Core Viewpoint - The rapid growth of the new energy vehicle (NEV) market is driving the demand for aluminum alloy components in the automotive industry, leading to significant market expansion in China's aluminum alloy automotive parts sector, projected to reach 697.84 billion yuan in 2024, a year-on-year increase of 22.46% [1][8]. Market Overview - Aluminum alloy automotive parts are defined as components made from aluminum-based alloys, which are processed through various methods to achieve lightweight, high strength, corrosion resistance, and recyclability, contributing to vehicle weight reduction and energy efficiency [2]. - The application of aluminum alloy parts spans the entire vehicle, categorized into powertrain, chassis, body, electronic systems, and decorative components [2]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including initiatives aimed at enhancing manufacturing reliability and promoting high-quality development in the NEV sector [2]. Industry Chain - The aluminum alloy automotive parts industry consists of upstream suppliers of aluminum materials and production equipment, midstream manufacturers of aluminum parts, and downstream automotive manufacturers and aftermarket services [4]. Market Growth - China's automotive market has seen substantial growth, with production and sales reaching 21.05 million and 21.12 million vehicles respectively from January to August 2025, marking a year-on-year increase of 12.7% and 12.6% [6]. Competitive Landscape - The aluminum alloy automotive parts market in China is characterized by a large number of companies, leading to a fragmented market structure. Key players include He Sheng Co., Ltd., Xusheng Group, and Wan Feng Ao Wei, among others [9][10]. - In 2024, Lichung Group led the industry with a revenue of 27.25 billion yuan, followed by Top Group and Minshi Group with revenues of 26.6 billion yuan and 23.15 billion yuan respectively [10]. Company Analysis - Lichung Group specializes in lightweight aluminum alloy products and has a complete industrial chain, with 54.5% of its revenue coming from casting aluminum alloys [11]. - Wan Feng Ao Wei focuses on lightweight metal components, achieving 80.81% of its revenue from automotive lightweight parts, totaling 6.056 billion yuan in the first half of 2025 [11]. Development Trends - The industry is expected to adopt smart factory and digital twin technologies, enhancing production efficiency and quality control. The use of recycled aluminum is anticipated to rise, aligning with sustainability goals and reducing production costs [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Shanghai Futures Exchange plans to launch cast aluminum alloy futures and options on June 10, 2025, which will bring new development opportunities to the aluminum alloy industry. The report aims to help investors understand the aluminum alloy industry chain and potential trading strategies by writing a series of aluminum alloy special topics [7]. 3. Summary According to the Table of Contents 3.1 Aluminum Alloy Definition and Classification - Aluminum alloy is an alloy with aluminum as the base and a certain amount of other alloying elements added. It has properties such as low density, high strength, good casting and plastic processing performance, and is widely used in various fields. It can be divided into wrought aluminum alloy and cast aluminum alloy according to composition and processing method [8]. - **Wrought Aluminum Alloy**: It is made into semi - finished products such as tubes, rods, wires, and profiles through various pressure processing methods. It can be further divided into five categories: anti - corrosion aluminum alloy, duralumin, super - duralumin, forged aluminum, and special aluminum, each with different properties and uses [9]. - **Cast Aluminum Alloy**: It is used to directly cast various mechanical parts. According to the main added elements, it can be divided into aluminum - silicon alloy, aluminum - copper alloy, aluminum - magnesium alloy, aluminum - zinc alloy, and aluminum - rare earth alloy. Different types have different characteristics and applications, such as in the marine industry [14]. - Aluminum alloy can also be classified according to use, production material source, and alloying element type and quantity, with each classification having specific characteristics and common models [20][21][23]. 3.2 Definition and Properties of Aluminum - Silicon - Copper Alloy ADC12 - ADC12 is a Japanese brand, equivalent to A383 in the US and YL113 in China, belonging to the Al - Si - Cu series alloy. It is a representative brand of recycled cast aluminum alloy, accounting for about 75% of China's recycled cast aluminum alloy production in 2023 [34][36]. - Its main properties include a melting point of 580°C, a boiling point of 2519°C, a density of 2.74g/cm³, good fluidity, light weight, good thermal conductivity, corrosion resistance, and mechanical workability, making it suitable for die - casting and various applications [39]. 3.3 Production Process of Cast Aluminum Alloy ADC12 - The production of recycled aluminum mainly includes pre - treatment of waste aluminum, melting, refining, and casting. The production process of ADC12 mainly includes pressure casting and gravity casting [41][50]. - **Pressure Casting**: It is divided into high - pressure casting and low - pressure casting. High - pressure casting can produce parts with high density and good surface quality, but has high requirements for molds. Low - pressure casting can reduce the formation of pores and inclusions, with better dimensional stability and surface quality [44]. - **Gravity Casting**: It uses gravity to inject molten metal into a permanent mold, which can produce parts with complex shapes and smooth surfaces. It has strong versatility and flexibility in the manufacturing of precision parts [48]. - With the improvement of environmental protection requirements and technological progress, the production process of recycled aluminum has undergone significant changes in pre - treatment, melting, refining, casting, and other aspects [54]. 3.4 Production Cost of Cast Aluminum Alloy ADC12 - Cast aluminum alloy accounts for about 60% of all aluminum alloys, and ADC12 is mainly composed of aluminum from waste aluminum and primary aluminum. The cost of recycled cast aluminum alloy mainly includes aluminum element cost, alloy element cost, energy cost, and other costs [56]. - **Aluminum Element Cost**: Usually, a mixture of primary aluminum and recycled aluminum is used, with a consumption of about 1.1 tons of waste aluminum to produce one ton of ADC12 due to a 90% water - output rate of waste aluminum melting [58][59]. - **Alloy Element Cost**: Additional silicon (about 5%) and copper (about 1.2%) need to be added. Other alloy elements have a relatively low proportion [60]. - **Energy Cost**: Mainly natural gas, with 60 - 80 cubic meters of natural gas required to produce one ton of aluminum alloy, and electricity is also consumed. The overall energy cost accounts for about 1% [62]. - According to Steel Union's calculation, in April 2025, the weighted average full cost of ADC12 was 19,817 yuan/ton, with a theoretical profit of 209 yuan/ton [63]. 3.5 Application Fields of Cast Aluminum Alloy ADC12 - ADC12 is widely used in transportation, mechanical manufacturing, architectural decoration, and other fields due to its excellent casting performance, mechanical properties, and lightweight characteristics [64]. - **Transportation Field**: It plays a key role in the lightweight process of the automotive industry, accounting for more than 70% of the total aluminum used in automobiles. It is also widely used in motorcycles and electric vehicles [65][66]. - **Architectural Decoration Field**: Aluminum alloy has many advantages in the construction industry, such as light weight, easy extrusion, corrosion resistance, and high recycling value, making it an ideal green building material [67]. - **Mechanical Manufacturing Field**: Recycled aluminum alloy can reduce production costs and is widely used in automotive parts, machinery equipment shells, mold manufacturing, and precision tools, promoting the green development of the industry [68]. 3.6 Spot Pricing Model of Cast Aluminum Alloy ADC12 - The spot price of aluminum alloy is mainly affected by market supply and demand and futures market prices. Currently, the pricing is mainly based on the spot market because the aluminum alloy futures market is not yet mature [72]. - **Pricing Based on Market Supply - and - Demand Relationship**: The price of ADC12 fluctuates with market supply and demand. Production cost, inventory level, environmental protection policies, and other factors affect market supply and demand [73]. - **Pricing Based on Spot Market Price**: The base price can be divided into spot price and futures price. The spot price mainly refers to quotes from Shanghai Non - ferrous Metals Network and Changjiang Market. The futures price can refer to contracts from London Metal Exchange, New York Mercantile Exchange, and Shanghai Futures Exchange [79][80]. 3.7 Relevant Policies of China's Recycled Aluminum Industry - Since 2006, the Chinese government has introduced a series of policies to support and regulate the recycled aluminum industry, covering waste aluminum recycling, recycled aluminum production, and import - export [81]. - **Waste Aluminum Recycling Policies**: Focus on efficient resource recycling and environmental protection, promoting the standardization, greening, and technological progress of the waste aluminum recycling industry through economic incentives and regulations [81]. - **Recycled Aluminum Production Policies**: Encourage resource recycling and utilization, promote the transformation and upgrading of the industry, and reduce dependence on primary aluminum [84]. - **Recycled Aluminum and Waste Aluminum Import - Export Policies**: Aims to promote the standardized recycling and reuse of waste aluminum resources, optimize the import - export structure, and achieve the green and low - carbon transformation of the industry [85]. 3.8 Cast Aluminum Alloy Futures and Option Contracts - **Listing Time**: Cast aluminum alloy futures will be listed for trading on June 10, 2025 [88]. - **Trading Time**: From Monday to Friday, 09:00 - 10:15, 10:30 - 11:30, 13:30 - 15:00, and 21:00 - 01:00 (continuous trading), with exceptions on the day before legal holidays [89]. - **Listed Contracts**: AD2511, AD2512, AD2601, AD2602, AD2603, AD2604, AD2605 [90]. - **Other Terms**: Include trading margin, price limit, position disclosure, trading commission, and declaration fee charging rules, as well as detailed regulations on delivery units, quality requirements, recognized production enterprises and registered brands, and delivery warehouses [92][93][94]. - The option contract also has specific terms such as contract subject matter, type, trading unit, price limit, and exercise method [105].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - Aluminum alloy is a metal material with the advantages of light weight, high strength, and easy processing. ADC12 is a typical recycled cast aluminum alloy widely used in various fields. The production process of recycled aluminum alloy and ADC12 includes multiple steps, and the spot pricing mode of ADC12 is affected by multiple factors [1]. - The properties, classification, production process, uses, and pricing models of aluminum alloys and ADC12 are comprehensively introduced, highlighting their importance and application potential in different industries [1]. Summary According to Relevant Catalogs 1. Aluminum Alloy Introduction 1.1 Basic Properties - Aluminum alloy is a metal material with light weight, high strength, and easy processing. Its density ranges from 2.63 to 2.85 g/cm³, and its tensile strength (σb) can reach 110 to 650 MPa. It has excellent casting and plastic processing capabilities, as well as good electrical and thermal conductivity, corrosion resistance, and weldability, and is widely used in many fields [7]. 1.2 Classification - **By composition and processing method**: Divided into cast aluminum alloy and wrought aluminum alloy. Cast aluminum alloy can be further divided into aluminum - silicon alloy, aluminum - copper alloy, aluminum - magnesium alloy, aluminum - zinc alloy, and aluminum - rare earth alloy; wrought aluminum alloy can be further divided into rust - proof aluminum alloy, hard aluminum alloy, super - hard aluminum alloy, and forged aluminum alloy [8][9][11]. - **By use**: Classified into industrial aluminum alloy, aviation aluminum alloy, civil aluminum alloy, and conductive aluminum alloy [14]. - **By production source**: Divided into primary aluminum alloy and recycled aluminum alloy [15]. - **By the type and quantity of alloying elements**: The grades of aluminum alloy are represented by the 1XXX - 9XXX series according to the ASTM standard, and different grades have different properties and applications [16]. 2. ADC12 Introduction 2.1 Definition - ADC12 is an alloy used for manufacturing die - cast parts, also known as A383, with low cost and simple manufacturing process, and is widely used in many die - castings internationally [18]. 2.1.1 Composition - ADC12 usually refers to the cast aluminum alloy that meets the ADC12.1 in the Japanese standard JIS H 5302 - 2006, and it accounts for about 75% of the output of recycled cast aluminum alloy in China in 2023 [20]. 2.1.2 Properties - ADC12 is a typical Al - Si - Cu series recycled cast aluminum alloy, with properties such as low melting point, high fluidity, light weight, good thermal conductivity, corrosion resistance, good machinability, and resistance to thermal cracking [20][21]. 2.2 Production Process - The production of recycled aluminum alloy mainly involves pre - treatment of waste aluminum, melting and casting, and deep - processing. The casting process is mainly divided into pressure casting (including high - pressure casting and low - pressure casting) and gravity casting [24][27][30]. 2.3 Uses - **Transportation field**: In the automotive industry, it accounts for more than 70% of the total aluminum used, and is used in engine parts, shell components, and chassis parts. In the motorcycle and electric vehicle industries, it is also widely used due to its light weight, high strength, and corrosion resistance [34]. - **Building decoration field**: Aluminum alloy has many advantages in the construction industry, such as light weight, easy extrusion, corrosion resistance, and high recycling value, and is an ideal green building structure material [37]. - **Mechanical manufacturing field**: Recycled aluminum alloy can reduce production costs and is widely used in automotive parts, mechanical equipment shells, mold manufacturing, and precision tools [38]. 2.4 Spot Pricing Mode - **Based on market supply - demand relationship**: The price of ADC12 is affected by market supply and demand. When supply exceeds demand, the price may fall; when demand exceeds supply, the price may rise. Production cost, inventory level, environmental protection policies, and industry development strategies also affect supply and demand [41][44]. - **Based on spot market price**: The base price for pricing can be divided into spot price and futures price. Currently, the aluminum alloy pricing is mainly based on the spot price, with the Shanghai Non - ferrous Metals Network's daily morning quotation being the mainstream transaction price [45].