破局铝业“三难”，大宗供应链龙头厦门象屿锻造铝产业链韧性闭环

Core Insights - Aluminum is a key raw material and strategic resource, with China being the largest producer and consumer globally. The country is expected to maintain its leading position in the production of alumina, electrolytic aluminum, aluminum processing materials, and recycled aluminum by 2024, with respective outputs of approximately 85 million tons, 44 million tons, 49.5 million tons, and 10.5 million tons [1] - The Chinese aluminum industry faces challenges such as high dependence on imported bauxite, insufficient resource supply, high carbon emissions, and reliance on imported high-end products. These issues necessitate a transformation and upgrade of the industry [1] - The Ministry of Industry and Information Technology and ten other departments have released the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)", which sets quantitative goals for resource security, industrial layout, and technological innovation [1] Resource Security - China's bauxite reserves account for only 3% of global reserves, with a high import dependency of 65%, making resource security a critical issue for the industry [3] - Xiamen Xiangyu is strategically focusing on resource security by penetrating domestic mining areas and investing in overseas bauxite resources, particularly in Indonesia, to secure production capacity and enhance international pricing power [3] Manufacturing Transition - The aluminum processing industry's high-end transformation is a core focus of the "Implementation Plan". Currently, 68% of domestic aluminum capacity is concentrated in low-end sectors, with over 60% of high-performance aluminum alloys for aerospace and electric vehicles being imported [4] - Xiamen Xiangyu's parent company, Xiangyu Group, has invested 3.6 billion yuan in restructuring Zhongwang Group, aiming to upgrade the industry and enhance production capabilities across various segments, including electric aluminum and deep processing [4][5] Supply Chain Integration - Xiamen Xiangyu aims to leverage its supply chain service advantages alongside Zhongwang's manufacturing capabilities, adopting a model that integrates industrial operations with supply chain services to activate existing capacities and penetrate high-end markets [5] - The transition from a traditional supply chain to an integrated manufacturing model allows for rapid construction of vertical integration capabilities, addressing resource anxiety and technological bottlenecks while aligning with national strategies for resource security and low-carbon transformation [6]