铝产业链周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2026-2-9 【产业服务总部 | 有色金属团队】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 01 周度观点 ◆ 基本面分析 山西河南地区铝土矿价格整体平稳，几内亚散货矿主流成交价格周度环比持稳于61.5美元/干吨。氧化铝运行产能周度环比减少80 万吨至9425万吨，全国氧化铝库存周度环比增加7.9万吨至519.3万吨。临近春节假期，全国氧化铝运行产能有一定程度波动。广 西区域2家前期检修的氧化铝企业将陆续复产；山西区域2家前期计划检修的氧化铝企业将检修。此外，市场传河北某氧化铝大厂焙 烧端波动，继续关注。电解铝运行产能周度环比增加4.2万吨至4467.6万吨。随着铝价走强，未来电解铝供应正在超预期增加。新 投产能方面，天山铝业一阶段12万吨产能已经达产，二阶段8万吨仍在建设中，预计年内全面达产，扎铝35万吨将建成投产、 2026年全面达产，此外广西隆林正加快盘活5.71万吨闲置产能，市场传辽宁某电解铝企业可能复产。海外方面，11日，印尼北加 电解铝项目首批 ...

票 研 究 | [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 | S0880525040114 | 本报告导读： 在供需紧平衡的状况下，供需平衡表很重要，但更需关注宏观对金属价格走势的核 心影响，货 ...

摘要 ：统计22家国内上市仪器公司2025年业绩预告数据，拆解各企业业绩变动核心原因，剖析行业发展现状与趋势，为 市场参与者提供参考。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2026 年初以来，国内仪器行业上市企业陆续披露 2025 年业绩预告，行业整体经营态势逐步清晰。本文对 统计到的 22 家国产仪器厂商业绩预告进行系统梳理，涵盖多个细分领域， 为市场参与者提供参考。 从净利润来看， 共有11家企业盈利，11家企业亏损；与上年同期相比，盈利企业中8家实现同比增长，3家 盈利但增速平缓或略有波动，亏损企业中4家实现亏损收窄，7家出现亏损扩大或由盈转亏。 可以看出，在 国内下游需求波动、行业竞争持续加剧、政策环境调整及全球供应链不稳定的多重背景下，国产仪器行业业 绩分化态势进一步加剧，部分企业凭借前瞻性的战略布局实现增长，展现出强劲的经营韧性，而部分企业则 受困于业务转型、资产减值等因素，面临阶段性经营压力。 埃 科 光 电 | | | 2025年度国产仪器上市企业净利润统计表 | | | | --- | --- | --- | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The trading logic of the aluminum market has deviated from fundamentals, with the focus on factors like the US dollar, liquidity, and precious metals. Despite some marginal changes in supply, the long - term growth logic of aluminum remains unchanged, but it is experiencing a short - term correction [4]. - The report上调s the 2026 overseas and domestic electrolytic aluminum production forecasts. However, the market is more sensitive to supply cuts than increases, and the long - term bullish view on aluminum as a hedging asset and its connection to new energy and the new economy persists [4]. - For the short - term market, it is advisable to wait for volatility to subside before making trading decisions [4]. Summaries Based on Related Catalogs 1. Week - on - Week Changes and Outlook - Since the beginning of the year, the aluminum price trend has been highly synchronized with volatility, and the trading logic has deviated from aluminum fundamentals. The focus is on the US dollar, liquidity, and precious metals [4]. - There have been marginal changes in the supply side at home and abroad, including the restart of production at some aluminum plants. The report上调s the 2026 electrolytic aluminum production forecasts for both overseas and domestic markets [4]. - The short - term decline in the number of receiving manufacturers is due to high prices screening out less - resilient downstream buyers. The market is more sensitive to supply cuts than increases [4]. - The short - term view is to wait for the volatility to stabilize before trading [4]. 2. Latest Production Launch Tables of Domestic and Overseas Aluminum Plants - **Overseas**: The production expectations of three overseas plants have been revised upwards. The Lista aluminum plant in the US has restarted 31,000 tons of idle capacity after renewing its power contract. The expected restart time of the Grundartangi aluminum plant in Iceland has been advanced, and the Mozal aluminum plant in Mozambique is expected to have a partial production cut instead of a complete shutdown [7]. - **Domestic**: A northeast domestic aluminum plant with a built - in capacity of 752,500 tons and a current operating capacity of 420,000 tons plans to restart about 300,000 tons of idle capacity in mid - to - late March [7]. 3. Overseas Aluminum Plant Power Contract Progress - The power contract of the US Lista aluminum plant has been renewed to 2035, and it restarted 31,000 tons of idle capacity in January 2026. Other plants also have different power contract situations and production statuses [9]. 4. Overseas Aluminum Plant Production Launch Schedule - In 2026 and the long - term, there are various production - related activities overseas, including new construction, expansion, and restart of production at different aluminum plants. The annual total planned new production capacity in 2026 is 1.7355 million tons [10]. 5. Expected Table of New Domestic Electrolytic Aluminum Projects in 2026 - There are different types of projects in China, such as replacement, expansion, and production restart. The total new production capacity in 2026 is expected to be 1.127 million tons, with limited net - increase capacity from replacement projects [13]. 6. Supply - Demand Balance Sheets at Home and Abroad - The report上调s the 2026 overseas and domestic electrolytic aluminum net - increase production forecasts by 120,000 tons and 195,000 tons respectively. The supply - demand balance shows a slight deficit in 2026 [16]. - The long - term growth logic of aluminum remains unchanged, and the market should tolerate short - term corrections [16]. 7. Cost and Profit - Alumina prices have been falling since mid - 2025, which is one of the reasons for the increased profits of aluminum plants. Electricity prices and pre - baked anodes are in a range - bound state [22]. - The average profit of electrolytic aluminum has dropped from about 8,700 yuan/ton last week to 7,000 yuan/ton this week, and the average cost has slightly increased to 16,200 yuan/ton due to a 0.01 - yuan/degree increase in electricity prices [26]. 8. Internal - External Price Ratio - The Shanghai - London ratio has fluctuated. After rising to a phased high on January 7, it has declined. The LME aluminum price led the decline, and the domestic market followed. The internal - external price ratio is currently range - bound [31]. - The overseas spot premiums in North America and Japan have increased week - on - week [31]. 9. Downstream and Inventory - The downstream operating rate is at a seasonal low, especially for aluminum sheets, foils, and strips. It is expected to recover after the holiday [45]. - As of Thursday, the social inventory of electrolytic aluminum has increased, while the LME aluminum inventory has decreased. The social inventory of aluminum rods has also increased [48]. - The processing fee of aluminum rods has fluctuated after reaching a high this week [54].

中证500成长ETF（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基金管 理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为37.36%，近一个月回报为 5.14%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月6日，中证500成长ETF（562340）开盘跌0.51%，报1.359元。中证500成长ETF（562340）重仓股方 面，巨人网络开盘跌0.54%，西部矿业跌5.87%，天山铝业跌3.19%，厦门钨业跌2.21%，通富微电跌 1.99%，宏发股份跌0.38%，杰瑞股份跌3.44%，睿创微纳跌0.73%，豪迈科技跌0.95%，金诚信跌 3.32%。 ...

中证500成长ETF（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基金管 理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为39.55%，近一个月回报为 8.79%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月5日，截止午间收盘，中证500成长ETF（562340）跌1.80%，报1.367元，成交额151.06万元。中证 500成长ETF（562340）重仓股方面，巨人网络截止午盘跌0.75%，西部矿业跌5.24%，天山铝业跌 4.86%，厦门钨业跌4.28%，通富微电跌5.18%，宏发股份跌3.67%，杰瑞股份跌8.91%，睿创微纳跌 4.79%，豪迈科技跌1.76%，金诚信跌5.02%。 来源：新浪基金∞工作室 ...

证券日报网讯 2月4日，天山铝业发布2025年三季度权益分派实施公告称，公司2025年三季度利润分配 方案为每10股派发现金红利1元（含税），股权登记日为2026年2月10日，除权除息日为2026年2月11 日。 （文章来源：证券日报） ...

格隆汇2月4日丨天山铝业(002532.SZ)公布2025年三季度权益分派实施公告，本次利润分配方案以公司 总股本4,628,737,415股扣除回购专用账户中持有的本公司股份38,860,530股后的4,589,876,885股为基数， 向全体股东每10股派发现金红利1元(含税)，不送红股、不进行资本公积金转增股本，共计派发现金红 利人民币458,987,688.50元(含税)。 本次权益分派股权登记日为：2026年2月10日，除权除息日为：2026年2月11日。 ...

证券代码：002532 证券简称：天山铝业 公告编号：2026-008 天山铝业集团股份有限公司 2025 年三季度权益分派实施公告 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。 特别提示： 天山铝业集团股份有限公司（以下简称"公司/本公司"）本次利润分配方案 以 公 司 总 股 本 4,628,737,415 股 扣 除 回 购 专 用 账 户 中 持 有 的 本 公 司 股 份 38,860,530 股后的 4,589,876,885 股为基数，向全体股东每 10 股派发现金红利 1 元（含税），不送红股、不进行资本公积金转增股本，共计派发现金红利人民币 458,987,688.50 元（含税）。 公司通过回购专用账户持有的本公司股份不享有参与本次利润分配的权利。 本次权益分派实施后计算除权除息价格时，以公司总股本 4,628,737,415 股（含 回购股份）折算的每 10 股现金分红=现金分红总额÷总股本×10=458,987,688.50 元÷4,628,737,415 股×10，即每 10 股现金红利为 0.991604 元（保留六位小数， 最后 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].