铝价持续上涨 多家铝矿企业股价创新高

Core Viewpoint - The continuous rise in aluminum prices has led to significant gains in the stock prices of major aluminum companies, with many reaching new highs this year [1][2]. Group 1: Stock Performance - As of November 12, 2023, 16 out of 32 listed aluminum companies have seen stock price increases exceeding 50% this year, with Hong Chuang Holdings, Zhongfu Industrial, and Yian Technology leading with increases of 156%, 149%, and 127% respectively [1]. - Companies like Tianshan Aluminum and Shenhuo Co. have also reached their highest stock prices since listing [1]. Group 2: Price Trends - Aluminum futures and spot prices have remained strong, with London spot aluminum prices up 13.1% year-to-date, reaching $2,885 per ton, and COMEX aluminum futures up 11.73% at $2,845 per ton [2]. - The main futures contract in Shanghai has also seen a rise of over 10%, reaching 21,880 yuan per ton [2]. Group 3: Company Performance - Nanshan Aluminum reported a revenue of 26.325 billion yuan for the first three quarters of 2023, an increase of 8.66% year-on-year, with a net profit of 3.772 billion yuan, up 8.09% [2]. - Tianshan Aluminum's revenue for the same period was 22.321 billion yuan, a 7.34% increase, with a net profit of 3.34 billion yuan, up 8.31% [3]. - China Aluminum's profit for the first three quarters of 2023 reached 20.775 billion yuan, an 18.47% increase, with a net profit of 10.872 billion yuan, up 20.65% [3]. Group 4: Supply and Demand Dynamics - The supply of electrolytic aluminum is constrained by a production cap of approximately 45 million tons per year, leading to a rigid supply structure [4]. - Domestic electrolytic aluminum production capacity utilization is high, generally around 97%-98%, with some areas exceeding 100% [6]. - Analysts predict that the demand for aluminum in sectors like power transmission, photovoltaics, and energy storage will continue to grow, supporting future aluminum prices [6]. Group 5: Future Outlook - Analysts suggest that the global aluminum market may enter a replenishment cycle due to historically low inventories, with supply constraints likely to support high aluminum prices [6]. - The long-term outlook for aluminum prices remains positive, driven by consumption, although short-term supply disruptions may create volatility [7].