铝：高位承压，氧化铝：小幅反弹，铸造铝合金：跟随电解铝

Report Summary 1. Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Aluminum is under pressure at high levels, alumina shows a slight rebound, and cast aluminum alloy follows the trend of electrolytic aluminum [1]. - The European Central Bank has kept the deposit rate unchanged for the fifth consecutive time due to inflation unpredictability, euro appreciation, and tariff risks [3]. - Amazon's capital expenditure is expected to increase significantly in 2026 as it invests heavily in AI, chips, robots, and low - orbit satellites, leading to a post - market plunge [3]. 3. Summary by Relevant Catalogs Aluminum, Alumina, and Cast Aluminum Alloy Fundamentals - Futures Market: - The closing price of the Shanghai Aluminum main contract is 23,385, down 570 from the previous trading day [1]. - The closing price of the Shanghai Alumina main contract is 2,790, down 34 from the previous trading day [1]. - The closing price of the Aluminum Alloy main contract is 21,915, down 680 from the previous trading day [1]. - Spot Market: - The domestic average price of alumina is 2,646, unchanged from the previous trading day [1]. - The LME aluminum cash - 3M spread is - 27.72, unchanged from the previous trading day [1]. - The domestic social inventory of aluminum ingots is 853,000 tons, an increase of 24,000 tons from the previous trading day [1]. Comprehensive News - European Central Bank: The European Central Bank decided to keep the deposit rate at 2% on Thursday, the fifth consecutive pause in rate - cuts since last June. Officials are concerned about the impact of euro appreciation on export competitiveness and inflation [3]. - Amazon: Amazon's Q4 revenue increased by 14% year - on - year. Its cloud business AWS revenue increased by 24%. In 2026, capital expenditure is expected to increase by 50%, higher than analysts' expectations and Google's guidance median. The company's shares tumbled by more than 10% after - hours [3]. Trend Intensity - Aluminum trend intensity is 1, alumina trend intensity is 0, and aluminum alloy trend intensity is 1 [3].