从电价来看，煤炭价格反弹推高了铝企用电成本，当月电解铝行业综合含税用电价格为0.388元/千瓦时，环比上涨0.006元/千瓦时。 从阳极 价格来看，受原料成本增加以及出口需求良好等因素拉动，9月份预焙阳极价格触底回升，月均价回归5000元/吨以上。 在成本下降的同时，电解铝价格小幅上涨，利润上行。9月份沪铝连续合约均价达到20789元/吨，环比上涨99元/吨。测算当月平均利润为 4527元/吨(由于各地区企业所得税税率不同，故没有剔除增值税和所得税)，环比增加202元/吨，销售利润率达到21.8%，维持全行业盈利。 智通财经APP获悉，安泰科发文称，2025年9月中国电解铝行业呈现"成本下降，利润增长"的态势。根据安泰科测算，当月电解铝加权平均 完全成本(含税)为16262元/吨，环比下降103元/吨或0.6%；同比下降1080元/吨或6.2%。尽管本月电力、阳极成本均有不同程度上涨，但氧化 铝价格下跌带来的成本减量更显著，推动总成本呈现下降态势。安泰科氧化铝现货报价显示，9月份原材料采购期内，氧化铝现货平均价格 为3138元/吨，环比下跌134元/吨或4.1%。 图 中国电解铝成本与利润 数据来源：安泰科 ...

9月30日，天山铝业跌0.43%，成交额4.38亿元。两融数据显示，当日天山铝业获融资买入额3168.16万 元，融资偿还6963.56万元，融资净买入-3795.40万元。截至9月30日，天山铝业融资融券余额合计4.55 亿元。 分红方面，天山铝业A股上市后累计派现65.62亿元。近三年，累计派现34.63亿元。 融资方面，天山铝业当日融资买入3168.16万元。当前融资余额4.38亿元，占流通市值的0.81%，融资余 额低于近一年10%分位水平，处于低位。 机构持仓方面，截止2025年6月30日，天山铝业十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1.13亿股，相比上期减少1008.40万股。 融券方面，天山铝业9月30日融券偿还10.87万股，融券卖出1600.00股，按当日收盘价计算，卖出金额 1.85万元；融券余量150.61万股，融券余额1745.57万元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 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 ...

9月29日，天山铝业盘中上涨2.04%，截至13:21，报11.48元/股，成交3.00亿元，换手率0.64%，总市值 534.04亿元。 资金流向方面，主力资金净流出2384.74万元，特大单买入743.40万元，占比2.48%，卖出2467.25万元， 占比8.22%；大单买入4752.63万元，占比15.83%，卖出5413.51万元，占比18.03%。 天山铝业今年以来股价涨49.64%，近5个交易日涨3.89%，近20日涨15.03%，近60日涨34.43%。 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%。 天山铝业所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：锂电池、钠电池、电池箔、有 色铝、新疆振兴等。 截至6月30日，天山铝业股东户数4.97万，较上期 ...

Group 1: Company Performance - Tianshan Aluminum achieved operating revenue of 15.328 billion yuan for the first half of 2025, representing a year-on-year growth of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, showing a slight increase of 0.51% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the last three years [3] Group 2: Stock and Financing Activity - On September 24, Tianshan Aluminum's stock rose by 1.01%, with a trading volume of 291 million yuan [1] - The company had a net financing outflow of 70.07 million yuan on the same day, with a total financing balance of 603 million yuan [1] - The stock's financing balance is 585 million yuan, accounting for 1.15% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 3: Shareholder Information - As of June 30, 2025, Tianshan Aluminum had 49,700 shareholders, an increase of 4.44% from the previous period [2] - The average number of circulating shares per shareholder decreased by 4.25% to 83,175 shares [2] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 113 million shares, a decrease of 10.084 million shares from the previous period [3] Group 4: Business Overview - Tianshan Aluminum, established on November 3, 1997, and listed on December 31, 2010, is located in Shanghai and specializes in the production and sale of primary aluminum, aluminum deep-processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The main revenue sources include sales of aluminum ingots (65.26%), alumina (24.20%), aluminum foil and aluminum foil raw materials (6.89%), high-purity aluminum (2.10%), and other products (1.55%) [1]

Company Overview - Tianshan Aluminum Industry Co., Ltd. is located at 9th Floor, ProLogis Building, No. 2389 Zhangyang Road, Pudong New District, Shanghai, established on November 3, 1997, and listed on December 31, 2010 [1] - The company primarily engages in the production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition includes: 65.26% from sales of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil blanks, 2.10% from high-purity aluminum sales, and 1.55% from other sources [1] Financial Performance - As of June 30, 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 2.084 billion yuan, a year-on-year growth of 0.51% [2] - Cumulative cash dividends since the A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the past three years [3] Stock Performance - As of September 23, Tianshan Aluminum's stock price decreased by 2.08%, trading at 10.82 yuan per share, with a total market capitalization of 50.333 billion yuan [1] - Year-to-date, the stock price has increased by 41.03%, with a recent decline of 5.09% over the last five trading days, a 5.46% increase over the last 20 days, and a 25.23% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders reached 49,700, an increase of 4.44% from the previous period, with an average of 83,175 circulating shares per shareholder, a decrease of 4.25% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 113 million shares, a decrease of 10.084 million shares from the previous period [3] Market Activity - On September 23, the net outflow of main funds was 4.0862 million yuan, with large orders accounting for 15.68% of purchases and 22.68% of sales [1]

Company Overview - Tianshan Aluminum Industry Co., Ltd. is located in Shanghai and was established on November 3, 1997, with its listing date on December 31, 2010 [1] - The company specializes in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and foil materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1] Financial Performance - As of June 30, 2025, Tianshan Aluminum achieved a revenue of 15.328 billion yuan, representing a year-on-year growth of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, showing a slight increase of 0.51% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the last three years [3] Stock Performance - On September 19, Tianshan Aluminum's stock price increased by 2.03%, reaching 11.06 yuan per share, with a total market capitalization of 51.45 billion yuan [1] - The stock has seen a year-to-date increase of 44.16%, a decline of 3.66% over the last five trading days, a rise of 13.67% over the last 20 days, and a 29.51% increase over the last 60 days [1] - As of June 30, 2025, the number of shareholders increased to 49,700, with an average of 83,175 circulating shares per person, a decrease of 4.25% from the previous period [2] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 113 million shares, which is a decrease of 10.084 million shares from the previous period [3]

Core Viewpoint - The stock of Suotong Development has experienced significant fluctuations, with a year-to-date increase of 95.04% but a recent decline of 5.11% over the past five trading days [1] Company Overview - Suotong Development Co., Ltd. is located in the Hengyuan Economic Development Zone, Shandong Province, and was established on August 27, 2003, with its listing date on July 18, 2017 [1] - The company's main business involves the research, production, and sales of prebaked anodes, contributing 90.75% to its revenue, with other segments including negative materials (3.68%) and capacitors (0.99%) [1] Financial Performance - For the first half of 2025, Suotong Development achieved an operating income of 8.306 billion yuan, representing a year-on-year growth of 28.28%, and a net profit attributable to shareholders of 523 million yuan, showing a remarkable increase of 1568.52% [2] - The company has distributed a total of 1.044 billion yuan in dividends since its A-share listing, with 525 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 30.49% to 50,200, with an average of 9,925 circulating shares per person, a decrease of 23.37% [2] - Notable changes in the top ten circulating shareholders include a reduction in holdings by Guotai Junan's value advantage flexible allocation fund and an increase by Hong Kong Central Clearing Limited [3] Market Activity - On September 18, the stock price of Suotong Development fell by 2.04% to 26.35 yuan per share, with a trading volume of 631 million yuan and a turnover rate of 4.72% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on March 12, where it recorded a net buy of -157 million yuan [1]

Group 1 - Tianshan Aluminum experienced a decline of 5.06% on September 18, with a stock price of 10.88 CNY per share, a trading volume of 578 million CNY, a turnover rate of 1.27%, and a total market capitalization of 50.613 billion CNY [1] - Tianshan Aluminum Group Co., Ltd. is located in Shanghai and was established on November 3, 1997, with its listing date on December 31, 2010. The company specializes in the production and sales of primary aluminum, aluminum deep processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The main business revenue composition includes: sales of self-produced aluminum ingots at 65.26%, sales of alumina at 24.20%, sales of aluminum foil and aluminum foil raw materials at 6.89%, sales of high-purity aluminum at 2.10%, and other sales at 1.55% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bosera Fund holds Tianshan Aluminum as a significant investment. Bosera Xintai Mixed A (004175) held 32,800 shares in the second quarter, accounting for 0.63% of the fund's net value, ranking as the seventh largest heavy stock [2] - The latest scale of Bosera Xintai Mixed A (004175) is 3.2026 million CNY. Since the beginning of the year, it has incurred a loss of 0.35%, ranking 8105 out of 8193 in its category; over the past year, it has achieved a return of 3.27%, ranking 7699 out of 7977; and since its inception, it has gained 100.61% [2]

Core Viewpoint - Tianshan Aluminum has shown significant stock price growth and positive financial performance, indicating strong market interest and operational stability [1][2]. Financial Performance - As of June 30, Tianshan Aluminum achieved a revenue of 15.328 billion yuan, representing a year-on-year increase of 11.19% [2]. - The net profit attributable to shareholders for the same period was 2.084 billion yuan, reflecting a slight year-on-year growth of 0.51% [2]. - The company has distributed a total of 6.562 billion yuan in dividends since its A-share listing, with 3.463 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 15, Tianshan Aluminum's stock price increased by 2.00%, reaching 11.71 yuan per share, with a trading volume of 520 million yuan and a turnover rate of 1.09% [1]. - The stock has appreciated by 52.63% year-to-date, with a 11.74% increase over the last five trading days and an 18.88% increase over the last 20 days [1]. - The company had a market capitalization of 54.474 billion yuan as of the latest trading session [1]. Shareholder Information - As of June 30, the number of shareholders for Tianshan Aluminum reached 49,700, an increase of 4.44% from the previous period [2]. - The average number of circulating shares per shareholder was 83,175, which decreased by 4.25% compared to the previous period [2]. - Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 113 million shares, a decrease of 10.084 million shares from the previous period [3]. Business Overview - Tianshan Aluminum, established on November 3, 1997, and listed on December 31, 2010, is primarily engaged in the production and sale of primary aluminum, aluminum deep-processing products, prebaked anodes, high-purity aluminum, and alumina [1]. - The revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and foil materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1]. - The company operates within the non-ferrous metals industry, specifically in the aluminum sector, and is associated with concepts such as battery foil, sodium batteries, lithium batteries, and Xinjiang revitalization [1].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Viewpoints - The demand for aluminum continues to rise during the peak season, with signs of a turning point in aluminum ingot inventory [1] - The macroeconomic environment is favorable, with expectations of interest rate cuts by the Federal Reserve, which may further support aluminum prices [6][11] - The aluminum processing sector is experiencing a recovery in operating rates, indicating a potential increase in demand [11] Summary by Sections 1. Prices - As of September 12, 2025, the LME three-month aluminum closing price was $2701.0 per ton, up $98.5 from the previous week, a 3.8% increase [23] - The Shanghai aluminum active contract closing price was 21120.0 CNY per ton, up 425.0 CNY from the previous week, a 2.1% increase [23] - The average price of A00 aluminum in Changjiang was 21050.0 CNY per ton, up 370.0 CNY from the previous week, a 1.8% increase [23] 2. Production - In August 2025, the production of electrolytic aluminum was 373.3 million tons, a month-on-month increase of 1.1 million tons, and a year-on-year increase of 5.0 million tons [56] - The production of alumina in August 2025 was 773.8 million tons, a month-on-month increase of 8.8 million tons, and a year-on-year increase of 56.5 million tons [56] 3. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.35 CNY for 2024, increasing to 2.89 CNY by 2026 [5] - Tianshan Aluminum (002532.SZ) is rated "Buy" with an EPS forecast of 0.96 CNY for 2024, increasing to 1.27 CNY by 2026 [5] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 1.91 CNY for 2024, increasing to 2.56 CNY by 2026 [5] - China Aluminum (601600.SH) is rated "Buy" with an EPS forecast of 0.72 CNY for 2024, increasing to 0.99 CNY by 2026 [5] - Yunnan Aluminum (000807.SZ) is rated "Buy" with an EPS forecast of 1.27 CNY for 2024, increasing to 2.07 CNY by 2026 [5] 4. Inventory - As of September 11, 2025, the domestic electrolytic aluminum ingot inventory was recorded at 625,000 tons, with a week-on-week decrease of 1,000 tons [7] - The aluminum rod inventory in major domestic consumption areas was 132,500 tons, with a week-on-week decrease of 750 tons [7] 5. Demand - The arrival of the traditional peak season has led to improved order conditions for most profile enterprises, with various downstream sectors showing varying degrees of recovery [7] - The operating rate of aluminum processing leading enterprises increased by 0.4 percentage points to 62.1% [7]