证券日报网讯 12月12日，南山铝业在互动平台回答投资者提问时表示，公司始终将投资者回报置于重 要战略位置，已通过公告明确2024-2026年现金分红比例不低于当年可分配利润的40%，并稳步推进股 份回购注销工作，以切实行动回馈股东信任。未来，公司将持续聚焦主业深耕，不断优化盈利结构，凭 借稳健的经营作风与清晰的发展路径，为股东创造长期、可持续的投资价值。 ...

1. Report Title and Date - Title: Guinea Mining Enterprises' Resumption Brings Cost Reduction Expectations, Alumina Expected to Run at Low Levels; Bullish Sentiment and Fundamental Support Remain, Shanghai Aluminum Expected to Oscillate Strongly - Guoxin Futures Non - Ferrous (Aluminum Industry Chain) Weekly Report [2] - Date: December 12, 2025 [2] 2. Report Industry Investment Rating - Not provided in the report 3. Core Viewpoints - Alumina is expected to run at low levels due to potential increases in Guinea bauxite supply, but should not be overly bearish considering some domestic enterprises' losses and industry integration possibilities [12][143][148] - Shanghai Aluminum is expected to oscillate strongly, with upward drivers from bullish sentiment and capital, and fundamental support from demand and inventory trends [13][144][148] - Cast aluminum alloy is expected to oscillate strongly with aluminum prices, but its upward potential may be limited by weakening demand expectations and high inventory [14][145][148] 4. Summary by Directory 4.1 Market Review - **Macro and Important News**: On December 10, the Fed cut the federal funds rate target range to 3.50% - 3.75%. A Guinea - based enterprise was allowed to resume operations, and if the Axis mine resumes in December, it will contribute about 40 million tons of supply in 2026 [8] - **Overall Market**: This week, alumina oscillated downwards, Shanghai Aluminum oscillated weakly, and aluminum alloy oscillated weakly [11] - **Outlook**: Alumina may see cost and price support decline due to increased bauxite supply; Shanghai Aluminum is expected to oscillate strongly with bullish sentiment and fundamental support; cast aluminum alloy is expected to follow aluminum prices but with limited upside [12][13][14] 4.2 Alumina Fundamental Analysis - **Spot**: As of December 12, the average domestic alumina spot price was 2,792.78 yuan/ton, down 17.31 yuan/ton from December 5 [27] - **Supply**: As of December 11, the national alumina weekly operating rate was 79.62%, up 0.15% from December 4. In November 2025, China's metallurgical alumina production decreased month - on - month and increased year - on - year [31] - **Import and Export**: On December 10, the average FOB price of Australian alumina was 310 US dollars/ton, down 4 US dollars/ton from December 4. The import window was open [32] - **Cost and Profit**: As of December 11, the average full cost of alumina was about 2,860 yuan/ton, down 14 yuan/ton from December 4. The industry loss was about 60 yuan/ton [34] - **Inventory**: As of December 11, alumina port inventory was 130,000 tons, up 3,000 tons from the previous week. In October 2025, China had a net alumina import [41] 4.3 Electrolytic Aluminum Fundamental Analysis - **Cost**: As of December 5, coal prices in major producing areas decreased, and Yunnan's hydropower price in December rose to about 0.468 yuan/kWh. The price of pre - baked anodes remained stable [51][54] - **Cost and Profit**: As of December 11, China's electrolytic aluminum smelting cost was about 16,383 yuan/ton, down 9 yuan/ton from December 4. The average industry profit narrowed to about 5,300 yuan/ton [57] - **Supply**: In November 2025, domestic electrolytic aluminum production increased year - on - year and decreased month - on - month. In December, the operating capacity is expected to increase slightly [60] - **Spot**: As of December 12, the average price of Yangtze River non - ferrous market aluminum (A00) was 22,050 yuan/ton, down 30 yuan/ton from December 5 [63] - **Demand**: As of December 11, the operating rate of domestic downstream aluminum processing leading enterprises was 61.8%, down 0.1% from the previous week. In November, the PMI of the aluminum processing industry rose above the boom - bust line [69] - **Inventory**: As of December 11, aluminum ingot inventory was 584,000 tons, down 12,000 tons from December 4, and aluminum rod inventory was 116,500 tons, down 4,500 tons from December 4. By November, the industry's aluminum - water ratio decreased slightly [72] - **Futures Inventory**: As of December 12, the SHFE electrolytic aluminum warehouse receipt inventory was 69,160 tons, up 2,327 tons from December 5. From December 5 - 10, LME aluminum inventory decreased by 7,050 tons to 518,750 tons [77] - **Import and Export**: The aluminum ingot import profit window was closed. In October 2025, China exported 503,000 tons of unwrought aluminum and aluminum products, with a cumulative export of 5.02 million tons from January - October, a year - on - year decrease of 8.6% [80][84] - **Terminal**: The real estate market is slowly recovering. In early December, automobile consumption data showed weakness [92] 4.4 Aluminum Alloy Fundamental Analysis - **Raw Materials**: The supply of scrap aluminum is affected by aluminum prices and seasonal factors. The price of scrap aluminum is expected to be strong [14] - **ADC12 Cost and Profit**: The cost of ADC12 includes scrap aluminum, silicon, and copper. The industry is currently in a loss state [107] - **ADC12 Spot Price**: The average price of ADC12 shows seasonal changes [109] - **Overseas ADC12 Price and Import Profit**: The price of overseas ADC12 and the import profit situation are presented [112] - **Supply**: The production of ADC12 and the import and export volume of aluminum alloy are analyzed. The supply of aluminum alloy may decrease marginally [118][145] - **Demand**: The demand for cast aluminum alloy mainly comes from the automobile industry, but the sustainability of orders is uncertain [123][145] - **Inventory**: The inventory of aluminum alloy includes social inventory and factory - level inventory [132] - **Supply - Demand Balance**: The monthly supply - demand balance of aluminum alloy is analyzed [136] 4.5 Future Outlook - **Alumina**: The resumption of Guinea's mining enterprises may increase bauxite supply, but due to enterprise losses and industry integration, it should not be overly bearish. Caution is advised when short - selling [143] - **Electrolytic Aluminum**: After the Fed's December interest rate cut, bullish sentiment is strong. With fundamental support, Shanghai Aluminum is expected to oscillate strongly [144] - **Cast Aluminum Alloy**: It is expected to follow aluminum prices to oscillate strongly, but the upside may be limited by demand and inventory [145]

Core Insights - The article discusses the historic moment for Hainan Free Trade Port as it prepares for full island closure operations, highlighting the significance of the 2025 14th Annual Development Conference for Listed Companies and the opportunities presented by the Hainan Free Trade Port [1] Group 1: New Paradigm of Chinese Enterprises Going Global - Chinese enterprises are evolving from competing on "products and costs" to focusing on "industrial chain capabilities and standard systems" for global expansion [1][2] - Nanshan Aluminum exemplifies the "chain-style going global" approach by establishing an industrial park in Indonesia, emphasizing a strategy of "chain operation, high-end manufacturing, and deep processing" [2] - The output of standards and regulations, as seen in the low-altitude economy proposed by Jifeng Technology, represents a shift towards exporting comprehensive operational standards rather than just products [3] Group 2: Integration of Green Standards - Shengxin Lithium Energy highlights the importance of meeting global ESG (Environmental, Social, and Governance) standards driven by major clients like BYD and Tesla, indicating a need for integrated resource, technology, and green standards in their global strategy [3] - The focus on carbon emission management and sustainable practices is becoming a critical aspect of the global expansion strategy for Chinese resource companies [3] Group 3: Future Competitiveness - Nanshan Aluminum is extending its high-end manufacturing advantages into the robotics industry, leveraging its expertise in aluminum alloy materials for lightweight applications [5] - Jifeng Technology aims to enhance its "ecological empowerment capability" by integrating regulations and ecological partners into its global expansion efforts, particularly in Indonesia's low-altitude economy [5] - Shengxin Lithium Energy emphasizes the importance of resource acquisition and development capabilities as the foundation for maintaining manufacturing advantages and market influence in the lithium battery sector [5][6]

Core Viewpoint - Hongchuang Holdings has received approval from the Shenzhen Stock Exchange for its significant acquisition of Weiqiao Group's aluminum assets, marking a critical step in the integration of the "Weiqiao system" aluminum assets [1] Group 1: Acquisition Details - Hongchuang Holdings plans to acquire 100% of Hongtuo Industrial for a total consideration of 63.518 billion yuan [1] - The acquisition will be executed through the issuance of approximately 11.895 billion shares at a price of 5.34 yuan per share, which is 80% of the average price over the previous 120 trading days [1] - Hongtuo Industrial is a core asset of the "Weiqiao system," covering the entire aluminum industry chain, including electrolytic aluminum, alumina, and deep processing of aluminum [1] Group 2: Financial Performance - Hongtuo Industrial is expected to achieve a revenue of 149.289 billion yuan and a net profit of 18.144 billion yuan in 2024 [1] - The acquisition will enable Hongchuang Holdings to transition from a single aluminum deep processing business to a full industry chain layout, significantly enhancing its profitability and industry position [1] Group 3: Ownership Changes - Following the transaction, the controlling shareholder of Hongchuang Holdings will change to Weiqiao Aluminum, while the actual controller will remain the Zhang Shiping family [1] - The transaction is subject to approval from the China Securities Regulatory Commission before implementation [1]

证券日报网讯 12月12日，闽发铝业（002578）在互动平台回答投资者提问时表示，公司将严格按照信 息披露要求及时披露战略计划，请及时关注公司公告。 ...

Core Viewpoint - China Hongqiao (01378) saw a significant increase in stock price, opening over 3% higher and reaching a price of 32.4 HKD with a trading volume of 12.41 million HKD, following the announcement of a major asset acquisition by its subsidiary, Hong Chuang Holdings [1] Group 1: Company Developments - Hong Chuang Holdings (002379) received approval from the Shenzhen Stock Exchange's M&A Review Committee for its plan to issue shares to acquire assets, specifically 100% equity of Hong Tuo Industrial from Wei Qiao Aluminum, Jia Hui Investment, and Dongfang Asset Management, with a transaction value of 63.5 billion RMB [1] - This transaction represents a strategic move for China Hongqiao to bring its core aluminum assets back to the A-share market, which is expected to enhance internal asset integration and improve the company's overall competitiveness through capital market leverage [1]

金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持正面看法。汇丰研究指，展望明年铝业基本面趋向坚实， 加上中国的产能上限限制国内供应增长，海外新增供应依然温和，预料分别按年增长0.5%及3%，相应 将2026及2027年铝价预测上调，上海期货交易所铝价预测料达每吨22,000元及23,000元人民币。该行目 前在中国材料板块中偏好铝业股，预计低库存及4,500万吨产能上限将为铝价提供良好支持。 金吾财讯 | 中国宏桥(01378)股价高位运行，截至发稿，涨3.44%，报32.44港元，成交额4.08亿港元。 汇丰研究发布月度大宗商品研究报告，指出需求强劲与供应紧张令基本金属价格保持强势，考虑到市场 供需平衡紧绌，价格可能存在进一步上行风险。在中国材料板块中，该行最看好铝；在当前宏观背景 下，亦看好黄金；同时对建筑材料长期前景持 ...

Core Viewpoint - The Canadian dollar (CAD) is experiencing a low-level fluctuation against the US dollar (USD), primarily due to the divergence in monetary policy between the Bank of Canada (BoC) and the Federal Reserve (Fed), alongside the resilience of the Canadian economy and support from rebounding oil prices [1][2]. Group 1: Monetary Policy and Economic Indicators - The Bank of Canada maintained its policy interest rate at 2.25% during the monetary policy meeting on December 10, indicating that the current rate is suitable for supporting structural economic transformation, marking the end of the rate-cutting cycle [1]. - Canada's GDP grew by 2.6% in Q3, significantly exceeding market expectations, and the unemployment rate fell to 6.5% in November, indicating improvements in the job market [1]. - The inflation rate in Canada was stable at 2.2% in October, remaining close to the 2% target, with core inflation between 2.5% and 3%, suggesting manageable inflationary pressures [2]. Group 2: US Monetary Policy and Market Impact - The Federal Reserve completed its third rate cut of the year on December 11, lowering the federal funds rate target range to 3.50%-3.75%, with internal dissent among officials indicating significant divisions [2]. - Fed Chairman Jerome Powell's comments on the downside risks to the US labor market have heightened expectations for further easing, contributing to a decline in the USD index below 99, which diminishes the dollar's attractiveness [2]. Group 3: Technical Analysis and Market Focus - The technical outlook for USD/CAD shows a bearish trend, with the price consistently trading below the five-day moving average and a lack of rebound momentum [3]. - Key support levels are identified at 1.3740 and 1.3680, with potential for further decline towards 1.3600 if these levels are breached [3]. - Market attention is expected to focus on statements from BoC and Fed officials, trade-related data, and international oil price movements, which are crucial for CAD as a commodity currency [3].

Report Industry Investment Rating - Not 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] -铝锭预计价格短期偏强运行，关注宏观情绪和矿端消息[5] Summary by Relevant Catalogs 成材 -云贵区域短流程建筑钢材生产企业春节停产检修预计影响总产量74.1万吨，安徽省6家短流程钢厂部分已停产或计划1月中旬左右停产，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] -成材昨日震荡下行价格创新低，供需双弱市场情绪悲观，价格重心下移，冬储低迷对价格支撑不强[4] 铝锭 -宏观上美联储预测不如部分投资者预期鹰派，美元下跌基本金属反弹，短期宏观情绪向好[3] -国产矿供应偏紧格局延续，北方铝土矿复产供矿不稳定，库存量低，但绝对库存高位，氧化铝价格走低，铝土矿价格预计仍有下跌空间[4] -国内铝下游加工龙头企业周度开工率环比降0.1%至61.8%，延续淡季偏弱态势，各细分板块有不同表现，再生铝下滑显著[4] -12月11日国内主流消费地电解铝锭库存较周一跌1.1万吨，较上周四跌1.2万吨[4] -宏观降息利好，供需格局边际改善支撑价格，国内淡季库存走势反复，价格短期高位震荡，高价抑制消费，关注宏观指引[5]

Core Viewpoint - China Hongqiao Group (01378) saw its stock price rise by 3.32% to HKD 32.4, with a trading volume of HKD 12.41 million following the announcement of a significant asset acquisition deal [1] Group 1: Company Announcement - China Hongqiao announced that its subsidiary, Hong Chuang Holdings, received approval from the Shenzhen Stock Exchange's M&A Review Committee for a share issuance to acquire assets [1] - The proposed transaction involves issuing shares to acquire 100% equity of Hongtu Industrial held by Weiqiao Aluminum, Jiahui Investment, and Dongfang Asset Management, with a transaction value of RMB 63.5 billion [1] - This transaction is part of a strategy to return core aluminum assets to A-share listing, which is expected to enhance internal integration of aluminum assets and improve the company's overall competitiveness in the capital market [1]