大通县着力构建"党委领导、政府推动、企业主体"的人才培养协同机制，围绕铝产业人才"引育留用"全 链条精准发力，通过精准招商签约年产20万吨铝等项目，衍生出工艺研发等新兴岗位人才需求；认真落 实"一企一策"工作举措，指导中铝青海分公司等重点企业制定《职工（劳模）创新工作室管理办法》等 制度，有效打通技术人才成长通道；围绕高端铝镁合金等新材料开展技术研发与人才培育，形成"以才 引才、以研育才"的良性循环；紧扣产业品牌建设，打造"一室一站一中心"创新矩阵，目前已建成7个劳 模和工匠人才创新工作室、3个省级企业技术中心、1个铝基新材料中试基地；实施"以名命名"激励机 制，推广《李斌MIG射流过渡铝母线焊接操作法》等职工先进操作法110项，极大激发了技术人才的创 新活力。 本报西宁讯 （记者 陶然） 12月10日，记者从西宁市大通回族土族自治县北川工业园区获悉，大通县聚 焦铝产业高质量发展，持续建强人才队伍，近3年累计推动完成铝产业技术革新项目864项，获得国家专 利授权65项，培养技术骨干400余名，为"青海绿铝·高原铝谷"产业品牌建设提供坚实人才支撑。 为打造人才代际接力"生力军"，大通县以全国劳动模范、全国技术能 ...

来源：魏桥创业 中国宏桥集团有限公司（股份代号：1378.HK，以下简称"中国宏桥"）于香港股票分析师协会"第十四 届上市公司年度大奖2025"中荣膺"上市公司年度大奖"。颁奖典礼日前于香港君悦酒店盛大举行，多位 香港政府官员及金融业界代表出席并主礼。此次获奖是对中国宏桥企业管治文化的认可，也彰显了中国 宏桥在推动行业创新与实现可持续发展方面的专业成果。 展望未来，中国宏桥将坚守"为国创业，为民造福"的初心，充分发挥自身规模、资源整合及市场拓展等 方面优势，携手上下游企业共建"铝业云平台"，推动产业链协同创新，引领铝业更高质量发展。 关于香港股票分析师协会 香港股票分析师协会自2002年创立至今，始终致力于为业界制定更高水平的专业标准，推广专业知识， 培训金融业人才，提升大众对金融市场的认知，从而提高香港作为金融中心的地位。协会吸纳了超过 200位专业分析师会员，是行业十大商会之一。协会理事会成员在香港特别行政区金融服务界选委会选 举中拥有投票权，因此在金融业界具有一定的代表性。 第十四届"上市公司年度大奖2025"由香港股票分析师协会联同HOY TV 举办，旨在表彰表现卓越的上市 公司。通过嘉许其优秀的企业 ...

Core Viewpoint - Tianshan Aluminum has completed the registration of business changes and obtained a new business license, indicating a significant operational shift for the company [2] Group 1: Company Changes - The company has changed its registered address from "Daxizhen Dayangcheng Industrial Zone, Wenling City, Zhejiang Province" to "No. 1, North Ersan Road, North Industrial Park, Shihezi City, Xinjiang" [2] - The new business license was issued by the Market Supervision Administration of the Eighth Division of the Xinjiang Production and Construction Corps [2]

Core Viewpoint - The alumina market is experiencing fluctuations, with the main contract showing a slight increase, while spot prices are declining due to oversupply and reduced demand from downstream buyers [1][2]. Group 1: Market Performance - As of December 23, the main alumina contract (2601) closed at 2520 yuan, up 19 yuan, reflecting a 0.76% increase [1]. - Total trading volume for 11 contracts reached 503,529 lots, an increase of 59,007 lots or 13.27% compared to the previous trading day [1]. - Open interest decreased by 9,915 lots, a decline of 1.50%, totaling 650,562 lots [1]. Group 2: Spot Prices - Domestic spot prices for alumina have decreased, with prices in various regions reported as follows: - South China: 2780-2830 yuan per ton, down 10 yuan from the previous day [1]. - East China: 2690-2730 yuan per ton, unchanged from the previous day [1]. - Southwest: 2785-2825 yuan per ton, down 5 yuan [1]. - Northwest: 2920-2960 yuan per ton, down 5 yuan [1]. Group 3: Supply and Demand Dynamics - On the supply side, while northern mines are gradually resuming production, the stability of supply remains inadequate, and domestic ore inventories are low [2]. - Alumina imports have increased by 22.87% year-on-year, which has weakened price support on the cost side [2]. - Demand from downstream aluminum plants is decreasing due to high inventory levels, leading to reduced purchasing interest for spot alumina [2]. - The market is expected to remain in a state of oversupply, with social inventories accumulating and cash costs still allowing for profit margins [2].

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Group 1 - The geopolitical tensions in the Middle East have intensified, leading to increased market risk aversion, which has negatively impacted aluminum prices, with LME aluminum closing at $2,941 per ton, down $15 or 0.49% [1][2] - Domestic electrolytic aluminum supply remains stable, with no significant disruptions, while downstream operations have declined, leading to weaker consumption as the New Year approaches [2][3] - The overall aluminum consumption situation is still acceptable due to resilient demand from the new energy sector, although high aluminum prices are dampening downstream purchasing enthusiasm [2][3] Group 2 - The trading volume in the aluminum futures market has decreased, with LME aluminum trading volume dropping by 6,526 contracts to 15,068 contracts [1] - The current social inventory of electrolytic aluminum has not fully entered the accumulation phase and remains at a low level, providing some support for aluminum prices [2] - Short-term forecasts indicate a potential decline in spot aluminum prices due to weakening consumption [3]

Core Viewpoint - The LME aluminum futures prices experienced slight fluctuations, with a current price of $2939 per ton, reflecting a decrease of 0.09% from the opening price [1] Group 1: LME Aluminum Futures Market - On December 22, LME aluminum futures opened at $2955.0, reached a high of $2968.0, and closed at $2941.0, marking a decline of 0.49% [1] - The trading range for December 23 saw prices fluctuate between a high of $2945.5 and a low of $2926 [1] Group 2: Global Aluminum Production Data - According to the International Aluminum Institute (IAI), global primary aluminum production in November 2025 was 6.086 million tons, up from 6.058 million tons in the same month last year, but down from a revised figure of 6.292 million tons from the previous month [1] - China's primary aluminum production for November is estimated at 3.647 million tons, a decrease from the revised figure of 3.766 million tons from the previous month [1] Group 3: Market Indicators - As of December 22, the electrolytic aluminum spot price ratio between Shanghai and London was 7.43, with an import loss of -2466.39 yuan per ton, compared to -2148.39 yuan per ton from the previous trading day [1] - The LME reported aluminum registered warrants at 445,200 tons, with canceled warrants increasing by 600 tons to a total of 74,400 tons, while aluminum inventory remained stable at 519,600 tons [1]

Report Industry Investment Rating - Aluminum: Cautiously bullish; Alumina: Cautiously bearish; Aluminum alloy: Cautiously bullish; Arbitrage: Neutral [9] Core View - In the short term, aluminum consumption is entering the off - season, spot discounts are widening, social inventory is difficult to reduce, and high - frequency fundamental data restricts the upside of aluminum prices. In the long run, overseas power costs may increase, and there may be additional sudden production cuts. The absolute value of domestic inventory is still low, and with the expectation of interest rate and reserve requirement cuts in China, the decline in aluminum prices is limited. For alumina, the supply - surplus pattern remains unchanged, and social inventory will continue to increase [6][8] Summary by Related Catalogs Aluminum Spot - East China A00 aluminum price is 21,930 yuan/ton, with a change of 110 yuan/ton from the previous trading day; the spot premium/discount is - 170 yuan/ton, with a change of - 20 yuan/ton. Central China A00 aluminum price is 21,770 yuan/ton, and the spot premium/discount changes - 50 yuan/ton to - 330 yuan/ton. Foshan A00 aluminum price is 21,860 yuan/ton, with a change of 110 yuan/ton, and the aluminum spot premium/discount changes - 20 yuan/ton to - 240 yuan/ton [1] Aluminum Futures - On December 22, 2025, the main Shanghai aluminum contract opened at 22,295 yuan/ton, closed at 22,220 yuan/ton (a change of 180 yuan/ton from the previous trading day), with a maximum price of 22,365 yuan/ton and a minimum price of 22,095 yuan/ton. The trading volume for the day was 253,929 lots, and the position was 314,299 lots [2] Inventory - As of December 22, 2025, the domestic social inventory of electrolytic aluminum ingots was 600,000 tons, a change of 22,000 tons from the previous period; the warrant inventory was 76,088 tons, a change of - 100 tons from the previous trading day; LME aluminum inventory was 519,600 tons, with no change from the previous trading day [2] Alumina Spot Price - On December 22, 2025, the SMM alumina price in Shanxi was 2,730 yuan/ton, in Shandong was 2,655 yuan/ton, in Henan was 2,750 yuan/ton, in Guangxi was 2,800 yuan/ton, in Guizhou was 2,830 yuan/ton, and the Australian alumina FOB price was 313 US dollars/ton [2] Alumina Futures - On December 22, 2025, the main alumina contract opened at 2,504 yuan/ton and closed at 2,498 yuan/ton (a change of - 26 yuan/ton from the previous trading day's closing price, a change rate of - 1.03%), with a maximum price of 2,526 yuan/ton and a minimum price of 2,473 yuan/ton. The trading volume for the day was 170,083 lots, and the position was 151,207 lots [2] Aluminum Alloy Price - On December 22, 2025, the Baotai civil raw aluminum purchase price was 16,700 yuan/ton, the mechanical raw aluminum purchase price was 17,000 yuan/ton, and the prices were unchanged from the previous day. The Baotai ADC12 quotation was 21,300 yuan/ton, also unchanged from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy was 72,300 tons, and the in - plant inventory was 58,300 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost was 21,188 yuan/ton, and the theoretical profit was 12 yuan/ton [5] Market Analysis of Alumina - The procurement tender price of 10,000 tons of alumina delivered to Xinjiang electrolytic aluminum plants is 2,940 - 2,950 yuan/ton, a decrease of 30 - 40 yuan/ton compared with the previous period. The 1Q2026 long - term contract price of Guinea bauxite is 66.5 US dollars/ton, and the price in Q4 2025 was 72 US dollars/ton. The supply - surplus pattern of alumina remains unchanged, and social inventory will continue to increase. Electrolytic aluminum plants have sufficient raw material inventory, and the winter storage expectation is low [7][8]

Core Viewpoint - The International Aluminium Institute (IAI) reported a year-on-year increase of 0.5% in global primary aluminum production for November, reaching 6.086 million tons, with a daily average production of 202,900 tons [1] Group 1: Global Production Data - In November, global primary aluminum production increased to 6.086 million tons, reflecting a 0.5% year-on-year growth [1] - The daily average production for November was recorded at 202,900 tons [1] Group 2: Excluding China and Unreported Regions - Excluding China and unreported regions, the primary aluminum production in November was 2.233 million tons [1] - The daily average production, excluding these areas, was 74,400 tons [1]

gtaxinstitute@essence.com.cn 综合晨报 国投期货研究院 隔夜沪铝窄幅波动。铝市基本面矛盾依然有限,社库窄幅波动,表观需求并无亮眼表现。短期宏观 主导，宽松交易延续,贵金属和有色多品种创新高,沪铝跟涨为主,多头背靠40日线持有,关注前 高位置阻力。 【铸造铝合金】 昨日保太ADC12现货报价上调100元至21300元。 铸造铝行业库存和交易所仓单窄幅波动, 税务调整 令部分地区成本面临上调。宏观驱动下铸造铝合金高位跟涨乏力，与沪铝价差维持千元附近。 (氧化铝) (原油) 美方人员21日在委内瑞拉附近国际水域拦截油轮并登船检查，这是不到两周时间里，美国为施压委 内瑞拉而实施拦截的第三艘油轮。乌克兰无人机在黑海港口袭击了俄罗斯船只。她缘紧张关系的持 续升级加剧了市场对原油供应中断的忧虑,原油价格反弹。 【责金属】 隔夜贵金属延续强势。近期美国数据有利于降息的延续,地缘方面以色列和伊朗、美国和委内瑞拉 之间现紧张氛围。黄金周一突破前高刷新历史新高，贵金属短期趋势得到强化。国内资金是铂把多 头主力,外盘跟涨内盘为主,国内积极计价远月铂供不应求,推升内外价差,但内外盘合约月份不 匹配,价格可比 ...