Group 1 - Two A-shares are set for equity registration today, with both companies planning to distribute dividends [1] - The dividend registration date for the two stocks is January 16, with Vision Intelligence and Aladdin offering the highest dividends of 3.00 yuan and 0.70 yuan per 10 shares, respectively [1] - Additionally, three other stocks have announced dividend distribution plans, with Life Pharmaceutical and Tianshan Aluminum proposing the highest dividends of 3.0 yuan and 1.0 yuan per 10 shares, respectively [1]

证券时报·数据宝统计显示，华峰铝业今日收盘价为20.25元，上涨3.00%，日换手率为1.19%，成交额为 2.37亿元，全天主力资金净流入1099.89万元，近5日该股累计上涨2.22%，近5日资金合计净流入2148.36 万元。 两融数据显示，该股最新融资余额为9578.12万元，近5日增加22.44万元，增幅为0.23%。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | | --- | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | | 210.00 | 3943.80 | 18.78 | -7.26 | 机构专用 | | 浙商证券股份有限 | | | | | | | | 公司温州分公司 | | 80.00 | 1502.40 | 18.78 | -7.26 | 机构专用 | | 浙商证券股份有限 | | | | | | | | 公司温州分公司 | | 70.00 | 1314.60 | 18.78 | -7.26 | 机 ...

Group 1: Aluminum Price Trends - Since December 2025, domestic aluminum prices have entered a strong upward trend, reaching a historical high of 24,690 yuan/ton by January 14, 2026, driven by recovering downstream demand and supply contraction [1] - The current market conditions have established a "difficult to decline" scenario for aluminum prices, indicating a new cycle for the aluminum industry and injecting strong growth momentum into upstream aluminum consumables [2] - The demand for aluminum has been significantly boosted by the global energy transition, particularly in sectors like electric vehicles and power grid construction, with a revised forecast for China's electrolytic aluminum consumption growth rate increasing from 1.0% to 2.6% for 2025 [3] Group 2: Company Overview - Suotong Development - Suotong Development, a leading company in the prebaked anode industry, is expected to benefit from the rising aluminum prices due to its scale, technology, and customer advantages [2] - The company has been deeply involved in the prebaked anode sector for over 20 years and is positioned to meet the increasing demand from downstream electrolytic aluminum enterprises as they accelerate investment [4] - Suotong Development aims to achieve a production capacity of 5 million tons, with a projected signed capacity of over 4.8 million tons by 2025, and is actively pursuing international expansion through joint ventures [5] Group 3: Market Dynamics and Future Outlook - The supply-demand imbalance in the electrolytic aluminum industry is expected to tighten further, with a projected supply gap of approximately 210,000 tons in 2026, indicating continued upward momentum for aluminum prices [5] - The rising aluminum prices are anticipated to open a new cycle for the aluminum industry chain, positively impacting the prebaked anode sector's market conditions [5] - Suotong Development is well-positioned to leverage its comprehensive advantages to capture the benefits of rising prices in the downstream electrolytic aluminum market, advancing towards a new phase of high-quality global development [5]

华峰铝业公告称，2026年1月15日，尤小华通过集中竞价累计减持97万股、大宗交易累计减持616.4万 股，合计占公司股份总数的0.72%。本次权益变动后，公司控股股东及其一致行动人持股比例由70.71% 降至70%，触及5%刻度。此次变动为履行减持计划，不触及要约收购，不会导致实控人变化，对公司 经营无重大影响。 ...

Industry Outlook - Morgan Stanley forecasts that the MSCI China Materials Index will outperform the MSCI China Index by 65 percentage points in 2025, driven by supply dynamics [1] - The index is expected to continue its outperformance in 2026 due to supply disruptions and increased merger activities [1] - The preference order for the Chinese basic materials industry in 2026 is copper/gold, aluminum, lithium, coal, and steel [3] Company Performance - China Hongqiao's rating is maintained at "Overweight," with the target price raised from HKD 34 to HKD 40, citing its integrated model as a cost advantage [1][4] - Zijin Mining is highlighted as a top pick for 2026 due to its exposure to copper/gold [4] - Jiangxi Copper's rating is upgraded to "Neutral," despite a recent stock price increase of over 40% [4] - Baosteel's rating is downgraded to "Neutral," while Angang Steel's rating is downgraded to "Underweight" due to expected declines in steel profit margins [5] Supply Chain Dynamics - Ongoing supply disruptions include maintenance at South32's Mozal aluminum smelter and a strike at Capstone Copper's Mantoverde copper-gold mine, which is expected to reduce copper supply by 77,000 tons [2] - The demand growth for basic metals in China is projected to stabilize, with copper and aluminum demand growth rates expected at 2.5% and 1.5%, respectively [3]

Core Viewpoint - Innovation New Materials has shown a positive stock performance with a year-to-date increase of 7.31% and a recent trading volume indicating strong investor interest [2] Group 1: Stock Performance - As of January 15, the stock price increased by 2.02%, reaching 4.55 CNY per share, with a trading volume of 1.02 billion CNY and a turnover rate of 0.60% [1] - The stock has experienced a 3.88% increase over the last five trading days, an 8.59% increase over the last 20 days, and a 4.36% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 587.16 billion CNY, reflecting a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 7.09 billion CNY, down 10.28% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 17.96 billion CNY, with 8.31 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of December 31, the number of shareholders increased to 63,700, a rise of 0.44%, while the average circulating shares per person decreased by 0.44% to 58,986 shares [2] - The top ten circulating shareholders include the Southern CSI 500 ETF, which holds 22.73 million shares as a new shareholder [3] 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 revenue composition includes 61.01% from bars, 23.66% from aluminum rods and cables, 7.18% from sheets and foils, 5.82% from profiles, and 2.16% from other sources [2]

资料显示，云南铝业股份有限公司位于云南省昆明市呈贡区七甸街道，成立日期1998年3月20日，上市 日期1998年4月8日，公司主营业务涉及铝土矿开采、氧化铝生产、铝冶炼、铝加工及铝用炭素生产。主 营业务收入构成为：电解铝58.12%，铝加工产品40.67%，其他1.21%。 1月15日，云铝股份盘中上涨2.02%，截至09:52，报33.35元/股，成交8.22亿元，换手率0.72%，总市值 1156.56亿元。 资金流向方面，主力资金净流入5368.18万元，特大单买入1.00亿元，占比12.22%，卖出6668.81万元， 占比8.12%；大单买入2.69亿元，占比32.75%，卖出2.49亿元，占比30.32%。 云铝股份今年以来股价涨1.55%，近5个交易日涨0.63%，近20日涨25.56%，近60日涨53.83%。 分红方面，云铝股份A股上市后累计派现60.69亿元。近三年，累计派现38.84亿元。 机构持仓方面，截止2025年9月30日，云铝股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2.69亿股，相比上期增加7209.36万股。华泰柏瑞沪深300ETF（510300）位居 ...

Group 1 - The core viewpoint of the news is that Ding Sheng New Materials has shown significant stock performance and financial growth, with a notable increase in revenue and net profit year-on-year [1][2] - As of January 15, Ding Sheng New Materials' stock price increased by 6.06% since the beginning of the year, with a recent drop of 2.21% over the last five trading days, but a substantial rise of 31.68% over the last 20 days and 44.46% over the last 60 days [1] - The company specializes in the research, production, and sales of aluminum foil, with its main business revenue composition being 85.57% from aluminum foil products, 12.80% from aluminum plates and strips, and 1.64% from other sources [1] Group 2 - As of December 20, the number of shareholders for Ding Sheng New Materials decreased by 16.89% to 42,800, while the average circulating shares per person increased by 20.33% to 21,711 shares [2] - For the period from January to September 2025, Ding Sheng New Materials achieved an operating revenue of 19.604 billion yuan, representing a year-on-year growth of 11.29%, and a net profit attributable to shareholders of 307 million yuan, up 36.61% year-on-year [2] - Since its A-share listing, Ding Sheng New Materials has distributed a total of 949 million yuan in dividends, with 720 million yuan distributed over the past three years [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Copper prices have significantly increased recently, driven by the potential US refined copper tariff - expected inventory transfer to the US and investment fund inflow. Future copper price performance depends on terminal demand under high - price conditions, US restocking, and Chinese demand recovery. It is expected to accumulate inventory steeply before the Spring Festival and de - stock quickly after the Spring Festival [1] - Aluminum's spot and futures prices are dominated by expected trading, with increased price fluctuations. Domestic apparent demand is weaker than previously judged, and the strong expectation can support the current high price [1][2] - Zinc's domestic fundamentals are poor, but there is a temporary supply reduction at the end of the year. The price may not decline significantly. It is advisable to wait and see for unilateral trading, focus on reverse arbitrage opportunities between domestic and overseas markets, and positive arbitrage opportunities in the monthly spread [5] - Nickel's short - term fundamental situation is weak, with a slight decline in pure nickel production, weak demand, and a slowdown in domestic inventory accumulation. The policy and fundamentals are in a short - term game [6][7] - Stainless steel's fundamentals are relatively weak, with high - level steel mill production, mainly rigid demand, and high - level inventories with a slight reduction. The price is mainly driven by nickel price changes recently [11] - Lead prices are oscillating at a high level following the macro - situation. Supply and demand are in a complex state, and it is expected that lead prices will continue to oscillate next week. Attention should be paid to the risk of low warehouse receipts [12] - Tin prices have risen this week. There are supply disturbances in major global suppliers, and downstream restocking is strong. The price has strong support in the short term, and it can be a multi - allocation for non - ferrous metals in the first quarter. However, there are risks of large - scale inventory accumulation in the overseas LME in the long - term [13] - Industrial silicon's supply and demand are approaching balance in the short term, and the price is expected to oscillate with costs. In the long - term, the price is expected to oscillate at the bottom of the cycle based on seasonal marginal costs [16] - Lithium carbonate prices have risen recently, driven by potential resource - end disturbances, increased iron - lithium processing fees, and macro - sentiment. Upstream sales strategies are changing, while downstream procurement is cautious [19] 3. Summary by Metal Type Copper - **Price and Inventory**: From January 8 - 14, 2026, the spot premium of Shanghai copper changed by 25, the waste - refined copper spread increased by 1252, the SHFE inventory remained unchanged, and the SHFE warehouse receipts increased by 27212. The spot import profit increased by 191.03, and the three - month import profit increased by 282.64 [1] - **Market Outlook**: The recent increase in copper prices is due to the potential US refined copper tariff and investment fund inflow. Future performance depends on terminal demand, US restocking, and Chinese demand [1] Aluminum - **Price and Inventory**: From January 8 - 14, 2026, the Shanghai aluminum ingot price increased by 370, the Yangtze River aluminum ingot price increased by 370, and the Guangdong aluminum ingot price increased by 380. The domestic alumina price decreased by 1, and the import alumina price remained unchanged. The Shanghai aluminum social inventory had no change record, and the aluminum exchange inventory remained unchanged [1] - **Market Situation**: The spot and futures prices are affected by expected trading. Domestic apparent demand is weaker than expected, with poor automobile terminal sales and good short - term demand from photovoltaic installations [1][2] Zinc - **Price and Inventory**: From January 8 - 14, 2026, the spot premium of zinc remained at 70, the Shanghai zinc ingot price increased by 240, the Tianjin zinc ingot price increased by 270, and the Guangdong zinc ingot price increased by 260. The zinc social inventory remained unchanged, and the SHFE zinc exchange inventory remained unchanged [5] - **Supply and Demand**: The domestic and imported TC of zinc is accelerating its decline. The domestic zinc ore is tightening marginally from the fourth quarter to the first quarter of next year. Demand is seasonally weak domestically and generally normal overseas [5] - **Strategy**: It is advisable to wait and see for unilateral trading, focus on reverse arbitrage between domestic and overseas markets, and positive arbitrage in the monthly spread [5] Nickel - **Price and Inventory**: From January 8 - 14, 2026, the price of 1.5% Philippine nickel ore remained at 55.0, the Shanghai nickel spot price increased by 1000, and the Jinchuan premium decreased by 150. The LME inventory increased by 510, and the LME注销仓单 increased by 702 [6] - **Market Situation**: The short - term fundamental situation is weak, with a slight decline in pure nickel production, weak demand, and a slowdown in domestic inventory accumulation. The policy and fundamentals are in a short - term game [6][7] Stainless Steel - **Price and Inventory**: From January 8 - 14, 2026, the 304 cold - rolled coil price remained unchanged, the 304 hot - rolled coil price increased by 50, and the waste stainless steel price increased by 150. The inventory is at a high level with a slight reduction [11] - **Market Situation**: The fundamentals are relatively weak, with high - level steel mill production, mainly rigid demand, and the price is mainly driven by nickel price changes recently [11] Lead - **Price and Inventory**: From January 8 - 14, 2026, the spot premium of lead decreased by 5, the Shanghai - Henan price difference remained unchanged, and the Shanghai - Guangdong price difference remained unchanged. The LME inventory decreased by 3725, and the LME注销仓单 decreased by 3200 [12] - **Market Situation**: Lead prices are oscillating at a high level following the macro - situation. Supply and demand are in a complex state, and it is expected that lead prices will continue to oscillate next week [12] Tin - **Price and Inventory**: From January 8 - 14, 2026, the spot import profit decreased by 1317.95, the spot export profit decreased by 2293.37, and the tin position increased by 11997. The LME inventory remained unchanged, and the LME注销仓单 decreased by 10 [12] - **Market Situation**: Tin prices have risen this week. There are supply disturbances in major global suppliers, and downstream restocking is strong. The price has strong support in the short term [13] Industrial Silicon - **Price and Inventory**: From January 8 - 14, 2026, the 421 Yunnan basis decreased by 120, the 421 Sichuan basis decreased by 120, the 553 East China basis decreased by 120, the 553 Tianjin basis decreased by 120, and the warehouse receipt quantity increased by 12 [16] - **Market Situation**: Supply and demand are approaching balance in the short term, and the price is expected to oscillate with costs. In the long - term, the price is expected to oscillate at the bottom of the cycle based on seasonal marginal costs [16] Lithium Carbonate - **Price and Inventory**: From January 8 - 14, 2026, the SMM electric - grade lithium carbonate price increased by 3500, the SMM industrial - grade lithium carbonate price increased by 3500, the main - contract basis increased by 8540, the near - month contract basis increased by 3500, and the warehouse receipt quantity increased by 260 [19] - **Market Situation**: Lithium carbonate prices have risen recently, driven by potential resource - end disturbances, increased iron - lithium processing fees, and macro - sentiment. Upstream sales strategies are changing, while downstream procurement is cautious [19]

Core Viewpoint - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) starting January 1 will significantly impact China's high-carbon industries, particularly steel and aluminum exports to the EU, which account for approximately 3.5% of China's total exports to the EU [2][3]. Group 1: Short-term Impact - The initial pressure from CBAM is manageable, with a starting carbon cost of only 2.5%, allowing Chinese companies to maintain competitive pricing in the short term [4]. - The default emission values set by the EU for Chinese products are generally higher than the global average, creating an unfair barrier for Chinese exporters [4]. - The steel industry, in particular, may face increased export tariffs and competitive pressure, especially for companies that do not conduct their own carbon assessments [3][4]. Group 2: Compliance and Adaptation - Chinese exporters need to shift from relying on default values for carbon reporting to establishing their own carbon monitoring and reporting systems [5][6]. - Over 90% of Chinese companies used global average default values during the trial phase, which will lead to increased carbon costs once country-specific values are published [5]. - Companies are encouraged to engage with third-party certification bodies to enhance the credibility of their carbon data and compliance [6]. Group 3: Long-term Strategy - The transition to low-carbon operations should be a key focus for companies aiming to expand in international markets, with an emphasis on developing green products and processes [8]. - The CBAM will expand to include around 180 downstream products by 2028, necessitating a comprehensive approach to carbon footprint management across the entire supply chain [8]. - Companies should evaluate potential partners based on their carbon data transparency and low-carbon transition plans to ensure compliance and competitiveness in the future [8]. Group 4: External Environment and Policy - The Chinese government advocates for fair trade practices and is prepared to take necessary measures against any unfair trade restrictions imposed by the EU [9]. - There is a call for improvements in the domestic carbon market, including the introduction of auction mechanisms and negotiations with the EU for recognition of China's carbon pricing [9].