"2020年'双碳'目标提出以后，再生金属走到了聚光灯下。"中国有色金属工业协会再生金属分会副秘书 长刘龙在12月初由大宗商品咨询服务商上海钢联主办的一场再生铝论坛上表示，中国再生金属产业正在 从此前的野蛮生长逐渐迈入规范化发展。 一名资深行业人士亦对智通财经（www.thepaper.cn）记者表示，再生铝相较于原铝有着显著的降碳效 应，使得其成为当前中国铝工业降低碳排放的一条关键路径。同时，资源循环利用是一个节约型社会的 应有标志，提高废铝利用率也是保障铝工业原料供应的途径之一。"此外，在中国确立了电解铝产能'天 花板'的情况下，再生铝的发展也有助于满足未来铝产品的增长需求。" 不过，据智通财经记者采访以及从业内了解发现，尽管再生铝的价值已被充分认识，但当前材料回收及 溯源、保级高值利用、溢价买单等诸多问题仍亟需有效解决，与之对应的也就是原料混杂、技术壁垒高 企、经济性脆弱的残酷现实。 国内最大的再生铸造铝合金生产企业之一立中集团副总裁、立中合金集团总裁郭军辉对智通财经记者表 示，再生铝行业当前正处于从"成本驱动"向"绿色价值+资源安全"双轮驱动转型的关键阶段，其实现商 业化价值的逻辑日益清晰，但同时也面 ...

证券代码：002996 证券简称：顺博合金 债券代码：127068 债券简称：顺博转债 重庆顺博铝合金股份有限公司投资者关系活动记录表 问题四：公司下游情况 公司主要为客户提供各类标准牌号或特殊定制牌号的铸造 铝合金和变形铝合金，从而实现铝资源的循环利用。公司产品主 要应用于汽车、摩托车、机械设备、通讯设备、电子电器、五金 灯具等行业的产品生产，其中汽车领域约占 53%、摩托车约占 5%、 通信领域约占 5%、机械设备领域约占 11%。 问题五：公司在建的安徽二期项目的变形铝合金产品将应 用于哪些领域 公司安徽二期项目的铝板带产品将主要应用于电池箔坯 料、电池壳体、易拉罐料、3C 产品用铝材、油罐车用铝材等领 域，符合绿色包装、新能源汽车、新型储能电池等未来市场。 问题六：公司未来对可转债的考虑 公司可转债距离存续届满期尚远，公司未来将结合生产经 营情况、股价走势、资本市场环境等诸多因素作考虑。公司将按 照相关法律法规履行信息披露相关义务，请关注公司相关公告。 问题七：公司未来发展展望 | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | | | --- | --- | --- | --- | ...

Core Viewpoint - The company Shunbo Alloy (002996.SZ), a leader in the recycled aluminum industry, is expanding its production capacity through a private placement to raise up to 585 million yuan for two core projects in the recycled aluminum industry chain [2][3]. Group 1: Fundraising and Expansion Plans - Shunbo Alloy plans to issue up to 100 million shares to no more than 35 specific investors, representing 14.94% of the total share capital as of September 30, 2025, with a fundraising target of no more than 585 million yuan [3]. - The funds raised will be allocated to the construction of the "Annual Production of 630,000 Tons of Low-Carbon Environmentally Friendly Aluminum Alloy Ingot Project" and the "Annual Production of 500,000 Tons of Green Circular High-Performance Aluminum Plate and Strip Project" [5][6]. Group 2: Financial Performance - For the first nine months of 2025, Shunbo Alloy reported a revenue of 11.266 billion yuan, a year-on-year increase of 13.88%, and a net profit attributable to shareholders of 245 million yuan, up 49.12% [9]. - The company's non-recurring net profit increased by 133.71% year-on-year, reflecting improved operational efficiency and cost control, with a reduction in sales and management expenses [9]. Group 3: Industry Position and Growth - Shunbo Alloy has established itself as the largest recycled aluminum producer in Southwest China and a leading player nationally, with a complete aluminum processing industry chain [7][8]. - The company's total assets have grown significantly, reaching 15.257 billion yuan by September 2025, a year-on-year increase of 23.25% [8].

共研产业研究院通过对公开信息分析、业内资深人士和相关企业高管的深度访谈，以及分析师专业性判断 和评价撰写了《2026-2032年中国再生铝市场深度调查与投资前景分析报告》。本报告为再生铝企业决策人 及投资者提供了重要参考依据。 为确保再生铝行业数据精准性以及内容的可参考价值，共研产业研究院团队通过上市公司年报、厂家调 研、经销商座谈、专家验证等多渠道开展数据采集工作，并运用共研自主建立的产业分析模型，结合市 场、行业和厂商进行深度剖析，能够反映当前市场现状、热点、动态及未来趋势，使从业者能够从多种维 度、多个侧面综合了解当前再生铝行业的发展态势。 | 日景 CONTENT | | | | | --- | --- | --- | --- | | 01 | 2021-2025年世界再生铝产业运行 动态分析 | 02 | 2021-2025年世界主要国家再生铝 产业运行分析 | | 03 | 2021-2025年中国再生铝产业运行 环境分析 | 04 | 2021-2025年中国再生铝产业运行 形势分析 | | 05 | 2021-2025年中国再生铝所属行业 市场运行态势分析 | 06 | 2021-2025年中 ...

Core Viewpoint - Guangzhou Rural Commercial Bank is committed to the "Win-Win Plan" to support enterprises in key sectors such as new energy, green transformation, high-end manufacturing, and biotechnology, acting as a "guardian" for enterprise growth and a "booster" for industrial upgrading [1][16]. Group 1: Case Studies - **Case 1: Green Hydrogen Energy** A hydrogen technology company in the Guangdong-Hong Kong-Macao Greater Bay Area has established the first national "Hydrogen Fuel Cell Industry Innovation Alliance," achieving 100% localization of core components and a 70% cost reduction. The company has promoted over 800 hydrogen fuel cell vehicles and built a benchmark hydrogen refueling station [2][17]. The bank provided a 10 million yuan working capital loan and a total credit of 49 million yuan through innovative financing models to support the company's expansion and digital upgrades [2][18]. - **Case 2: Carbon Footprint Linked Financing** A metal aluminum company, with an annual capacity of 350,000 tons and 40 patents, faces challenges in low-carbon transformation due to high R&D costs and long commercialization cycles. The bank introduced a carbon footprint-linked loan of 49 million yuan, directly linking loan rates to carbon performance metrics [5][19]. This support is expected to reduce the company's energy consumption per unit of output by 30% compared to the end of 2020, enhancing its competitiveness [5][22]. - **Case 3: Equipment Manufacturing Growth** An electrical company, recognized as a national high-tech enterprise, is facing challenges due to long accounts receivable periods and insufficient collateral. The bank provided a 120 million yuan acquisition loan and a 370 million yuan working capital loan, utilizing the company's high-tech qualifications to expedite the approval process [7][23]. This support has significantly alleviated the company's liquidity pressure, leading to improved operational performance and revenue growth [7][24]. - **Case 4: Biotechnology Company Support** A biotechnology company specializing in biopharmaceutical equipment has a significant funding gap due to ongoing R&D and capacity expansion. The bank provided a 30 million yuan guarantee loan, utilizing a dynamic phased disbursement approach to avoid idle funds [9][26]. This support has led to a recovery in revenue and an expansion in production capacity, establishing a long-term strategic partnership with the bank [9][30]. - **Case 5: New Energy Intelligent Equipment** A new energy equipment company, established in 2010, is experiencing funding shortages due to business expansion and increased R&D investments. The bank formed a specialized service team to create tailored financial solutions, providing a comprehensive credit limit of 44 million yuan [12][28]. This support has effectively met the company's funding needs, facilitating smooth R&D and operational progress [12][30].

Group 1: Market Dynamics - The launch of casting aluminum alloy futures in June 2025 has provided strong support for the development of the recycled metal industry, with prices showing a strong correlation with aluminum prices and gradually increasing [1] - The price of casting aluminum alloy futures has surpassed 21,000 yuan/ton, driven by the overall strength of aluminum prices and specific fundamental factors, including the shutdown of an aluminum plant in Iceland [1] Group 2: Strategic Importance of Recycled Aluminum - Recycled aluminum has transitioned from a "supplementary role" to a "strategic necessity" due to its significant energy-saving and emission-reduction attributes, with production energy consumption at only about 5% of electrolytic aluminum and carbon emissions at 0.23 tons per ton produced compared to 11.2 tons for electrolytic aluminum [2] - The development of the recycled aluminum industry is essential for enhancing supply security and achieving carbon neutrality goals, especially given the rigid challenges in global aluminum supply and increasing carbon emission regulations [2] Group 3: Policy Support and Industry Goals - Recent policies, including the "Nonferrous Metals Industry Stabilization Growth Work Plan (2025-2026)" and the 15th Five-Year Plan, have set clear targets for the recycled aluminum industry, aiming for a production of 11.5 million tons of recycled aluminum as part of a broader goal of exceeding 20 million tons in total recycled metal output [3] - The policies emphasize green low-carbon transformation and the promotion of a circular economy, supporting high-quality development in the recycled aluminum sector [3] Group 4: Supply Chain Challenges - The recycled aluminum industry faces significant challenges, particularly regarding raw material supply, with domestic recycled non-ferrous metal recovery reaching 15.65 million tons in 2024, but the overall supply of scrap aluminum remains tight [4] - The domestic scrap aluminum recycling system is underdeveloped, leading to quality inconsistencies and difficulties in utilization, while international policies limiting scrap metal exports further constrain supply [4] Group 5: Competitive Landscape and Future Outlook - The competition for scrap aluminum resources is intensifying globally, with the U.S. currently accounting for nearly 85% of its aluminum production from recycled sources, and proposed measures to restrict material outflow could significantly impact available scrap aluminum for markets including China [5] - Despite the tightening supply of scrap aluminum, China's recycled aluminum production capacity is expanding, projected to exceed 14 million tons by 2025, leading to a potential oversupply situation [5] - The automotive sector remains a key consumer of recycled aluminum, with about 70% of recycled casting aluminum alloys used in automotive applications, indicating a high dependency on this market [5] Group 6: Regulatory and Economic Pressures - The recycled aluminum industry is experiencing increased operational costs due to stricter environmental and safety regulations, alongside adjustments in tax refund policies that may pressure profit margins, particularly for companies reliant on subsidies [7] - The anticipated impact of these policies is already being felt, with some smaller companies facing production cuts or shutdowns, while larger firms are adjusting raw material procurement prices [7] Group 7: Price Trends and Market Sentiment - The price of casting aluminum alloy futures has been steadily rising, supported by strong demand and seasonal factors, with a focus on the resistance level around 21,500 yuan/ton [8] - The overall market sentiment indicates that while supply constraints and cost pressures exist, the demand from the automotive sector may provide support for prices in the near term [9]

Core Insights - The volatility in non-ferrous metal prices, particularly copper and aluminum, has increased significantly this year, putting operational pressure on upstream and downstream companies in the industry [1] - Financial tools for cost smoothing and profit locking have become a focal point for industry players [1] Group 1: Industry Overview - The processing companies in the middle of the supply chain are experiencing further compression of profit margins due to price fluctuations [1] - Five Minerals Futures Chengdu Branch has seen a tenfold increase in average daily equity scale of industrial clients by September 2025 compared to 2021, with a compound annual growth rate of over 200% in client accounts [2] - The client structure includes approximately 60% from the new energy industry, 30% from the metal industry, and 10% from agricultural products [2] Group 2: Risk Management Strategies - Five Minerals Futures Chengdu Branch has developed tiered and differentiated risk management solutions based on the different risk characteristics of upstream and downstream enterprises [2] - Upstream companies utilize futures selling to lock in sales prices and may also use options for additional risk management [2] - Midstream traders lock in raw material costs through futures or call options and secure sales prices through futures or put options, achieving comprehensive hedging [3] Group 3: Case Study - Recycled Aluminum - Sichuan Shenglin New Materials Technology Co., Ltd. produces 100,000 tons of recycled aluminum alloy ingots annually and employs futures market operations for hedging against price volatility [4] - The company emphasizes a principle of hedging without speculation to align futures trading with operational needs [4] - The introduction of casting aluminum alloy futures has enhanced the pricing power of recycled aluminum companies and provided valuable price signals [5] Group 4: Market Functionality and Development - The Shanghai Futures Exchange has improved its delivery system, with delivery amounts and values leading among domestic exchanges, accounting for approximately 60% of the market's delivery value and 30% of the delivery volume in 2024 [6] - The core value of the futures market lies in risk management and price discovery, with ongoing training and innovation aimed at helping more entities effectively utilize futures tools [6]

Core Viewpoint - The article discusses the significant fluctuations in non-ferrous metal prices this year, particularly affecting the profitability of processing companies in the supply chain, highlighting the importance of financial tools for cost smoothing and profit locking [1]. Group 1: Market Dynamics - Non-ferrous metal prices, including copper and aluminum, have shown increased volatility, creating operational pressures for upstream and downstream companies [1]. - The processing companies, positioned in the middle of the supply chain, face further compression of profit margins due to these price fluctuations [1]. Group 2: Role of Futures Market - Futures companies play a crucial role in stabilizing the operations of real economy enterprises while enhancing their own professional capabilities and service boundaries [3]. - The average daily equity scale of industrial clients at Wukuang Futures Chengdu branch has increased over tenfold since 2021, with a compound annual growth rate of over 200% in client accounts [3]. - The client structure includes approximately 60% from the new energy industry, 30% from the metal industry, and 10% from agricultural products [3]. Group 3: Risk Management Strategies - Wukuang Futures Chengdu branch has developed tiered and differentiated risk management solutions based on the different risk characteristics of upstream and downstream enterprises [3]. - Upstream companies utilize futures to lock in sales prices while employing options for additional value, with some state-owned enterprises preferring controlled risk options for hedging [3]. - Midstream traders engage in full-process hedging by buying futures or call options to lock in raw material costs and selling futures or buying put options to secure sales prices [4]. Group 4: Case Study - Recycled Aluminum - Sichuan Shenglin New Materials Technology Co., Ltd. produces 100,000 tons of recycled aluminum alloy ingots annually and employs futures market operations to mitigate risks from price volatility [6]. - The company emphasizes a principle of hedging without speculation, ensuring that futures trading aligns with production operations [6]. - The introduction of casting aluminum alloy futures has enhanced the pricing power of recycled aluminum companies, providing valuable price signals [7]. Group 5: Futures Market Functionality - The Shanghai Futures Exchange has improved its delivery system, with its delivery volume and amount leading among domestic exchanges, accounting for approximately 60% of the market's delivery value and 30% of the delivery volume in 2024 [8]. - The core value of the futures market lies in risk management and price discovery, with ongoing training and innovation aimed at helping more enterprises effectively utilize futures tools [8].

Group 1 - The China Securities Regulatory Commission approved the initial public offering registration of Moore Threads Technology, aiming to raise 8 billion yuan for its IPO on the Sci-Tech Innovation Board [2][11] - Moore Threads has developed four generations of GPU architecture and offers solutions for intelligent computing across various markets, including government and enterprise sectors [11] - The company is positioned to benefit from the domestic shift towards advanced process technology and the increasing demand for AI chips, indicating a significant market opportunity [11] Group 2 - The Ministry of Finance and other departments announced improvements to the duty-free shop policy, effective from November 1, 2025, to boost consumption and attract foreign visitors [7] - China Duty Free Group, primarily engaged in duty-free retail, is expected to benefit from the expanded product range and increased sales of domestic products in duty-free shops [7] - The recent adjustments to the duty-free shopping policy in Hainan are anticipated to enhance consumer experience and drive growth for domestic brands [7] Group 3 - The semiconductor-themed ETF saw a net subscription of 13.106 billion yuan in October, indicating strong investor interest in the sector [2][23] - Institutional research on the semiconductor industry has surged, with over 1,000 investigations conducted recently, reflecting optimism about advancements in equipment and AI computing power [23] - The domestic semiconductor manufacturing chain is expected to accelerate its self-sufficiency, with a rising domestic production rate anticipated [23] Group 4 - The prices of certain rare earth products have increased, driven by structural demand growth in sectors like electric vehicles and wind power [10] - The demand for neodymium-iron-boron magnets is particularly strong, as they are essential for high-performance electric motors [10] - Companies like Baotou Steel Rare Earth and Northern Rare Earth are positioned to benefit from the integrated development of the rare earth industry [10]

Core Insights - Sichuan's foreign trade has shown resilience with a total import and export value of 776.79 billion yuan in the first three quarters, ranking 8th nationally and achieving a year-on-year growth of 3.6% [3][8] - The province has experienced six consecutive quarters of positive export growth, with exports reaching 461.01 billion yuan, a year-on-year increase of 5.8% [3][8] - The growth in exports is driven by the advantages of industries such as electronic information, equipment manufacturing, and pharmaceutical health [3][10] Foreign Trade Overview - In September, Sichuan's import and export value was 93.79 billion yuan, marking a year-on-year increase of 13.4%, outpacing the national growth rate by 5.4 percentage points [3][8] - The number of enterprises engaged in import and export activities has increased by 9.5% year-on-year, indicating a growing international market presence [3][8] Trade Opportunities and Events - The 138th China Import and Export Fair (Canton Fair) saw Sichuan's participation with 511 enterprises and 1,017 booths, setting a record for the province [5][6] - Sichuan's enterprises have reported significant international interest, with numerous new clients and contracts signed during the fair [5][6] Government Support and Initiatives - The Sichuan government is providing substantial subsidies to support enterprises at the Canton Fair, facilitating their international market expansion [6][7] - A "Sichuan Pharmaceutical Going Global" delegation is set to attend a major pharmaceutical exhibition in Germany, showcasing the province's commitment to international trade [6][7] Innovative Trade Models - Sichuan is adopting new models such as "cross-border e-commerce + industrial belts" to enhance production efficiency and meet precise market demands [9][10] - The province is focusing on integrating trade and industry to boost export capabilities and adapt to market needs [10] Import Growth and Strategic Centers - Sichuan is establishing import centers for products like salmon and durian, which are expected to drive import growth and support overall foreign trade [12] - The province's imports have increased by 0.6% year-on-year, surpassing the national average by 0.8 percentage points [12] Sector-Specific Developments - The second-hand car export base in Chengdu has seen significant growth, with an export value exceeding 2 billion yuan [13] - Innovations in the import of recycled aluminum are improving efficiency and reducing costs for businesses in the region [13]