铝：重心上移，氧化铝：继续承压，铸造铝合金：上行动力不足

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the given content. 2) Core Viewpoints of the Report - The price center of aluminum is expected to move upward, while alumina will continue to face pressure, and cast aluminum alloy lacks upward momentum [1]. - The market generally expects the Fed to cut interest rates by 25 basis points at the December meeting, and OpenAI plans to release the new model GPT - 5.2 ahead of schedule [3]. 3) Summary by Relevant Catalogs Futures Market - Aluminum Futures: The closing price of the Shanghai Aluminum main contract is 22,345 yuan, up 285 yuan from the previous trading day. The LME Aluminum 3M closing price is 2,901 US dollars, up 13 US dollars. The trading volume and open interest of the Shanghai Aluminum main contract have changed compared with previous periods [1]. - Alumina Futures: The closing price of the Shanghai Alumina main contract is 2,555 yuan, down 60 yuan. The trading volume and open interest have also shown corresponding changes [1]. - Aluminum Alloy Futures: The closing price of the aluminum alloy main contract is 21,190 yuan, up 120 yuan. The trading volume and open interest have changed as well [1]. Spot Market - Aluminum Spot: The domestic social inventory of aluminum ingots is 593,000 tons, with no change from the previous day. The import and export profits and losses of electrolytic aluminum have different degrees of change [1]. - Alumina Spot: The average domestic alumina price is 2,831 yuan, down 20 yuan. The prices of imported alumina from different sources have also changed [1]. - Aluminum Bauxite Spot: The prices of imported aluminum bauxite from Australia, Indonesia, and Guinea have different degrees of change [1]. - Aluminum Alloy Spot: The theoretical profit of ADC12 is - 272 yuan, and the price of Baotai ADC12 is 21,100 yuan [1]. Other Information - The trend strength of aluminum is 1, alumina is - 1, and aluminum alloy is 0, indicating different market outlooks [3].