铝：跟涨铜，氧化铝：“发内卷”政策导向，铸造，铝合金：跟随电解铝

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Aluminum follows the trend of copper, alumina is influenced by the "involution" policy orientation, and cast aluminum alloy follows the trend of electrolytic aluminum [1] - Trump's administration plans to take control of the power grid from states to prioritize power supply for AI data - centers, facing opposition from state regulatory agencies [2] - NVIDIA is leading a shift to 800V DC architecture in data - centers, causing a reshuffle of the industrial chain. There are short - term high investment thresholds but a long - term TCO reduction of about 30% [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Aluminum: The closing price of the SHFE aluminum main contract is 22405, up 220 from T - 5 and 1800 from T - 66; the LME aluminum 3M closing price is 2957, up 1 from T - 5 and 367 from T - 66. Trading volume and open interest have fluctuated [1] - Alumina: The closing price of the SHFE alumina main contract is 2793, up 293 from T - 5 and down 187 from T - 66. The trading volume and open interest have also changed [1] - Aluminum Alloy: The closing price of the aluminum alloy main contract is 21390, up 155 from T - 5. Trading volume and open interest have decreased [1] 3.2 Spot Market - Aluminum - related: The LME aluminum ingot inventory is 52.11 million tons, with a slight change compared to previous periods; the domestic aluminum ingot social inventory is 61.20 million tons, with a change of 5.10 million tons from T - 5 [1] - Alumina - related: The average domestic alumina price is 2697, down 61 from T - 5 and 491 from T - 66; the alumina CIF price in Lianyungang is 2780 yuan/ton, down 65 from T - 5 and 475 from T - 66 [1] - Aluminum Alloy - related: The theoretical profit of ADC12 is - 2, with a change compared to previous periods; the price of Baotai ADC12 is 21500, up 300 from T - 5 and 1200 from T - 66 [1] 3.3 Other Information - The trend intensity of aluminum, alumina, and aluminum alloy is all 1, indicating a neutral trend [2]