1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For electrolytic aluminum, after the Fed's hawkish October FOMC meeting and the unexpectedly strong US September non - farm payroll data, the expectation of a December rate cut dropped to 30%, leading to a decline in market risk appetite. With 200,000 tons of new production capacity put into operation in Xinjiang, supply increased slightly, while consumption weakened marginally. The supply - demand pattern was bearish, and aluminum prices were expected to correct, with attention on the 21,000 yuan support level [2][6]. - For cast aluminum, the start - up rate of aluminum alloy remained flat at 60.6% last week, with stable supply. Terminal consumption was resilient, and demand was stable. Although the exchange inventory increased slightly, the short - term adjustment of cast aluminum futures was mainly due to the decline in macro risk appetite, and the adjustment was expected to be limited due to stable supply - demand fundamentals and good cost support [2][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Data - LME 3 - month aluminum price dropped from 2,858.5 yuan/ton on 2025/11/14 to 2,808 yuan/ton on 2025/11/21, a decrease of 50.5 yuan/ton [3]. - SHFE aluminum continuous third contract price dropped from 21,845 dollars/ton to 21,385 dollars/ton, a decrease of 460 dollars/ton [3]. - The spot average price dropped from 21,726 yuan/ton to 21,514 yuan/ton, a decrease of 212 yuan/ton [3]. 3.2 Market Review - In the electrolytic aluminum spot market, the weekly average price was 21,514 yuan/ton, a decrease of 212 yuan/ton from the previous week; the South China storage spot weekly average price was 21,386 yuan/ton, a decrease of 196 yuan/ton from the previous week [4]. - The Fed's October policy meeting minutes showed a serious divergence among policymakers on rate cuts. The probability of a December rate cut was low according to swap contracts after the release of economic data [4][5]. - The start - up rate of the domestic downstream aluminum processing industry rose slightly by 0.4 percentage points to 62%, showing a structural differentiation. The start - up rate of aluminum cable was expected to continue a slight increase, while that of aluminum plate, strip, and foil was likely to decline gradually [5]. - On November 13, the social inventory of aluminum ingots remained flat at 627,000 tons compared with last Thursday, and the aluminum rod inventory decreased by 2,000 tons to 140,000 tons [5]. - For cast aluminum, the SMM spot price of cast aluminum alloy on Friday was 21,650 yuan/ton, an increase of 200 yuan/ton from last Friday. The start - up rate of leading recycled aluminum enterprises increased by 1.5% to 60.6%, and the exchange warehouse receipt inventory increased by 1,599 tons to 58,000 tons [5]. 3.3 Market Outlook - Similar to the core viewpoints, the electrolytic aluminum price was expected to correct due to the decline in market risk appetite and the bearish supply - demand pattern, with attention on the 21,000 yuan support level [6]. - The short - term adjustment of cast aluminum futures was mainly due to the decline in macro risk appetite, and the adjustment was expected to be limited due to stable supply - demand fundamentals and good cost support [6]. 3.4 Industry News - India's AM Green Group plans to invest about $6 billion in a green industrial complex in Andhra Pradesh, with about $49.6 billion for a 1 - million - ton green aluminum project in Kakinada, to be built in two phases [8]. - In October 2025, the domestic scrap aluminum import volume was about 155,400 tons, a year - on - year increase of about 19% [8]. - In October 2025, the domestic primary aluminum import volume was about 248,400 tons, a month - on - month increase of 0.6% and a year - on - year increase of 42.1%. From January to October, the cumulative primary aluminum import volume was about 2.2108 million tons, a year - on - year increase of 21.2% [11]. - On November 19, 2025, the first contract AD2511 of the Shanghai Futures Exchange's cast aluminum alloy futures was successfully delivered, with a delivery volume of about 22,900 tons and a delivery amount of about 476 million yuan. As of November 17, 2025, the cumulative trading volume was 596,400 lots, the total trading amount was 120.282 billion yuan, and the total standard warehouse receipt weight was 59,400 tons [11].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The alumina supply - side remains in a state of sporadic and normal short - term maintenance, and the large - scale production cuts that the market is concerned about have not been achieved. The Xinjiang region has new electrolytic aluminum production capacity about to be put into operation, but the increase in demand is limited in scale. The overall market supply and demand are still in excess, there is also downward pressure on the cost side of ore, and the fundamentals' negative factors remain unchanged, so alumina continues to be weak [2][6] 3. Summary by Relevant Catalogs Transaction Data - From 2025/11/14 to 2025/11/21, the alumina futures (active) dropped from 2822 yuan/ton to 2713 yuan/ton, a decrease of 109 yuan/ton; the domestic alumina spot price dropped from 2868 yuan/ton to 2858 yuan/ton, a decrease of 10 yuan/ton; the spot premium increased from 78 yuan/ton to 164 yuan/ton, an increase of 86 yuan/ton; the Australian alumina FOB remained at 320 US dollars/ton; the import profit and loss changed from 16.21 yuan/ton to - 6.92 yuan/ton, a decrease of 23.1 yuan/ton; the exchange warehouse inventory decreased by 2744 tons, from 253654 tons to 250910 tons, and the exchange factory warehouse inventory remained at 0 tons; the prices of domestic bauxite in various regions and the Guinea CIF price remained unchanged [3] Market Review - The main alumina futures contract fell 3.84% last week, closing at 2713 yuan/ton. The national weighted - average price in the spot market was reported at 2858 yuan/ton on Friday, a decrease of - 10 yuan/ton compared with the previous week. Affected by multiple factors such as supply restrictions of domestic bauxite and price - pressure transmission from downstream alumina enterprises, the price remained stagnant. There is an expected release of new production capacity for imported bauxite from Guinea, and the current port inventory in China is over 30 million tons, so there is some pressure on the imported ore price. On the supply side, the maintenance enterprises in Guangxi have resumed normal production this week, one roasting furnace in a Shandong factory is under maintenance, and one roasting furnace in a Hebei factory is still under maintenance. Overall, this week's alumina supply has increased slightly. As of November 20, China's alumina built - in production capacity was 114.80 million tons, the operating production capacity was 95.90 million tons, and the operating rate was 83.54%. On the consumption side, the operating production capacity of the electrolytic aluminum industry remained stable. This week, electrolytic aluminum plants' purchases were still mainly for rigid demand and mostly in the form of bidding, the market activity was still low, and the change in alumina demand was limited. In terms of inventory, the alumina futures warehouse - receipt inventory decreased by 2744 tons last Friday to 250,000 tons, and the factory warehouse inventory remained at 0 tons [4] Market Outlook - Customs data shows that the single - month bauxite imports in October dropped to 13.77 million tons, the lowest in 2025, mainly affected by the rainy season in Guinea. Now that the rainy - season impact is over, there is an expected release of new production capacity for imported ore, and the subsequent imports are expected to be in sufficient supply. On the supply side, the previously - maintained alumina plants in Guangxi have resumed production, one alumina roasting production capacity in Shandong is under maintenance, and the overall alumina operating production capacity has basically remained stable with minor fluctuations. Last week, the operating production capacity remained at 95.90 million tons. On the consumption side, the electrolytic aluminum industry conducts rigid - demand bidding purchases, and consumption is stable. The warehouse - receipt inventory decreased by 2744 tons during the week to 250,000 tons, and the factory warehouse inventory remained at 0 tons. Overall, the alumina supply - side remains in a state of sporadic and normal short - term maintenance, and the large - scale production cuts that the market is concerned about have not been achieved. The Xinjiang region has new electrolytic aluminum production capacity about to be put into operation, but the increase in demand is limited in scale. The overall market supply and demand are still in excess, there is also downward pressure on the cost side of ore, and the fundamentals' negative factors remain unchanged, so alumina continues to be weak [2][6] Industry News - According to the General Administration of Customs of China, in October 2025, China imported 13.7661 million tons of bauxite, a month - on - month decrease of 13.32% and a year - on - year increase of 12.02%. From January to October 2025, China's cumulative bauxite imports were 171 million tons, a year - on - year increase of 30.11%. In October 2025, China's alumina import and export situation showed significant changes: the import volume was 189,300 tons, a month - on - month increase of 215.64%; the export volume reached 175,700 tons, a month - on - month decrease of 28.71%. Indonesia's mining holding company MIND ID reaffirmed its commitment to the integration of bauxite downstream and energy transition through its second - phase project of the smelter - grade alumina refinery (SGAR). The facility, owned by the state - owned aluminum company INALUM, will use domestic bauxite reserves to double the existing annual alumina production capacity from 1 million tons to 2 million tons [7] Related Charts - The report includes multiple charts such as the alumina futures price trend, alumina spot price, alumina spot premium, alumina cost - profit, domestic bauxite price, imported bauxite CIF, caustic soda price, thermal coal price, and alumina exchange inventory [9][14][15][16][18][21][23][26]

Core Viewpoint - Innovation Industry (02788.HK), a Chinese aluminum producer, made its debut on the Hong Kong Stock Exchange, opening 38% higher and reaching a peak increase of 44% during trading [1] Group 1: IPO Details - Innovation Industry priced its shares at the top end of the offering range at HKD 10.99 per share [1] - The IPO raised a total of HKD 54.95 billion [1] - A total of 18 cornerstone investors, including commodity giant Glencore (GLEN.L) and asset management firms Hillhouse Capital, Orix Asia Capital, and Millennium, subscribed to approximately 250 million shares, accounting for about 50% of the total issuance [1]

Core Viewpoint - China Hongqiao (01378.HK) has been actively signaling its value to the capital market, highlighted by a recent placement of 400 million shares raising nearly HKD 11.7 billion, aimed at optimizing its capital structure and advancing domestic and overseas projects [1] Group 1: Market Position and Index Inclusion - China Hongqiao was included in the Hang Seng China Enterprises Index, effective December 8, which reflects the overall performance of Chinese enterprises listed in Hong Kong [1][2] - The inclusion is significant as the index consists of a fixed number of 50 constituents, and China Hongqiao's market capitalization was nearly double that of the other two newly added stocks, indicating a strong competitive position [2][3] - The company’s weight in the index will be 0.91%, and its proportion in the Hang Seng Index will increase from 0.52% to 0.63% following the change [3] Group 2: Growth and Investment Appeal - China Hongqiao has demonstrated accelerated growth as an industry leader during favorable market conditions, attracting various investment styles from both institutional and retail investors [2][3] - The company is one of only two materials sector firms in the index, underscoring its representative and significant role within the industry [2] - Following its inclusion, China Hongqiao is expected to attract more passive investment flows, enhancing market attention and trading activity [5] Group 3: Future Outlook - Historical performance of newly included stocks in the index shows substantial price increases post-inclusion, with examples like Zijin Mining seeing over a 60% rise since its addition [5] - With a solid fundamental base and positive market sentiment, China Hongqiao is anticipated to be included in more indices, leading to greater institutional investment inflows and accelerating the value discovery process [5]

Core Insights - The Shanghai Futures Exchange (SHFE) has launched a pricing section for aluminum products on its comprehensive business platform, specifically for the Guangxi Aluminum Trading Center [1][2] - Guangxi is a significant production base for aluminum in China, with a complete industrial chain from bauxite to recycled aluminum [1] - The Guangxi Aluminum Trading Center aims to enhance trading channels and risk management for local aluminum enterprises [2] Group 1 - The initial quoted products include alumina, aluminum ingots, aluminum rods, and casting aluminum alloys, with designated delivery warehouses across Guangxi and Guangdong [1] - As of October 31, 2025, the Guangxi Aluminum Trading Center has achieved a total transaction volume of 7.51 million tons and has 857 registered users [1] - The trading center facilitates the connection between the regional spot market and SHFE's aluminum futures market, allowing enterprises to reference futures prices for better pricing strategies [2] Group 2 - The SHFE has already launched 20 types of standard warehouse receipt trading and is focused on integrating futures and spot markets to support high-quality economic development [2] - The collaboration between SHFE and the Guangxi Aluminum Trading Center is expected to enhance the financial services available to the aluminum industry [2]

11月24日，国内绿色电解铝及氧化铝生产商创新实业集团有限公司（以下简称"创新实业"，股票代码为 02788.HK）成功于香港联交所主板挂牌上市。此次创新实业全球发售以每股10.99港元定价发行，发行 总规模约为7.07亿美元（绿鞋前），本次发行另设置15%超额配股权，若超额配售权完全行使，发行总 规模约为8.13亿美元，为2025年规模最大的铝企业港股IPO。华泰国际于本次发行中担任联席保荐人、 整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人。 创新实业是一家聚焦铝产业链上游高附加值环节的铝产业集团，主要从事电解铝及氧化铝等产品的生产 和销售。本次上市是创新实业在全球及中国电解铝行业供需保持"紧平衡"的趋势下，践行国际化战略的 重要一步，同时也让中国优质铝企进一步走进国际投资者的视野。 （本文不构成任何投资建议，投资者据此操作，风险自担。） ...

（原标题：港股迎来电解铝龙头，行业高景气度催化创新实业(02788)成长预期） 今年以来，港股IPO市场持续活跃。在政策红利释放与流动性改善的双重推动下，前10个月香港共迎来80宗IPO，募集资金总额超过260亿美元， IPO募资规模位居全球首位。 11月24日，创新实业(02788)正式登陆港交所，本次公司发行价为每股10.99港元，最高募资额约为55亿港元，引入包括高瓴、中国宏桥、泰康人 寿、景林、欧力士、中国太保、广发基金、富国基金等在内的17名知名基石投资者，合计认购金额约3.51亿美元，显示出机构投资者对其基本面 的高度认可。 券商数据显示，此前创新实业在公开发售阶段便受到资金热烈追捧，IPO国际配售获40余倍认购，吸引超300家全球顶级机构踊跃下单，包括主权 基金、顶级国际长线、中资长线等多家意见领袖机构强势入驻;香港公开发售获近450倍超额认购，为今年罕见的高热度新股，市场参与度火爆。 按当前募资规模测算，创新实业本次发行募资额有望跻身年度前十，以不含A+H股计，发行募资额有望进入今年前三。 公司暗盘交易表现同样亮眼，两大交易场辉立和富途均大幅上涨，其中辉立暗盘收涨30.57%，收报14.35港 ...

股市里最残酷的刑具，不是暴跌，而是阴跌。 一只股票可以连跌10年，股价从62元跌到1.62元，跌幅91.5%；另一只股票跌了18年，36万股东守着11倍市盈率的"廉价筹码"，却等不来解套之日。 这些个股的K线图像一道斜坡，每次反弹都是诱多，每次抄底都是陷阱。 2025年的A股市场，仍有超过70只股票连续下跌超5年，涉及股东人数近百万人。 从62元到1.62元的财富蒸发 2015年6月，A股站上5178点高峰时，一家主营建筑施?的公司股价触及62元。 十年后，这家公司更名为"智能"，转型纺织机械设备制造，股价却只剩2.6元，跌幅超95%。 期间，公司净利润从转型初期的8亿元峰值跌至亏损，2024年三季报再亏2.389亿元，同比亏损扩大101%。 股价在3元以下震荡4年，最低触及1.20元，9万股东人均浮亏超80%。 类似的案例遍布市场：重庆钢铁上市15年，股价从10.09元跌至1.52元，18万股东被困；中国铝业下跌18年，从60.10元跌至9.9元，最大跌幅96%；华丽家族 因石墨烯概念炒作后连续回调十年，股价从30.90元跌至3.16元。 这些股票的共性在于，下跌途中从不缺少抄底者。 京东方A拥有125.7 ...

1. Report Industry Investment Rating - The investment rating for the alumina industry is "Oscillation" [1] 2. Core View of the Report - Guinea's bauxite price has slightly decreased, leading to a minor improvement in alumina supply. However, the alumina market remains in an oversupply situation, and the price has theoretical downward space. It is not advisable to over - speculate, and a bearish approach can be considered if there is a price rebound [15] 3. Summary by Relevant Catalogs 3.1 Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices remained stable last week. In Shanxi, Henan, and Guizhou, the prices of bauxite were 700 yuan/ton, 658 yuan/ton, and 596 yuan/ton respectively. Although some mines in Shanxi and Henan resumed production after the rainy season, the increase was limited. Due to the heating season and strict mining regulations, domestic ore supply is difficult to improve in the short term. The price of Guinea's bauxite dropped by 1 US dollar/dry ton to 70 - 71 US dollars/dry ton, and its shipping volume is recovering. Newly arrived ore was 398.3 million tons, including 264.7 million tons from Guinea and 127.8 million tons from Australia. The market reference price of Cape ships from Guinea to China rose slightly to 24.5 US dollars/ton [12] - **Alumina**: The spot price of alumina decreased slightly last week. The ALD northern comprehensive price was 2800 - 2850 yuan/ton, unchanged from last week; the domestic weighted index was 2833.9 yuan/ton, a decrease of 2.5 yuan/ton from last week. The port price of imported alumina was 2820 - 2880 yuan/ton, unchanged from last week. After a round of replenishment, downstream demand decreased. The import window was closed. As of last week, the full cost of domestic alumina was 2818 yuan/ton, and the real - time profit was 58 yuan/ton. The national alumina production capacity was 114.62 million tons, with 96.1 million tons in operation, an increase of 300,000 tons from last week, and the operating rate was 83.6% [13] - **Demand**: Domestic demand remained unchanged, with the domestic electrolytic aluminum operating capacity at 44.233 million tons, unchanged from the previous period. Overseas, Indonesia's Xinfa Juwang Aluminum Industry was in stable production, with an operating capacity of about 80,000 tons. The latest overseas electrolytic aluminum operating capacity was 29.596 million tons, an increase of 15,000 tons week - on - week [13] - **Inventory**: As of November 20th, the national alumina inventory was 4.344 million tons, an increase of 43,000 tons from last week. Due to factors such as high - efficiency shipping and environmental protection restrictions, inventory changes varied in different sectors [14] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the Shanghai Futures Exchange were 250,910 tons, a decrease of 2,744 tons from last week. The alumina futures price continued to be weak. With the decline in Guinea's bauxite price and the increase in loss - making production capacity, the market remained in oversupply [15] 3.2 Weekly Summary of Key Events in the Industry Chain - **Overseas Freight and Import Profit**: On November 21st, the price of Australian alumina was about 320 US dollars/ton, unchanged from November 14th. The cost of reaching northern Chinese ports was about 2848 yuan/ton, a decrease of 8 yuan. Overseas freight decreased slightly, and the theoretical import profit in the north was about - 23 yuan/ton [16] - **Alumina Import and Export**: In October 2025, China's alumina turned to net imports after 9 consecutive months of net exports. In October, 176,000 tons of alumina were exported, a month - on - month decrease of 28.6% and a year - on - year increase of 3.4%; 189,000 tons were imported, a month - on - month increase of 215% and a year - on - year increase of 2923%. The net import in October was 13,000 tons, and the cumulative net export from January to October was 1.438 million tons [16] - **Guangxi Alumina Market**: Around November 25th, two ships of imported alumina will arrive at Guangxi ports, supplementing the southern market supply. The progress of four new alumina projects in Guangxi varies. A 2 - million - ton project has been completed but has no definite production information. Three projects with a total annual capacity of 7.2 million tons are under construction, and two of them have started caustic soda procurement for future commissioning. New production capacity is expected to start commissioning from January to February 2026 [16] 3.3 Key Data Monitoring of the Upstream and Downstream of the Industry Chain - **Raw Materials and Cost**: The report monitors data such as domestic and imported bauxite prices, domestic bauxite port inventory, shipping volume of major bauxite - importing countries, sea - floating inventory, domestic caustic soda and thermal coal prices, and alumina production costs in various provinces [17][24][26] - **Alumina Price and Supply - Demand Balance**: It monitors domestic and imported alumina prices, domestic electrolytic aluminum spot prices, the futures price ratio of electrolytic aluminum to alumina on the Shanghai Futures Exchange, and the weekly supply - demand balance of domestic alumina. The data shows the changes in alumina production capacity, electrolytic aluminum production capacity, and supply - demand differences from July to November 2025 [31][32][37] - **Alumina Inventory and Warehouse Receipts**: It monitors the alumina inventory of electrolytic aluminum plants, alumina plants, domestic alumina yards/stations/in - transit, ports, and total social inventory, as well as the warehouse receipt volume and holding volume of alumina on the Shanghai Futures Exchange and the ratio of holding volume to warehouse receipt volume [40][43][45]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Global equity market corrections and geopolitical tensions have made the market cautious, leading to significant short - and long - position reductions in Shanghai aluminum and a decline in aluminum prices. However, the relatively low global visible aluminum ingot inventory and supply disruption expectations still strongly support aluminum prices. Despite the downstream moving into the off - season, with price corrections, the domestic inventory accumulation pressure is expected to be low, and aluminum prices may strengthen further after oscillatory adjustments. The operating range of the Shanghai aluminum main contract is expected to be 21,200 - 21,800 yuan/ton, and that of LME aluminum 3M is 2,750 - 2,850 US dollars/ton [11][13]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - Supply: As of the end of October, the domestic electrolytic aluminum operating capacity was about 44.06 million tons, with the monthly industry operating rate remaining stable. The domestic electrolytic aluminum output in October increased by 3.5% month - on - month, and the overseas output was 2.59 million tons, up 3.6% month - on - month. The domestic aluminum water ratio rebounded by 1.4% month - on - month [11]. - Inventory & Spot: As of Thursday, the aluminum ingot inventory was 613,000 tons, down 1,000 tons from last Thursday; the bonded area inventory was 62,000 tons, down 1,000 tons from last week; the aluminum rod inventory was 152,000 tons, up 2,000 tons from last Thursday; the LME global aluminum inventory was 548,000 tons, down 2,000 tons from last week. The domestic East China aluminum ingot spot basis first declined and then rose, and the LME market Cash/3M discount widened to $30.9/ton [11]. - Import & Export: In October 2025, China's primary aluminum imports were 248,000 tons, up 1.8% month - on - month and 42.2% year - on - year. The cumulative imports from January to October were 2.205 million tons, a year - on - year increase of 20.9%. In October, China exported 503,000 tons of unwrought aluminum and aluminum products, and the cumulative exports from January to October were 5.02 million tons, a year - on - year decrease of 8.6%. Recently, the spot import loss of Shanghai aluminum has narrowed [11]. - Demand: According to SMM research, the operating rate of domestic aluminum downstream processing leading enterprises remained stable at 62% this week, showing off - season characteristics. The operating rate of primary aluminum alloy remained stable, the aluminum cable operating rate rebounded slightly supported by power grid orders, while the operating rates of aluminum plates, strips, profiles, and foils were under pressure, with the overall operating rate being stable but weak [11]. 2. Futures and Spot Market - Futures: Shanghai aluminum fell 2.3% to 21,340 yuan/ton this week, and LME aluminum fell 1.7% to $2,808/ton. The spread between the first and third - month contracts of Shanghai aluminum narrowed compared with last week [19][21]. - Spot: The East China spot premium rebounded, while the discounts in South China and Central China narrowed. The LME aluminum Cash/3M discount widened [32][38]. 3. Profit and Inventory - Profit: The primary aluminum smelting profit decreased compared with last week but remained at a historical high [43]. - Inventory: Aluminum ingot inventory was 613,000 tons, down 1,000 tons from last Thursday; bonded area inventory was 62,000 tons, down 1,000 tons from last week; aluminum rod inventory was 152,000 tons, up 2,000 tons from last Thursday; LME global aluminum inventory was 548,000 tons, down 2,000 tons from last week and at a low level in the same period of previous years [48][51][57]. 4. Cost Side - Bauxite: Domestic and overseas bauxite prices remained stable [69]. - Alumina: The domestic alumina price decreased by 11 yuan/ton compared with last week, and the import price decreased by $1/ton [72]. - Electrolytic Aluminum Smelting Cost: The anode price and thermal coal price remained flat compared with last week [76]. 5. Supply Side - Alumina: In October, the domestic alumina output was 7.785 million tons, an increase of 39,000 tons from September and a year - on - year increase of 6.8% [82]. - Electrolytic Aluminum: As of the end of October, the domestic electrolytic aluminum operating capacity was about 44.06 million tons, with the monthly industry operating rate remaining stable. The domestic electrolytic aluminum output in October increased by 3.5% month - on - month, and the overseas output was 2.59 million tons, up 3.6% month - on - month. The domestic aluminum water ratio rebounded by 1.4% in October and is expected to decline slightly in November. The electrolytic aluminum output of each province in October increased compared with September [85][88][93]. 6. Demand Side - Downstream Operating Rate: In October, the operating rates of aluminum profiles and aluminum plates, strips, and foils declined month - on - month; the operating rate of primary aluminum alloy ingots increased month - on - month, while the aluminum rod operating rate declined month - on - month; the operating rate of recycled aluminum alloy ingots decreased [104][107][110]. - Terminal Demand: In November 2025, the production schedules of household air conditioners, refrigerators, and washing machines all declined compared with the actual production in the same period last year. In October, real estate data remained weak, automobile production and sales were acceptable, and the production schedule of photovoltaic modules was expected to decline slightly [114]. 7. Import and Export - Primary Aluminum: In October 2025, China's primary aluminum imports were 248,000 tons, up 1.8% month - on - month and 42.2% year - on - year. The cumulative imports from January to October were 2.205 million tons, a year - on - year increase of 20.9%. This week, the spot import loss of aluminum ingots widened. In October, aluminum ingot imports mainly came from Russia, Indonesia, India, Australia, etc., with the proportion of imports from Russia dropping to 63% [119][123]. - Unwrought Aluminum and Aluminum Products: In October 2025, China exported 503,000 tons of unwrought aluminum and aluminum products; the cumulative exports from January to October were 5.02 million tons, a year - on - year decrease of 8.6% [128]. - Recycled Aluminum: In October 2025, the recycled aluminum imports were 158,000 tons, an increase of 3,000 tons month - on - month; the cumulative imports from January to October were 1.659 million tons, a year - on - year increase of 11.7% [128]. - Bauxite: In October 2025, China's bauxite imports were 13.766 million tons, with the imported ore accounting for 71.8%. The cumulative bauxite imports from January to October were 170.959 million tons, a year - on - year increase of 30.1% [131]. - Alumina: In October 2025, China exported 176,000 tons of alumina, a year - on - year increase of 3.2%. The cumulative alumina exports from January to October were 2.175 million tons, a year - on - year increase of 54.7% [131].