Core Viewpoint - Nanshan Aluminum (600219.SH) has announced a share buyback program, having repurchased a total of 92.8966 million shares, which represents approximately 0.80% of the company's total share capital, with the highest transaction price recorded [1] Summary by Category - **Share Buyback Details** - The company has repurchased 92.8966 million shares through centralized bidding transactions [1] - This repurchase accounts for about 0.80% of the total share capital of the company [1] - The highest price at which shares were repurchased has been noted, although the specific figure is not provided in the excerpt [1]

Core Viewpoint - Tianshan Aluminum Industry has strategically positioned itself in the bauxite mining sector across China, Guinea, and Indonesia, with significant progress in its mining projects [1] Group 1: Project Developments - The company has obtained mining rights for its bauxite project in Guangxi, which is set to enter the substantial mining phase [1] - The bauxite project in Guinea has commenced production, with mined ore continuously being shipped back to China [1] - In Indonesia, the bauxite project is in the preliminary exploration stage, with mining activities gradually unfolding, and the scale of extraction will be planned according to project progress [1] Group 2: Supply Assurance - The ongoing developments in these regions are aimed at ensuring a sufficient supply of raw materials for the company's alumina projects [1]

Core Viewpoint - Tianshan Aluminum Industry has made significant progress in its bauxite mining projects in Guangxi, Guinea, and Indonesia, indicating a strategic expansion in raw material supply for alumina production [1] Group 1: Project Developments - The bauxite mining project in Guangxi has obtained mining rights and is about to enter the substantial mining phase [1] - The bauxite mining project in Guinea has entered the production phase, with ore continuously being shipped back to China [1] - The bauxite mining project in Indonesia is in the preliminary exploration stage, with plans for gradual expansion of mining activities based on project progress [1] Group 2: Supply Chain Implications - The mining activities in these regions are aimed at ensuring a sufficient supply of raw materials for the company's alumina projects [1]

Group 1 - The core point of the news is that Yun Aluminum Co., Ltd. experienced a stock decline of 5.02%, with a current share price of 23.07 yuan and a total market capitalization of 800.06 billion yuan [1] - The company, established on March 20, 1998, and listed on April 8, 1998, is primarily engaged in bauxite mining, alumina production, aluminum smelting, aluminum processing, and the production of carbon products for aluminum [1] - The main revenue composition of the company includes 58.12% from electrolytic aluminum, 40.67% from aluminum processing products, and 1.21% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Haitong Asset Management has a significant position in Yun Aluminum, specifically the Guotai Haitong Vision Value Mixed Initiation A fund, which increased its holdings by 231,800 shares in the third quarter [2] - The fund currently holds 309,600 shares, representing 5.06% of the fund's net value, making it the fifth-largest holding [2] - The fund has a total scale of 77.7945 million yuan, with a year-to-date return of 15.33% and a one-year return of 18.44% [2]

Core Viewpoint - Yun Aluminum Co., Ltd. experienced a 5.02% decline in stock price, closing at 23.07 CNY per share, with a total market capitalization of 800.06 billion CNY [1] Company Overview - Yun Aluminum Co., Ltd. was established on March 20, 1998, and listed on April 8, 1998. The company is located in Chenggong District, Kunming City, Yunnan Province [1] - The main business activities include bauxite mining, alumina production, aluminum smelting, aluminum processing, and production of carbon products for aluminum [1] - The revenue composition is as follows: electrolytic aluminum 58.12%, aluminum processing products 40.67%, and others 1.21% [1] Fund Holdings - Silver Hua Fund has a significant holding in Yun Aluminum Co., Ltd. through its fund, Silver Hua Shanghai-Shenzhen Stock Connect Selected Mixed A (008116), which increased its holdings by 267,000 shares in the third quarter, totaling 826,500 shares, representing 6.11% of the fund's net value [2] - The fund has incurred an estimated floating loss of approximately 1.0083 million CNY as of the report date [2] Fund Performance - The fund was established on May 14, 2020, with a current scale of 164 million CNY. Year-to-date returns are 48.84%, ranking 1128 out of 8150 in its category; the one-year return is 37.05%, ranking 2090 out of 8043; and since inception, the return is 55.33% [2]

Core Viewpoint - Jefferies maintains a "Buy" rating for China Hongqiao (01378) and raises the target price from HKD 26.90 to HKD 34.1, citing strong performance from its core subsidiary and favorable supply-demand dynamics in the aluminum industry [1][3] Financial Performance - China Hongqiao's core subsidiary, Shandong Hongqiao, achieved a net profit of RMB 19.4 billion for the first three quarters of 2025, a year-on-year increase of 23%. The net profit for Q3 2025 alone reached RMB 6.9 billion, reflecting a quarter-on-quarter growth of 14.4% and a year-on-year growth of 17.6% [1] - The increase in aluminum and alumina prices contributed approximately RMB 500-600 million to the net profit in Q3, while cost savings from reduced electricity prices during the rainy season in Yunnan amounted to around RMB 300 million [1] Market Conditions - Since Q3 2025, aluminum prices have exceeded expectations due to improved macroeconomic conditions and optimized supply-demand dynamics, with current spot prices surpassing RMB 21,000 per ton [2] - Despite some price corrections in alumina and rising coal and electricity costs, if aluminum prices remain stable, the operating profit for China Hongqiao in Q4 is expected to be on par with Q3 [2] Valuation and Dividends - Jefferies has adjusted its net profit forecasts for China Hongqiao for 2025 and 2026 upwards by 4% and 8%, respectively, to RMB 25.9 billion and RMB 26.7 billion, based on aluminum price assumptions of RMB 20,600 and RMB 20,800 per ton [2] - The target price of HKD 34.1 corresponds to a dividend yield of nearly 6%, based on a projected payout ratio of 63% for 2024, highlighting the company's strong cash flow and commitment to shareholder returns through dividends and share buybacks [3]

1. Report Industry Investment Ratings The document does not provide industry investment ratings. 2. Report's Core View The report presents the market trends and outlooks for various commodities on November 4, 2025, including precious metals, base metals, energy, chemicals, agricultural products, and livestock. It also analyzes the fundamental data and macro - industry news of each commodity, and gives the trend strength ratings for each commodity. 3. Summary by Commodity Precious Metals - **Gold**: Attention should be paid to risks in US banks. The trend strength is 0. The price of Comex gold 2512 was 4013.70 with a 0.01% increase [2][5]. - **Silver**: It is expected to rebound in a volatile manner. The trend strength is 1. The price of Comex silver 2512 was 47.910 with a - 0.70% decrease [2][5]. Base Metals - **Copper**: A decrease in LME inventory restricts price decline. The trend strength is 0. The price of the Shanghai copper main contract was 87,300 with a 0.33% increase [2][9]. - **Zinc**: It is expected to run strongly. The trend strength is 0. The price of the Shanghai zinc main contract was 22,565 with a 0.94% increase [2][12]. - **Lead**: A continuous decrease in overseas inventory supports the price. The trend strength is 0. The price of the Shanghai lead main contract was 17,420 with a 0.17% increase [2][15]. - **Tin**: Attention should be paid to macro - impacts. The trend strength is 1. The price of the Shanghai tin main contract was 285,760 with a 0.65% increase [2][18]. - **Aluminum**: It is expected to fluctuate strongly. The trend strength is 1. The price of the Shanghai aluminum main contract was 21,600 with a 300 increase compared to T - 1 [2][22]. - **Alumina**: There is support at the bottom. The trend strength is 0. The price of the Shanghai alumina main contract was 2789 with a - 4 decrease compared to T - 1 [2][22]. - **Nickel**: Accumulated inventory at the smelting end suppresses the price, while uncertainties at the ore end provide support. The trend strength is 0. The price of the Shanghai nickel main contract was 120,950 with a 360 increase compared to T - 1 [2][26]. - **Stainless Steel**: The steel price is expected to fluctuate in a narrow range at a low level. The trend strength is 0. The price of the stainless - steel main contract was 12,630 with a - 25 decrease compared to T - 1 [2][26]. Energy and Chemicals - **Crude Oil - related**: - **LPG**: Demand improvement is limited, and the futures valuation is high [2][49]. - **Fuel Oil**: It is expected to fluctuate strongly, but weaker than low - sulfur fuel oil in the short term [2][53]. - **Low - Sulfur Fuel Oil**: There was a short - term adjustment in the night session, and the spot high - low sulfur spread in the overseas market continued to rise [2][53]. - **Chemicals**: - **PTA**: Demand is acceptable, but supply pressure still exists, and it is in a high - level volatile market [2][28]. - **MEG**: Supply pressure is large, and the trend is weak [2][28]. - **Rubber**: It is expected to fluctuate [2][30]. - **Synthetic Rubber**: The cost has collapsed, and it is running weakly [2][32]. - **Asphalt**: It fluctuates following crude oil [2][34]. - **LLDPE**: Unplanned maintenance has increased, and attention should be paid to import pressure [2][36]. - **PP**: It is expected to fluctuate in the medium term [2][37]. - **Caustic Soda**: Cost provides support, and it is in a volatile market [2][38]. - **Paper Pulp**: It is expected to fluctuate [2][40]. - **Glass**: The price of the original sheet is stable [2][42]. - **Methanol**: It is expected to run weakly [2][43]. - **Urea**: It is under pressure and fluctuating [2][45]. - **Styrene**: It is expected to fluctuate weakly [2][47]. - **Soda Ash**: There are few changes in the spot market [2][48]. Agricultural Products and Livestock - **Oils and Fats**: - **Palm Oil**: There is a lack of driving factors, and short - term support should be noted [2][61]. - **Soybean Oil**: The price of US soybeans has rebounded, and the spread between soybean oil and palm oil is expected to widen [2][61]. - **Grains and Oilseeds**: - **Soybean Meal**: US soybeans have reached a new high, and the domestic soybean meal may follow the rebound [2][63]. - **Soybean**: The start of state - reserve purchases has stabilized the market [2][63]. - **Corn**: It is expected to fluctuate [2][65]. - **Sugar and Cotton**: - **Sugar**: It is in a range - bound adjustment [2][66]. - **Cotton**: The impact of the price of seed cotton on cotton futures has weakened [2][67]. - **Livestock and Poultry**: - **Eggs**: They are expected to fluctuate and adjust [2][69]. - **Pigs**: The price center has further declined [2][70]. - **Peanuts**: Attention should be paid to the spot market [2][71].

Core Viewpoint - Jefferies maintains a "Buy" rating for China Hongqiao (01378) and raises the target price from HKD 26.90 to HKD 34.1, citing strong performance from its core subsidiary and favorable supply-demand dynamics in the aluminum industry [1][2]. Financial Performance - China Hongqiao's core subsidiary, Shandong Hongqiao, achieved a net profit of RMB 19.4 billion for the first three quarters of 2025, a year-on-year increase of 23%. The net profit for Q3 2025 alone reached RMB 6.9 billion, reflecting a quarter-on-quarter growth of 14.4% and a year-on-year growth of 17.6% [1]. - The increase in aluminum and alumina prices contributed approximately RMB 500-600 million to the net profit in Q3, while cost savings from reduced electricity prices during the rainy season in Yunnan added around RMB 300 million [1]. Market Conditions - Since Q3 2025, aluminum prices have exceeded expectations due to improved macroeconomic conditions and industry supply-demand optimization, with current spot prices surpassing RMB 21,000 per ton [2]. - Despite some price corrections in alumina and rising coal and electricity costs, if aluminum prices remain stable, the operating profit for China Hongqiao in Q4 is expected to match that of Q3 [2]. Debt and Valuation - The impact of convertible bond fair value changes on net profit is expected to decrease significantly in the second half of 2025, as the majority of the bonds issued in 2021 have been converted [2]. - Jefferies has raised its net profit forecasts for China Hongqiao for 2025 and 2026 by 4% and 8%, respectively, to RMB 25.9 billion and RMB 26.7 billion, based on aluminum price assumptions of RMB 20,600 and RMB 20,800 per ton [2]. Dividend and Shareholder Returns - Jefferies sets a target price based on a projected price-to-earnings ratio of 11 times for 2026, with a corresponding dividend yield of nearly 6% based on a 63% payout ratio for 2024 [3]. - The company continues to generate strong cash flow and provides substantial returns to shareholders through stable dividends (over 60% payout ratio) and share buybacks, which supports the "Buy" rating [3].

Group 1: Report Overview - Report Title: Aluminum Daily Report [1] - Date: November 4, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] Group 2: Investment Rating - Not provided in the report Group 3: Core View - On November 3, Shanghai aluminum opened high and went higher, with the main 2512 contract closing at 21,600 yuan/ton, a 1.48% increase, hitting a new high for the year. The spot market showed that although traders in East China increased shipments, downstream buyers were reluctant to purchase due to high prices. The import window was closed, and the pattern of strong overseas and weak domestic markets continued, with the spot import loss expanding to about -2,600 yuan/ton. The aluminum market is expected to remain strong in the follow - up under the support of a positive macro - environment [9]. Group 4: Market Review and Operation Suggestions Market Performance - On November 3, the main 2512 contract of Shanghai aluminum closed at 21,600 yuan/ton, up 1.48% [9]. - In the spot market, East China reported at par, Central China at a discount of -140, and South China at a discount of -150. The import window was closed, and the spot import loss expanded to about -2,600 yuan/ton [9]. Fundamental Analysis - Domestic bauxite remained tight. Mines in the north affected by environmental protection and the rainy season could resume production, but the specific time awaited government approval. The price increase of northern bauxite was expected to be limited due to high inventory and weak restocking willingness of alumina plants, while southern bauxite prices remained stable. Imported bauxite was sluggish, and the price of Guinean bauxite was under pressure. Policy disturbances in November should be noted [9]. - Alumina remained in surplus, and the import window was open, with pressure from overseas inflows. In the north, attention should be paid to the impact of environmental protection requirements after heating in November and annual carbon emission verifications. The low - price situation and long - term delivery obligations put great pressure on enterprises, and the spot long - term settlement price in November was close to the cash cost of high - cost production capacity, which might lead to production cuts [9]. - Cast aluminum alloy followed the trend of Shanghai aluminum. The supply of scrap aluminum was tight, providing strong cost support. After November, the traditional peak season basically ended, and it was expected to fluctuate at a high level following Shanghai aluminum [9]. - For electrolytic aluminum, the domestic operating capacity remained high with limited changes. The production cuts of Century Aluminum this month and the expected production cuts of Mozambique Aluminum next year might intensify the pattern of strong overseas and weak domestic markets. With positive macro - factors such as successful Sino - US economic and trade negotiations, the aluminum market was expected to be strong in the follow - up [9]. Group 5: Industry News - On October 30, the second - phase alumina project of the Guinea Aluminum Development Project of State Power Investment Corporation officially started. It is planned to build an alumina plant with an annual output of 1.2 million tons and supporting facilities, and is expected to be completed and put into operation in 2028 [10]. - Mercuria, a global commodity trading giant, is transporting over 30,000 tons of aluminum from Port Klang, Malaysia, to New Orleans, USA, presumably to meet the needs of its US customers. Mercuria's long - term holding of over 90% of LME aluminum warehouse receipts is considered the key factor for the premium of LME near - month aluminum contracts over far - month contracts [10]. - In 2025, the demand for aluminum cans in Japan (including domestic and imported cans) was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [10]. - The China Non - ferrous Metals Industry Association suggested implementing different strategies for the "anti - involution" of the non - ferrous metal smelting industry, including setting a production capacity "ceiling" for bulk metals, enhancing concentration through mergers and acquisitions for strategic metals, and guiding enterprises to transform towards personalization and high added - value [10].

Core Viewpoint - Jefferies has raised the target price for China Hongqiao following the robust third-quarter performance of its main subsidiary [1] Group 1 - Jefferies increased the target price from HKD 26.90 to HKD 34.10 [1] - The company maintains a "Buy" rating on China Hongqiao [1]