Core Viewpoint - Jiang Tao has resigned from his positions as Executive Director and Deputy General Manager of China Aluminum Corporation (referred to as "China Aluminum") due to work requirements, and he will no longer hold any positions in the company or its subsidiaries [1][4]. Group 1: Resignation Details - On January 8, 2026, China Aluminum's board received Jiang Tao's written resignation, which was accepted, and he will not continue in any roles within the company or its subsidiaries [4][5]. - Jiang Tao's resignation will not affect the minimum number of directors required by law, nor will it impact the normal operations of the board or the company's production and management [7]. Group 2: Board Candidate Nominations - The board has nominated Zhang Ruizhong as a candidate for Executive Director and Guo Gang as a candidate for Non-Executive Director, which will be submitted for election at the shareholders' meeting [4][9]. - Both candidates have been reviewed and approved by the board's nomination committee, confirming their qualifications and absence of any disqualifying conditions under the Company Law of the People's Republic of China [9]. Group 3: Candidate Profiles - Zhang Ruizhong, 53, is currently the General Manager and Deputy Secretary of the Party Committee of China Aluminum, with extensive experience in non-ferrous metal smelting and management [14]. - Guo Gang, 56, has a Ph.D. in Management Science and Engineering and has held various positions in auditing and corporate management, currently serving as a dedicated director in a subsidiary of China Aluminum [15].

1月6日，天山铝业涨5.03%，截至发稿，报17.76元/股，成交4.31亿元，换手率0.60%，总市值822.06亿 元。 资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销售自产铝锭65.26%，销售氧化铝 24.20%，销售铝箔及铝箔坯料6.89%，销售高纯铝2.10%，其他(补充)1.55%。 从基金十大重仓股角度 截至发稿，朱喆丰累计任职时间3年313天，现任基金资产总规模61.95亿元，任职期间最佳基金回报 16.5%， 任职期间最差基金回报6.84%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，兴证全球基金旗下1只基金重仓天山铝业。兴全汇虹一年持有混合A（010981）三季度持有 股数115.58万股，占基金净值比例为1 ...

文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人：付春生（18482259975） 报告摘要 美国和委内瑞拉的冲突明显升级，本篇报告主要概述委内瑞拉的基本国情，尤其侧重于自然资源和出口层 面。 一、人口和地理位置 委内瑞拉位于南美洲北部，国土面积 91.64 万平方公里， 2024 年人口约 2840 万。东与圭亚那为邻， 南同巴西接壤，西与哥伦比亚交界，北濒加勒比海。主要港口包括卡贝略港、拉瓜伊拉港和马拉开波港， 石油及相关产品的主要出口港口是何塞港和马拉开波港。 委内瑞拉没有世界级的重要港口或通道 。 二、政治和军事概况 委内瑞拉实行总统制，总统为国家元首、政府首脑、武装部队统帅，任期 6 年，没有连任限制。 委内瑞拉 约有 20 万名现役军人、约 800 万名民兵预备役人员 。 三、主要自然资源 1 、探明原油储量第一 。 拥有约 3000 亿桶原油储量，约占全球的 17% 左右，居世界第一 。 委内瑞拉 是 OPEC 的五个创始成员国之一。原油主要分布在马拉开波湖地区和奥里诺科重油带，但以重油为主，开 采和提炼的成本高。 2 、天然气探明储量居全球第八 。 委内瑞拉 ...

1月5日，天山铝业涨5.07%，截至发稿，报17.00元/股，成交1.37亿元，换手率0.20%，总市值786.89亿 元。 资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销售自产铝锭65.26%，销售氧化铝 24.20%，销售铝箔及铝箔坯料6.89%，销售高纯铝2.10%，其他(补充)1.55%。 截至发稿，伍臣东累计任职时间4年79天，现任基金资产总规模245.49亿元，任职期间最佳基金回报 109.65%， 任职期间最差基金回报-26.12%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 易方达中证500质量成长ETF（159606）成立日期2021年12月17日，最新规模3.58亿。今年以来收益 34.65%，同类 ...

"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 ...

格隆汇12月31日｜中金研报称，北美铝行业正面临美国加码铝进口贸易壁垒带来的机遇，以及数据中心 抢占有限电力资源构成的挑战。我们认为北美原铝供需缺口或在未来5年内持续放大，而美国当地铝将 维持高溢价。 ...

Core Viewpoint - The North American aluminum industry is facing opportunities from increased U.S. trade barriers on aluminum imports and challenges from data centers competing for limited power resources. The supply-demand gap for primary aluminum in North America is expected to widen over the next five years, with local U.S. aluminum maintaining a high premium [2]. Supply Overview - The supply of primary aluminum in North America is limited due to power constraints and uncertainties in trade policies. Since 2011, new primary aluminum capacity has stagnated, and cost pressures from aging power and equipment have led to many U.S. projects being idled or shut down. The U.S. local Mt Holly project has announced a restart of idle capacity, while new projects by Emirates Global Aluminum and Century Aluminum depend heavily on policy support. Canada currently has no expansion projects with net capacity increases planned. It is expected that North American primary aluminum production will slightly increase from 3.99 million tons in 2024 to 4.16 million tons by 2030, mainly from the restart of idle capacity [5][11][18]. Demand Overview - North American aluminum demand is expected to maintain rapid growth, with the regional supply-demand gap likely to widen further. The transportation sector is anticipated to see a recovery in automotive manufacturing capacity utilization under U.S. tariff protection, while strong orders in aerospace will support aircraft manufacturing demand. Residential construction aluminum demand may stabilize and rebound after new housing starts bottom out. The high investment in the power sector may continue to drive related aluminum demand [5][11][43]. Key Companies - The North American aluminum industry is dominated by three major companies: Alcoa, Century Aluminum, and Rio Tinto. Rio Tinto maintains a relatively stronger profitability due to its low-cost hydroelectric power and integrated bauxite resources. Century Aluminum benefits more from U.S. tariff protections due to its high domestic production ratio. Alcoa, with a higher proportion of alumina revenue, can better withstand cost pressures related to alumina prices, while its higher cash cost per ton of aluminum provides greater profit elasticity [6][45]. Trade and Policy Impact - U.S. aluminum net imports reached a historical high in 2017 but have since declined due to tariff policies. The U.S. aluminum dependency ratio rose from 3% in 2011 to 59% in 2017, then fell to 38% in 2020 due to tariff protections. However, the dependency ratio is expected to rise again to around 50% from 2021 to 2024. The recent increase in tariffs to 25% and 50% will significantly elevate trade barriers [25][26][30]. Price Dynamics - The Midwest premium for aluminum in the U.S. has been expanding due to tariff impacts. The premium has risen from below $0.10 per pound before 2012 to around $0.20 per pound after the introduction of tariffs in 2018, and further to $0.80-$0.90 per pound with the recent tariff increases, effectively covering additional costs imposed by tariffs [35][36]. Future Outlook - The supply of primary aluminum in North America is expected to remain limited due to power resource constraints and uncertainties in trade policies. The demand for aluminum is projected to grow rapidly, particularly in the transportation and packaging sectors. The supply-demand gap is likely to widen from 2025 to 2030, with the Midwest premium expected to remain at a high level sufficient to cover tariff costs [38][43].

Group 1 - The core viewpoint of the news is that Tianshan Aluminum has shown significant stock price growth and financial performance, with a notable increase in revenue and net profit year-on-year [1][2]. - As of December 30, Tianshan Aluminum's stock price increased by 110.60% year-to-date, with recent gains of 8.63% over the last five trading days, 22.68% over the last twenty days, and 37.55% over the last sixty days [1]. - The company reported a revenue of 22.32 billion yuan for the first nine months of 2025, representing a year-on-year growth of 7.34%, and a net profit of 3.34 billion yuan, which is an increase of 8.31% compared to the previous year [2]. Group 2 - Tianshan Aluminum's main business revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and its raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1]. - The company has distributed a total of 7.48 billion yuan in dividends since its A-share listing, with 4.38 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 23.85% to 37,800, while the average circulating shares per person increased by 31.32% to 109,224 shares [2].

两位参与季度定价谈判的消息人士表示，顶级铝生产商已将1-3月对日本买家的原铝溢价报价从最初的 每吨190-203美元上调至每吨210-225美元。 12月29日，国内期市有色金属板块多数飘红。其中，沪铝期货主力合约开盘报22350.00元/吨，今日盘 中高位震荡运行；截至发稿，沪铝主力最高触及22980.00元，下方探低22110.00元，涨幅达1.99%附 近。 中共云南省委关于制定云南省国民经济和社会发展第十五个五年规划的建议发布。其中提到，做强做优 做大资源型产业。依靠科技发展精深加工，巩固提升铝、硅、磷、有色和稀贵金属等资源型产业在全国 产业链供应链中的地位。 正信期货分析称，宏观预期交易仍然存在，加上海外有色板块供应端故事多有爆发，促使盘面整体偏强 运行。盘面，板块在贵金属带动下维持偏强运行，白银铜相继破位，铝盘面也出现向上破位迹象，短期 或维持偏强运行，关注节前下游拿货表现，不建议追多，建议回调接多。 东证期货表示，2026年中美财政与货币总体是宽松的，全球铝供需预计延续紧平衡局面，所以铝价大方 向以逢低做多为主。节奏方面，一季度择机布局多单，二季度铝价的高度取决于旺季需求的表现，由于 我们对明年 ...

12月26日，中国铝业涨5.66%，截至发稿，报11.58元/股，成交29.44亿元，换手率1.99%，总市值 1986.62亿元。 截至发稿，张文龙累计任职时间2年146天，现任基金资产总规模16.52亿元，任职期间最佳基金回报 86.9%， 任职期间最差基金回报37.48%。 资料显示，中国铝业股份有限公司位于北京市海淀区西直门北大街62号，成立日期2001年9月10日，上 市日期2007年4月30日，公司主营业务涉及铝土矿、煤炭等资源的勘探开采,氧化铝、原铝和铝合金产品 生产、销售、技术研发,国际贸易,物流产业,火力及新能源发电等。主营业务收入构成为：销售商品 97.41%，其他业务收入1.56%，提供服务1.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，华商基金旗下1只基金重仓中国铝业。华商上游产业股票A（005161）三季度增持494.09万 股，持有股数726.06万股，占基金净值比例为4.94% ...