镁合金月报（202601）：镁 铝价比创历史新低，镁合金多行业应用持续开拓

Investment Rating - The report maintains an "A" rating for the magnesium alloy sector, indicating a leading performance compared to the market [1]. Core Insights - The magnesium/aluminum price ratio has reached a historical low, highlighting the economic advantages of magnesium alloys as their applications continue to expand across multiple industries [2]. - In January 2026, the average price of aluminum was 24,085.50 CNY/ton, up 20.24% year-on-year and 9.77% month-on-month, while magnesium ingot averaged 18,127.50 CNY/ton, reflecting a 1.50% year-on-year increase and a 5.24% month-on-month increase [2]. - The magnesium market is experiencing a balanced supply, with stable prices supported by steady demand, leading to a positive market outlook [2]. Summary by Sections Market Performance - In 2025, China's total magnesium product exports reached 447,600 tons, a decrease of 2.65% year-on-year, with export value dropping 17.15% to approximately 1.069 billion USD [3]. - Magnesium ingot exports fell by 5.53% to 251,300 tons, while magnesium alloy exports grew by 4.51% to 99,600 tons, indicating a structural growth in high-value-added segments [3]. Industry Dynamics - The implementation of three key magnesium industry standards on February 1, 2026, marks a new phase in energy conservation and environmental governance within the magnesium smelting industry [6]. - The Shenzhou 20 return capsule utilized a magnesium-lithium alloy operation platform, showcasing advancements in aerospace applications with significant weight reduction [5]. Company Announcements - Baowu Magnesium Industry forecasts a net loss of 10-20 million CNY for 2025, primarily due to declining magnesium prices impacting profitability [7]. - Yian Technology anticipates a net loss of 13-18 million CNY, attributed to increased investments in new alloy sectors and currency fluctuations affecting export profits [7]. Investment Recommendations - The report suggests focusing on companies with comprehensive industry chain layouts such as Baowu Magnesium Industry, and those with high magnesium alloy business ratios like Xingyuan Zhuomei, as well as equipment suppliers benefiting from increased capital expenditures in component manufacturing [8].