Summary of Key Points from the Conference Call on China's Aluminium Demand Industry Overview - The report focuses on the **aluminium industry in China**, specifically the demand dynamics and trends for 2025 and beyond, as tracked by the **China Aluminium End-Use Tracker (CAET)** [1][2][8]. Core Insights and Arguments - **Aluminium Demand Growth**: Implied aluminium demand in China grew approximately **4% year-over-year (y/y)** in 2025, reaching an annualized estimate of **~51 million tonnes (Mt)**. This growth was primarily driven by decarbonisation-related end-use markets [2][8][19]. - **Decarbonisation Impact**: Demand linked to decarbonisation surged by **~18% y/y** in 2025, supported by strong renewable energy installations, particularly in solar and wind sectors [8][10]. - **Cyclical Demand Weakness**: Traditional cyclical demand for aluminium has softened, particularly in late 2025, due to a decline in manufacturing and infrastructure fixed-asset investment (FAI) [3][9][10]. - **K-Shaped Economic Recovery**: China's economy is exhibiting a **K-shaped recovery**, where structurally strong sectors (renewables, EVs, energy storage) diverge from weaker traditional sectors (construction, manufacturing) [10][3]. - **Future Outlook**: Economists project a rebound in infrastructure and manufacturing FAI to approximately **6% and 5% y/y** respectively in 2026, which could positively influence cyclical aluminium demand [3][10]. Additional Important Insights - **Battery Energy Storage Systems (BESS)**: The BESS sector is becoming a significant contributor to aluminium demand, with output rising **~73% y/y** in December 2025. Policy reforms are expected to accelerate project commissioning in 2026 [4][43]. - **Transportation Sector**: Transportation-related aluminium demand fell **~3% y/y** in December 2025, but for the full year, it rose **~14% y/y**, driven by a **~25% y/y** increase in electric vehicle (EV) sales [22][23]. - **Solar Installations Decline**: Solar installations saw a **~40% y/y** decline in December 2025, following a strong front-loading in the first half of the year. This was a significant factor in the overall softness in electrical-related aluminium demand [27][28]. - **Consumer Durables**: Demand for aluminium in consumer durables declined by **~2% y/y** in December 2025, primarily due to weaker air conditioner output. However, medium-term prospects remain positive due to potential material substitution from copper to aluminium [42]. Conclusion - The aluminium industry in China is navigating a complex landscape characterized by strong decarbonisation-driven demand and weakening traditional cyclical demand. The outlook for 2026 appears cautiously optimistic, contingent on policy support and economic recovery in key sectors. The BESS sector is poised to play an increasingly important role in shaping future aluminium demand dynamics.

Citigroup said Thursday it had approved $42 million for CEO Jane Fraser’s total compensation for 2025, up nearly 22% from a year earlier.Investors have cheered Fraser’s efforts to streamline management, cut jobs and sell businesses, boosting the stock 65.8% last year. It outperformed peers and an index tracking bank stocks by a wide margin.The move follows similar hikes for top bosses at rivals Goldman Sachs and Morgan Stanley, as Wall Street giants gear up for what is widely expected to be a bumper year fo ...

Market-Moving Headlines - AlgoRhythm Holdings Inc. announced that its AI platform could significantly increase freight volume without additional headcount, leading to a sell-off in the logistics sector, with the Russell 3000 Trucking Index dropping by 6.6% [2][9] - Concerns about AI's disruptive potential have been heightened, with UBS warning that credit markets are underpricing the risks associated with AI-driven disruption, particularly affecting leveraged loans [3] Rivian's Positive Outlook - Rivian Automotive Inc. reported a fourth-quarter adjusted loss of 54 cents per share, which was better than analyst expectations, and surpassed revenue forecasts [4] - The company provided a strong delivery guidance for 2026, estimating 62,000 to 67,000 vehicles, and confirmed that its R2 SUV is on track for a second-quarter launch [4] Tech and Finance Giants Make Moves - NVIDIA Corp. plans to lease a new 200-megawatt data center in Nevada, partially financed by a $3.8 billion junk-bond sale led by Tract Capital, with JPMorgan Chase & Co. and Morgan Stanley managing the transaction [5] - Citigroup Inc. announced a 22% pay increase for CEO Jane Fraser, raising her 2025 compensation to $42 million, following a 66% surge in the bank's stock price [6][9] Political and Economic Headwinds - A partial shutdown of the Department of Homeland Security is looming as Senate Democrats blocked a funding bill over immigration agent restrictions, with a deadline approaching [10] Financial Troubles in Retail - Saks Fifth Avenue is negotiating with lenders and suppliers to address financial concerns related to inventory on consignment and to prevent objections to its bankruptcy loan [11]

花旗集团将首席执行官Jane Fraser 2025年的薪酬提高到了4200万美元，使其跻身美国收入最高的银行掌 舵人之列。周四文件披露的这一22%的薪酬涨幅，建立在花旗集团过去一年股价上涨66%，超过华尔街 其他任何一家银行的基础之上。因此，Fraser全年总收入只比摩根大通的Jamie Dimon少了100万美元。 其薪酬方案包括150万美元基本薪资、610万美元现金激励，其余的是股票奖励。Fraser于10月被任命为 该行董事会主席时获得了一份留任奖金，当时价值2500万美元，将在五年内归属完毕。 来源：滚动播报 ...

Core Insights - Fraser earned approximately $7.5 million more than the previous year [1] Company Summary - The increase in earnings indicates a significant improvement in Fraser's financial performance compared to the prior year [1]

格隆汇2月13日｜花旗集团已将首席执行官弗雷泽2025年的薪酬上调至4200万美元，使她跻身美国薪酬 最高的银行掌门人行列。根据周四的一份文件披露，这一幅度达22%的加薪紧随花旗股价在过去一年上 涨66%的强劲表现之后——其涨幅超过了任何其他华尔街大行。此次加薪使弗雷泽的全年总薪酬包仅比 摩根大通首席执行官戴蒙少100万美元。薪酬方案包括150万美元的基本工资、610万美元的现金奖励以 及剩余的股票奖励。此外，弗雷泽在2025年10月被任命为该行董事会主席时，还获得了一笔当时价值 2500万美元、五年后完全归属的留任奖金。花旗在文件中表示，该薪酬方案"反映了她在2025年期间为 显著增强花旗业绩所做的工作，她的战略愿景及执行力，以及她为公司未来增长所做的果敢抉择"。 ...

Citigroup CEO Jane Fraser's pay rises to $42 million after banner year | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike Blake/File Photo [Purchase Licensing Rights, opens new tab]- Companies[Citigroup Inc]Follow[Goldman Sachs Group Inc]Follow[Morgan Stanley]FollowFeb 12 (Reuters) - Citigroup [(C. ...

I want to pick up on some of the points that Ianto was making there and ask you what Citibank's sell. Citi's focus is for India for the next couple of years. Thanks, Paul, for inviting me to the Studio City actually has been in India for more than 23 years.In fact, next year we're going to be celebrating our 1/25 year in India. And as you know, we exited the retail business three years back, and we're actually going to be focused on our core domain, which is the institutional banking business. And if you lo ...

花旗银行利率交易台表示，目前市场对美国通胀前景过于乐观，这使得那些在物价压力攀升时获利的交 易看起来极具吸引力。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 花旗银行利率交易策略师威尔特希尔（Benjamin Wiltshire）指出，投资者可能低估了美国消费者的韧 性，市场对通胀的预期很可能会小幅上调。他在采访中表示："市场似乎深信通胀将会下降，但我们仍 处于一个结构性高通胀的环境中。" 花旗建议押注美国通胀 上升 在此番言论发布之前，周三公布的美国就业增长数据表现强劲，令投资者措手不及。由于交易员下调了 对美联储今年降息的预期，美债收益率随之飙升。 周四美国债券趋于平稳，10年期美债收益率小幅下跌1个基点至4.17%。在周五公布1月消费者价格指数 （CPI）数据之前，交易员接下来的关注焦点将是当天晚些时候公布的初请失业金人数，以此作为衡量 经济状况的指标。 威尔特希尔建议买入5年/5年远期通胀衍生品，他认为目前约2.5%的水平过低。相比之下，目前的实际 通胀率依然高于这一水平——美联储青睐的核心通胀指标仍徘徊在接近3%的水平，表现出明显的粘 性。 威尔特希尔表 ...

来源：中国金融家杂志 新春畅想 花旗集团中国区总裁及 岁序更替日日新。我代表花旗中国向《中国金融家》杂志和广大读者致以新春的美好祝福，向关心支持 花旗中国的各界朋友，表示衷心的感谢！ 花旗银行（中国）有限公司行长、执行董事 张文杰 回望2025年，我们收获满满。11月，来自全球2300多名投资者、企业客户和业界领袖在深圳和上海两地 齐聚一堂，参加了第二十届花旗中国峰会。作为花旗全球最大的客户峰会之一，此次中国峰会300多场 企业推介会和7000多场交流会为全球投资者架起联接中国市场的桥梁，这彰显了我们联接全球投资者与 中国战略机遇的承诺和愿景，也表明了花旗服务中国客户的长期承诺。 对公业务一直是花旗在中国的主力业务。中国在全球制造业中占据着重要位置。中国企业正不断走向海 外。花旗可以充分发挥我们的全球网络优势，聚焦跨境业务，支持企业"引进来"和"走出去"。花旗致力 于协助中国企业进行全球市场对接、进军国际资本市场。过去五年，花旗从全球资本市场为中国的企业 筹集了超过3000亿美元的资金。伴随国际资本始终对中国市场的关注，作为他们在海外的主要服务银 行，花旗通过托管、经纪、融资等服务，帮助他们参与中国的投资机会 ...