Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report presents the latest fundamental data of aluminum, alumina, and cast aluminum alloy, and briefly mentions macro - related news. It shows that aluminum is affected by macro - disturbances, alumina is in a range - bound oscillation, and cast aluminum alloy follows the trend of electrolytic aluminum. The trend intensities of aluminum, alumina, and aluminum alloy are all neutral [1][3]. 3. Summary by Catalog 3.1 Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract was 21,530 yuan, down 40 yuan from the previous day, with a trading volume of 169,843 lots and an open interest of 338,582 lots. The LME Aluminum 3M closing price was 2,815 US dollars, unchanged from the previous day. The LME cancellation warrant ratio was 10.89%, up 0.77% from the previous day [1]. - **Alumina**: The closing price of the Shanghai Alumina main contract was 2,732 yuan, down 8 yuan from the previous day, with a trading volume of 266,933 lots and an open interest of 411,305 lots [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,780 yuan, down 35 yuan from the previous day, with a trading volume of 4,864 lots and an open interest of 12,349 lots [1]. 3.2 Spot Market - **Aluminum**: The domestic average price of aluminum ingots was 21,530 yuan, and the social inventory of domestic aluminum ingots was 613,000 tons, down 24,000 tons from the previous day. The LME aluminum ingot inventory was 544,100 tons, down 2,000 tons from the previous day [1]. - **Alumina**: The domestic average price of alumina was 2,861 yuan, and the alumina price at Lianyungang's arrival port was 345 US dollars/ton [1]. - **Related Products**: The pre - baked anode market price was 5,887 yuan, the Foshan aluminum rod processing fee was 360 yuan, and the Shandong 1A60 aluminum rod processing fee was 50 yuan [1]. 3.3 Macro News - As of the week ending November 15th, the number of initial unemployment claims decreased by 8,000 to 220,000, lower than the expected 227,000. However, the number of continued unemployment claims slightly rose to 1,974,000, higher than the expected 1,950,000, reaching the highest level since October 2021 [3]. - There is a new divergence between hawks and doves within the Federal Reserve. Cleveland Fed President Hammack strongly opposes further interest rate cuts, warning that inflation is difficult to control and monetary policy needs to be tightened [3].

Group 1 - The core viewpoint of the articles highlights the impact of the strong US dollar and Federal Reserve's interest rate expectations on gold prices, with recent fluctuations in the gold market attributed to these factors [1][4][6] - The recent announcement from China regarding the termination of VAT exemptions for retailers selling gold from the Shanghai Gold Exchange is expected to significantly reduce physical demand for gold in the world's largest consumer market [3] - The ongoing US government shutdown, which has reached a historic duration, is causing economic risks and uncertainties, leading to a reliance on private sector data for economic insights [3][4] Group 2 - The Federal Reserve's recent decision to lower interest rates by 25 basis points has led to a divergence of opinions among its officials, indicating a complex outlook for future monetary policy [4][6] - The increase in US crude oil inventories reported by API has raised concerns about supply overhang, contributing to downward pressure on oil prices despite geopolitical risks [8] - OPEC and its partners have announced a pause in their production increase plans starting in Q1 2026, amid expectations of seasonal demand slowdown, which may further influence oil market dynamics [7][8] Group 3 - The strategic positioning of the company in the Hong Kong market, leveraging its unique advantages to enhance the global competitiveness of the Chinese gold market, is emphasized [10] - The company aims to continue fostering connections between domestic and international markets, enhancing its role as a reliable financial service platform for investors [10]