南山铝业公告称，公司拟以集中竞价交易方式回购股份，回购资金不低于3亿元且不超6亿元，回购价不 超7.52元/股，用途为注销并减少注册资本。回购期限自股东会审议通过最终方案起不超12个月。截至 2025年9月30日，按最高回购资金测算，回购资金约占总资产0.82%、净资产1.15%，不会对公司产生重 大影响。此外，相关主体未来3个月、6个月内均无减持计划。回购存在股价、债权人、经营及政策等风 险。 ...

华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为4493.85美元/盎司，环比1月2日 +140.90美元/盎司，涨幅为3.24%。周内伦敦白银价格为78.14美元/盎司，环比1月2日+3.93美元/盎司， 涨幅为5.29%。数据方面，美国12月ISM制造业指数47.9，前值48.2，预期48.4。美国12月ADP就业人数 变动4.1万人，前值-3.2万人，预期5万人。美国12月ISM非制造业指数54.4，前值52.6，预期52.2。美国 10月耐用品订单环比终值-2.2%，前值-2.2%，预期-2.2%。 价格方面，周内伦敦黄金价格为4493.85美元/盎司，环比1月2日+140.90美元/盎司，涨幅为3.24%。周内 伦敦白银价格为78.14美元/盎司，环比1月2日+3.93美元/盎司，涨幅为5.29%。 数据方面，美国12月ISM制造业指数47.9，前值48.2，预期48.4。美国12月ADP就业人数变动4.1万人， 前值-3.2万人，预期5万人。美国12月ISM非制造业指数54.4，前值52.6，预期52.2。美国10月耐用品订 单环比终值-2.2%，前值-2.2%，预期-2.2%。美国 ...

1月13日，南山铝业盘中上涨2.08%，截至09:45，报5.88元/股，成交4.82亿元，换手率0.73%，总市值 675.24亿元。 资金流向方面，主力资金净流出486.80万元，特大单买入6213.24万元，占比12.89%，卖出7124.54万 元，占比14.77%；大单买入1.35亿元，占比28.07%，卖出1.31亿元，占比27.19%。 责任编辑：小浪快报 分红方面，南山铝业A股上市后累计派现129.99亿元。近三年，累计派现72.78亿元。 机构持仓方面，截止2025年12月31日，南山铝业十大流通股东中，中国证券金融股份有限公司位居第三 大流通股东，持股5.89亿股，持股数量较上期不变。香港中央结算有限公司位居第四大流通股东，持股 5.72亿股，相比上期减少5648.12万股。华泰柏瑞沪深300ETF（510300）位居第六大流通股东，持股 1.16亿股，相比上期减少310.95万股。易方达沪深300ETF（510310）位居第七大流通股东，持股 8208.75万股，相比上期减少367.17万股。南方标普中国A股大盘红利低波50ETF联接A（008163）位居 第八大流通股东，持股7758. ...

股票研究 /[Table_Date] 2026.01.12 从商品到战略资产 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S0880525040 ...

Group 1 - The core point of the article is that Hongchuang Holdings (002379) reported a total of 22,789 shareholders as of January 9, 2026 [1]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - Copper: The medium - to long - term fundamentals of copper remain good, with supply - side capital expenditure constraints supporting a gradual upward shift in the bottom. Short - term prices are likely to stay strong due to the structural imbalance of global inventories and the risk premium of metal supply concerns. However, real terminal demand is weak at high prices. Focus on changes in CL premium, LME inventory, and the 99000 - 100000 support level [1]. - Zinc: The shortage of zinc ore at the mine end supports prices, but the import window for zinc ore is opening, limiting the downside space of TC. The supply pressure of refined zinc is relieved, and demand is suppressed. Overseas and domestic inventories are increasing. Short - term prices are expected to fluctuate, with support from the tight domestic zinc ore supply and pressure from the expected supply of imported ore and weak demand feedback. Pay attention to zinc ore TC and refined zinc inventory changes, and the 23300 - 23400 support level [4]. - Nickel: The nickel market has seen significant price fluctuations. The unclear result of the 2026 nickel ore quota in Indonesia has affected market sentiment. High nickel prices have restricted downstream transactions, and the supply and demand situation is complex. Short - term prices are expected to adjust in a wide range, with the main contract running in the 132000 - 142000 range [6]. - Stainless Steel: The stainless - steel market is mainly driven by nickel raw materials. The unclear nickel ore quota in Indonesia has affected market expectations. The supply pressure has eased slightly, but demand in the off - season is weak. The cost support from the ore end and nickel - iron is strengthened. Short - term prices are expected to fluctuate, with the main contract in the 13400 - 14200 range [8]. - Lithium Carbonate: The lithium carbonate market has seen a significant increase in the price center last week. The supply - side shock expectation is strengthened, and demand is expected to be optimistic. The inventory situation has changed, with upstream inventory increasing and downstream inventory decreasing. The market is expected to maintain a strong and volatile trend, with a focus on the 150000 breakthrough and liquidity risks [10]. - Industrial Silicon: The industrial silicon market is expected to continue the pattern of weak supply and demand in January. Supply may decrease by 1 - 20,000 tons, and demand is expected to decline slightly. Exports may increase. The price is expected to fluctuate at a low level, mainly in the 8000 - 9000 yuan/ton range [11]. - Polysilicon: In January, the polysilicon market is in a weak - demand situation, with high inventory and price pressure. There is a need for further production cuts to balance supply and demand. Pay attention to the impact of antitrust news, the possibility of production cuts, and the redistribution of industrial chain profits. The 50000 yuan/ton level may provide support, and trading is recommended to wait and see [12]. - Tin: The short - term price of tin is greatly affected by macro - sentiment. The supply side may be affected by the situation in Congo (Kinshasa), and demand shows regional differences. The price is expected to fluctuate at a high level, and operations should be cautious [13]. - Alumina: The alumina market has been oscillating widely. The supply is rigid, and demand is weak, with inventory accumulating. The short - term price is expected to oscillate widely around the industry cash - cost line, with the main contract in the 2600 - 2950 yuan/ton range. A rebound depends on capacity - control policies or large - scale production cuts [14]. - Aluminum: The aluminum price has risen strongly, driven by macro and policy expectations. However, the fundamentals are under pressure, with supply increasing and demand being suppressed by high prices, and inventory starting to accumulate. Short - term prices are expected to oscillate widely at a high level, with the main contract in the 23000 - 25000 yuan/ton range [14]. - Aluminum Alloy: The casting aluminum - alloy market has shown a strong trend, mainly driven by cost factors. However, the supply and demand are both weak, with supply affected by raw - material shortages and demand being suppressed by high prices. Inventory has been gradually decreasing. Short - term prices are expected to oscillate in a high - level range, with the main contract in the 22000 - 24000 yuan/ton range [15]. 3. Summaries According to Relevant Catalogs Price and Spread - **Copper**: SMM 1 electrolytic copper price dropped to 100275 yuan/ton, with a daily decline of 1.77%. The LME 0 - 3 spread increased to 41.94 dollars/ton [1]. - **Zinc**: SMM 0 zinc ingot price was 24170 yuan/ton, with a decline of 0.58%. The import profit and loss was - 1887 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel price decreased to 141900 yuan/ton, with a daily decline of 4.80%. The LME 0 - 3 spread was - 196 dollars/ton [6]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 roll) remained at 13800 yuan/ton. The inter - month spread of 2602 - 2603 increased to - 85 yuan/ton [8]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price rose to 140000 yuan/ton, with an increase of 1.08%. The inter - month spread of 2602 - 2603 was - 580 yuan/ton [10]. - **Industrial Silicon**: The price of East China SI4210 industrial silicon remained at 9650 yuan/ton. The inter - month spread of 2602 - 2603 decreased to 25 yuan/ton [11]. - **Polysilicon**: The average price of N - type re -投料 was 55000 yuan/ton, with a decline of 0.90%. The main contract price dropped to 51300 yuan/ton [12]. - **Tin**: SMM 1 tin price decreased to 349750 yuan/ton, with a decline of 1.49%. The inter - month spread of 2601 - 2602 increased to 370 yuan/ton [13]. - **Aluminum**: SMM A00 aluminum price rose to 24030 yuan/ton, with an increase of 0.12%. The import profit and loss of electrolytic aluminum was 176.8 yuan/ton [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price remained at 23700 yuan/ton. The inter - month spread of 2601 - 2602 increased to - 105 yuan/ton [15]. Fundamental Data - **Copper**: In December, electrolytic copper production was 117.81 million tons, a 6.80% increase month - on - month. In November, the import volume was 27.11 million tons, a 3.90% decrease [1]. - **Zinc**: In December, refined zinc production was 55.21 million tons, a 7.24% decrease month - on - month. In November, the import volume was 1.82 million tons, a 3.22% decrease [4]. - **Nickel**: In December, China's refined nickel production decreased by 9.38% month - on - month. The import volume in November increased by 30.08% [6]. - **Stainless Steel**: In December, China's 300 - series stainless - steel crude steel production decreased by 2.50% month - on - month. The net export volume increased by 25.31% [8]. - **Lithium Carbonate**: In December, lithium carbonate production was 99200 tons, a 4.04% increase month - on - month. The demand decreased by 2.50% [10]. - **Industrial Silicon**: In January, the expected production of industrial silicon may decrease to 38 - 39 million tons. The demand is expected to decline by about 1 million tons [11]. - **Polysilicon**: In December, polysilicon production was 11.55 million tons, a 0.79% increase month - on - month. The net export volume increased by 2041.76% [12]. - **Tin**: In November, tin ore imports increased by 29.81% month - on - month. In December, SMM refined tin production decreased slightly [13]. - **Aluminum**: In December, alumina production was 751.96 million tons, a 1.08% increase month - on - month. Domestic electrolytic aluminum production increased by 3.97% [14]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16% month - on - month. The production of primary aluminum alloy ingots increased slightly [15]. Inventory Data - **Copper**: Domestic social inventory increased by 14.61% week - on - week to 27.38 million tons. LME inventory decreased by 1.49% day - on - day to 13.90 million tons [1]. - **Zinc**: China's zinc ingot seven - region social inventory increased by 11.69% week - on - week to 11.85 million tons. LME inventory decreased by 0.51% day - on - day to 10.7 million tons [4]. - **Nickel**: SHFE inventory increased by 2.43% week - on - week to 46650 tons. LME inventory increased by

Group 1: Rare Earths - The report from Guotai Junan indicates that rare earth prices have rebounded due to a combination of policy support and pre-holiday inventory demand recovery, with significant increases in medium and heavy rare earth prices [1] Group 2: Precious Metals - Geopolitical factors in Venezuela and the Middle East are supporting gold prices, alongside strong U.S. unemployment data. The outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices [2] - Silver prices are expected to follow gold trends, influenced by a decrease in London silver leasing rates and rising inventories. Platinum prices are also expected to strengthen due to anticipated U.S. tariffs [2] Group 3: Copper - Despite mixed U.S. employment data, the resilience of the U.S. economy and ongoing strikes at the Mantoverde copper mine in Chile are contributing to a strong copper price outlook. The report highlights the need to monitor the impact of Trump's nomination for the next Federal Reserve chair on copper prices [3] - Supply constraints and low inventories in non-U.S. regions, combined with a strategic reserve logic under the "Monroe Doctrine," are expected to amplify upward price elasticity for copper [3] Group 4: Aluminum - Strong macroeconomic expectations, liquidity easing, and a rebound in aluminum prices are noted. Daily production rates are increasing due to new electrolytic aluminum projects in China and Indonesia, while demand is rising as environmental controls in central China are lifted [4] - The operating rate of domestic aluminum processing leading enterprises has slightly increased by 0.2 percentage points to 60.1% [4] Group 5: Tin - Supply bottlenecks persist in the tin market, with delays in the resumption of mining in Myanmar and uncertainties regarding Indonesian approvals. Despite adjustments in the Federal Reserve's interest rate path, tin prices remain supported by liquidity expectations and strong demand from the semiconductor industry [5] Group 6: Energy Metals - Lithium inventory has accumulated, and production has increased, although demand is showing marginal weakness. The reduction in export tax rebates for battery products may lead to front-loaded demand, with lithium production rising by 115 tons last week [6] - The cobalt sector is facing high prices due to tight upstream raw material supplies, while cobalt companies are extending their reach into the electric new energy sector to enhance competitive advantages [6]

全球首个跨境碳定价制度——欧盟碳边境调节机制于1月1日正式启动实施。 在此背景下，我国相关行业出口将面临哪些新局势？ 历经两年多过渡期后，全球首个跨境碳定价制度——欧盟碳边境调节机制（以下简称"CBAM"）于1月1日正式启动实施。自此，欧盟 将对钢铁、铝等几大高碳行业进口商品开展碳排放核算与申报管理，并于202 7年起正式清缴碳成本。在此背景下，我国相关行业出口 将面临哪些新局势？ 新规落地，短期压力可控 我国是全球货物贸易第一大国，CBAM的落地实施，将对我国部分高碳行业对欧出口形成显著影响。"从中国和欧盟的贸易往来情况 看，受CBAM影响的产品约占我国对欧出口总量的3.5%左右，其中占比最高的是钢铁和铝产品。这两类行业中，那些未开展节能降碳 改造、未进行自身碳盘查，只采用默认值进行申报的企业，将面临最为显著的冲击。"中国欧盟商会碳市场工作组主席靳博阳接受《中 国能源报》记者采访时表示。 中证鹏元绿融高级分析师王雪晶接受《中国能源报》记者采访时表示，CBAM在实施过程中采用的默认排放值（de f a ult va l ue s）设 定，对我国高碳密集型产品出口构成了明显壁垒。以钢铁行业为例，若企业无法提供符 ...

Core Viewpoint - Nanshan Aluminum experienced a stock price decline of 2.05% on January 12, 2023, with a current price of 5.73 CNY per share and a market capitalization of 65.802 billion CNY, despite a year-to-date increase of 6.51% in stock price [1] Financial Performance - For the period from January to September 2025, Nanshan Aluminum reported a revenue of 26.325 billion CNY, reflecting a year-on-year growth of 8.66%, and a net profit attributable to shareholders of 3.772 billion CNY, which is an increase of 8.09% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Nanshan Aluminum reached 183,700, an increase of 11.00% from the previous period, while the average number of circulating shares per shareholder decreased by 9.91% to 63,218 shares [2] Dividend Distribution - Nanshan Aluminum has cumulatively distributed dividends amounting to 12.999 billion CNY since its A-share listing, with 7.278 billion CNY distributed over the last three years [3] Major Shareholders - As of December 31, 2025, major shareholders include China Securities Finance Corporation, holding 589 million shares, and Hong Kong Central Clearing Limited, holding 572 million shares, which saw a reduction of 56.4812 million shares from the previous period [3]

Group 1 - The core viewpoint of the articles highlights the surge in gold prices due to escalating geopolitical risks, with gold reaching a historical high of over $4600 per ounce, and predictions of further increases in the coming years [3] - The Huabao Nonferrous ETF (159876) has seen significant inflows, with a net subscription of 15 million units and a total of 331 million yuan in the last 10 days, indicating strong investor interest [1][3] - Major stocks within the nonferrous sector, such as Zhongjin Rare Earth and Shengxin Lithium Energy, have experienced notable price increases, reflecting the overall bullish sentiment in the market [1][3] Group 2 - Goldman Sachs forecasts that gold prices will rise to $4900 per ounce by the end of 2026, while Yardeni Research has raised its long-term gold price target from $5000 to $6000 per ounce, with a potential peak of $10000 per ounce by the end of the decade [3] - The nonferrous ETF Huabao covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the beta performance across different market cycles [4] - The market outlook suggests that due to loose liquidity, frequent supply disruptions, and strong structural demand, various metals including copper, aluminum, and battery metals are expected to continue their upward trend [3]