10月29日，上证指数上涨0.7%，深证成指上涨1.95%，创业板指上涨2.93%。盘后龙虎榜数据显示，共 有52只个股因当日异动登上龙虎榜，资金净流入最多的是南山铝业（600219.SH），达3.99亿元。 据21投资通智能监测，35只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及0只。 52只上榜的龙虎榜个股中，27只个股被净买入，25只个股被净卖出。其中，资金净买入最多的是南山铝 业，达3.99亿元，占总成交金额的13.99%。南山铝业当日收盘上涨10.12%，换手率为5.55%。 | 名称 | 涨跌幅 | 戊席榜净买 | 净买额占 | | | | --- | --- | --- | --- | --- | --- | | | | 额(万元 | 总成交比 | | | | 南山铝业 | 10.12% | 39935 | 13.99% | 5.55% | 1家机构买入,成功 | | | | | | | 率46.71% | | 阿特斯 | 19.97% | 32486 | 14.34% | 11.69% | 2家机构买入,成功 | | | | | | | 率47.18% | | 山子高科 | 9 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The alumina fundamentals may be in a stage of reduced supply and slightly boosted demand, and the alumina price may be supported. It is recommended to conduct light - position short - long trading at low prices, paying attention to controlling the rhythm and trading risks [2]. - The fundamentals of Shanghai aluminum may be in a stage of slight supply increase and strong consumption, with industrial inventory depletion and positive expectations. It is recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. - The fundamentals of cast aluminum may be in a stage of tight supply - demand balance, with inventory depletion and positive expectations. It is recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract was 21,295 yuan/ton, up 155 yuan; the closing price of the alumina futures main contract was 2,879 yuan/ton, up 62 yuan [2]. - The LME electrolytic aluminum three - month quotation was 2,894 US dollars/ton, up 15.5 US dollars; the LME aluminum inventory was 465,650 tons, down 3,625 tons [2]. - The closing price of the cast aluminum alloy main contract was 20,690 yuan/ton, up 115 yuan; the registered warehouse receipts of the cast aluminum alloy on the Shanghai Futures Exchange were 50,636 tons, up 1,800 tons [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous A00 aluminum was 21,170 yuan/ton, up 10 yuan; the spot price of alumina in Shanghai Non - ferrous was 2,790 yuan/ton, unchanged [2]. - The basis of cast aluminum alloy was 510 yuan/ton, down 200 yuan; the basis of electrolytic aluminum was - 125 yuan/ton, down 145 yuan [2]. 3.3 Upstream Situation - The alumina production was 799.90 million tons, up 7.42 million tons; the demand for alumina (electrolytic aluminum part) was 704.31 million tons, down 21.49 million tons [2]. - The import volume of alumina was 6.00 million tons, down 3.44 million tons; the export volume of alumina was 25.00 million tons, up 7.00 million tons [2]. 3.4 Industry Situation - The electrolytic aluminum social inventory was 57.60 million tons, up 0.80 million tons; the total electrolytic aluminum production capacity was 4,523.20 million tons, unchanged [2]. - The primary aluminum import volume was 246,797.10 tons, up 31,034.96 tons; the primary aluminum export volume was 28,969.92 tons, up 3,365.58 tons [2]. 3.5 Downstream and Application - The aluminum product production was 590.00 million tons; the aluminum alloy production was 177.60 million tons [2]. - The automobile production was 322.65 million vehicles, up 47.42 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum was 9.61%, up 0.14%; the 40 - day historical volatility of Shanghai aluminum was 8.25%, up 0.14% [2]. - The implied volatility of the at - the - money IV of the Shanghai aluminum main contract was 10.61%, down 0.0235; the call - put ratio of Shanghai aluminum options was 1.33, down 0.0509 [2]. 3.7 Industry News - The "15th Five - Year Plan" suggestions were released, aiming to develop strategic emerging industries and promote key core technology breakthroughs in key fields [2]. - The central bank governor said that the moderately loose monetary policy would be implemented in detail, and new policy measures would be studied and reserved [2]. - The U.S. Senate failed to pass the procedural vote on the bill to end the government shutdown [2]. - ADP will launch weekly employment data, and the average number of private - sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11 [2].

Group 1 - The core viewpoint indicates that domestic aluminum futures are showing a strong performance, with the main contract reported at 21,290.00 yuan/ton, a slight increase of 0.33% as of the report date [1] - During the period from October 20 to October 26, the domestic aluminum rod inventory was 43,000 tons, remaining stable compared to the previous week [2] - Rio Tinto announced that its Tomago aluminum smelter in New South Wales is facing high electricity costs and has initiated discussions with employees regarding operational prospects, considering the possibility of ceasing operations after the current electricity supply contract expires [2] Group 2 - According to a Reuters survey, the average price of LME aluminum is expected to be $2,598 per ton in 2025 and $2,679 per ton in 2026, which is higher than the projected $2,418 per ton in 2024. The aluminum market is anticipated to have a surplus of 236,000 tons in 2025 and 250,000 tons in 2026 [2] - Hongye Futures reported a slight improvement in domestic aluminum spot demand, with August aluminum exports around 520,000 tons, remaining stable, and a year-on-year increase of 1.8% in China's aluminum production in August [3] - Zhongcai Futures noted that while electrolytic aluminum operating capacity remains high with substantial profits, the approaching traditional off-season is leading to a divergence in downstream operating rates, resulting in an overall weakening. Domestic and international aluminum ingot inventories have slightly decreased, and concerns over market conditions are supported by the potential for a Federal Reserve interest rate cut [3]

Core Insights - EGA announced the expansion of its Spectro Alloys recycling facility in Minnesota, USA, which will include a metallurgical testing laboratory to enhance the quality of recycled aluminum [1] - The expansion will add 55,000 tons of capacity, bringing the total to 165,000 tons per year, with production expected to commence in 2026 [1]

Core Points - Minfa Aluminum Industry Co., Ltd. experienced a stock price increase of 5.16%, reaching 3.87 CNY per share, with a trading volume of 464 million CNY and a turnover rate of 14.53%, resulting in a total market capitalization of 3.632 billion CNY [1] - The company, established on September 15, 1997, and listed on April 28, 2011, specializes in the research, production, and sales of architectural aluminum profiles, industrial aluminum profiles, and aluminum formwork [1] - The main revenue composition of the company includes 97.02% from aluminum profile sales, 1.22% from aluminum formwork leasing and installation, 1.10% from other sources, 0.61% from aluminum formwork sales, and 0.05% from water purification agents [1] Shareholder Information - Among the top ten circulating shareholders of Minfa Aluminum, a fund under Jinyuan Shun'an Fund holds a position, having reduced its holdings by 35,500 shares in the third quarter, now owning 3.2645 million shares, which accounts for 0.38% of the circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) has achieved a year-to-date return of 37.62%, ranking 2181 out of 8155 in its category, and a one-year return of 42.35%, ranking 1429 out of 8031 [2] Fund Management - The fund manager of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is Miao Weibin, who has been in the position for 8 years and 320 days, managing a total fund size of 1.432 billion CNY [3] - During Miao Weibin's tenure, the best fund return was 542.69%, while the worst return was -28.79% [3]

Group 1 - The core viewpoint of the news is that Electric Power Investment Energy Co., Ltd. has seen a stock price increase of 5.31%, reaching 25.58 CNY per share, with a total market capitalization of 57.339 billion CNY [1] - The company is primarily engaged in the production, processing, and sales of coal products, with its main business revenue composition being: aluminum products 55.11%, coal products 30.29%, electricity products 13.02%, and others 1.59% [1] - The company is located in Tongliao City, Inner Mongolia, and was established on December 18, 2001, with its listing date on April 18, 2007 [1] Group 2 - From the perspective of fund holdings, Xiangcai Fund has a significant position in Electric Power Investment Energy, with the Xiangcai Hongli Quantitative Stock Mixed A Fund holding 9,500 shares, accounting for 2.42% of the fund's net value [2] - The fund has achieved a year-to-date return of 12.69%, ranking 5,519 out of 8,155 in its category, and a one-year return of 8.63%, ranking 5,905 out of 8,031 [2] - The fund manager, Bao Jiamin, has been in the position for 1 year and 240 days, with the best fund return during this period being 53.68% [3]

Core Viewpoint - China Aluminum achieved a net profit of 10.87 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 20.65% [1] Financial Performance - Q3 net profit reached 3.8 billion yuan, showing a quarter-on-quarter increase of 7.6% and a year-on-year increase of 90.3% [1] - The company's main product output increased year-on-year, contributing to the positive performance [1] Cost and Revenue Analysis - In Q3, operating costs decreased by 860 million yuan, while taxes and additional fees reduced by 280 million yuan [1] - Management and R&D expenses changed by -410 million yuan and +440 million yuan respectively, with financial expenses decreasing by 140 million yuan [1] - Overall cost reduction was supported by a decrease in impairment losses, which fell by 270 million yuan compared to Q2 [1] Industry Position - The company is a leader in the domestic electrolytic aluminum industry, benefiting from significant advantages in integrated supply chain [1] - Continuous operational improvement is noted, maintaining a "buy" rating [1]

Core Viewpoint - The non-ferrous metal sector experienced a significant upward trend, particularly in the electrolytic aluminum segment, with notable gains among various companies [2] Group 1: Market Performance - The non-ferrous metal sector showed volatility but ultimately rose in the afternoon trading session [2] - The electrolytic aluminum sector led the gains, with Zhongfu Industrial hitting the daily limit up [2] - Companies such as China Aluminum, Hongchuang Holdings, Nanshan Aluminum, Shenhuo Co., and Yun Aluminum all saw their stock prices increase by over 6% [2]

格隆汇10月27日丨中国铝业(601600.SH)发布三季报，2025年前三季度实现营业总收入1765.16亿元，同 比增长1.57%；归属母公司股东净利润108.72亿元，同比增长20.65%；基本每股收益为0.635元。 ...

Core Viewpoint - Yun Aluminum Co., Ltd. has shown a significant stock price increase of 5.06%, reaching 23.06 CNY per share, with a total market capitalization of 79.971 billion CNY [1] Company Overview - Yun Aluminum Co., Ltd. is located in Kunming, Yunnan Province, and was established on March 20, 1998, with its listing date on April 8, 1998. The company’s main business includes bauxite mining, alumina production, aluminum smelting, aluminum processing, and the production of carbon products for aluminum [1] - The revenue composition of the company is as follows: 58.12% from electrolytic aluminum, 40.67% from aluminum processing products, and 1.21% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Guotai Haitong Asset Management has a significant position in Yun Aluminum. The Guotai Haitong Vision Value Mixed Fund A (017935) increased its holdings by 231,800 shares in the third quarter, bringing the total to 309,600 shares, which accounts for 5.06% of the fund's net value, making it the fifth-largest holding [2] - The fund has generated an estimated floating profit of approximately 343,700 CNY today [2] Fund Performance - The Guotai Haitong Vision Value Mixed Fund A (017935) was established on March 1, 2023, with a latest scale of 77.7945 million CNY. Year-to-date, it has achieved a return of 12.38%, ranking 5552 out of 8155 in its category. Over the past year, it has returned 13.99%, ranking 4915 out of 8031, and since inception, it has returned 30.49% [2]