铝：小幅下跌，氧化铝：偏弱运行，铸造铝合金：跟随电解铝

1. Report Industry Investment Rating - The trend strength of aluminum is 0 (neutral), the trend strength of alumina is -1 (weak), and the trend strength of aluminum alloy is 0 (neutral) [2] 2. Core View of the Report - The aluminum market shows a slight decline, alumina runs weakly, and cast aluminum alloy follows the trend of electrolytic aluminum [1] - Global market has "major changes": "real economy" returns and "technology" differentiates. Funds shift from crowded US tech stocks to emerging markets, commodities and value stocks. AI maintains high - Capex but ROI anxiety intensifies, and Mag7 shows obvious differentiation. "Old economy" sectors like utilities benefit, and the importance of diversified allocation increases [2] - A 550 - billion - dollar investment fund between the US and Japan is about to launch, with the first three projects focusing on data centers, crude oil terminals and synthetic diamonds [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Aluminum: The closing price of the Shanghai Aluminum main contract is 23,610, with a change of 225 compared to T - 1, 2470 compared to T - 5, - 50 compared to T - 22, and - 725 compared to T - 66. The trading volume and open interest have different degrees of change [1] - Alumina: The closing price of the Shanghai Alumina main contract is 2,808, with a change of - 34 compared to T - 1, - 10 compared to T - 5, - 9 compared to T - 22, and 18 compared to T - 66. The trading volume and open interest also change [1] - Aluminum Alloy: The closing price of the aluminum alloy main contract is 22,260, with a change of 345 compared to T - 1. The trading volume and open interest have corresponding changes [1] 3.2 Spot Market - Aluminum: The spot premium and discount, import and export profits and losses, and social inventory of aluminum ingots have different degrees of change. For example, the domestic social inventory of aluminum ingots is 39,000 tons [1] - Alumina: The average domestic price, import price, and enterprise profit and loss of alumina have changed. For example, the average domestic price of alumina has a change of - 50 [1] - Aluminum Alloy: The theoretical profit of ADC12 and the price difference between different grades of aluminum alloy have changed. The three - place inventory of aluminum alloy is 40,398 [1] - Others: The prices of pre - baked anodes, aluminum rod processing fees, and aluminum ingot scrap price differences have also changed [1] - Raw Materials: The prices of bauxite from different sources (Australia, Indonesia, Guinea) and the price of caustic soda have changed [1]