1. Report Industry Investment Ratings - Aluminium: High-level oscillation [1] - Alumina: Slight rebound [1] - Cast aluminium alloy: Follow the trend of electrolytic aluminium [1] 2. Core Views of the Report - After Trump lifted the tariff threat, the European Parliament plans to unfreeze the review of the EU-US trade agreement, and the Prime Minister of Greenland reiterated the bottom line. Initial voting on the EU-US agreement in the parliament may take place in the next few days [3]. - Nordic pension funds are accelerating their exit from the US market. Sweden's Alecta has sold most of its approximately $11 billion holdings, Denmark's AkademikerPension plans to liquidate its holdings by the end of January, and Greenland's SISA Pension is considering withdrawing half of its approximately $110 million in US stock investments [3]. - The trend strength of aluminium is 1, alumina is -1, and aluminium alloy is 1 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Aluminium - The closing price of the Shanghai Aluminium main contract was 24,055, down 100 from the previous trading day [1]. - The trading volume of the Shanghai Aluminium main contract was 355,802, a decrease of 112,454 from the previous trading day [1]. - The LME Aluminium 3M closing price was 3,138, up 20 from the previous trading day [1]. Alumina - The closing price of the Shanghai Alumina main contract was 2,717, up 45 from the previous trading day [1]. - The trading volume of the Shanghai Alumina main contract was 192,481, a decrease of 54,805 from the previous trading day [1]. Aluminium Alloy - The closing price of the aluminium alloy main contract was 22,855, down 40 from the previous trading day [1]. - The trading volume of the aluminium alloy main contract was 8,386, a decrease of 2,374 from the previous trading day [1]. 3.2 Spot Market Aluminium - The domestic social inventory of aluminium ingots was 189,000 tons, an increase of 768,000 tons from the previous trading day [1]. - The LME aluminium ingot inventory was 509,300 tons, an increase of 2,100 tons from the previous trading day [1]. Alumina - The average domestic alumina price was 2,657, down 14 from the previous trading day [1]. - The CIF price of alumina in Lianyungang was $329 per ton, unchanged from the previous trading day [1]. Aluminium Alloy - The theoretical profit of ADC12 was 142, an increase of 764 from the previous trading day [1]. - The three - place inventory total of aluminium alloy was 42,520, a decrease of 291 from the previous trading day [1].