登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实、准确和完整承担个别及连带责任。 根据有关规定和《南山集团有限公司关于南山集团有限公司2023年面向专业投资者非公开发行可交换公 司债券（第一期）募集说明书》（以下简称"募集说明书"）的约定，截至2025年11月25日止，本期债券 已全额换股，累计换股253,680,706股，"23南01EB"的提前摘牌工作已于2025年12月8日全部完成。 三、控股股东持有本公司股票情况 截止本公告披露日，控股股东南山集团有限公司及其一致行动人山东怡力电业有限公司合计持有公司股 份4,911,957,174股，占公司总股本的42.29%（其中南山集团有限公司直接持有公司股份2,146,713,290 股，占公司总股本的18.48%，通过"南山集团有限公司－南山集团有限公司2023年非公开发行可交换公 司债券（第一期）（品种一）质押专户"持有公司股份184,199,294股，占公司总股本的1.59%；山东怡 力电业有限公司持有公司股份2,581,044,590股，占公司总股本的22.2 ...

社库小幅去化，消费存在刚性 新能源及有色金属日报 | 2025-12-09 重要数据 铝现货方面：SMM数据，华东A00铝价21920元/吨，较上一交易日变化-170元/吨，华东铝现货升贴水-90元/吨， 较上一交易日变化-10元/吨；中原A00铝价21770元/吨，现货升贴水较上一交易日变化-10元/吨至-240元/吨； 佛山A00铝价录21810元/吨，较上一交易日变化-160元/吨，铝现货升贴水较上一交易日变化0元/吨至-195元/吨。 铝期货方面：2025-12-08日沪铝主力合约开于22215元/吨，收于22275元/吨，较上一交易日变化60元/吨，最 高价达22290元/吨，最低价达到22035元/吨。全天交易日成交251604手，全天交易日持仓233139手。 库存方面，截止2025-12-08，SMM统计国内电解铝锭社会库存59.5万吨，较上一期变化-0.1万吨，仓单库存67736 吨，较上一交易日变化903吨，LME铝库存525800吨，较上一交易日变化-2500吨。 氧化铝现货价格：2025-12-08SMM氧化铝山西价格录得2790元/吨，山东价格录得2755元/吨，河南价格录得 282 ...

研 究 院 货 金 融 铝价创出新高，短线延续强势 张天骜 南京大学学士 爱尔兰都柏林大学数理金融学硕士 从业资格证：F3002734 投资咨询证：TZ0012680 弘 业 期 数据来源：WIND、弘业期货金融研究院 研 究 院 周五美国核心PCE物价指数低于预期，美联储降息预期继续强化。今日中央政治局会议信息发布，预计很快召开 年度经济工作会议，同时11月中国出口数据明显超预期。午后市场情绪受到较大带动，有色金属全线拉升。日内美元 下跌，有色金属延续强势，全线上涨。沪铝上涨，伦铝上涨，国内现货铝下跌。 业 期 货 金 融 数据上看，今日沪铝收盘报22275，现货报21920，现货较期货贴水-355点。本周沪铝大涨，现货贴水扩大至- 100元，今日现货成交较好。本周国内电解铝社会库存下降，氧化铝库存下降。上期所铝库存小幅上升，现货需求好 转。LME库存稳定，LME现货贴水小幅扩大至-29美元，海外现货需求不佳。本周人民币汇率稳定，铝价沪伦比明显上 升至7.73，内盘走势强于外盘。 弘 技术上看，今日美原油小幅上涨，伦铝小幅上涨，在2912美元附近运行。沪铝今日小幅上涨，收于22275，技术 形态偏强。沪铝成 ...

据交易所数据显示，闽发铝业6天内收获3个涨停板，晋级6天3板。该股今日于14：40封涨停，成交额 12.33亿元，换手率28.64%。金融界App AI线索挖掘：近期金属铝板块受到市场关注，福建板块因相关 政策措施引发资金聚焦，同时公司涉及国企改革、新能源汽车铝型材业务、光伏支架及边框供应等题 材，多重因素共同推动市场对该股的关注。 风险提示：连板股波动剧烈，注意追高风险，理性投资！ ...

2025 年 12 月 8 日 多头氛围浓 铝价较强 核心观点及策略 敬请参阅最后一页免责声明 1 / 8 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 铝周报 ⚫ 电解铝方面，宏观面美国11月ADP创两年半来最大降 幅，显示劳动力市场疲软。11月美国制造业数据萎 缩，凸显企经济挑战，加上美联储潜在领导层变动， 市场对美联储鸽派预期不断升温。同时非美货币强 势，美元持续遭遇抛压，提振金属市场。基本面电解 铝供应端基本稳定，消费端铝价快速大幅冲高限制 部分消费，铝加工周度开工率略有下调0.4%，不过中 长期市场对新能源及储能领域消费依旧预期较好。 周度电解铝库存较上周持稳于59.6万吨，铝棒库存 12.1 ...

期货市场交易指引 2025 年 12 月 08 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 观望不追高 | | | 有色金属 | | ◆铜： | 轻仓持多 | | ◆铝： | 建议多单考虑减仓 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 多单持有，新开仓谨慎 | | ◆碳酸锂： | 偏强震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡偏强 | | ◆PTA： | 震荡上行 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡偏弱 | | | 农业 ...

Core Viewpoint - The report from CITIC Securities highlights the increasing investment value of strategic mineral resources due to heightened global macroeconomic and geopolitical uncertainties, emphasizing the clear long-term allocation logic for copper, aluminum, and gold based on current supply-demand dynamics, policy directions, and industry trends [1] Group 1: Copper - Supply-side constraints are intensifying, with global copper supply disruptions occurring frequently, such as Codelco's significant price increase for long-term contracts and accidents at major mines tightening supply [2] - Structural growth in demand is driven by the green economy and AI infrastructure, with increasing copper demand from solar, wind, and electric vehicle sectors, supported by traditional demand resilience from aging infrastructure [2] - Positive macro and policy factors include rising probabilities of interest rate cuts by the Federal Reserve, a weaker dollar alleviating pressure on copper prices, and domestic policies promoting industry upgrades and limiting new capacity [2] Group 2: Aluminum - Supply constraints are reinforced by a domestic production cap of 45 million tons per year and risks from overseas production, such as potential reductions in French and Icelandic aluminum plants due to high energy costs [2] - Demand is driven by explosive growth in the new energy sector, with increased aluminum usage in electric vehicles and photovoltaic applications, alongside resilient traditional demand from grid investments [2] - Policy and liquidity factors are favorable, with government plans targeting a 30% clean energy usage by 2027 and an increase in recycled aluminum production, alongside enhanced financial attributes for aluminum prices due to expected interest rate cuts [2] Group 3: Gold - The financial attributes of gold are strengthening, with over 80% probability of interest rate cuts by the Federal Reserve and a decline in the dollar index, enhancing gold's appeal as a hedge against risks and inflation [3] - Positive policy and funding conditions include new tax policies favoring investment-grade gold products and ongoing purchases by the central bank, which has increased its gold reserves to 7.409 million ounces [3] - The demand for gold is bolstered by its scarcity and the ongoing geopolitical tensions, which elevate risk-averse sentiments among investors [3]

Core Viewpoint - 2025 is expected to be a significant year for non-ferrous metal investments, with electrolytic aluminum being a key player in the industrial metals sector [1] Group 1: Market Performance - On December 5, the A-share electrolytic aluminum sector saw a significant rise, with Minfa Aluminum hitting the daily limit and nine other stocks, including Zhongfu Industrial and Hongchuang Holdings, rising over 5% [2][4] - Zhongfu Industrial has increased by 183.04% year-to-date, while other stocks like Yun Aluminum and Hongchuang Holdings have also seen gains exceeding 100% [5] Group 2: Price and Cost Dynamics - As of December 5, the main aluminum futures contract price has surpassed 22,000 yuan/ton, while the price of alumina, a core raw material for electrolytic aluminum, has dropped nearly 50% this year to 2,580 yuan/ton, significantly reducing operational costs for the electrolytic aluminum industry [5][6] - The profitability of the electrolytic aluminum industry is shifting from upstream alumina to the smelting end, with profit levels expected to exceed 4,500-5,000 yuan per ton by November 2025 [5] Group 3: Company Performance - Yun Aluminum's Q3 report shows a total revenue of 44.072 billion yuan, an increase of 12.47% year-on-year, with net profit rising by 15.14% to 4.398 billion yuan [6] - The cash inflow from operating activities for Yun Aluminum increased by 25.19% year-on-year, indicating improved financial health [6] Group 4: Future Outlook - Institutions maintain a positive outlook for the aluminum industry in 2026, citing limited domestic production capacity and structural resilience in demand, which supports the expectation of stable or rising aluminum prices [7] - Zhongjin Securities forecasts the average price of electrolytic aluminum to be around 22,000 yuan/ton in 2026, with increasing dividend payouts from companies enhancing the sector's attractiveness [7][8] - The potential for price surges exists if high-energy-consuming electrolytic aluminum production is disrupted or if sanctions on Russia are lifted, allowing for market-driven aluminum imports into China [8]

2025年7月中旬，特朗普扔出一句狠话：给俄罗斯50天，赶紧跟乌克兰谈停，不谈就对所有俄罗斯商品收100%关税，顺带把继续买俄油的国家全拉进次级制 裁名单。 这话一出，莫斯科很多人第一反应是懵——前几个月特朗普还放风说要跟普京好好聊聊，怎么说翻脸就翻脸？ 很多人这时候才真正明白，美国要的从来不是俄罗斯选边站队，而是俄罗斯彻底跪下、碎掉、再也爬不起来。牺牲中国换美国一笑？做梦。 后来期限从50天缩到10天，再到8月直接对印度开刀，加征25%关税，把印度输美商品总税率干到50%，理由就是"你们买俄油买得太欢了"。 印度一天210万桶，中国一天180万桶，土耳其90万桶，这些数字白宫心里门儿清。特朗普这边边打边说：这不是冲着谁去，就是要让俄罗斯的钱袋子彻底瘪 掉。 俄罗斯国内本来还有一小撮人抱着幻想，觉得只要在对华能源供应上做点让步，暂停几单大合同，或者在联合国投票时别跟中国绑那么死，美国就能松口， 给条活路。 2024年底到2025年初，这种声音在某些智库和杜马走廊里传得挺响，甚至有人私下算过账：把对华石油出口砍个三成，换美国取消几项银行制裁，值不值？ 特朗普用行动给了最直接的回答：不值，一点都不值。 8月6日白 ...

Core Viewpoint - The focus should not be on whether technology will replace humans, but rather on how humans can leverage technology to achieve higher breakthroughs [3][18]. Group 1: Embracing Change and Innovation - In the current wave of technological advancement and paradigm reconstruction, companies must strive for "new" and "quality" [3][20]. - The transformation process should be gradual, adhering to a "progressive transformation" approach rather than seeking immediate results [3][10]. - AI is a powerful tool but cannot replace individuals who define direction and create value [3][11]. Group 2: Corporate Responsibility and Management - As powerful technologies emerge, the boundaries of corporate responsibility expand, emphasizing a balance between emotional and rational management, as well as the integration of business and society [3][15]. - Companies must align their development with national modernization goals, integrating their strategies with broader societal needs [3][30]. Group 3: Technological and Industrial Advancements - The company has evolved from a small oilseed factory to a large manufacturing group, continuously innovating in traditional and emerging industries [3][22]. - Emphasizing technological innovation is crucial for traditional manufacturing to break free from path dependence and scale limitations [3][23]. - The company has implemented a "Digital Weiqiao" strategy since 2018, focusing on smart manufacturing and utilizing AI, 5G, and industrial internet technologies [3][23]. Group 4: Sustainability and Green Development - The company actively promotes green transformation as both a responsibility and an opportunity, integrating ESG principles into its core strategy [3][24]. - Efforts include the development of clean energy projects and a circular economy model to significantly reduce carbon emissions [3][24]. Group 5: Industry Integration and Value Creation - The company is exploring industrial integration by coupling aluminum production with advanced manufacturing sectors, transitioning from merely selling materials to providing integrated solutions [3][25]. - It has established itself as a leader in automotive lightweighting and recycling, becoming the only global entity with full capabilities across the aluminum industry chain [3][25].