1. Report Industry Investment Rating - Aluminum: Range-bound oscillation [1] - Alumina: Continuing to find the bottom [1] - Cast aluminum alloy: Following electrolytic aluminum [1] 2. Core Viewpoints of the Report - With the non - linear growth of AI computing power demand, in 2026, investors should shift their focus from "chips" to "removing bottlenecks", and the cumulative power shortage in US data centers from 2025 - 2028 will reach 47 gigawatts [3] - Most economies have very limited room for further monetary policy easing. The Fed is expected to cut interest rates only twice by the end of 2026, and the federal funds rate will remain in the range of 3.25% - 3.5% until 2027. The eurozone and Canada are expected to have no further room for interest rate cuts, while Japan is expected to steadily tighten its monetary policy [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum** - The closing price of the Shanghai Aluminum main contract was 21,910, with a change of 445 compared to T - 5 [1] - The closing price of the LME Aluminum 3M was 2,864, with a change of - 25 compared to T - 1 [1] - The trading volume of the Shanghai Aluminum main contract was 177,992, a decrease of 77,939 compared to T - 1 [1] - The LME Aluminum 3M trading volume was 19,748, a decrease of 1,971 compared to T - 1 [1] - The LME aluminum cash - 3M spread was - 25.95, with a change of 4.50 compared to T - 1 [1] - **Alumina** - The closing price of the Shanghai Alumina main contract was 2,670, a decrease of 57 compared to T - 5 [1] - The trading volume of the Shanghai Alumina main contract was 177,845, a decrease of 64,249 compared to T - 1 [1] - **Aluminum Alloy** - The closing price of the aluminum alloy main contract was 21,095, an increase of 390 compared to T - 5 [1] - The trading volume of the aluminum alloy main contract was 5,751, an increase of 1,657 compared to T - 1 [1] 3.2 Spot Market - **Aluminum** - The domestic aluminum ingot social inventory was 591,000 tons, a decrease of 13,000 tons compared to T - 5 [1] - The LME aluminum ingot inventory was 535,900 tons, a decrease of 2,000 tons compared to T - 1 [1] - The electrolytic aluminum enterprise profit and loss was 5,283.92, a decrease of 245.86 compared to T - 1 [1] - The aluminum spot import profit and loss was - 1,780.07, a decrease of 164.28 compared to T - 1 [1] - **Alumina** - The domestic average alumina price was 2,855, a decrease of 66 compared to T - 5 [1] - The alumina price at Lianyungang's arrival port was 338 US dollars per ton, a decrease of 2 compared to T - 5 [1] - **Aluminum Alloy** - The theoretical profit of ADC12 was - 235, a decrease of 76 compared to T - 5 [1] - The three - place inventory total was 49,410, a decrease of 494 compared to T - 1 [1] 3.3 Other Information - The trend strength of aluminum, alumina, and aluminum alloy was all 0, indicating a neutral trend [3]

Core Viewpoint - The A-share and Hong Kong stock markets for innovative drugs opened high and continued to rise, indicating a positive trend in the sector [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) saw an increase of approximately 3.02% as of 10:00 AM, with all constituent stocks performing well, including leading gains from companies like BeiGene, InnoCare Pharma, and CanSino Biologics [1] - Since November, the ETF has not experienced any net outflow of funds, accumulating a total of 726 million yuan in inflows during the month [1] Group 2: Industry Trends - Institutions indicate that the pharmaceutical sector has undergone a significant structural repair trend after a prolonged period of valuation adjustment, with continued business development (BD) in innovative drugs expected in the second half of the year [1] - The trend of interest rate cuts by major global central banks is anticipated to further enhance the valuation of the innovative drug sector [1] Group 3: Investment Opportunities - The Hong Kong innovative drug ETF (159567) tracks the CSI Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the operational characteristics of listed companies in the innovative drug field within the Stock Connect scope [1] - Retail investors can also access the Hong Kong innovative drug ETF through linked funds (Class A: 023929, Class C: 023930) to capitalize on the upward opportunities in the sector [1]