文 |万联万象 行至2025年末，有色金属领域依然在狂飙的，居然是铝。 这个曾深陷产能过剩与环保诟病的工业金属，在2025年上演了一场令人瞩目的逆袭。铝经历了从年初被 纳入全国碳交易市场的"被约束者"，到年末价格突破2.2万元/吨、创近三年新高的"市场明星"的华丽转 身。 铝产业的这一年，恰是中国传统制造业转型升级的生动缩影。这场变革不仅关乎价格波动，更是一场涉 及能源博弈、环保革命与产业重构的深刻转型。 价格狂飙：25年铝市的"逆袭曲线" 2025年的铝价走势，绘制出了一条令人瞩目的上升曲线。 2025年铝期货价格走势 年初，沪铝期货价格还在1.97万元/吨附近徘徊，市场情绪谨慎，在4月份更是跌到了1.9万元/吨的低位； 进入下半年，价格开启加速模式，最终在12月7日至8日一举突破2.2万元/吨大关，创下2022年以来的最高 纪录。 2025年3月，铝冶炼行业正式纳入全国碳排放权交易市场，标志着这个高耗能行业进入了全新的发展阶 段。这一制度性变革，既是挑战，也是行业从"规模扩张"转向"价值创造"的历史契机。 纳入碳市场意味着电解铝企业必须为每吨碳排放支付成本。据行业测算，按照初期碳价水平，吨铝生产 成本将增 ...

经国际班列运抵广元国际铁路港的货物。受访者供图 试点进口种类 再生纯铝原料、再生变形铝合金原料、再生铸造铝合金原料 试点运输方式 选择集装箱装载的海铁联运方式 试点探索方向 试点，利好的不只是广美新材料一家企业。广元市经济和信息化局负责人介绍，广元是全省铝基新材料 产业唯一产业基地市，当地铝基新材料产业产值连续3年保持30%以上增长，2024年达到419亿元，正全力打造 千亿级产业集群。 试点企业在进口再生铝原料时，符合条件的再生铝原料可运抵广元国际铁路港海关监管中心再实施检 验，实现在"家门口"报关、清关和验货，节约综合成本 11月1日，价值72万元的再生铝原料，从日本经海运运抵浙江宁波，由火车转运至广元。日前，全国首个 进口再生铝原料检验监管模式优化试点落户广元。这是优化试点落户后，首批运抵广元的货物。 进口再生铝原料检验监管模式优化试点落户，意味着广元市的试点企业进口再生铝原料时，符合条件的 再生铝原料可以在"家门口"报关、清关和验货。这将助力当地进一步降低铝企业原材料进口成本，壮大铝基新 材料产业。 试出更高效率 时间缩短、成本降低 "这是一次尝试，后续我们每个月都会从世界各地进口几千吨再生铝。"四川 ...

Core Viewpoint - China Hongqiao Group Limited reported a significant increase in revenue and profit for the first half of 2025, driven by higher sales prices and volumes of aluminum alloy and alumina products [1][3]. Financial Summary - Revenue reached 81.04 billion RMB, a year-on-year increase of approximately 10.1% from 73.59 billion RMB [6]. - Gross profit was approximately 20.81 billion RMB, reflecting a year-on-year increase of about 16.9% [7]. - Net profit attributable to shareholders was around 12.36 billion RMB, up approximately 35.0% from 9.15 billion RMB [9]. - Basic earnings per share increased by 36.0% to 1.314 RMB [9]. - The company maintained a stable debt-to-asset ratio of 49.1% [10]. Operational Highlights - The sales volume of aluminum alloy products was 2.906 million tons, a year-on-year increase of about 2.4%, with an average selling price rising by 2.7% to approximately 17,853 RMB per ton [1][13]. - The sales volume of alumina products reached 6.368 million tons, up 15.6%, with an average selling price increasing by 10.3% to 3,243 RMB per ton [1][13]. - The sales volume of aluminum alloy processing products was 392,000 tons, a year-on-year increase of 3.5%, with an average selling price rising by 2.9% to 20,615 RMB per ton [1][13]. Business Overview - China Hongqiao is a leading aluminum product manufacturer in China, primarily engaged in the production and sale of liquid aluminum alloys, aluminum alloy ingots, aluminum alloy processing products, and alumina [3]. - The company focuses on vertical integration and global integration strategies to enhance cost advantages and scale effects, maintaining its leading position in the global aluminum industry [3]. Industry Overview - The global electrolytic aluminum production was approximately 21.84 million tons, with a year-on-year increase of 4.3%, while global consumption was about 36.59 million tons, up 1.8% [15]. - The average price of LME spot aluminum was approximately 2,539 USD per ton, reflecting a year-on-year increase of 7.7% [17].