有色金属行业：崛起中的印尼氧化铝产业

Investment Rating - The report maintains an "Outperform" rating for the aluminum industry, particularly highlighting the emerging opportunities in the Indonesian alumina sector [1]. Core Insights - The Indonesian alumina industry is gaining significance due to the Chinese government's strict control over new alumina smelting capacity, which positions Indonesia as a low-cost producer with abundant raw materials and energy resources. This allows companies to meet the demand for alumina from electrolytic aluminum enterprises and expand their market share while catering to Southeast Asian markets [2][5]. - As of November 15, 2024, LME aluminum prices reached $2,641 per ton, reflecting a year-on-year increase of 19.8%. The SMM alumina price was reported at 5,600 yuan per ton, up 86.5% year-on-year, indicating a tight supply-demand situation in the market [2][5]. - The report suggests monitoring companies such as China Aluminum, China Hongqiao, Tianshan Aluminum, Yun Aluminum, Shenhuo, and Nanshan Aluminum for potential investment opportunities [2][5]. Summary by Sections Section 1: Weekly Topic - The Rise of the Indonesian Alumina Industry - The report discusses the strategic importance of Indonesia in the alumina market, especially in light of China's regulatory environment [5]. Section 2: Market Performance - The Shenwan Nonferrous Index fell by 5.71% from November 8 to November 15, 2024, with the energy metals sector showing resilience [2][24]. Section 3: Key Subsector Tracking (11/8-11/15) - Industrial Metals: LME copper prices decreased by 4.9% [2][24]. - Energy Metals: Battery-grade lithium carbonate prices increased by 1.0% [2][24]. - Precious Metals: London spot gold prices fell by 4.4% [2][24]. - Rare Earths and Minor Metals: Prices for praseodymium-neodymium oxide dropped by 0.8% [2][24]. Section 4: Important Events - A significant event noted is the collaboration between GEM and Vale to construct a nickel high-pressure acid leaching plant in Indonesia, targeting an annual production capacity of 66,000 tons [2][101].