Core Viewpoint - Innovation New Materials has experienced a decline in stock price and revenue, with a mixed performance in trading activity and shareholder dynamics [1][2][3]. Group 1: Stock Performance - As of December 2, Innovation New Materials' stock price decreased by 2.01%, trading at 4.38 CNY per share, with a total market capitalization of 16.45 billion CNY [1]. - Year-to-date, the stock price has increased by 15.69%, but it has shown no change in the last five trading days and a decline of 4.78% over the past 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 58.72 billion CNY, reflecting a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 709 million CNY, down 10.28% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 1.796 billion CNY, with 831 million CNY distributed over the last three years [4]. Group 3: Shareholder Dynamics - As of November 20, the number of shareholders decreased to 61,500, a reduction of 6.03%, while the average circulating shares per person increased to 61,122, an increase of 172.04% [3]. - The top ten circulating shareholders include the Southern CSI 500 ETF, which holds 22.73 million shares as a new shareholder [4]. Group 4: Business Overview - Innovation New Materials, established on June 7, 1996, and listed on November 29, 2001, specializes in the research, development, and production of aluminum alloys and related products [2]. - The company's main revenue sources include bars (61.01%), aluminum rods and cables (23.66%), plates and foils (7.18%), profiles (5.82%), and other segments (2.16%) [2].

华泰证券研报称，供需改善或成2026年金属行业主基调。在美国实际利率下行预期下，2026年LME金 价或涨至4800美元/盎司以上。此外，全球货币宽松经济恢复阶段，有望触发金银比收敛，2026年白银 价格或较黄金更为强势。铜、铝行业2026年供需格局或为供不应求，同时，钢铁供需格局有望改善。建 议积极关注低估值、高成长性的铜；高分红、低估值的铝；金和钢铁等板块低估值标的投资机会，对铁 矿石标的持谨慎态度。 ...

证券日报网讯 12月1日，焦作万方在互动平台回答投资者提问时表示，公司会根据实际生产需要，采购 部分三门峡铝业旗下的氧化铝，详情请查看公司2025年1月2日发布的《关于与浙江锦链通国际贸易有限 公司日常关联交易预计的公告》。 （编辑 楚丽君） ...

Core Insights - Silver Bond Co., Ltd. experienced a stock price increase of 1.86%, closing at 10.94 yuan on December 1 [1] - The company had four block trades totaling 960,000 shares with a transaction value of 9.072 million yuan [1][2] - The average transaction price for the block trades was 9.45 yuan, with a consistent discount of 13.62% [1][2] Trading Activity - The first block trade involved 300,000 shares at a price of 9.45 yuan, amounting to 2.835 million yuan, executed by an institutional buyer [1] - The second and third trades also involved 220,000 shares each at the same price, with transaction values of 2.079 million yuan each, both executed by different institutional buyers [1] - The fourth trade mirrored the previous ones, involving another 220,000 shares at 9.45 yuan, with a transaction value of 2.079 million yuan [2] Recent Performance - Over the past three months, Silver Bond Co., Ltd. has recorded a total of 46 block trades, with a cumulative transaction value of 142 million yuan [2] - In the last five trading days, the stock has risen by 9.29%, with a net inflow of 22.3157 million yuan from major funds [2]

本周铜价调整后继续上行，LME铜上涨3.69%。10月以来，由于铜价前上涨速度过快，以及中美顺利会 谈后出现一定的多头兑现，叠加淡季出现一定程度的累库导致价格开始高位震荡。但综合来看，由于自 由港和泰克资源26年产量预期的下调，26年预计铜会出现供需紧张的局面，同时美政府开门对其26年的 财政支出存在进一步强化的预期，该行认为调整即为买点，建议逢低做多。 智通财经APP获悉，中邮证券发布研报称，贵金属本周价格迎来上行，由于铜价前上涨速度过快，以及 中美顺利会谈后出现一定的多头兑现，叠加淡季出现一定程度的累库导致价格开始高位震荡。氧化铝价 格持续疲软，电解铝企业的盈利能力有望继续提升。刚果金Bisie锡矿因地缘冲突面临运输中断风险， 短期或引发市场逼空。锂价小幅上涨，建议逢低做多。 中邮证券主要观点如下： 贵金属：白银突破上行，继续看好贵金属表现 贵金属本周价格迎来上行，comex黄金上涨4.77%，comex白银上涨14.95%。本周由于CME暂时停摆造 成全球主要有色品种受到了一定的流动性扰动，从而造就一定程度的逼仓行情。长期来看，去美元化的 进程不会转向，低位筹码建议无惧波动，坚定持有。 铜：供给扰动有望 ...

Core Viewpoint - Ming Tai Aluminum's stock has shown a mixed performance in recent trading, with a year-to-date increase of 20.99% but a decline of 6.69% over the past 20 days [1][2]. Group 1: Stock Performance - On December 1, Ming Tai Aluminum's stock rose by 2.01%, reaching a price of 14.23 CNY per share, with a trading volume of 138 million CNY and a turnover rate of 0.80% [1]. - The company's total market capitalization is 17.695 billion CNY [1]. - Year-to-date, the stock has increased by 20.99%, with a 1.43% rise over the last five trading days, a 6.69% drop over the last 20 days, and a 6.51% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ming Tai Aluminum reported a revenue of 25.874 billion CNY, reflecting a year-on-year growth of 9.38%. However, the net profit attributable to shareholders decreased by 0.49% to 1.404 billion CNY [2]. - Since its A-share listing, the company has distributed a total of 1.489 billion CNY in dividends, with 657 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Ming Tai Aluminum increased to 57,200, up by 2.37% from the previous period, with an average of 21,309 circulating shares per shareholder, a decrease of 2.32% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 82.9587 million shares, an increase of 59.1481 million shares from the previous period [3]. - The Southern CSI 1000 ETF is a new entrant among the top ten circulating shareholders, holding 11.3749 million shares [3].

氧化铝周报 2025 年 12 月 1 日 基本面未见改善 氧化铝延续弱势 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 ⚫ 矿端，近期国内外矿端消息平静，保持国内供应偏 紧，几内亚进口矿宽松格局，港口矿石库存约2950 万吨左右，供应充裕。企业采购进口矿石按需采 购，国内外矿价持稳。供应端上周氧化铝开工产能 环比上升40万吨至9630万吨，主要是山东前期检 修的1台焙烧产能恢复，以及山西前期检修产能恢 复满产。同时进口氧化铝继续流入，供应增加。消 费端电解铝行业开工产能略有增加，不过幅度有 限，大部分企业长单执行为主，消费刚性。仓单库 存周内增加7 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the precious metals sector, focusing on gold and silver, as well as other base metals like copper and aluminum, and the energy metals sector, particularly lithium and nickel. Core Insights and Arguments Precious Metals Market - In the early stages of interest rate cuts, gold dominates the market while silver follows. As inflation expectations rise in the later stages, silver begins to catch up with gold, indicating a transition into the second phase of the rate cut trade, which is supported by improving economic expectations [1][2][3]. - The expectation of a weaker dollar is anticipated to trigger a second wave of bullish trends in the non-ferrous metals market, with silver expected to outperform and gradually influence copper and aluminum prices [1][3]. - Silver stocks are expected to perform strongly, similar to gold stocks in the previous year, due to a resonance between valuation and earnings [4]. Specific Company Recommendations - Key silver industry stocks in the A-share market include: - **Shengda Resources**: Approximately 50% gross profit margin, significant performance inflection expected in the next 3-4 quarters [5][6]. - **Xingye Mining**: Holds 40% of China's silver reserves, the second-largest resource endowment globally [5][6]. - **Shan Jin International**: Notable for its gold-silver resonance characteristics, expected to have significant valuation differences in a growing market [5][6]. Gold Market Insights - Gold prices are expected to stabilize around $4,000, with significant valuation recovery potential for gold stocks, which have returned to early-year levels (approximately 15x PE for current and 10x PE for long-term) [7][8]. - Recommended gold stocks include **Zhongjin Gold**, **Shan Jin International**, **Chifeng Jilong Gold**, **Shandong Gold**, and **Zhaojin Mining** [8]. Copper Market Dynamics - Copper prices recently broke through $11,000, driven by supply disruptions and negotiations between domestic smelters and overseas mines, with a potential 10% production cut expected [9]. - The copper market is anticipated to remain tight, supporting higher prices, with current valuations around 12x, which is considered low compared to historical averages [9]. Aluminum Market Outlook - Aluminum is viewed as the most cost-effective metal, with prices expected to recover significantly from previous crisis levels. Current prices are projected to be in the $24,000-$25,000 range [10][11]. - Companies to watch in the aluminum sector include **Yun Aluminum**, **Shenhuo**, and **China Hongqiao** [11]. Energy Metals Sector - The lithium carbonate industry is optimistic, with expectations for price increases in 2026 compared to 2025, despite short-term supply disruptions [12][13]. - Recommended companies in the energy metals sector include **Tianhua New Energy**, **Dadong Mining**, and **Huaou Cobalt** for high elasticity, and **China Molybdenum** for stability [13][14]. Nickel Market Insights - Nickel prices are at historical lows, but there is potential for recovery due to improving demand from electric vehicles and overseas markets [13][14]. - **Huayou Cobalt** is highlighted for its potential to double nickel production in the next two to three years, with significant profit growth expected [14][15]. Additional Important Points - The overall sentiment in the precious metals and base metals markets is bullish, driven by macroeconomic factors such as interest rate cuts and inflation expectations, which are expected to create favorable conditions for investment in these sectors [1][2][3][4][9].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The copper smelting profit cycle is expected to bottom out, and copper prices may break upward. Recent price changes for copper are +2.66% (LME), +2.07% (SHFE), and +5.64% (COMEX). The domestic copper inventory has significantly decreased, with LME copper inventory at 159,425 tons (+2.84%), SHFE copper inventory at 97,930 tons (-11.46%), and COMEX copper inventory at 41,900 short tons (+3.93%) [5][25] - The aluminum market is experiencing inventory depletion, leading to rising aluminum prices. The current price of aluminum is 21,510 CNY/ton, with a weekly increase of 0.21%. The operating rate of the domestic aluminum processing industry has increased to 62.3% [5][33] - The lithium market is seeing a reversal in supply and demand, with lithium prices entering a new cycle. The price of lithium carbonate has risen by 1.57% to 93,750 CNY/ton, and spodumene prices have increased by 5.60% to 1,150 USD/ton [5][72] - The cobalt market remains tight, with cobalt prices expected to continue rising. The price of MB cobalt has increased by 0.31% to 23.90 USD/pound, and domestic cobalt prices have risen by 0.25% to 406,000 CNY/ton [5][80] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has outperformed the Shanghai Composite Index, with a weekly increase of 3.37% compared to the index's 1.40% [12][13] - The PE_TTM valuation for the non-ferrous metals sector is 24.90, while the PB_LF valuation is 3.08, indicating a premium over the overall market [21][22] 2. Copper - Copper prices have increased, with LME copper up 2.66% and SHFE copper up 2.07%. The copper smelting profit margin remains negative at -1,816 CNY/ton, but losses are narrowing [25][33] 3. Aluminum - The aluminum market shows signs of recovery with rising prices and decreasing inventories. The operating rate for aluminum processing has increased, indicating stronger demand [33][41] 4. Lithium - Lithium prices are on the rise, with significant increases in both lithium carbonate and spodumene prices. The supply-demand dynamics are shifting positively for lithium producers [72][80] 5. Cobalt - Cobalt prices are expected to rise due to tight supply conditions. The recent increase in cobalt prices reflects ongoing demand pressures [80][81]

Report Title - The report is titled "Macro Strategy, Asset Allocation, and Commodity Investment Opportunities - November Issue: Internal Market Exchange Meeting Strategy Sharing" by the Research Institute of Guotou Futures [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The report focuses on the current state of global macro - liquidity, geopolitical and economic - trade situations, and their impacts on financial products and commodities. It suggests that the market is in a state of transition, with a shift from "recovery" and "recession" trading to "safe - haven" or "stagflation" trading. Attention should be paid to the linkage between geopolitical situations and Fed policies, the movement of the Japanese yen, and domestic economic policies [2][5][7] Summary by Related Catalogs 1. Previous Market Review and Outlook - **Macro - running features**: In the past month, there has been a recurrence of dollar liquidity, along with geopolitical and economic - trade disturbances. The Fed's pursuit of a stable and strong dollar has brought a de - leveraging effect on global credit expansion. Domestic economic policies have shown limited changes [3][5] - **Asset - running features**: Asset pricing has shifted towards "safe - haven" or "stagflation" trading. Precious metals have squeezed out other risk assets, and the stock market has re - balanced between technology and value sectors [5] 2. Future Outlook (1 - 2 months) - **Key factors to watch**: Geopolitical situation and Fed policy linkage, Japanese yen movement, and domestic policy orientation. Different scenarios of geopolitical cooling or intensification will have different impacts on dollar liquidity and risk assets [7][8][10] 3. Outlook for Financial Products - **Equity indices**: After September, the market has shifted to wide - range oscillations. It is recommended to wait for policy turns on a defensive configuration basis [11] - **Treasury bonds**: The central bank is expected to smooth fluctuations through various means. The yield curve may flatten slightly, but policy and institutional behavior are key variables that may cause adjustments [11][28] 4. Outlook for Commodities - **General situation**: The precious - metal - led market is in a transition to a re - inflation market, but is affected by dollar liquidity. Attention should be paid to geopolitical situations and domestic policy signals [18][19] - **Specific commodities** - **Energy**: Crude oil is expected to be weak in the medium - term due to supply - demand dynamics. Asphalt is under long - term negative pressure, and fuel oil has different supply - demand situations for high - sulfur and low - sulfur types. The far - month of the European shipping line is weak [23][30][31] - **Chemicals**: The salt - chemical sector is in a weak situation. Different strategies are recommended for glass, soda ash, caustic soda, PVC, methanol, and urea [24][34][35] - **Non - ferrous metals and precious metals**: At the end of the year, the market shows a strategy of high - low switching. Copper is in high - level oscillations, and precious metals are in a stage of adjustment. The market for lithium carbonate is affected by pre - Spring Festival production arrangements [39][40][41] - **Black commodities**: Steel is likely to continue oscillating at the bottom, iron ore may face increasing downward pressure, coke is expected to be weak, and coking coal is in an oscillating pattern. Ferroalloys are under downward pressure [43][44] - **Agricultural products**: The supply of rapeseed is uncertain, the pig industry is in a capacity - reduction process, and the egg industry's supply pressure is expected to ease [46][47][48] - **Soft commodities**: Different situations exist for rubber, sugar, apples, and logs, with corresponding investment suggestions [49][50]