1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For alumina, the market presents a situation of relatively high supply and stable demand. It is recommended to conduct light - position oscillating trading and control the rhythm and trading risks [2]. - For electrolytic aluminum, the supply is stable while the demand weakens slightly due to the off - season. It is advisable to conduct light - position short - long trading at low prices and control the rhythm and trading risks [2]. - For cast aluminum alloy, the supply is contracting and the demand is slightly decreasing. It is suggested to conduct light - position short - long trading at low prices and control the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum - related Contracts**: The closing price of the Shanghai aluminum main contract was 21,455 yuan/ton, down 10 yuan; the closing price of the alumina futures main contract was 2,720 yuan/ton, down 7 yuan. The LME electrolytic aluminum three - month quote was 2,801 dollars/ton, down 12 dollars. The LME aluminum inventory was 543,725 tons, down 2,225 tons. The Shanghai - London ratio was 7.66, up 0.03 [2]. - **Other Aluminum Products**: The closing price of the cast aluminum alloy main contract was 20,695 yuan/ton, down 10 yuan. The main - second - contract spread of cast aluminum alloy was - 110 yuan/ton, down 55 yuan [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous A00 aluminum price was 21,400 yuan/ton, down 40 yuan; the alumina spot price in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged. The average price of ADC12 aluminum alloy ingots nationwide was 21,350 yuan/ton, unchanged [2]. - **Basis**: The basis of cast aluminum alloy was 655 yuan/ton, down 55 yuan; the basis of electrolytic aluminum was - 55 yuan/ton, down 30 yuan. The basis of alumina was 50 yuan/ton, up 7 yuan [2]. 3.3 Upstream Situation - **Raw Materials**: The average price of crushed primary aluminum in Foshan metal scrap was 16,900 yuan/ton, unchanged; the average price in Shandong metal scrap was 16,550 yuan/ton, unchanged. China's import volume of aluminum scrap was 158,360.01 tons, up 2,945.61 tons; the export volume was 32.46 tons, down 36.08 tons [2]. - **Alumina**: The alumina production was 786.50 million tons, down 13.40 million tons; the demand for alumina in the electrolytic aluminum part was 730.23 million tons, up 25.92 million tons. The export volume of alumina was 18.00 million tons, down 7.00 million tons; the import volume was 18.93 million tons, up 12.93 million tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import volume of primary aluminum was 248,261.37 tons, up 4,462 tons; the export volume was 24,573.56 tons, down 4,396.36 tons. The electrolytic aluminum production capacity was 4,523.20 million tons, unchanged; the operating rate was 98.24%, down 0.12% [2]. - **Aluminum Products**: The aluminum product output was 569.40 million tons, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products was 50.00 million tons, down 2.00 million tons. The output of recycled aluminum alloy ingots was 60.83 million tons, down 4.82 million tons; the export volume of aluminum alloy was 3.09 million tons, up 0.74 million tons [2]. 3.5 Downstream and Application - **Automobile**: The automobile production was 327.90 million vehicles, up 5.25 million vehicles [2]. - **Real Estate**: The National Housing Prosperity Index was 92.43, down 0.34 [2]. 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai aluminum was 11.23%, down 0.26%; the 40 - day historical volatility was 10.35%, down 0.04%. The implied volatility of the Shanghai aluminum main - contract at - the - money IV was 9.02%, down 0.0079% [2]. - **Ratio**: The call - put ratio of Shanghai aluminum options was 1.63, up 0.1021 [2]. 3.7 Industry News - **Data and Energy**: The National Data Bureau launched the first batch of 12 state - owned enterprise data resource development and utilization pilots. In October, the national power market trading volume was 563.8 billion kWh, a year - on - year increase of 15.6% [2]. - **Automobile Market**: In October, European car sales increased by 4.9% year - on - year to 1.09 million vehicles. Tesla's new car registrations decreased by 48%, BYD's increased by 195%, SAIC Group's increased by 56%, and Toyota's decreased by 10.8% [2]. - **Economic News**: A Fed governor called for significant interest rate cuts. US PPI and retail sales data showed inflation resurgence and a slowdown in consumption growth. The China - US presidential call had a positive atmosphere [2].

钛媒体App 11月26日消息，美国商务部周二公布了因政府关门而被推迟发布的9月份零售销售数据。在 未经过通胀调整的基础上，9月份零售销售额增长0.2%，低于8月份0.6%的增幅。不含汽车和汽油，零 售销售额仅增长0.1%。13个类别中有8个录得增长，主要受加油站、个护商店和其他杂项零售商的销售 拉动。机动车销售出现四个月来首次下降。电子产品、服装和体育用品方面的零售销售也出现下滑。消 费者动能在第三季度末有所减弱。尽管整体支出受到受益于股市强劲的高收入消费者支撑，但低收入消 费者显露出吃紧迹象。物价上涨和就业市场走软让许多购物者更加谨慎，并将消费者信心推至接近历史 低位。这种收入差距一直是美联储官员关注的焦点。关于下月会议是否再次降息，美联储决策者之间存 在明显分歧。目前，投资者仍认为12月份降息的可能性大于不降。（广角观察） ...

We've got a little bit of a disappointment in terms of retail sales. Headline retail sales come in up 2/10 of a percent. They were up 6/10 in the month of August.Now, remember, this is September data. The expectation was for a 4/10 rise. Ex autos were up 3/10, which is what was forecast.But the control group, we don't have that number yet, hasn't come through yet. We'll get that for you in just a second. But ex autos and gas of all the 8/10 of a percent.So a lot having to do with prices there in terms of PP ...

Core Insights - The data indicated that consumers ended the summer months on a weaker footing [1] Group 1 - Consumer spending appears to have declined as the summer season concluded [1] - Economic indicators suggest a potential slowdown in consumer confidence [1] - The overall consumer sentiment may impact future retail performance [1]

LIVE 22 min ago Stocks Waver as Wall Street Finally Gets Retail Sales, Producer Price Inflation Data By Connor Smith Stocks wavered after Wall Street finally got a read on how retail sales and wholesale price inflation held up in September. September retail sales rose at a 0.2% monthly rate, which was below expectations at 0.4%, according to FactSet. The September producer price index rose at a 2.7% annual rate, compared with expectations for 2.6%. It rose at a 0.3% monthly rate, which was in line with expe ...

U.S. retail sales increased less than expected in September, taking a breather following a recent stretch of strong gains. ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美国9月零售销售环比 0.2%，预期 0.4%，前值 0.6%。 ...

与此同时，现货黄金和原油对美元分别上涨1.7%和1.6%。 在科技板块强劲上涨（2.4%）及市场对美联储12月降息预期升温的双重推动下，美国主要股指昨日表现亮眼。标普500指数收涨1.6%，VIX期货回落至20点 附近，DLSMARKETS认为反映出投资者对避险看跌期权的需求减弱。纳斯达克100指数同样上涨2.6%，道琼斯工业平均指数攀升0.4%。 美联储鸽派言论重塑市场定价 连番鸽派表态促使货币市场重新评估美联储下月降息概率至70%（隐含利率18个基点），较近期30%的预期显著提升。 纽约联储主席约翰·威廉姆斯周五表示降息仍有可能，此后市场转向鸽派。美联储理事克里斯托弗·沃勒也持续主张12月进一步宽松——旧金山联储主席玛丽· 戴利在就业市场疲软背景下同样表达了类似立场。 值得强调的是，尽管戴利目前并非投票委员，但笔者记忆中她从未公开反对过美联储主席杰罗姆·鲍威尔的立场。 外汇市场方面，美元买盘与卖盘基本持平——美元指数连续第三日收出震荡不决的K线——而美国国债收益率曲线全面走低，基准10年期收益率跌至4.00% 关口下方。 美国数据聚焦 今日将公布美国9月生产者物价指数（PPI）通胀数据及零售销售数据。 如 ...

Let's get to Kevin Green who joins me now for a closer look at what's on the docket this week. And of course, we're going to be seeing a lot of data hitting the tape. We've got some PCE, we've got the PPI, we're going to get a little bit more of an information updates on the broader inflation picture, but of course coming amid a holiday shortened week.KG, what are you going to be looking out for. >> Yeah, on the economic calendar, really tomorrow is going to be the big headline day, I think, for the week. Y ...

It feels very weird to be back in the chair talking about data that has crossed, but we do have the first data since the shutdown ended and it is international trade for September. The trade deficit falls to $59.6% billion. The estimate was for 60.8% and we were at 78.3% in July.Now, this is old data in the yes, but category, it does matter because it's basically the final piece of data that analysts need to put together. The third quarter GDP report, which is going to be released in next week. So good news ...