1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The trend strength of aluminum is 1, indicating a relatively positive trend; the trend strength of alumina is -1, showing a relatively negative trend; the trend strength of aluminum alloy is 1, suggesting a relatively positive trend [3] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Electrolytic Aluminum - The closing price of the Shanghai Aluminum main contract is 23,925, down 450 from the previous day, and the night - session closing price is 23,945. The LME Aluminum 3M closing price is 3,129, down 43. The trading volume of the Shanghai Aluminum main contract is 660,823, down 106,057. The open interest is 333,899, down 12,932. The LME Aluminum 3M trading volume is 29,031, down 28,896. The LME cancelled warrant ratio is 8.49%, down 0.37%. The LME Aluminum cash - 3M spread is 1.42, unchanged. The spread between the near - month contract and the first - continuous contract is -75, up 90. The cost of the near - month long and first - continuous short inter - period arbitrage is 79.72, down 11.05 [1] 3.1.2 Alumina - The closing price of the Shanghai Alumina main contract is 2,751, down 38. The night - session closing price is 2,768. The trading volume is 793,272, up 174,310. The open interest is 490,116, down 18,669. The spread between the near - month contract and the first - continuous contract is -97, up 67. The cost of the near - month long and first - continuous short inter - period arbitrage is 33.74, down 7.39 [1] 3.1.3 Aluminum Alloy - The closing price of the aluminum alloy main contract is 22,735, down 420. The night - session closing price is 22,710. The trading volume is 18,527, down 266. The open interest is 20,886, down 742. The spread between the near - month contract and the first - continuous contract is -80.00, down 170. The spot premium is -180, down 50 [1] 3.2 Spot Market 3.2.1 Electrolytic Aluminum - The pre - baked anode market price is 6,087, unchanged. The Foshan aluminum rod processing fee is -20, unchanged. The Shandong 1A60 aluminum rod processing fee is 200, unchanged. The aluminum ingot scrap price difference is 1,586, down 41. The profit and loss of electrolytic aluminum enterprises is 7,868.01, down 157.59. The profit and loss of aluminum spot imports is -2,149.97, down 114.15. The profit and loss of aluminum 3M imports is -1,873.41, down 197.59. The profit and loss of aluminum plate and coil exports is 3,394.86, up 172.56. The domestic aluminum ingot social inventory is 74.90 million tons, unchanged. The SHFE aluminum ingot warehouse receipt is 14.08 million tons, up 0.27. The LME aluminum ingot inventory is 48.80 million tons, down 0.20 [1] 3.2.2 Alumina - The domestic average alumina price is 2,666, down 5. The alumina CIF price at Lianyungang is $331 per ton, unchanged, and 2,720 yuan per ton, unchanged. The Australian alumina FOB price is $310 per ton, unchanged. The profit and loss of Shanxi alumina enterprises is -202, unchanged [1] 3.2.3 Aluminum Ore - The price of Australian imported bauxite is $40 per ton, down 2. The price of Indonesian imported bauxite is $42 per ton, unchanged. The price of Guinean imported bauxite is $43 per ton, down 1. The Yangquan bauxite price is 430, unchanged [1] 3.2.4 Aluminum Alloy - The theoretical profit of ADC12 is 304, down 8. The price of Baotai ADC12 is 23,500, down 100. The difference between Baotai ADC12 and A00 is -530, up 10. The total inventory of three places is 43,492, down 19 [1] 3.2.5 Caustic Soda - The price of Shaanxi ion - exchange membrane liquid caustic soda (32% converted to 100%) is 2,325, unchanged [1]