长江铝价alu.ccmn.cn短评：美元走强及市场全面暴跌促使投资者抛售风险产品，隔夜伦铝收跌1.08%； 贵金属跳水拖累有色板块，沪铝跟跌且社库累积、开工率降，今现铝或续跌。 【铝期货市场】：美元走强及市场全面暴跌促使投资者抛售风险产品，隔夜伦铝偏弱运行，最新收盘报 价3026美元/吨，收跌33美元，跌幅1.08%，成交量24888手减少21手，持仓量699008手减少2823手。晚 间沪铝震荡走软，主力月2603合约最新收盘价报23570元/吨，跌55元，跌幅0.23%。 伦敦金属交易所（LME）2月5日伦铝最新库存量报492975公吨，较上个交易日减少2200公吨，跌幅 0.44%。 长江铝业网讯：2月5日现货铝价，长江现货A00铝锭价报23340元/吨，跌420元；广东现货A00铝锭价报 23360元/吨，跌410元。 宏观层面，本周美元指数快速拉升、连续走高，周四一度逼近 98 整数关口，创两周新高。美元走强对 以美元计价的大宗商品价格形成巨大压力，因其抬高了非美元货币持有者的成本，抑制全球实物需求与 投资热情。同时，美元反弹反映出市场对美联储货币政策预期的微妙转变。尽管近期美国就业数据偏 弱，初请 ...

Core Viewpoint - CMB International maintains a positive outlook on China Hongqiao, expecting a continued supply shortage in the global aluminum market from 2026 to 2027, leading to upward revisions in aluminum price forecasts by 12% and 7% respectively for those years [1] Group 1: Earnings Forecasts - The company has raised its earnings forecasts for China Hongqiao by 27% and 12% for the current and next year respectively [1] - The target price for China Hongqiao has been increased from HKD 39 to HKD 45, maintaining a "Buy" rating [1] Group 2: Profit Projections - The company anticipates that China Hongqiao's core net profit will reach CNY 26.2 billion in 2025, representing a year-on-year growth of 7% [1] - Net profit growth is expected to accelerate to 34% in 2026, driven by higher aluminum prices [1] Group 3: Profit Sensitivity - The company estimates that a 1% increase in aluminum prices will boost earnings by approximately 2.3% in 2026 [1] - A 1% decrease in coal prices is projected to enhance earnings by about 0.3% [1]

Group 1 - The company is covered by CMB International with a "Buy" rating and a target price of HKD 32 [1] - The company's electricity costs are currently at a low level, and the ongoing production of wind and solar self-supplied power is expected to further reduce production costs by 2026-2027 [1] - The company has received a new round of investment from the Public Investment Fund (PIF) in Saudi Arabia for its aluminum capacity construction project, providing confidence for project execution [1] Group 2 - The overall industry is expected to experience tight supply, which will provide strong support for aluminum prices [1] - It is estimated that a 1% increase in aluminum prices could enhance the company's earnings by approximately 2.5% in 2026 [1] - The company has the opportunity to be included in the Stock Connect program in March this year, which will further broaden its investor base [1]

Group 1 - The core point of the article is that Nanshan Aluminum International has deposited shares worth HKD 2 billion into Huatai Hong Kong, representing 5% of the total shareholding [1] - On January 30, 2026, the company plans to issue and allocate 31 million shares according to a placement and subscription agreement [1]

Core Viewpoint - The aluminum alloy market is experiencing downward pressure due to a combination of weak demand, macroeconomic uncertainties, and a strong dollar impacting prices [1][2]. Group 1: Market Performance - The main aluminum alloy futures contract (2603) closed at 21,915 CNY, down 430 CNY, a decrease of 1.92%, with a trading volume of 6,836 lots, down 1,370 lots, and an open interest of 4,361 lots, down 169 lots [1]. - On February 5, the average price for aluminum alloy ADC12 was reported at 23,500 CNY/ton, down 100 CNY; A356.2 at 25,700 CNY/ton, down 200 CNY; A380 remained stable at 25,000 CNY/ton; ZL102 at 25,100 CNY/ton, down 200 CNY; and ZLD104 at 25,000 CNY/ton, down 200 CNY [1]. Group 2: Supply and Demand Dynamics - The supply of scrap aluminum remains tight, supporting high-cost levels for aluminum alloy, while demand is weakening as downstream enterprises reduce operations ahead of the Spring Festival [2]. - The market is characterized by high aluminum alloy prices, with sellers reluctant to lower prices, leading to a cautious purchasing atmosphere and low trading activity [2]. - Overall, while tight supply and cost support maintain high aluminum prices, low inventory buildup intentions and fluctuating macroeconomic sentiment are expected to lead to price adjustments in the short term [2].

新浪合作大平台期货开户 安全快捷有保障 宏观层面，美元反弹，全球股市大面积下挫，市场风险情绪降温。加之铜、铝、锡、镍、锌等金属价格 联动大跌，空头力量增强，氧化铝期货价格也随之承压下行。 基本面方面，前期广西进行检修的两家氧化铝厂，计划分别于 7 日和 9 日复产，且临近春节，选择放假 检修的企业预计增多。上期所仓单库存数据显示，氧化铝期货仓库仓单达 196344 吨，增加 6944 吨；厂 库仓单为 0 吨，与前日持平。这一情况在一定程度上限制了氧化铝期货价格的反弹空间。现货市场，现 货价格企稳，持货商存在挺价意愿，但下游企业观望情绪浓厚。本周多数企业已进入假期，入场补货需 求愈发低迷，刚需采购意愿持续降低，拖累全天成交表现。 综合来看，春节前夕市场交投活跃度预计较低，叠加氧化铝供应过剩压力依旧存在，且市场对年后及 3 月份新增产能投产的预期压力较大，氧化铝价格上方承压明显，预计将维持低位震荡态势。 长江有色金属网www.ccmn.cn 电话：0592-5668838 长江有色网2月5日讯，今日氧化铝所有合约集体下行，主力月2605合约低开低走，盘面走势疲弱；截止 当日15：00收盘，氧化铝主力月2605合 ...

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

长江铝价alu.ccmn.cn短评：投机获利抛盘及股指涨跌分化市场风险偏好受挫，隔夜伦铝收跌1.29%；国 内春节将至需求不振，社库续增、铝企开工率下滑且贴水难改，今现铝或下跌。 此外，贝森特"始终支持强势美元政策"的言论，推动美元反弹，给铝价带来下行压力。 从铝基本面来看，供应端虽有小幅增产预期，但短期内供应压力不大；需求端则表现疲软，前期铝价连 续上涨，市场对高价的消化能力较弱，且国内春节临近，需求进一步走弱，下游加工品厂商普遍持谨慎 观望态度，补库意愿明显受抑。当前正值季节性消费淡季，下游订单量不足，部分加工企业在完成节前 订单交付后选择提前放假，导致社库持续累积、铝企开工率下滑。同时，贴水格局难以改变，铝锭边际 采购需求大幅下降，对铝价形成抑制。不过，中长期供需偏强预期未变，限制了铝价的跌幅。 综合来看，宏观情绪降温，叠加铜、锡等金属大幅下跌拖累期市氛围，在偏空压力主导下，预计铝价短 期将面临下跌调整。 长江有色金属网ccmn.cn 电话：0592-5668838 【铝期货市场】：投机获利抛盘及股指涨跌分化市场风险偏好受挫，隔夜伦铝震荡走弱，最新收盘报价 3059美元/吨，收跌40美元，跌幅1.29% ...

Group 1: Report Industry Investment Rating - Unilateral investment ratings: Aluminum - Neutral, Alumina - Neutral, Aluminum alloy - Neutral; Arbitrage strategy: Long electrolytic aluminum and short aluminum alloy [8] Group 2: Core View of the Report - Aluminum prices have entered a wide - range oscillation period. The increase in absolute prices has suppressed the restocking demand of downstream enterprises and traders. With the approaching of the Spring Festival holiday, the spot market trading is quiet. The social inventory of electrolytic aluminum will continue to accumulate rapidly, and the peak of inventory accumulation is expected to reach 1.5 million tons. In the long - term, macro factors are the main logic for the long - term price increase. [6] - The Non - ferrous Metals Industry Association has proposed anti - involution measures for alumina, but the implementation of the policy is unclear. The supply pressure of alumina remains high, the surplus pattern continues, and the social inventory continues to increase. The cost support is weak, and large - scale active production cuts by alumina plants have not occurred. [6][7] Group 3: Summary by Relevant Catalogs Aluminum Spot - On February 4, 2026, the price of East China A00 aluminum was 23,760 yuan/ton, with a change of 470 yuan/ton from the previous trading day. The spot premium/discount of East China aluminum was - 210 yuan/ton, with a change of 10 yuan/ton from the previous trading day. The price of Central China A00 aluminum was 23,640 yuan/ton, and the spot premium/discount changed by 20 yuan/ton to - 330 yuan/ton. The price of Foshan A00 aluminum was 23,770 yuan/ton, with a change of 460 yuan/ton, and the aluminum spot premium/discount changed by 5 yuan/ton to - 195 yuan/ton. [1] Aluminum Futures - The main contract of Shanghai aluminum opened at 23,810 yuan/ton on February 4, 2026, closed at 23,955 yuan/ton, with a change of 435 yuan/ton from the previous trading day. The highest price reached 24,145 yuan/ton, and the lowest price was 23,800 yuan/ton. The trading volume for the whole trading day was 451,208 lots, and the position held was 224,756 lots. [2] Inventory - As of February 4, 2026, the domestic social inventory of electrolytic aluminum ingots was 817,000 tons, with a change of 35,000 tons from the previous period. The warehouse receipt inventory was 150,289 tons, with a change of - 423 tons from the previous trading day. The LME aluminum inventory was 495,175 tons, with no change from the previous trading day. The social inventory of aluminum alloy was 67,300 tons, and the in - plant inventory was 71,100 tons. [2][4] Alumina Spot Price - On February 4, 2026, the SMM alumina price in Shanxi was 2,610 yuan/ton, in Shandong was 2,555 yuan/ton, in Henan was 2,635 yuan/ton, in Guangxi was 2,675 yuan/ton, in Guizhou was 2,735 yuan/ton, and the Australian alumina FOB price was 310 US dollars/ton. [2] Alumina Futures - The main contract of alumina opened at 2,820 yuan/ton on February 4, 2026, closed at 2,824 yuan/ton, with a change of 14 yuan/ton (0.50%) from the previous trading day's closing price. The highest price reached 2,835 yuan/ton, and the lowest price was 2,793 yuan/ton. The trading volume for the whole trading day was 420,118 lots, and the position held was 375,698 lots. [2] Aluminum Alloy Price - On February 4, 2026, the purchase price of Baotai civil primary aluminum was 17,300 yuan/ton, and the purchase price of mechanical primary aluminum was 17,700 yuan/ton, with a price change of 100 yuan/ton compared to the previous day. The Baotai quotation of ADC12 was 23,200 yuan/ton, with a price change of 100 yuan/ton compared to the previous day. [3] Aluminum Alloy Cost and Profit - The theoretical total cost of aluminum alloy was 22,678 yuan/ton, and the theoretical profit was 522 yuan/ton. [5]

2月5日，中国铝业跌5.06%，截至发稿，报12.76元/股，成交16.94亿元，换手率0.99%，总市值2188.97 亿元。 资料显示，中国铝业股份有限公司位于北京市海淀区西直门北大街62号，成立日期2001年9月10日，上 市日期2007年4月30日，公司主营业务涉及铝土矿、煤炭等资源的勘探开采,氧化铝、原铝和铝合金产品 生产、销售、技术研发,国际贸易,物流产业,火力及新能源发电等。主营业务收入构成为：销售商品 97.41%，其他业务收入1.56%，提供服务1.03%。 从基金十大重仓股角度 九泰久信量化（009043）成立日期2020年5月20日，最新规模1371.2万。今年以来收益8.61%，同类排名 1173/5566；近一年收益31.95%，同类排名2268/4285；成立以来收益19.39%。 九泰久信量化（009043）基金经理为刘开运。 截至发稿，刘开运累计任职时间10年208天，现任基金资产总规模4.03亿元，任职期间最佳基金回报 109.04%， 任职期间最差基金回报-28.21%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信 ...