铝日报-20251219

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current fundamentals have limited driving force for aluminum prices, and the market continues to be dominated by macro - logic. Aluminum prices will maintain high - level volatile operation [7] 3. Summary According to the Directory 3.1行情回顾与操作建议 - The Shanghai aluminum fluctuated around the 22,000 level during the day. The 2602 contract closed at 21,955 at the end of the session, up 0.25% slightly [7] - Domestically - produced ore is tightening, but the ore price may still weaken under the environment of alumina losses and high inventory. The price of Guinea ore remains low. Alumina prices rose first and then fell, with a technical rebound demand after continuous decline, but the space may be limited due to over - supply [7] - The smelting profit of electrolytic aluminum is high, and the operating capacity of the industry has increased slightly. The short - term supply at home and abroad remains stable. The demand side has weakened seasonally as the off - season deepens, but there is still resilience in the consumer side due to some downstream rush - work at the end of the year. The aluminum ingot inventory has not continued to accumulate this week, but the inventory accumulation pressure after the improvement of Xinjiang's shipping efficiency needs to be vigilant [7] 3.2行业要闻 - 19 air - conditioning enterprises and scientific research institutions such as Midea, Haier, and Xiaomi jointly launched the implementation of the "aluminum replacing copper" series of standards. Some brand stores said they will launch aluminum - made household air - conditioning products as soon as 2026, while others have no such plan [10] - Lizhong Group's second - phase project of 1.8 million ultra - lightweight aluminum alloy wheels in its Mexican factory has been initially put into production. The third Thai aluminum alloy wheel factory's annual production capacity of 3 million cast - spun aluminum alloy wheels is expected to be put into production next year. New high - performance aluminum alloy new material projects in Chongqing, Huaian, Changchun, Thailand and other places will be put into production from this fourth quarter to next year [10][11] - India's state - owned National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026. It is expanding the fifth production line at its Damanjodi alumina refinery, which will increase the annual production capacity by 1 million tons to 3.275 million tons [11] - In the first 11 months of this year, China's automobile production and sales both exceeded 31 million, with a year - on - year increase of over 10%. From January to November, the production and sales of new energy vehicles were both close to 15 million, with a year - on - year increase of over 30%. New energy vehicle exports reached 2.315 million, doubling year - on - year [11]