山西证券：镁/铝价比创历史新低 镁合金多行业应用持续开拓

Core Viewpoint - The magnesium market is expected to maintain a balanced supply in January 2026, with stable prices supported by supply-side stability and steady demand, leading to a gradual increase in magnesium prices [1][2]. Group 1: Market Performance - In January 2026, the average price of aluminum (A00) was 24,085.50 CNY/ton, showing a year-on-year increase of 20.24% and a month-on-month increase of 9.77%. The average price of magnesium ingots (1) was 18,127.50 CNY/ton, with a year-on-year increase of 1.50% and a month-on-month increase of 5.24% [2]. - The magnesium/aluminum price ratio fell to 0.75 in January, marking a historical low, primarily due to a significant increase in aluminum prices driven by demand from emerging industries such as photovoltaics and energy storage [3]. Group 2: Export Trends - In 2025, the total export volume of various magnesium products from China reached 447,600 tons, a year-on-year decrease of 2.65%. The total export value was approximately 1.069 billion USD, reflecting a substantial year-on-year decline of 17.15% [4]. - The export of magnesium ingots was 251,300 tons, down 5.53% year-on-year, with an average export price of 15,757 CNY/ton, which is about 743 CNY lower than the domestic average [4]. - Conversely, magnesium alloy exports were relatively strong, totaling 99,600 tons in 2025, representing a year-on-year increase of 4.51%, indicating a structural growth in this segment despite overall weak overseas magnesium demand [4]. Group 3: Investment Recommendations - Companies to focus on include Baowu Magnesium Industry (002182.SZ) for its full industry chain layout, Xingyuan Zhuomei (301398.SZ) for its high proportion of magnesium alloy business, and Yizhim (300415.SZ) benefiting from increased capital expenditure by component manufacturers [5]. - Additional companies to watch include Yian Technology (300328.SZ), Yongmaotai (605208.SH), and Xinyuan Zhizao (600615.SH), which are involved in magnesium alloy components [5].