Group 1 - The core viewpoint of the news is the issuance of the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" by ten government departments, which aims to promote structural adjustments in the aluminum industry and enhance environmental performance [1][2] - The plan prohibits the addition of new electrolytic aluminum and alumina production capacity in key areas for air pollution prevention, while encouraging the transfer of aluminum industry capacity out of these regions [1][2] - By 2027, the plan targets a 30% increase in the proportion of electrolytic aluminum production capacity above the benchmark energy efficiency level, with a clean energy usage ratio of 30% and a new red mud comprehensive utilization rate exceeding 15% [1][2] Group 2 - The plan emphasizes optimizing the layout of electrolytic aluminum production capacity, with strict requirements for new projects, including a maximum aluminum liquid AC power consumption of 13,000 kWh/ton and achieving A-level environmental performance [2] - It supports the application of low-sulfur anode materials and aims to create benchmark enterprises that meet A-level environmental performance, while promoting the transfer of aluminum industry capacity from key pollution prevention areas [2] - The plan encourages the use of clean energy alternatives in the aluminum industry, discouraging the addition of new self-owned coal-fired units and promoting green electricity trading and investment in clean energy projects [3]

【国内电解铝行业动态一览】截至 3 月底，MYSTEEL 调研显示，国内电解铝建成产能约 4551 万吨， 运行产能约 4379 万吨，行业开工率环比提升 0.2%，较去年同期提升 2.9%。上周电解铝产量延续小幅 提升。 截至 4 月 24 日，国内铝锭社会库存 66.4 万吨，周环比减少 2.4 万吨；铝棒库存 18.9 万吨，周环 比减少 3.3 万吨。华东现货升水 0 元/吨，环比下调 50 元/吨。LME 铝库存 42.2 万吨，环比减 1.2 万 吨，Cash/3M 贴水 41.2 美元/吨。 上周沪铝进口亏损有所扩大。2025 年 3 月，中国原铝进口量为 22.2 万吨，同比减少 11.0%，1-3 月累计进口量为 58.4 万吨，同比减少 19.1%。 产业在线数据表明，我国三 大白色家电 4 月份总排产量达 3681 万台，同比增长 16.6%。其中，家用空调 4 月计划排产 2219 万台， 同比增长 22.7%；冰箱排产计划 820 万台，同比增长 14.2%；洗衣机排产计划 642 万台，同比微增 2.0%。 国内政治局会议表态未超预期，叠加美国"对等关税"政策预计反复，短期情绪面或 ...

4月24日，江苏江顺精密科技集团股份有限公司（股票代码：001400，简称"江顺科技"）正式登陆深交所主板。上市首日 收盘江顺科技报66.70元/股，涨幅达78.53%，总市值达到40.02亿元，展现出资本市场对铝加工细分领域龙头的价值认 可。 作为国内铝型材挤压模具及配套设备领域的领军企业，江顺科技凭借"模具+设备"的双轮驱动模式，构建起具备显著协同 效应的一站式配套服务体系，深度绑定华建铝业、栋梁铝业等头部厂商。在国家"以铝代钢""以铝节木"等产业政策推动 下，公司有望持续受益于轻量化材料替代浪潮，成长空间值得期待。 铝型材配套领域领先者，协同效应突出带动业绩稳增 江顺科技聚焦铝型材制造行业，主要从事铝型材挤压模具及配套产品的研发、生产和销售。公司成立于2001年，早期产 品主要以铝型材挤压模具为主。 财务数据也印证了协同效应成效，2022-2024年，江顺科技营业收入从89,242.58万元稳步增长至113,647.63万元，同期扣 非归母净利润由13,727.37万元提升至14,627.20万元，整体呈现稳健增长态势。 自主研发构筑技术壁垒，产品结构优化强化盈利能力 江顺科技面向铝加工行业，产品深度服 ...

以下文章来源于紫金天风期货研究所 ，作者有色组 紫金天风期货研究所 . 紫金天风期货研究所官方订阅号 欢迎加入交易理想国知识星球 文 | 刘诗瑶 来源 | 紫金天风期货研究所 编辑 | 杨兰 审核 | 浦电路交易员 小结 成本：下行空间较小 成本：下行空间较小 电解铝其余成本（动力煤、预焙阳极）在2024年整体保持稳定运行，进入由于其过剩的情形，2025年我们预计这两板块的成本仍将保持稳 定运行。 因此我们认为，随着氧化铝的价格逐步回落至3000元/吨以下，我们预计2025年的电解铝成本运行中枢将逐步回落至16000-17000元/吨之 间。 预期方面，我们预计当前铝成本端随着氧化铝价格的逐步筑底，其成本的下行空间较小，电解铝的平均成本将在16000-17000元/吨 的区间内震荡。利润方面，由于当前关税的冲击，我们下调了全球范围内的铝消费预期，我们预计铝过剩量将由之前预计的13万吨 扩大至62万吨，2025年铝的利润中枢或将进一步下移。 短期内的兑现方面，当前铝成本的下移已然初步兑现，氧化铝当前虽然仍处于过剩的态势，但我们认为其下行空间较为有限，铝成 本进一步下行的可能性较低；利润层面，当前电解铝利润扔处于 ...

中国3月份氧化铝出口30万吨，同比增105.9%。 ...

Core Insights - The company reported a revenue of 7.847 billion yuan for 2024, representing a year-on-year increase of 14.16%, and a net profit of 64.9824 million yuan, up 330.15% year-on-year [1] - The company has established a complete industrial chain from upstream raw materials to downstream heat exchange component manufacturing, focusing on high value-added areas [1] Group 1: Business Performance - The company's cash flow from operating activities reached 114 million yuan, with a year-on-year growth of 152.23% [1] - The subsidiary Shandong Xinyuan achieved a revenue of 909 million yuan in 2024, a year-on-year increase of 56.94%, and a net profit of 170 million yuan, up 206.77% [2] - The company plans to invest 350 million yuan in three phases to build new structural components and intelligent equipment manufacturing projects [2] Group 2: Market Position and Strategy - The subsidiary Tai'an Dingxin has expanded its product lines to cover traditional and new energy markets, achieving significant breakthroughs in heavy truck markets [3] - Tai'an Dingxin sold 232,000 sets of complete cooling modules in the heavy truck market, showcasing a strong competitive advantage [3] - The company anticipates growth driven by government policies promoting vehicle upgrades and the rapid growth of new energy and natural gas heavy trucks [3] Group 3: Research and Development - The company holds a total of 405 authorized patents, including 84 invention patents, and has established national-level research platforms to support innovation [4] - The company's technological research and development capabilities are positioned at the forefront of the industry [4]

铝类产业日报 2025/4/15 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | 项目类别 | 数据指标 沪铝主力合约收盘价(日,元/吨) | 最新 19,595.00 | 环比 数据指标 -90.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 最新 2,786.00 | 环比 -44.00↓ | | --- | --- | --- | --- | --- | --- | | | 本月-下月合约价差:沪铝(日,元/吨) | 75.00 | +10.00↑ 本月-下月合约价差:氧化铝(日,元/吨) | -36.00 | -76.00↓ | | | 主力合约持仓量:沪铝(日,手) | 213,807.00 | +13107.00↑ 主力合约持仓量:氧化铝(日,手) | 125,785.00 | -6560.00↓ | | 期货市场 | LME铝注销仓单(日,吨) | 190,700.00 | -2175.00↓ 库存:氧化铝:合计(周,万吨) | 312,102.00 | -12112.00↓ | | | LME电解铝三个月报价（日，美元/吨） | 2,374.00 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - Trump's tariff measures initially caused market panic, but the extension of tariffs for most countries and good US inflation data eased market sentiment. The domestic expectation of loose policies remains high. The aluminum supply side mainly involves capacity transfer, with little change in operating capacity. On the consumption side, downstream aluminum processing enterprises have stable new orders and increased willingness to buy at low prices, leading to a significant reduction in aluminum social inventory. Although the risk sentiment has cooled, attention should be paid to the direction of China - US trade negotiations and potential tail - risks of tariffs. The aluminum price is expected to fluctuate widely in the range of 19,500 - 20,000 yuan/ton, supported by factors such as low supply elasticity, seasonal consumption peak, and low inventory [3]. 3. Summary by Relevant Catalogs 3.1 Transaction Data - LME aluminum 3 - month price increased from 2385.5 to 2397 yuan/ton, SHFE aluminum continuous third contract decreased from 20330 to 19595 dollars/ton, the Shanghai - London aluminum ratio decreased from 8.3 to 8.2, LME spot premium decreased from - 31.71 to - 37.46 dollars/ton, LME aluminum inventory decreased by 14525 tons to 442225 tons, SHFE aluminum warehouse receipt inventory decreased by 26388 tons to 105244 tons, aluminum ingot social inventory decreased by 2.1 tons to 74.4 tons, and aluminum ingot inventory decreased by 0.94 tons to 23.51 tons [4]. 3.2 Market Review - In the spot market, the Yangtze River spot weekly average price was 19758 yuan/ton, a decrease of 799.5 yuan/ton from last week; the Southern Reserve spot weekly average price was 19698 yuan/ton, a decrease of 824.5 yuan/ton from last week. In the macro - aspect, the US's tariff measures and the European's response affected the market. The US March CPI growth rate decreased significantly, but inflation may rise after tariff increases. The market is still cautious [5]. - In the consumption end, the domestic aluminum downstream processing leading enterprises' operating rate decreased by 0.38% to 62.2%. The industry will continue the pattern of "demand stratification and profit reconstruction". Three variables need to be focused on, and the SMM predicts that the operating rate may drop to 61.5% next week [6]. - In terms of inventory, on April 7, the electrolytic aluminum ingot inventory decreased by 3.0 tons compared with Monday and 2.1 tons compared with last Thursday; the domestic mainstream consumption area aluminum rod inventory decreased by 1.29 tons compared with Monday [7]. 3.3 Market Outlook - The extension of tariffs by Trump has cooled the market risk sentiment, but attention should be paid to the China - US trade negotiation and potential tariff tail - risks. The fundamentals of low supply elasticity, seasonal consumption peak, and low inventory support the aluminum price, which is expected to fluctuate widely in the range of 19,500 - 20,000 yuan/ton [3][8]. 3.4 Industry News - In March, the retail sales of the passenger vehicle market reached 1.94 million, with a year - on - year increase of 14.4% and a month - on - month increase of 40.2%. The retail sales of new energy passenger vehicles reached 991,000, with a year - on - year increase of 38% and a month - on - month increase of 45%. The penetration rate of new energy vehicles in the domestic passenger vehicle market was 51.1%, an increase of 8.7 percentage points compared with the same period last year. The 350,000 - ton green - power aluminum project of Inner Mongolia Huomei Hongjun Aluminum and Electricity Company plans to complete the civil engineering in early July [9]. 3.5 Related Charts - The content provides multiple charts including LME aluminum 3 - SHFE aluminum continuous third price trend, Shanghai - London aluminum ratio, LME aluminum premium, Shanghai - Guangdong price difference, domestic and imported alumina prices, electrolytic aluminum cost - profit, electrolytic aluminum inventory seasonal change, and aluminum rod inventory seasonal change [10][11][15].

周度报告—氧化铝 、smingfTable_Title] 全国氧化铝厂陷入大面积亏损， 过剩压力稍有缓和 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | | | --- | --- | --- | --- | | 报告日期： | 2025 年 4 | 月 | 6 日 | 有 色 金 属 原料：上周国内矿石价格下调，山西矿 58/5 的含税报价 730 元/ 吨，河南的 58/5 的含税价格为 658 元/吨（较上周下调 10 元）, 贵 州 60/6 铝土矿的到厂含税价格维持 596 元/吨。矿山资源整合政 策持续深化，部分矿山因资源整合、环保、安全等合规要求暂处 停产状态，在产矿山开工率较春节前略低，短期铝土矿价格仍处 于下行区间。进口方面，大型铝土矿企业长单陆续签订，整体价 格区间集中在 88-95 美元/干吨。零单方面，近段时间市场传出 85-86 美元/干吨的成交。几内亚矿山开采成本多集中于 30-45 美 元/吨，个别高成本矿山开采成本在 50 美元/吨之上，当前 CIF 价格距离矿山成本仍有一定空间。到货方面，期内新到矿石 342.4 万吨，其中新到几内亚资源 247.2 万吨， ...

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