Core Viewpoint - The A-share market experienced slight fluctuations on December 23, with the Nonferrous 50 ETF (159652) rising over 2% at one point, reaching a new high since its listing, driven by significant net subscriptions [1][3]. Group 1: ETF Performance - The Nonferrous 50 ETF (159652) saw a net subscription of 31 million units, with an estimated net subscription amount exceeding 50 million yuan during the trading session [1]. - The ETF's performance indicators show a year-to-date increase of 87.92% and a 120-day increase of 62.58% [1]. - The ETF's top ten constituent stocks mostly experienced gains, with Shandong Gold (600547) up 6.72% and Tianqi Lithium rising over 3% [3]. Group 2: Market Trends - The spot gold price continued to rise, nearing $4,500 per ounce, marking a year-to-date increase of over 70% [5]. - Lithium carbonate futures surged over 3%, continuing a trend of price increases, with expectations of further price support due to low inventory levels [7]. - Copper prices reached record highs, with forecasts suggesting potential increases to $13,000 per ton in the second quarter of 2026 [8]. Group 3: Industry Outlook - The nonferrous metal sector is projected to maintain strong performance, with a cumulative increase of 90% year-to-date, positioning it as a leading industry [12]. - The 2026 outlook for basic metals, particularly copper and aluminum, is optimistic due to expected demand improvements and supply constraints [10]. - The demand for lithium and cobalt is anticipated to grow, with lithium prices expected to continue their upward trend due to supply and demand dynamics [11].

（文章来源：证券日报） 证券日报网讯 12月22日晚间，云铝股份发布公告称，公司2025年第四次临时股东会审议通过《关于收 购云南冶金持有公司部分控股子公司股权暨关联交易的议案》等。 ...

证券日报网讯 12月22日晚间，云铝股份发布公告称，公司第九届董事会第二十一次会议审议通过《关 于兑现公司高级管理人员2024年度年薪的议案》。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Yun Aluminum Co., Ltd. announced the convening of its 9th Board of Directors meeting to discuss the annual salary for senior management for 2024 [1] - For the first half of 2025, the revenue composition of Yun Aluminum is as follows: non-ferrous metal smelting industry accounts for 58.12%, non-ferrous metal rolling processing industry accounts for 40.67%, and other industries account for 1.21% [1] - As of the report date, Yun Aluminum's market capitalization is 101.9 billion yuan [1] Group 2 - The article highlights a significant increase in sales of new energy heavy trucks, with November sales experiencing a year-on-year growth of 178% [1] - The demand for these trucks is so high that customers are directly urging manufacturers for orders, indicating a supply shortage [1] - This situation is described as a rare occurrence in the past decade, emphasizing the strong market demand [1]

云南铝业股份有限公司 2025 年第四次临时股东会决议公告 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-054 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）召开时间 1.现场会议召开时间为：2025 年 12 月 22 日（星期一）下午 15:00 2.网络投票时间为：2025 年 12 月 22 日（星期一）上午 09:15-下午 15:00 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 12 月 22 日上 午 09:15-09:25，09:30-11:30 和下午 13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为：2025 年 12 月 22 日上午 09:15-下午 15:00。 （二）现场会议召开地点：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 一楼会议室。 （三）会议召开方式：本次股东会采用现场表决与网络投票相结合的方式。 ...

云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2025 年第四次临时股东会的 见 证 意 见 书 海合综（2025）第【355】号 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本所 指派郭晓龙、周张悦律师出席贵公司于 2025 年 12 月 22 日召 开的 2025 年第四次临时股东会（以下简称：本次会议）。本所 律师基于对本次会议的现场见证，依据《公司法》、《证券法》、 《上市公司股东会规则》等法律、法规的规定，按照《律师事 务所从事证券法律业务管理办法》和《律师事务所证券法律业 务执业规则（试行）》，就本次会议的相关事项发表见证意见如 下： 一、本次会议的召集及通知 本次会议系贵公司 2025 年第四次临时股东会，由贵公司董 事会召集。贵公司董事会召集本次会议的书面通知于 2025 年 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 __________________________________________________________________________________________ __ ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-055 云南铝业股份有限公司 第九届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 会议以现场结合通讯表决方式审议通过了《关于兑现公司高级管理人员 2024 年度年薪 的议案》，具体内容如下： 按照公司第九届董事会第三次会议审议通过的《关于 2024 年继续对公司经营班子实行 年薪制奖励办法的议案》，结合公司 2024 年度主要财务指标、经营目标等完成情况和公司 高级管理人员分管工作范围及主要职责、高级管理人员岗位工作业绩考评系统中涉及指标 的完成情况，公司董事会薪酬与考核委员会按照绩效评价标准和程序，对公司高级管理人 员进行了绩效评价，并提出公司高级管理人员 2024 年度年薪兑现的建议，具体如下表： 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 二十一次会议通知于 2025 年 12 月 12 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2025 年 12 月 22 日（星期一）以现 ...

Core Viewpoint - Yun Aluminum Co., Ltd. has shown significant stock price appreciation this year, with a year-to-date increase of 128.86% and notable gains over various trading periods [2]. Group 1: Stock Performance - As of December 22, Yun Aluminum's stock price reached 29.82 CNY per share, with a trading volume of 8.48 billion CNY and a market capitalization of 1,034.14 billion CNY [1]. - The stock has increased by 9.96% over the last five trading days, 28.42% over the last 20 days, and 51.06% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yun Aluminum reported a revenue of 440.72 billion CNY, reflecting a year-on-year growth of 12.47%, and a net profit attributable to shareholders of 43.98 billion CNY, which is a 15.14% increase year-on-year [2]. - The company has distributed a total of 60.69 billion CNY in dividends since its A-share listing, with 38.84 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yun Aluminum was 79,100, a decrease of 8.51% from the previous period, with an average of 43,857 circulating shares per shareholder, an increase of 9.30% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 269 million shares, an increase of 72.09 million shares from the previous period [3].

Core Viewpoint - The A-share market is experiencing a significant upward trend, particularly in the non-ferrous metal sector, with the Non-Ferrous 50 ETF (159652) showing a notable increase and substantial trading volume [1][4]. Group 1: Market Performance - As of 9:58 AM, the Non-Ferrous 50 ETF (159652) opened with a gap up, rising by 2.5% and seeing a significant increase in trading volume, with 200,000 net subscriptions recorded during the session [1]. - Key stocks in the non-ferrous metal sector, such as Zijin Mining and Shandong Gold, have shown strong performance, with Zijin Mining increasing by 4.66% and Shandong Gold by 4.37% [2][4]. Group 2: Commodity Trends - Precious metals are experiencing a surge, with spot gold rising over 1% to exceed $4,383 per ounce, setting a new historical high, while silver has also reached a record of over $67 per ounce [3]. - The overall non-ferrous metal sector has seen an impressive increase of over 85% this year, indicating a strong market performance [4]. Group 3: Economic and Policy Context - Following the December Federal Reserve policy decisions, a monthly operation of $40 billion in reserve management purchases is expected to provide liquidity support to the market [7]. - The Bank of Japan has raised interest rates by 25 basis points to 0.75% to combat rising inflation, marking the highest rate in 30 years [7]. Group 4: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted as a leading investment vehicle, covering a wide range of metals including gold, copper, aluminum, lithium, and rare earths, which are expected to benefit from the ongoing super cycle in the non-ferrous sector [18][20]. - The ETF has a high concentration of key metals, with copper accounting for 31% and gold for 14%, making it a competitive option in the market [20]. Group 5: Long-term Outlook - The long-term outlook for gold remains positive, driven by factors such as declining real interest rates and increasing central bank gold purchases, with forecasts suggesting gold prices could exceed $4,500 per ounce in the near future [15][16]. - The copper market is also expected to see a growing supply-demand gap, with projections indicating that copper prices may reach new highs due to robust demand from emerging sectors like AI and renewable energy [16][17].

Group 1 - Platinum prices reached a peak of $1987 per ounce on December 19, marking the highest level since late July 2008, with an annual increase of over 110% [1] - Silver prices surged above $67.49 per ounce, setting a new historical high [1] - The SHFE gold price hit 987 yuan per gram [1] Group 2 - The China Nonferrous Metals Industry Index (399395) rose by 0.96% as of December 22, 2025, with notable increases in stocks such as Yahua Group (002497) up 1.90%, and China Aluminum (601600) up 1.84% [1] - The Nonferrous Metals ETF (159880) increased by 0.77%, with the latest price at 1.84 yuan [1] - The top ten weighted stocks in the Nonferrous Metals Industry Index account for 52.34% of the index, including Zijin Mining (601899) and China Aluminum (601600) [2]