铝：继续磨盘，氧化铝：重心下移铸造，铝合金：跟随电解铝

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Aluminum continues to trade sideways, alumina's price center is moving down, and cast aluminum alloy follows the trend of electrolytic aluminum [1]. 3. Summary by Directory Futures Market - Electrolytic Aluminum: The closing price of the SHFE aluminum main contract was 20,745 yuan, down 20 yuan from the previous day; the LME aluminum 3M closing price was 2,649 US dollars, down 15 US dollars. Trading volumes and open interest in both the SHFE and LME decreased. The LME cancelled warrant ratio was 20.27%, down 0.68%. The SHFE aluminum cash - 3M spread was -3.80 [1]. - Alumina: The closing price of the SHFE alumina main contract was 2,901 yuan, down 41 yuan. Trading volume decreased significantly, while open interest increased. The spread between the near - month and the first - continuous contract was -20 yuan [1]. - Aluminum Alloy: The closing price of the aluminum alloy main contract was 20,325 yuan, down 60 yuan. Trading volume decreased, and open interest increased. The spread between the near - month and the first - continuous contract was -55 yuan [1]. Spot Market - Electrolytic Aluminum: The domestic social inventory of aluminum ingots was 614,000 tons, unchanged from the previous day. The profit of electrolytic aluminum enterprises was 4,502.08 yuan. The import profit and loss of aluminum were negative, while the export profit of aluminum sheets and coils was 2,464.52 yuan [1]. - Alumina: The domestic average price of alumina was 3,022 yuan, down 4 yuan. The CIF price at Lianyungang was 347 US dollars/ton. Alumina enterprises in Shanxi had a loss of 39 yuan [1]. - Aluminum Alloy: The theoretical profit of ADC12 was 160 yuan. The price of Baotai ADC12 was 20,400 yuan. The combined inventory of three locations was 49,946 tons, up 211 tons [1]. - Aluminum Bauxite: The prices of imported bauxite from Australia, Indonesia, and Guinea were stable, with the price of Yangquan bauxite (AI:Si = 4.5) at 550 yuan [1]. - Caustic Soda: The price of Shaanxi ion - exchange membrane caustic soda (32% converted to 100%) was 2,830 yuan, up 20 yuan [1]. 4. Other Information - China's industrial enterprise profits in August showed significant improvement, with equipment manufacturing, raw material manufacturing, and consumer goods manufacturing all performing well. The US core PCE price index in August increased as expected, and consumer spending continued to rise for three months [3]. - The trend strength of aluminum is 0, alumina is -1, and aluminum alloy is 0 [3].