Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Views of the Report - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing a weak trend [2][4]. - The price of aluminum ingots is expected to undergo short - term high - level adjustments, considering the increasing inventory pressure and the complex macro - situation [2][5]. 3) Summary by Related Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will have a shutdown and maintenance period during the Spring Festival from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production [3]. - Six short - process steel mills in Anhui Province: one has stopped production on January 5th, most will stop around mid - January, and a few after January 20th, with a daily output impact of about 16,200 tons [4]. - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4]. - The price of finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand and pessimistic market sentiment, the price center has been moving down. This year's winter storage is sluggish, providing little support for prices [4]. Aluminum Ingots - Macroscopically, the number of initial jobless claims in the US in mid - October reached a two - month high. The market is waiting for the Fed's October 28 - 29 meeting minutes and the US Department of Labor's September employment report [3]. - In October 2025, China imported 13.77 million tons of bauxite, a 13.29% decrease from the previous period but a 12.5% increase year - on - year [4]. - The alumina market has a continuous oversupply situation. Although the decline of spot prices has slowed down, it has not stopped. Industry profits are shrinking, forcing some high - cost enterprises in Shanxi and Henan to reduce production, with a weekly output decrease of 17,000 tons. However, the alumina inventory at electrolytic aluminum plants and in the social sector is still accumulating, reaching 4.793 million tons [4]. - Last week, the SMM weekly aluminum - water ratio was 77.25%, a 0.5 - percentage - point decrease from the previous period. Some sectors are transitioning from the peak to the off - season, and the high aluminum price has pressured downstream processing fees, leading some processing enterprises to cut production and some aluminum - water suppliers to increase ingot casting [4]. - Last week, the overall operating rate of domestic leading aluminum downstream processing enterprises increased by 0.4 percentage points to 62%. The SMM predicts that the operating rate of the aluminum downstream processing industry will show a differentiated trend in the short term, with power grid orders supporting a slight increase in aluminum cables, while aluminum plates, strips, and foils are likely to decline due to environmental protection and the off - season [4]. - On November 17, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 646,000 tons, an increase of 25,000 tons from last Thursday and 19,000 tons from last Monday [4]. - The market still anticipates a tightening of overseas aluminum supply due to the reported production cuts in Iceland and Mozambique. However, with the arrival of the domestic off - season and weakening downstream demand, the inventory pressure is increasing, and the price is expected to have short - term回调 space [5].

Group 1: Report Industry Investment Rating - No investment rating is provided in the report. Group 2: Report's Core View - The view on finished products is that they will operate in a state of shock consolidation, with the price center moving down and showing weak operation [1][3]. - The view on aluminum ingots is that the price is expected to undergo short - term shock adjustment, and it is necessary to pay attention to macro - sentiment and mining - end news. In the short term, it is expected to maintain high - level shock, and then pay attention to the inventory - consumption trend [4]. Group 3: Summary by Relevant Catalogs Finished Products - In the Yunnan - Guizhou region, short - process construction steel enterprises' shutdown and maintenance during the Spring Festival are mostly from mid - January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills started to shut down on January 5, and most of the rest will shut down around mid - January, with a daily impact on output of about 16,200 tons during the shutdown [3]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3]. - The finished products continued to decline in shock yesterday, reaching a new low recently. In the pattern of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, with weak price support [3]. - Later, it is necessary to pay attention to macro - policies and downstream demand [3]. Aluminum Ingots - In September, the domestic electrolytic aluminum production increased by 1.14% year - on - year and decreased by 3.18% month - on - month. In October, the overall performance of the aluminum processing industry was in line with seasonal characteristics but showed obvious internal differentiation [3]. - The aluminum cable and wire production rate declined, but the orders from the power grid and photovoltaic sectors were still strong. The aluminum profile production rate decreased slightly, with the new orders for construction profiles being weak. The aluminum plate and strip production rate decreased to 68.0%, and the aluminum foil production rate decreased slightly [3]. - On October 13, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 650,000 tons, an increase of 1000 tons from last Thursday and 58,000 tons from last Monday [3]. - Later, it is necessary to pay attention to changes in macro - expectations, the development of geopolitical crises, the resumption of production at the mining end, and the release of consumption [4].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The price of finished products is expected to move in a sideways consolidation, while the price of aluminum ingots is expected to be strong in the short - term and fluctuate, with attention paid to macro - sentiment and mine - end news [2][4][5] 3) Summary by Related Contents Finished Products - The production of short - process construction steel enterprises in the Yunnan - Guizhou region during the Spring Festival shutdown is expected to affect a total of 741,000 tons of construction steel output, and 6 short - process steel mills in Anhui Province will also have varying degrees of shutdown, with a daily impact of about 16,200 tons of output [3][4] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4] - The price of finished products continued to decline in a volatile manner yesterday, reaching a new low in the recent period. In the pattern of weak supply and demand, the market sentiment is also pessimistic, and the price center of gravity continues to move down. This year's winter storage is sluggish, and the price support is not strong [4] - The finished products are expected to move in a sideways consolidation, and attention should be paid to macro - policies and downstream demand [4] Aluminum Ingots - During the holiday, non - ferrous metals in the external market generally rose, and LME aluminum was strong. The US government shutdown has entered the eighth day, and Fed officials believe that the risks in the US job market have increased enough to support interest rate cuts, but many policymakers are still vigilant about high inflation [3] - In September, the domestic electrolytic aluminum output increased by 1.14% year - on - year and decreased by 3.18% month - on - month. The aluminum - water ratio of domestic electrolytic aluminum plants rebounded slightly. The comprehensive PMI index of aluminum processing increased by 2.4 percentage points to 55.7%. Different sub - sectors showed structural differentiation [4] - On October 9, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 649,000 tons, an increase of 57,000 tons compared with September 29 and an increase of 32,000 tons compared with September 25. The destocking in September was less than expected, and the premium of electrolytic aluminum is expected to face certain pressure in the early post - holiday period. In October, the aluminum - water ratio of some northern enterprises is expected to increase, and the ingot casting volume is expected to remain low, which will support the aluminum price [4] - With the continuous expectation of overseas interest rate cuts, the short - term macro - favorable atmosphere and the stable fundamentals, the price is expected to remain high and fluctuate. Attention should be paid to the inventory - consumption trend. The price of aluminum ingots is expected to be strong in the short - term and fluctuate, and attention should be paid to macro - expectations, geopolitical crises, mine - end resumption, and consumption release [4][5]

1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - For building materials, it is expected to run in a volatile and consolidated manner, with the price center moving downward and showing a weak trend [1][3] - For aluminum ingots, the price is expected to fluctuate within a range in the short - term, and attention should be paid to macro - sentiment and downstream开工 [3][4] 3. Summary According to Related Contents Building Materials - In the Yunnan - Guizhou region, short - process construction steel enterprises will shut down for maintenance from mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons during the shutdown [2] - Six short - process steel mills in Anhui Province: one mill started to shut down on January 5, most of the rest will shut down around mid - January, and an individual mill is expected to shut down after January 20, with a daily output impact of about 16,200 tons during the shutdown [3] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The building materials market is in a situation of weak supply and demand, with pessimistic market sentiment, and the price center continues to move downward. This year's winter storage is sluggish, providing little support for prices [3] Aluminum - In May, due to concentrated maintenance and production cuts of alumina enterprises, the supply was tight, the price rose, and the theoretical profit expanded to 409 yuan/ton by the end of May. In June, the bauxite price fluctuated, the overall cost of alumina did not change significantly, the production capacity that was previously shut down for maintenance partially resumed, and the new production capacity was released, leading to an increase in the operating capacity [3] - In June, the downstream aluminum processing industry entered a strong off - season atmosphere, with the weekly开工 rate of leading aluminum processing enterprises dropping 0.4 percentage points to 60.9% [3] - On June 12, the inventory of electrolytic aluminum ingots in mainstream domestic consumption areas was 460,000 tons, a decrease of 17,000 tons from Monday and 44,000 tons from last Thursday. The core driving force for inventory reduction is the continuous tight supply, with a decrease in ingot casting volume and low actual arrivals [3] - Overseas macro instability persists. Entering the off - season, the price faces pressure, while inventory reduction supports the price. In the short term, the aluminum price is expected to fluctuate within a range [4]