, with return on equity (ROE) at 13.7%, the highest in five years [12][14]. Competitive Position - Jiaozuo Wanfang's gross margin of 26.7% in Q3 2025 significantly outperformed competitors like China Aluminum and Yun Aluminum, which had margins of 18.4% and 18%, respectively [14][17]. - The company's low debt levels, with a debt-to-asset ratio of 14% and interest-bearing debt ratio of 5%, provide a strong risk resilience compared to its peers [17]. Future Outlook - The aluminum industry is expected to maintain a tight supply-demand balance, with limited capacity expansion due to the 45 million ton ceiling, while new demand from electric vehicles and energy transition projects will continue to drive growth [20].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Alumina**: The supply of bauxite is gradually becoming sufficient. The supply of the alumina industry remains high, but smelters may cut production passively due to profit issues, leading to a gradual reduction in domestic alumina supply. The demand for electrolytic aluminum is stable with some minor declines. Overall, the alumina market may see a slight decrease in supply and stable demand. It is recommended to take short - term long positions in the alumina main contract at low prices, while paying attention to operation rhythm and risk control [4]. - **Electrolytic Aluminum**: The supply of alumina raw materials is abundant, and the smelting profit of electrolytic aluminum is good. However, winter environmental protection restrictions and seasonal demand decline may lead to a slight decrease in domestic electrolytic aluminum production. The downstream is entering the consumption off - season, but the demand still shows some resilience due to year - end rush in the photovoltaic and automotive industries. Overall, the electrolytic aluminum market may see a slight decline in both supply and demand, and industrial inventory may accumulate. It is recommended to trade the Shanghai aluminum main contract in a range - bound manner with light positions, while paying attention to operation rhythm and risk control [4]. - **Cast Aluminum**: The supply of scrap aluminum is tight, which restricts production capacity, leading to a decrease in domestic cast aluminum supply. The industry is in a seasonal downturn, but the year - end sales rush in the automotive industry provides some support for demand. Overall, the cast aluminum market may see a decrease in supply and stable demand. It is recommended to trade the cast aluminum main contract in a range - bound manner with light positions, while paying attention to operation rhythm and risk control [6]. 3. Summary by Directory **3.1 Week - ly Highlights Summary** - **Market Review**: The main contract of Shanghai aluminum rebounded with a weekly increase of 1.27%, closing at 21,610 yuan/ton. Alumina fluctuated at a low level with a weekly decrease of 0.22%, closing at 2,707 yuan/ton. The main contract of cast aluminum rebounded slightly with a weekly increase of 1.00%, closing at 20,800 yuan/ton [4][6]. **3.2 Futures and Spot Markets** - **Price Movements**: As of November 28, 2025, the closing price of Shanghai aluminum was 21,600 yuan/ton, up 300 yuan/ton (1.41%) from November 21. The closing price of LME aluminum on November 27, 2025, was 2,831.5 dollars/ton, up 25 dollars/ton (0.89%) from November 21. The alumina futures price was 2,658 yuan/ton, down 48 yuan/ton (1.77%) from November 21. The closing price of the main cast aluminum alloy contract was 20,800 yuan/ton, up 205 yuan/ton (1%) from November 21. The A00 aluminum ingot spot price was 21,430 yuan/ton, up 70 yuan/ton (0.33%) from November 21, with a spot discount of 60 yuan/ton, down 50 yuan/ton from the previous week [9][13][29]. - **Ratio and Spread**: As of November 28, 2025, the Shanghai - LME ratio of electrolytic aluminum was 7.58, down 0.26 from November 21. The aluminum - zinc futures spread was 815 yuan/ton, down 240 yuan/ton from November 21. The copper - aluminum futures spread was 65,820 yuan/ton, up 1,500 yuan/ton from November 21 [10][19]. - **Inventory and Position**: As of November 28, 2025, the Shanghai aluminum open interest was 596,294 lots, down 15,917 lots (2.6%) from November 21. The net position of the top 20 in Shanghai aluminum was 4,602 lots, down 6,558 lots from November 21 [14]. **3.3 Industry Situation** - **Inventory**: As of November 27, 2025, the LME electrolytic aluminum inventory was 541,050 tons, down 3,025 tons (0.56%) from November 20. The SHFE electrolytic aluminum inventory on November 21 was 123,716 tons, up 8,817 tons (7.67%) from the previous week. The domestic electrolytic aluminum social inventory on November 27 was 543,000 tons, down 23,000 tons (4.06%) from November 20. As of November 28, the SHFE electrolytic aluminum warehouse receipts totaled 66,935 tons, down 2,348 tons (3.39%) from November 21. The LME electrolytic aluminum registered warehouse receipts on November 27 totaled 485,575 tons, up 775 tons (0.16%) from November 20 [32]. - **Raw Material Imports and Inventory**: The import volume of bauxite in October 2025 was 13.7661 million tons, a month - on - month decrease of 13.3% and a year - on - year increase of 12.31%. From January to October, the cumulative import of bauxite was 170.9596 million tons, a year - on - year increase of 30.05%. The inventory of bauxite in nine domestic ports was 26.39 million tons, a month - on - month increase of 40,000 tons [35]. - **Scrap Aluminum**: The price of crushed scrap aluminum in Shandong remained unchanged at 16,550 yuan/ton. In October 2025, the import volume of aluminum scrap and debris was 158,360.01 tons, a year - on - year increase of 19%, and the export volume was 32.46 tons, a year - on - year decrease of 2% [41]. - **Alumina Production and Trade**: In October 2025, the alumina production was 7.865 million tons, a year - on - year increase of 5.8%. From January to October, the cumulative alumina production was 76.344 million tons, a year - on - year increase of 8%. In October, the alumina import volume was 189,300 tons, a month - on - month increase of 215.64% and a year - on - year increase of 2927.91%, and the export volume was 180,000 tons [44]. - **Electrolytic Aluminum Production and Trade**: In October 2025, the electrolytic aluminum import volume was 248,300 tons, a year - on - year increase of 42.24%. From January to October, the cumulative electrolytic aluminum import was 2.2047 million tons, a year - on - year increase of 20.88%. In October, the electrolytic aluminum export volume was 24,600 tons. From January to October, the cumulative electrolytic aluminum export was 206,000 tons. In 2025 from January to August, the global aluminum market had a supply deficit of 105,400 tons. In October 2025, the electrolytic aluminum production was 3.8 million tons, a year - on - year increase of 0.4%. From January to October, the cumulative electrolytic aluminum output was 37.75 million tons, a year - on - year increase of 2% [47][51]. - **Aluminum Products**: In October 2025, the aluminum product production was 5.694 million tons, a year - on - year decrease of 3.2%. From January to October, the cumulative aluminum product production was 55.243 million tons, a year - on - year decrease of 0.4%. In October, the aluminum product import volume was 350,000 tons, a year - on - year increase of 10.4%, and the export volume was 500,000 tons, a year - on - year decrease of 12.8% [55]. - **Cast Aluminum Alloy**: In October 2025, the monthly installed capacity of recycled aluminum alloy was 1.26 million tons, a year - on - year increase of 15.96%. The recycled aluminum alloy production was 608,300 tons, a month - on - month decrease of 7.35 and a year - on - year decrease of 1.83% [58]. - **Aluminum Alloy**: In October 2025, the aluminum alloy production was 1.682 million tons, a year - on - year increase of 17.2%. From January to October, the cumulative aluminum alloy production was 15.76 million tons. In October, the aluminum alloy import volume was 76,400 tons, a year - on - year decrease of 33.77%, and the export volume was 30,900 tons, a year - on - year increase of 50.65%. From January to October, the aluminum alloy import volume was 841,500 tons, a year - on - year decrease of 16.24%, and the export volume was 228,700 tons, a year - on - year increase of 13.81% [61]. - **Related Industries**: In October 2025, the real estate development climate index was 92.43, down 0.34 from the previous month and up 0.05 from the same period last year. From January to October 2024, the new housing start - up area was 490.61 million square meters, a year - on - year decrease of 19.87%, and the housing completion area was 348.61 million square meters, a year - on - year decrease of 16.31%. From January to October 2024, the infrastructure investment increased by 1.51% year - on - year. In October 2025, the sales volume of Chinese automobiles was 3.322 million, a year - on - year increase of 8.81%, and the production volume was 3.359 million, a year - on - year increase of 12.1% [64][67]. **3.4 Option Market Analysis** Given that the aluminum price is expected to fluctuate and the volatility may converge in the future, a double - selling strategy can be considered to short the volatility [71].

Core Viewpoint - Electric Investment Energy plans to acquire Baiyinhua Coal Power, with a reasonable pricing that is expected to significantly enhance profitability [1] Summary by Relevant Sections Acquisition Details - The main business and profit model of Baiyinhua Coal Power is largely consistent with that of Electric Investment Energy, indicating potential synergies [1] - Successful completion of the asset purchase is anticipated to substantially increase the scale of the existing "coal-power-aluminum" integrated business [1] Financial Projections - Baiyinhua Coal Power's net profit attributable to shareholders is projected to exceed 2 billion yuan in 2025, with approximately 1.4 billion yuan net profit reported for the first three quarters of 2025 [1] - The net profit for Q3 2025 is estimated at around 640 million yuan, and with rising aluminum prices in Q4, the total for 2025 is expected to surpass 2 billion yuan, significantly boosting the company's profitability [1] Profitability and Valuation - Excluding the impact of Baiyinhua Coal Power's consolidation, the projected net profits for Electric Investment Energy from 2025 to 2027 are 5.77 billion, 6.40 billion, and 6.61 billion yuan, with year-on-year growth rates of 8.0%, 10.9%, and 3.4% respectively [1] - The current stock price corresponds to price-to-earnings ratios of 10.3, 9.3, and 9.0 for the years 2025, 2026, and 2027 [1] Strategic Assets and Future Outlook - The integration of high-quality "coal-power-aluminum" assets, along with the upcoming production of the second phase of Zalu Aluminum, is expected to enhance performance [1] - The company has underlying resources such as open-pit coal long-term contracts, pithead coal power, and quality green electricity, supporting stable and long-term performance in the "coal-power-aluminum" sector [1] - Following the end of the capital expenditure period, as a state-owned energy enterprise, the company is expected to increase its dividend levels, making the dividend yield attractive [1]

Report's Industry Investment Ratings - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] Report's Core Views - The social inventory of electrolytic aluminum has declined, but the downstream's willingness to take delivery is low, and the spot discount is large. The current low inventory level is not bearish for prices. There is a good long - term buying and hedging opportunity due to the price decline caused by the current macro - sentiment. Attention should be paid to whether the expected decline in social inventory before the Spring Festival can be realized [6]. - The domestic alumina spot market is quiet, and the electrolytic aluminum plants have sufficient raw material reserves. The supply - demand is in an oversupply pattern, but the current valuation is low, and the uncertainty risk of Guinea bauxite needs to be guarded against [7][8]. Summary by Related Catalogs Important Data Aluminum Spot - The price of East China A00 aluminum is 21,460 yuan/ton, with a change of 60 yuan/ton from the previous trading day, and the spot premium/discount is - 40 yuan/ton, with a change of - 20 yuan/ton from the previous trading day. The price of Central Plains A00 aluminum is 21,340 yuan/ton, and the spot premium/discount changes - 30 yuan/ton to - 160 yuan/ton. The price of Foshan A00 aluminum is 21,380 yuan/ton, with a change of 80 yuan/ton from the previous trading day, and the aluminum spot premium/discount remains unchanged at - 115 yuan/ton [1]. Aluminum Futures - On November 27, 2025, the main contract of Shanghai aluminum opened at 21,600 yuan/ton, closed at 21,500 yuan/ton, with a change of 55 yuan/ton from the previous trading day. The highest price was 21,610 yuan/ton, and the lowest price was 21,485 yuan/ton. The trading volume was 150,551 lots, and the open interest was 257,138 lots [2]. Inventory - As of November 27, 2025, the domestic social inventory of electrolytic aluminum ingots was 596,000 tons, a change of - 17,000 tons from the previous period; the warehouse receipt inventory was 66,909 tons, a change of - 76 tons from the previous trading day; the LME aluminum inventory was 541,050 tons, a change of - 675 tons from the previous trading day [2]. Alumina Spot Price - On November 27, 2025, the SMM alumina price in Shanxi was 2,835 yuan/ton, in Shandong was 2,770 yuan/ton, in Henan was 2,860 yuan/ton, in Guangxi was 2,910 yuan/ton, in Guizhou was 2,935 yuan/ton, and the FOB price of Australian alumina was 319 US dollars/ton [2]. Alumina Futures - On November 27, 2025, the main contract of alumina opened at 2,721 yuan/ton, closed at 2,724 yuan/ton, with a change of 4 yuan/ton from the previous trading day's closing price, a change rate of 0.15%. The highest price was 2,730 yuan/ton, and the lowest price was 2,701 yuan/ton. The trading volume was 218,818 lots, and the open interest was 355,202 lots [2]. Aluminum Alloy Price - On November 27, 2025, the purchase price of Baotai civil raw aluminum was 16,700 yuan/ton, and the purchase price of mechanical raw aluminum was 17,000 yuan/ton, with a price change of 100 yuan/ton from the previous day. The Baotai quotation of ADC12 was 20,700 yuan/ton, with no price change from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy is 74,600 tons, and the in - plant inventory is 59,200 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost is 21,069 yuan/ton, and the theoretical profit is - 269 yuan/ton [5]. Market Analysis Electrolytic Aluminum - The social inventory of electrolytic aluminum has declined, but the downstream's willingness to take delivery is low, and the spot discount is large. The current macro - data shows a marginal weakening trend near the end of the year, and there is a lack of upward driving force for prices in the short term. The 500,000 - ton electrolytic aluminum project of Indonesia Liqin has been completed and put into production, but the power supply problem in Indonesia may still affect the output. There is an optimistic outlook for future consumption, and the current price decline provides a good long - term buying and hedging opportunity [6]. Alumina - The domestic alumina spot market is quiet, and the electrolytic aluminum plants have sufficient raw material reserves. There are few bullish factors in the fundamentals. The bauxite price is firm, and the domestic ore is under short - term environmental protection pressure. Although the supply of imported ore is increasing, the price sentiment is weakening. The price has fallen below the marginal highest cash cost, but the cost support needs to be tested. The social inventory is increasing, and the supply - demand is in an oversupply pattern. However, the current valuation is low [7][8]. Strategy - Unilateral: Bullish on aluminum with caution, neutral on alumina, and bullish on aluminum alloy with caution [9]. - Arbitrage: Neutral [9]

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total consideration of CNY 2.267 billion, to be paid in two installments [1][5] - The acquisition aims to enhance the net profit attributable to shareholders and optimize the equity structure of Yunnan Aluminum [1][5] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Aluminum Yongxin is expected to have a net profit of CNY 608 million in 2024, while Yunnan Aluminum Runxin's profit is projected to drop by 72.3% to CNY 104 million, and Yunnan Aluminum Hongxin is expected to incur a loss of CNY 3 million [1][5] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Aluminum Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] - The acquisition will result in a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price [2][4] Financial Impact on China Aluminum - Post-acquisition, the net asset value of Yunnan Aluminum will increase by CNY 1.255 billion, and goodwill will rise by CNY 1.099 billion, impacting China Aluminum's financial statements positively [5][6] - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows for a more focused expansion in aluminum products [6][7] Market Outlook and Shareholder Returns - China Aluminum has a history of generous dividends, with cumulative payouts reaching CNY 9.2 billion since 2021, and a dividend payout ratio of 21% [8] - Institutional investors, including CITIC Securities, have shown confidence in the company, increasing their holdings significantly [8][9] - Analysts predict continued growth in net profit, with estimates for 2025-2027 ranging from CNY 146.35 billion to CNY 177.2 billion, reflecting a positive outlook for the company [9]

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total transaction price of CNY 2.267 billion, to be paid in two installments [1][7] - The acquisition will increase Yunnan Aluminum's ownership in the three companies to 96.08%, 97.46%, and 100% respectively, enhancing its profit and investment returns [1][7] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Yongxin is stable with a projected net profit of CNY 608 million for 2024, while Yunnan Runxin's profit is expected to drop by 72.3% to CNY 104 million, and Yunnan Hongxin is projected to incur a loss of CNY 3 million [1][6] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] Goodwill Impact - The acquisition will generate a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price, with Yunnan Yongxin contributing CNY 718 million and Yunnan Runxin CNY 379 million [6][11] Financial Metrics Post-Acquisition - Following the acquisition, Yunnan Aluminum's net asset value will increase by CNY 1.255 billion, and its net profit attributable to shareholders will rise by CNY 715 million, significantly impacting China Aluminum's financial statements [7][8] Strategic Positioning - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows Yunnan Aluminum to focus on expanding its aluminum product offerings, maintaining its global leadership in various aluminum segments [9][11] Market Outlook - China Aluminum has shown resilience with a projected revenue growth of 1.57% in the first three quarters of 2025, despite previous declines, and is expected to maintain double-digit growth in net profit [9][10] - The company has a strong dividend policy, having distributed CNY 9.2 billion in dividends since 2021, with a current dividend yield of 2.7% [10][11]

Core Insights - Yunnan Province's Wenshan Zhuang and Miao Autonomous Prefecture is focusing on high-quality development driven by innovation, achieving significant economic growth, ethnic unity, ecological improvement, social stability, and enhanced public happiness [1] Economic Development - Wenshan's GDP is projected to grow at an average rate of 6.3% annually from 2021 to 2024, with industrial output exceeding 130 billion yuan [1] - The region has achieved full coverage of provincial industrial parks across its eight counties, with green aluminum production capacity reaching 3.43 million tons and expected output surpassing 100 billion yuan this year [1] - The tourism sector is also thriving, with 50.045 million visitors expected in 2024, generating tourism revenue of 54.14 billion yuan [1] - The foreign trade sector is seeing growth, with a total import and export value of 2.96 billion yuan in the first three quarters of this year [1] Infrastructure Development - The total length of roads in Wenshan has reached 42,000 kilometers, with significant projects like the Wenshan-Mongolia Railway and Funing Port enhancing transportation [2] - By 2025, Wenshan plans to implement 4,089 projects, with water storage capacity increasing by 220 million cubic meters by 2024 [2] - Energy capacity has improved, with total installed power reaching 6.74 million kilowatts and over 10,000 5G base stations established [2] Social Welfare - Wenshan has implemented initiatives to improve community welfare, including job placement services that have facilitated employment for 470,000 people [3] - The region has achieved a rural sewage treatment rate of 72.82% and a sanitation toilet coverage rate of 78.35% [3] - All eight counties have reached basic educational equity and healthcare standards, contributing to the creation of a national civilized city [3] Ecological Development - Wenshan is committed to ecological preservation, with air quality remaining above 99.2% for three consecutive years and water quality at 100% for two years [4] - The region has undertaken extensive greening efforts, planting 15.06 million square meters of greenery and establishing over 190 kilometers of health greenways [4] - Wenshan's innovative practices in ecological civilization have been recognized nationally, contributing to its high-quality development narrative [4]

Group 1 - The announcement details that the major shareholder, Wanfang Group, has pledged part of its shares in Jiaozuo Wanfang Aluminum Industry Co., Ltd. [1] - The company confirms that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - As of the announcement date, the cumulative pledged shares of Wanfang Group are outlined, indicating no obligations related to major asset restructuring or performance compensation [1] Group 2 - The announcement includes a notice from Wanfang Group regarding the share pledge and a detailed change report from China Securities Depository and Clearing Corporation [1]

Group 1 - LME aluminum futures prices are showing a strong performance, opening at $2856 per ton and currently at $2862 per ton, with a slight increase of 0.04% [1] - The highest price during the trading session reached $2867.5 per ton, while the lowest was $2856 per ton [1] Group 2 - On November 26, LME aluminum futures opened at $2805.0, peaked at $2869.5, and closed at $2864.0, reflecting a 2.25% increase [2] - The Shanghai Futures Exchange reported aluminum warehouse receipts at 66,985 tons, a decrease of 200 tons compared to the previous trading day [2] - The current ratio of electrolytic aluminum spot prices between Shanghai and London is 7.62, with an import loss of -1756.58 yuan per ton, improving from -1851.28 yuan per ton the previous day [2] - LME registered aluminum warehouse receipts totaled 484,100 tons, with canceled receipts decreasing by 2,000 tons to 57,625 tons, and total aluminum inventory at 541,725 tons, also down by 2,000 tons [2]