Report Industry Investment Ratings - Aluminium: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminium alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] Core Viewpoints - The report is optimistic about future aluminium consumption, believing that the long - term interest - rate cut cycle remains unchanged. The price decline caused by the current macro - sentiment provides a good long - term buying and hedging opportunity. Attention should be paid to whether the expected decline in social inventory before the Spring Festival can be realized. Alumina is in an oversupply situation, but its current valuation is low, and risks from the uncertainty of Guinea bauxite need to be guarded against [6][8]. Summary by Related Catalogs Aluminium Market Data - **Spot Aluminium**: On November 26, 2025, the price of East China A00 aluminium was 21,400 yuan/ton, a decrease of 40 yuan/ton from the previous trading day; the spot premium and discount of East China aluminium was - 20 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. Similar price and premium/discount changes were also seen in Central China and Foshan [1]. - **Futures Aluminium**: On November 26, 2025, the opening price of the main Shanghai aluminium contract was 21,465 yuan/ton, the closing price was 21,455 yuan/ton, an increase of 5 yuan/ton from the previous trading day. The trading volume was 172,888 lots, and the open interest was 259,056 lots [2]. - **Aluminium Inventory**: As of November 26, 2025, the domestic social inventory of electrolytic aluminium ingots was 613,000 tons, a decrease of 8,000 tons from the previous period; the warehouse receipt inventory was 66,985 tons, a decrease of 200 tons from the previous trading day; the LME aluminium inventory was 541,725 tons, a decrease of 2,000 tons from the previous trading day [2]. Alumina Market Data - **Spot Alumina**: On November 26, 2025, the SMM alumina prices in Shanxi, Shandong, Henan, Guangxi, and Guizhou were 2,835 yuan/ton, 2,770 yuan/ton, 2,860 yuan/ton, 2,910 yuan/ton, and 2,935 yuan/ton respectively, and the FOB price of Australian alumina was 320 US dollars/ton [2]. - **Futures Alumina**: On November 26, 2025, the opening price of the main alumina contract was 2,722 yuan/ton, the closing price was 2,720 yuan/ton, a decrease of 10 yuan/ton from the previous trading day, with a change rate of - 0.37%. The trading volume was 190,375 lots, and the open interest was 377,215 lots [2]. Aluminium Alloy Market Data - **Aluminium Alloy Price**: On November 26, 2025, the procurement price of Baotai civil primary aluminium was 16,600 yuan/ton, and the procurement price of mechanical primary aluminium was 16,900 yuan/ton, with no change from the previous day. The Baotai quotation of ADC12 was 20,700 yuan/ton, also with no change from the previous day [3]. - **Aluminium Alloy Inventory**: The social inventory of aluminium alloy was 75,200 tons, and the in - factory inventory was 57,900 tons [4]. - **Aluminium Alloy Cost and Profit**: The theoretical total cost was 21,111 yuan/ton, and the theoretical profit was - 211 yuan/ton [5]. Market Analysis - **Electrolytic Aluminium**: The 500,000 - ton electrolytic aluminium project of Indonesia's Lygend has been completed and put into production, but it is expected to reach full production in October 2026. The power supply in Indonesia may still affect production. The expectation of an interest - rate cut in the US in December has strengthened again, and the aluminium price has rebounded. The trading enthusiasm in the spot market has declined slightly, and the spot discount has widened again. The social inventory decreased on Monday, and the future inventory - reduction trend is worth looking forward to. The low inventory level has little negative impact on prices [6]. - **Alumina**: There are few transactions in the spot market, and electrolytic aluminium plants have sufficient raw material reserves. There are few bullish factors in the fundamentals. The bauxite price is firm, domestic mines face short - term environmental protection pressure, and the supply of imported mines is increasing, weakening the sentiment towards prices. The price has fallen below the marginal maximum cash cost, but cost support needs to be tested. The social inventory is increasing, and the supply - demand is in an oversupply pattern. However, the current alumina valuation is low, and risks from the uncertainty of Guinea bauxite need to be guarded against [7][8].

Group 1 - The company held its seventh meeting of the tenth board on November 26, 2025, with all nine directors present [3][5]. - The board approved the proposal to reappoint Da Xin Accounting Firm as the auditor for the 2025 financial report and internal control, with a total audit fee of 700,000 yuan, including 600,000 yuan for the annual report audit and 100,000 yuan for internal control audit [6][42]. - The proposal to hold the sixth extraordinary general meeting of shareholders on December 12, 2025, was also approved, where the reappointment of the auditor and a proposal for a 400,000-ton recycled aluminum project will be discussed [9][10]. Group 2 - The company confirmed that the meeting procedures complied with relevant laws and regulations [5][14]. - The board's decision to reappoint Da Xin Accounting Firm was based on the firm's extensive experience and compliance with regulatory requirements [33][43]. - The company will provide a network voting platform for shareholders to participate in the upcoming extraordinary general meeting [23][27].

Report Investment Rating No relevant content provided. Core Viewpoints -成材预计震荡整理运行，关注宏观政策和下游需求情况 [4] -铝锭预计价格短期高位震荡，关注宏观情绪和矿端消息 [5] Summary by Related Catalogs 成材 -云贵区域短流程建筑钢材生产企业春节停产预计影响总产量74.1万吨，安徽省短流程钢厂停产日度影响产量1.62万吨左右 [4] -2024年12月30日 - 2025年1月5日，10个重点城市新建商品房成交面积环比降40.3%，同比增43.2% [4] -成材昨日震荡下行创近期新低，供需双弱、市场情绪悲观、冬储低迷致价格重心下移 [4] 铝锭 -市场关注海外铝厂减产消息，有供应收紧预期，部分需求后移，氧化铝行业利润收缩，北方环保监察，新疆交割库累库加剧基本面压力 [3][4] -上周铝加工行业淡季特征深化，各板块结构性分化，原生铝合金开工率稳定，铝线缆开工率回升，多数板块面临下行压力 [4] -11月27日国内主流消费地电解铝锭库存59.60万吨，较周一下降1.7万吨，较上周四下降2.5万吨 [4] -宏观多空情绪交织，国内淡季下游走弱库存走势反复，预计价格区间震荡，关注库消走势和矿端情况 [5]

Core Insights - Tianshan Aluminum's stock rose by 4.2% following the successful energization of the first batch of electrolytic cells in its green low-carbon energy efficiency improvement project [1] Company Summary - Tianshan Aluminum has initiated a project aimed at enhancing the energy efficiency of its electrolytic aluminum production, which is expected to contribute to lower carbon emissions [1] - The first batch of electrolytic cells has been successfully powered on, marking a significant milestone in the company's green initiatives [1] Industry Summary - The aluminum industry is increasingly focusing on green and low-carbon technologies to meet environmental standards and improve energy efficiency [1] - Projects like Tianshan Aluminum's are indicative of a broader trend within the industry towards sustainable practices and innovation in production methods [1]

Core Viewpoint - China Aluminum (02600.HK) opened over 4% higher, indicating positive market sentiment towards the company [2] Group 1 - The stock price increased by 4.13%, reaching HKD 10.83 [2] - The trading volume amounted to HKD 7.6027 million [2]

云铝涌鑫、云铝润鑫资产及财务状况良好，获利能力较强，通过本次收购，有利于进一步提升云铝股份 和公司的归母净利润，提升投资回报，符合公司及股东的整体利益。 云铝涌鑫、云铝润鑫及云铝泓鑫均为云铝股份的控股子公司，云南冶金为前述三家公司的第二大股东， 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。 中国铝业（601600）(02600)高开逾4%，截至发稿，涨4.13%，报10.83港元，成交额760.27万港元。 消息面上，中国铝业发布公告，于2025年11月25日，云铝股份（000807）与云南冶金订立收购协议，据 此，云铝股份拟通过非公开协议转让方式以现金收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润 鑫27.3137%股权及云铝泓鑫30%股权。本次收购完成后，云铝股份对云铝涌鑫、云铝润鑫及云铝泓鑫的 持股比例分别为96.0766%，97.4560%及100%。于本公告日期，云铝股份为公司附属公司，中铝集团为 公司的控股股东，云南冶金为中铝集团的附属公司。 ...

Core Viewpoint - China Aluminum (02600) experienced a significant increase in stock price, rising by 4.13% to HKD 10.83, with a trading volume of HKD 7.6027 million [1] Group 1: Acquisition Details - China Aluminum announced an acquisition agreement with Yunnan Metallurgy, where Yunnan Aluminum plans to acquire stakes in three subsidiaries: 28.7425% in Yunnan Aluminum Yongxin, 27.3137% in Yunnan Aluminum Runxin, and 30% in Yunnan Aluminum Hongxin through a non-public cash transfer [1] - Upon completion of the acquisition, Yunnan Aluminum's ownership in these subsidiaries will increase to 96.0766%, 97.4560%, and 100% respectively [1] - Yunnan Metallurgy, as the second-largest shareholder of the three subsidiaries, will no longer hold any equity in them after the acquisition, which will optimize the equity structure of Yunnan Aluminum and enhance its core business strategy [1] Group 2: Financial Implications - The assets and financial conditions of Yunnan Aluminum Yongxin, Yunnan Aluminum Runxin, and Yunnan Aluminum Hongxin are reported to be strong, with good profitability [1] - The acquisition is expected to further enhance the net profit attributable to the parent company and improve investment returns, aligning with the overall interests of the company and its shareholders [1]

专题报告 2025-11-27 铝：美国加征关税后的市场变化 吴坤金 有色研究员 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 报告要点： 2025 年美国铝关税落地后引起美国原铝、铝材及铝制品进口数量减少，关税在抑制美国需求的 同时也带动了该国铝库存消耗。同时，美国铝关税落地也导致加拿大出口美国原铝数量明显减 少、出口到非美国家的数量增加。由于非美国家铝需求增加，关税引起的贸易流向变化并未引 起美国以外库存累积。 当前及未来一段时间，美国原铝库存消耗引起的现货升水走高使得出口到美国的优势重新显 现，加拿大以及非美国家和地区的原铝有望更多流向美国，并逆转 4-8 月的贸易流向。叠加消 费维持增长和新增产能有限，我们预计美国以外的原铝供需关系将维持阶段性偏紧，全球铝价 依然具有较强的支撑。 有色金属研究 | 铝 铝：美国加征关税后的市场变化 2018 年美国启动针对钢铁和铝的 232 调查，并对铝征收 10%的关税，不过此后逐渐实施关税豁 免，并扩大关税豁免范围。今年 3 月 12 日，美国将进口铝产品关税提升至 25%，且取消了加拿 大、墨 ...

Core Insights - Tianshan Aluminum has demonstrated robust growth in the first three quarters of 2025, with total revenue reaching 22.321 billion yuan, a year-on-year increase of 7.34%, and a net profit attributable to shareholders of 3.340 billion yuan, up 8.31% year-on-year [1] - The company achieved a quarterly net profit of 1.256 billion yuan in Q3, reflecting a quarter-on-quarter increase of approximately 34%, driven by stable aluminum prices and effective cost management [1] - The company is advancing a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity, which is expected to increase total production by nearly 20% [2] Financial Performance - In the first three quarters, the net profit after deducting non-recurring gains and losses was 3.200 billion yuan, also showing an 8.08% year-on-year growth [1] - Financial expenses decreased by 30.8% year-on-year, contributing to profit growth [1] - The company has implemented a mid-term dividend plan for 2025, distributing 920 million yuan in dividends, with a commitment to maintain a cash dividend ratio of no less than 50% of net profit for 2025 [2] Shareholder Returns - The company has completed a share buyback of 23.7052 million shares, accounting for 0.51% of total shares, with a total expenditure exceeding 200 million yuan [3] - The recent decision to cancel 23.148 million shares from earlier buybacks, amounting to 150 million yuan, is viewed as a "quasi-dividend" operation, enhancing shareholder value [3] - The shareholder return strategy is reinforced by high dividends and share buybacks, reflecting the company's confidence in its value [3] Industry Position and Future Outlook - Tianshan Aluminum is strategically enhancing its upstream resource layout with projects in Guangxi, Guinea, and Indonesia, which are expected to improve self-sufficiency in bauxite and strengthen cost advantages [3] - The company has established a three-dimensional development framework characterized by stable profitability, growth potential, and substantial returns, positioning it as a high-value investment target in the non-ferrous sector [4] - The combination of green capacity expansion, optimized resource layout, and a high dividend policy is expected to enhance the company's defensive capabilities and growth potential amid industry cycles [4]

Core Viewpoint - China Aluminum's subsidiary Yun Aluminum Co., Ltd. plans to acquire stakes in three companies for a total price of 2.267 billion yuan, aiming to optimize its equity structure and enhance its electrolytic aluminum production capacity [1][4]. Group 1: Acquisition Details - Yun Aluminum intends to acquire 28.7425%, 27.3137%, and 30% stakes in Yun Aluminum Yongxin, Yun Aluminum Runxin, and Yun Aluminum Hongxin, respectively [1][3]. - Post-acquisition, Yun Aluminum's ownership in these companies will increase to 96.0766%, 97.4560%, and 100% [1][3]. - The acquisition is part of an internal asset restructuring within the Aluminum Corporation of China (Chinalco) [1][3]. Group 2: Financial Implications - The acquisition will enhance Yun Aluminum's electrolytic aluminum capacity by over 150,000 tons, contributing to its position as a leading green low-carbon aluminum supplier in China [1][6]. - The three target companies currently have a combined electrolytic aluminum capacity of 550,000 tons [6]. - Yun Aluminum's revenue for the first three quarters of 2025 reached 44.072 billion yuan, a year-on-year increase of 12.47%, with a net profit of 4.398 billion yuan, up 15.14% [7]. Group 3: Strategic Development - Yun Aluminum plans to use Yun Aluminum Hongxin as a platform to expand its bauxite mining business, with a development strategy focusing on "alloy business + bauxite mining" [2][3]. - The acquisition will also allow Yun Aluminum to improve its operational efficiency and resource allocation [3][5].