中联部部长刘海星表示，中阿是践行全球文明倡议的先行者和同路人，双方要共筑持久和平，共谋 发展振兴，共促人文交流，共倡公平正义，携手构建中阿命运共同体。刘海星并介绍了中共二十届四中 全会精神。 新华社北京11月17日电（记者袁睿、杨媛媛）11月17日，由中共中央对外联络部和阿拉伯国家联盟 秘书处联合主办的第十一届中阿文明对话会在北京举行，主题为"加强文明对话 建设面向新时代的中阿 命运共同体"。阿拉伯国家联盟秘书长盖特等来自22个阿拉伯国家的政党和政治组织领导人、议会议 员、政府官员、智库媒体代表和中方部委、高校、智库代表约150人与会。 阿方表示，中国"十五五"规划将为阿中合作创造新机遇，阿方支持习近平主席提出的系列重大倡 议，愿同中方加强文明对话，推进阿中命运共同体建设，为人类文明进步作出新贡献。 ...

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for international companies, exemplified by Alfa Laval's decision to hold its executive meeting at the event, highlighting the importance of understanding the Chinese market [1][3]. Group 1: Company Strategy and Market Engagement - Alfa Laval's CEO, Eriksson, emphasized that China is the company's largest market, accounting for over 20% of sales, and the importance of experiencing China's vitality firsthand for future planning [3]. - The executive meeting focused on energy transition and China's 14th Five-Year Plan, with experts invited to share insights, indicating a strategic alignment with local developments [3][6]. - The company aims to leverage opportunities presented by China's green technology leadership, as stated by the CFO, who noted the international perspective of the 14th Five-Year Plan [5]. Group 2: Operational Efficiency and Market Dynamics - Alfa Laval's Northeast Asia VP highlighted the rapid pace of decision-making and innovation in China, driven by strong local government support [10]. - The CIIE is recognized as a unique platform for connecting various supply chain elements efficiently, allowing for quick engagement with potential partners [12]. - The company's ambitious growth target of 1.5 times revenue increase by 2030 is closely tied to the opportunities presented by the 14th Five-Year Plan [8].

Core Insights - The core task of the 20th Central Committee's Fourth Plenary Session is to discuss the blueprint for China's 14th Five-Year Plan (2026-2030), focusing on high-quality development, technological self-reliance, expanding domestic demand, reducing regional disparities, and deepening market-government coordination [1][2] Policy Direction - The session is expected to be a "pre-emptive adjustment" rather than a "directional change," refining existing strategies and setting measurable indicators and pragmatic goals for the next five years [2] - The meeting aims to release policy signals of predictability, coordination, and stability to the market, emphasizing stronger policy predictability and measures to boost market and public confidence [2][5] Economic Performance - In the first half of 2025, China's GDP grew by 5.3% year-on-year, exceeding 66 trillion yuan, showcasing resilience and potential amid a globally sluggish economy [2] - The outcomes of the session are anticipated to institutionalize this steady progress further [2] Consumption and Investment Initiatives - A series of policy initiatives aimed at boosting consumption and investment are expected, including enhancing resident income growth, improving the market environment, and refining the social security system [3] - These measures will run parallel to technological self-reliance and industrial upgrades, forming a dual engine for the transformation of China's economy from "quantity" to "quality" [3] Technological Focus - The session is likely to provide clearer support for domestic technologies, including semiconductors, artificial intelligence, and advanced manufacturing, to ensure China takes the lead in the new round of technological competition [4] - The development of new quality productivity has been prioritized as a strategic focus, with the session providing a policy framework for top-level design [4] Foreign Investment Strategy - China's foreign strategy will focus on stable openness, with potential measures to reduce institutional constraints, improve policy communication, and strengthen foreign investment confidence [4] - There is an expectation to shorten the negative list for foreign investment access, expand service sector openness, and enhance intellectual property protection and business legal environment [4] Overall Economic Outlook - Post-session, China's economic landscape is expected to reflect a "steady progress, quality victory" approach, responding to external concerns through clear planning to enhance market confidence and gradual reforms to boost domestic demand [5] - The dual drive of technology and institutional reforms will continuously inject new momentum into China's economy [5]

Core Insights - The outcomes of the 20th Central Committee's Fourth Plenary Session of the Communist Party of China have garnered significant international attention, highlighting China's strategic foresight and stability in its five-year planning, which is crucial for its economic growth and social stability, while also providing valuable lessons for other countries [1][2] - The session emphasized the importance of technological innovation and green development under the leadership of President Xi Jinping, indicating a clear direction for China's future economic development [1][2] - The "15th Five-Year Plan" is seen as a blueprint for China's development over the next five years, offering a unique Chinese perspective and solutions to the uncertainties in the global economy [2] Summary by Categories International Perspectives - International figures, such as Andrei Klishas from Russia, express confidence in China's ability to achieve its goals despite complex international challenges, viewing this as a critical phase in China's modernization process [1] - Fabio Marcelli, an Italian legal scholar, notes that China's long-term planning serves as a model for other countries, presenting opportunities for cooperation between Italy and China in various fields [2] Economic and Development Strategies - The focus of the recent plenary session is on enhancing China's self-reliance in technology, which is increasingly important in the current international context [2] - The planning reflects both continuity and flexibility, allowing for adaptation to changing internal and external environments, thereby strengthening the resilience of socio-economic development [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Alumina prices are expected to remain under pressure and weaken. However, as the current price is close to the cost line, caution is advised regarding the downside space. Attention should be paid to various emergencies at the Guinea mine end [16][162][165]. - Aluminum prices are expected to oscillate strongly in the medium - term under the influence of macro - sentiment. A long - position approach is recommended [17][163][165]. - Cast aluminum alloy prices are expected to oscillate strongly in the medium - term. A bullish approach is recommended [18][164][165]. 3. Summary by Directory 3.1 Market Review - **Macro and Important News**: In September, the year - on - year decline of PPI continued to narrow, and the year - on - year increase of core CPI returned to 1% for the first time in nearly 19 months. Recently, the CBK in Guinea had an indefinite general strike, halting production and transportation [8]. - **Spot Market**: As of October 17, the average domestic alumina spot price was 2,921.2 yuan/ton, down 43.5 yuan/ton from October 10. The average price of aluminum (A00) in the Yangtze River Non - ferrous market was 20,950 yuan/ton, down 30 yuan/ton from October 10 [11][29][63]. - **Supply Side**: As of October 16, the national alumina weekly operating rate was 82.56%, a slight decrease. In September, the domestic electrolytic aluminum output was 3.6148 million tons, with a year - on - year increase of 1.14% and a month - on - month decrease of 3.18%. As of the end of September, the domestic electrolytic aluminum production capacity was 45.84 million tons, and the operating capacity was 44.06 million tons [11][33][60]. - **Demand Side**: As of October 16, the operating rate of domestic aluminum downstream processing leading enterprises was 62.5%, unchanged from the previous week. In August, the PMI composite index of the aluminum processing industry reached 53.3%, rising above the boom - bust line [11][73]. - **Cost and Profit**: As of October 16, the average full cost of alumina was about 2,846 yuan/ton, a decrease. The average profit of the alumina industry narrowed to around 80 yuan/ton. As of October 17, the smelting cost of Chinese electrolytic aluminum was about 16,171 yuan/ton, and the average industry profit remained above 4,700 yuan/ton [12][37][58]. - **Inventory**: As of October 16, the aluminum ingot inventory was 627,000 tons, a decrease, and the aluminum rod inventory was 148,000 tons, an increase. As of October 17, the SHFE electrolytic aluminum warehouse receipt inventory increased, and the LME aluminum inventory decreased [12][77][82]. - **Market Trends**: This week, alumina, Shanghai aluminum, and aluminum alloy all oscillated weakly. Looking forward, alumina prices are expected to remain under pressure, while aluminum and aluminum alloy prices are expected to oscillate strongly in the medium - term [15][16][17] 3.2 Alumina Fundamental Analysis - **Spot**: The domestic alumina spot price continued to decline this week, and the spot premium narrowed [29]. - **Supply**: The weekly operating rate of alumina decreased slightly. In September, the output of Chinese metallurgical - grade alumina increased year - on - year and month - on - month [33]. - **Import and Export**: The alumina import window remained open, increasing the supply pressure on the domestic market [34]. - **Cost and Profit**: The cost and price of alumina decreased, and the industry profit continued to narrow [37]. - **Inventory**: The alumina port inventory was at a low level, and the social inventory continued to accumulate [44][45]. 3.3 Electrolytic Aluminum Fundamental Analysis - **Cost**: Coal and pre - baked anode prices increased, but the electrolytic aluminum smelting cost decreased due to the continuous decline in alumina cost [50][55][58]. - **Supply**: The supply capacity of primary aluminum remained at a high level. In September, the domestic electrolytic aluminum output increased year - on - year and decreased month - on - month [60]. - **Spot**: The aluminum spot price decreased this week [63]. - **Price and Premium**: Shanghai aluminum oscillated weakly with a spot discount, while LME aluminum oscillated strongly with a spot premium [69]. - **Demand**: The weekly operating rate of downstream aluminum processing enterprises remained stable, and the PMI composite index of the aluminum processing industry in August rose above the boom - bust line [73]. - **Inventory**: Aluminum ingots showed signs of destocking this week, and the aluminum water ratio rose to 76% in September [77]. - **Futures Inventory**: The SHFE electrolytic aluminum warehouse receipt inventory increased, and the LME aluminum inventory decreased [82]. - **Import and Export**: The profit window for aluminum ingot imports was closed, and the year - on - year decline in aluminum product exports continued [86][95]. - **Terminal Demand**: The real estate market was slowly recovering, and the performance of new energy vehicles was relatively bright [97][103]. 3.4 Aluminum Alloy Fundamental Analysis - **Raw Materials**: The supply of scrap aluminum was tight, and the price of scrap aluminum was strong. The price difference between refined and scrap aluminum varied in different regions [110][111][114]. - **Cost and Price**: The cost of ADC12 aluminum alloy was affected by scrap aluminum, silicon, and copper. The spot price of ADC12 varied in different regions [118][124]. - **Import and Export and Supply**: The import profit of overseas ADC12 was affected by price differences. The production of ADC12 and the import and export volume of aluminum alloy had their own trends [128][135]. - **Demand**: The demand for cast aluminum alloy was mainly from the automotive industry, with obvious seasonal characteristics [139][142][149]. - **Inventory**: The social inventory of aluminum alloy and the factory inventory of sample enterprises of recycled aluminum alloy had their own changes [151]. - **Supply - Demand Balance**: The monthly supply - demand balance of aluminum alloy showed different situations [155]. 3.5 Outlook for the Future - **Macro Factors**: In the next week, domestic LPR data will be released, and the 18th meeting of the 14th NPC Standing Committee will be held. Overseas, the US September CPI data will be announced. Attention should be paid to the impact of macro - sentiment on aluminum prices [162]. - **Alumina**: With the weakening of the rainy - season impact in Guinea, the decline in alumina cost may further reduce the bottom support. The social inventory continues to accumulate, and the price is expected to remain under pressure [162]. - **Electrolytic Aluminum**: The market is certain about the Fed's October interest rate cut, and the "15th Five - Year Plan" is approaching. The aluminum price has upward driving force, but the high industry profit may limit further price increases [163]. - **Cast Aluminum Alloy**: The strong aluminum price will drive the aluminum alloy price up, and the demand for aluminum alloy will be supported by the automotive industry in the fourth quarter [164].