铝：区间震荡，氧化铝：触顶回落

Report Summary 1. Industry Investment Rating - Aluminium: Range-bound trading [1] - Alumina: Reaching the peak and then declining [1] 2. Core Viewpoints - In April 2025, China's economy withstood pressure and maintained stable growth. The added - value of industrial enterprises above designated size increased by 6.1% year - on - year, and the total retail sales of consumer goods grew by 5.1%. From January to April, the national fixed - asset investment increased by 4% year - on - year, and the growth rate was 8% after excluding real estate development investment [1][3] - The trend strength of aluminium is 0, and that of alumina is also 0, both indicating a neutral outlook [3] 3. Summary by Directory Futures Market - Aluminium Futures: The closing price of the Shanghai Aluminium main contract was 20,155 yuan, down 55 yuan from the previous trading day. The LME Aluminium 3M closing price was 2,466 US dollars, up 10 US dollars. The trading volume and open interest of the Shanghai Aluminium main contract showed certain changes compared with previous periods [1] - Alumina Futures: The closing price of the Shanghai Alumina main contract was 3,169 yuan, down 47 yuan from the previous trading day. The trading volume and open interest increased significantly compared with previous periods [1] Spot Market - Aluminium Spot: The domestic social inventory of aluminium ingots was 557,000 tons, with no change from the previous trading day. The inventory of LME aluminium ingots was 384,600 tons, down 2,300 tons [1] - Alumina Spot: The average domestic alumina price was 3,220 yuan, up 49 yuan from the previous trading day. The CIF price of alumina in Lianyungang was 393 US dollars per ton, with no change [1] - Other Raw Materials: The prices of pre - baked anodes, aluminium rods, and aluminium bars also showed different degrees of changes. The prices of bauxite and caustic soda remained stable in the short term [1]