Report Industry Investment Rating - No information provided in the given content Core Viewpoints - The price of aluminum is expected to have increased volatility, and attention should be paid to the trend of the equity market; the price of alumina is expected to converge in a volatile manner; the price of cast aluminum alloy is expected to follow the trend of electrolytic aluminum [1] - The global AI computing power construction is booming, and transformers have become a core "hot commodity". Chinese factories are operating at full capacity, and overseas orders are scheduled until 2027. AI computing power and UHV high - end products are becoming new engines for industrial growth [3] - Trump has nominated Wash to head the Federal Reserve. Wash advocates balance - sheet reduction, which creates policy tension with Trump's demand to lower borrowing costs. If Wash takes office, the coordination of his and Treasury Secretary Bessent's fiscal and monetary policies will be the key to reshaping the market trend [3] Summary by Relevant Catalogs Aluminum - **Futures Market Data**: The closing price of the Shanghai Aluminum main contract was 24,560, down 1,030 from T - 1; the LME Aluminum 3M closing price was 3,136, down 94 from T - 1. The trading volume and open interest of the Shanghai Aluminum main contract and LME Aluminum 3M also showed corresponding changes [1] - **Market Spread and Arbitrage**: The LME Aluminum cash - 3M spread was - 26.66, and the cost of buying the near - month and selling the consecutive - first inter - period arbitrage was - 10.27 [1] - **Enterprise Profit and Loss and Inventory**: The profit and loss of electrolytic aluminum enterprises was 8,548.30, with a decrease of 197.59 from T - 1. The domestic social inventory of aluminum ingots was 800,000 tons, with no change from T - 1 [1] Alumina - **Futures Market Data**: The closing price of the Shanghai Alumina main contract was 2,768, down 48 from T - 1. The trading volume and open interest also changed accordingly [1] - **Market Spread and Arbitrage**: The near - month to consecutive - first contract spread was - 131, and the cost of buying the near - month and selling the consecutive - first inter - period arbitrage was 37.57 [1] - **Enterprise Profit and Loss and Price**: The profit and loss of Shanxi alumina enterprises was - 167, and the average domestic alumina price decreased by 105 from T - 1 [1] Aluminum Alloy - **Futures Market Data**: The closing price of the aluminum alloy main contract was 22,820, down 1,030 from T - 1. The trading volume and open interest also had corresponding changes [1] - **Market Spread and Spot Premium**: The near - month to consecutive - first contract spread was - 80, and the spot premium was - 40 [1] - **Enterprise Profit and Inventory**: The theoretical profit of ADC12 was 376, and the total inventory of three places was 41,438 [1] Other Information - **Trend Intensity**: The trend intensity of aluminum is 1, alumina is - 1, and aluminum alloy is 0 [3]