中信证券：持续看好铝板块盈利估值齐升行情

Core Viewpoint - China Securities indicates that Century Aluminum announced a production reduction at its Grundartangi aluminum smelter due to a fault, affecting a capacity of 200,000 tons. The probability of Mozal's shutdown is considered high, which could have significant implications for the aluminum industry, similar to the Cobre Panama situation. Supply constraints are strengthening, and there are early signs of disturbances, leading to a positive outlook for the aluminum sector's profitability and valuation [1]. Group 1 - Century Aluminum announced a production reduction at its Grundartangi smelter, impacting a capacity of 200,000 tons [1] - South32's Mozal smelter may face a shutdown for maintenance due to power supply issues, potentially affecting a capacity of 500,000 tons by March 2026 [1] - China Securities believes the probability of Mozal's shutdown is high, indicating potential significant impacts on the aluminum industry [1] Group 2 - Supply constraints in the aluminum sector are becoming more pronounced, with early signs of market disturbances [1] - The outlook for the aluminum sector is positive, with expectations for rising profitability and valuation [1]