Core Viewpoint - Morgan Stanley has adjusted its focus stock list for mainland China and Hong Kong, including China Aluminum in its A-share focus list and removing Changjiang Power, indicating a positive outlook for China Aluminum as the largest aluminum producer in the country [1] Group 1: Company Overview - China Aluminum holds a legal aluminum production quota of 8.15 million tons and has announced plans to establish a joint venture with Rio Tinto to acquire nearly 69% of Brazilian aluminum assets [1] - The successful completion of this transaction is expected to boost China Aluminum's green aluminum production and increase its share of overseas market operations [1] Group 2: Market Outlook - Morgan Stanley predicts that aluminum prices will remain high this year due to macroeconomic factors, a weaker dollar, increased domestic capacity in China, and limited growth in overseas supply [1] - The industry fundamentals are tight, and production costs may slightly decrease, leading to strong profit margins for China Aluminum this year [1] Group 3: Investment Rating - Morgan Stanley believes that China Aluminum has the capability to gradually increase dividends over the next few years and has assigned an "Overweight" rating to the stock [1]

长江铝价alu.ccmn.cn短评：美指走软与逢低买盘双重支撑，隔夜伦铝收涨 1.39%；市场利多消息涌现叠 加金铜大涨刺激，沪铝反弹，中长期供需偏强，今现铝或上涨。 【铝期货市场】：指走软与逢低买盘双重支撑，隔夜伦铝偏强上探，最新收盘报价3099美元/吨，收涨42 美元，涨幅1.39%，成交量33093手减少20210手，持仓量704013手增加1153手。晚间沪铝高开走强，主 力月2603合约最新收盘价报23865元/吨，涨345元，涨幅1.47%。 伦敦金属交易所（LME）2月3日伦铝最新库存量报495175公吨，较上个交易日减减少2000吨，跌幅 0.40%。 新浪合作大平台期货开户 安全快捷有保障 长江铝业网讯：2月3日现货铝价，长江现货A00铝锭价报23290元/吨，跌410元；广东现货A00铝锭价报 23300元/吨，跌400元。市场利多消息涌现叠加金铜大涨刺激，沪铝迎来阶段性反弹。 宏观层面，近期金属市场行情剧烈波动，主要受美联储主席人选变动影响。特朗普提名以鹰派著称的沃 什，引发投资者对美联储政策重新评估，美元指数一度跳涨。不过，美国制造业数据释放积极信号，上 月PMI回升至52.6，创20 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The price of finished products is expected to move in a range-bound manner, with its center of gravity shifting downwards and showing a weak performance [1][3] - The price of aluminum ingots is expected to fluctuate in the short term, and attention should be paid to macro - sentiment [4] 3. Summary by Related Catalogs Finished Products - Yunnan - Guizhou short - process construction steel enterprises are expected to stop production from mid - January and resume around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production [2] - Six short - process steel mills in Anhui: one stopped production on January 5, most will stop around mid - January, and a few after January 20, with a daily output impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - With the pattern of weak supply and demand and pessimistic market sentiment, the price of finished products continued to decline, hitting a new low recently, and winter storage was sluggish, providing weak price support [3] Aluminum Ingots - Yesterday, Shanghai Aluminum adjusted weakly, and the sentiment eased. The weakening of the US dollar and concerns about the US government shutdown, as well as the short - term escalation of the US - Iran confrontation, affected the market [2] - The domestic central bank will conduct 800 billion yuan of outright reverse repurchase operations on February 4 to maintain liquidity in the banking system [2] - In the domestic bauxite market, Shanxi's domestic bauxite is actively resuming production, with sufficient supply and downward - pressured prices. For imported ore, the intended transaction price has decreased, and the market is quiet, with alumina plants being cautious in procurement [3] - In January, domestic electrolytic aluminum production increased by 2.7% year - on - year and 0.5% month - on - month. In February, production is expected to decrease month - on - month due to fewer natural days, and some new projects are expected to be put into production stably [3] - As the Spring Festival approaches, the downstream demand for raw materials weakens, and the aluminum water ratio is expected to drop significantly. The overall aluminum processing operating rate shows a "seasonal decline acceleration and high - price suppression effect deepening" feature, and it is expected to decline further before the Spring Festival [3] - As of January 29, the social inventory of aluminum ingots reached 782,000 tons, an increase of 330,000 tons compared to the same period in 2025. With the price decline, the downstream situation is expected to remain weak [3] - The short - term market sentiment has eased, but the linkage between precious metals and the non - ferrous sector is strong, and the market trading sentiment is cautious. Attention should be paid to the risks of sentiment cooling and market correction [4]

会上，环球时报、中国科协企业创新服务中心和赛迪新质生产力发展促进中心还发布了"新质生产力产 业实践示范案例"。 "发展新质生产力是我国实现高质量发展的根本动力，而AI正是驱动这一新质生产力发展的核心引 擎。"国务院国有重点大型企业监事会原主席季晓南说。针对如何应用AI发展新质生产力，他提出3点建 议：第一，要深刻把握新质生产力的内核，坚持以AI为引擎，推动发展新变革；第二，要立足中国实 践，充分发挥我国产业的综合优势，走出一条AI赋能产业发展的中国式道路；第三，要着力构建支撑 生态，汇聚各方合力，推动AI在具体场景中创造多层次实实在在的价值。 中化新网讯 1月29日，第二届"新质生产力产业实践洞见活动"在京举办。会上，多位嘉宾围绕人工智能 （AI）与产业融合、发展产业新质生产力等话题展开案例分享，并指出AI正逐步深入核心生产系统， 成为驱动产业升级的新质生产力引擎。 在圆桌对话环节，嘉宾们结合各自产业实践，深入分析了AI规模化落地面临的多重挑战与破解路径。 大家一致认为，AI规模化应用的成功标准关键在于能否创造实际价值，而不仅仅是技术本身的先进 性。未来，AI将在制造业、能源、交通、医疗、金融等行业迎来更深入 ...

Summary of Conference Call Notes Company and Industry Involved - **Company**: Century Aluminum - **Industry**: Aluminum and Data Center Infrastructure Key Points and Arguments 1. **Sale of Aluminum Smelter**: Century Aluminum sold its idle aluminum smelter in Hawesville, Kentucky, with an annual capacity of 250,000 tons to data center developer TeraWulf, which will convert the site into a digital infrastructure park [1] 2. **Power Supply**: The smelter is associated with approximately 480 MW of power supply, indicating significant energy resources for the new development [1] 3. **Future Energy Consumption Trends**: According to IAI statistics, global electrolytic aluminum energy consumption is projected to reach 936 TWh by the end of 2024, with North America consuming 54 TWh. McKinsey forecasts that by 2030, energy consumption by data centers in the U.S. will reach 606 TWh, contributing to a global demand of 1,400 TWh for data centers [1] 4. **Electricity Pricing Power**: The transition to AI-driven infrastructure suggests that electrolytic aluminum companies may have reduced bargaining power regarding electricity pricing [1] 5. **Long-term Supply and Demand Dynamics**: The long-term supply-demand balance for electrolytic aluminum remains tight, with a global supply growth rate (CAGR) of approximately 1.5%. Short-term breakthroughs in power carriers are unlikely [2] 6. **Demand Growth**: Demand for aluminum is expected to be driven by multiple sectors, including construction, industrial materials, electricity, and transportation, as the impact of construction diminishes [2] 7. **Investment in Infrastructure**: The national grid investment under the 14th Five-Year Plan is projected to reach 4 trillion yuan, an increase of 40%, indicating strong governmental support for infrastructure development [2] 8. **Aluminum Price Outlook**: With current low inventory levels, aluminum prices are expected to break out of the previous three-year range and enter a significant upward trend [2] 9. **Risk Factors**: Potential risks include unexpected changes in production capacity and macroeconomic policy shifts [2]

机构持仓方面，截止2025年9月30日，明泰铝业十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8295.87万股，相比上期增加5914.81万股。南方中证1000ETF（512100）位居第十大流通 股东，持股1137.49万股，为新进股东。 融资方面，明泰铝业当日融资买入8777.45万元。当前融资余额12.39亿元，占流通市值的6.21%，融资 余额超过近一年90%分位水平，处于高位。 资料显示，河南明泰铝业股份有限公司位于河南省巩义市回郭镇开发区，成立日期1997年4月18日，上 市日期2011年9月19日，公司主营业务涉及铝板带及铝型材相关产品的研发、生产与销售业务。主营业 务收入构成为：河南明泰分部64.61%，明泰科技分部37.46%，明晟新材料分部36.97%，泰鸿新材料分 部25.44%，义瑞新材料分部24.73%，昆山明泰分部12.86%，其他经营分部10.53%，泰鸿铝业分部 8.57%，交通新材料分部1.99%。 截至9月30日，明泰铝业股东户数5.72万，较上期增加2.37%；人均流通股21309股，较上期减少2.32%。 2025年1月-9月，明泰铝业实现营业收入25 ...

Core Viewpoint - Southbound funds have reduced their holdings in CITIC Resources (01205.HK) by 4,000 shares on February 3, indicating a trend of net selling over recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have reduced their holdings for 5 days, with a total net reduction of 954,000 shares [1] - Over the past 20 trading days, there has been a total net reduction of 4,094,000 shares, with southbound funds reducing their holdings for all 20 days [1] - Currently, southbound funds hold 70,964,100 shares of CITIC Resources, which represents 0.9% of the company's total issued ordinary shares [1] Group 2: Company Overview - CITIC Resources Holdings Limited is primarily engaged in the exploration and sale of natural resources [1] - The company operates through four segments: - The crude oil segment focuses on oilfield operations and crude oil sales in Indonesia and China - The electrolytic aluminum segment operates aluminum smelting plants and sells aluminum ingots in Australia - The coal segment operates coal mines and sells coal in Australia - The import and export segment deals with the import of other goods and manufactured products [1]

需求方面，目前处于季节性消费淡季，且春节假期临近，近期铝价反复不定，需求端表现疲软，市场现 货交投整体陷入冷淡观望格局，下游企业接货意愿低迷，铝加工企业开工率持续下滑。库存方面，自去 年12月下旬以来，国内铝锭社库持续累积，当前库存水平已高于近两年同期，持续累库对铝价上行有一 定压制。 对于当前走势，新湖期货表示，价格暴跌刺激一定备库行为，不过临近春节，消费总体趋弱，来自终端 厂商的订单减少，下游铝加工企业开工率下降。而供应依旧变化不大，国内产量轻微爬升，进口量有一 定波动。供需基本面趋弱，库存攀升。不过当前库存压力暂有限。当前盘面受宏观情绪影响较大，前期 大幅上涨后转为大跌，短期或继续大幅波动。短线建议谨慎操作。 此前沪铝资金炒作流入了大量资金，昨日在宏观情绪转向，贵金属大跌背景下，恐慌情绪浓郁，使得资 金快速流出，沪铝期价大幅回调，在日盘情绪集中释放后，隔夜主力合约高开，早盘偏弱震荡，午后跌 幅缩窄，收跌0.96%。铝基本面并未出现明显变化，短期受淡季及假期临近影响，需求偏弱，社库累 积，但中长期供需格局仍偏强。 ...

上海期货价格走势：今日铸造铝合金主力月2603合约偏弱震荡，截止当日15：00收盘，铸造铝主力合约 报22215元，跌275元，跌幅1.22%，全天成交量15339手减少1926手；持仓量4823手减少571手。 据长江有色金属网数据统计，2月3日长江现货数据显示，铝合金ADC12报价23300-23500元/吨，均价报 23400元/吨，跌100元；铸造铝合金锭(A356.2)报价25300-25700元/吨，均价报25500元/吨，跌300元；铸 造铝合金锭(A380）报价24700-24900元/吨，均价报24800元/吨，跌200元；铸造铝合金锭(ZL102)报价 24800-25000元/吨，均价报24900元/吨，跌300元；铸造铝合金锭(ZLD104)报价24700-24900元/吨，均价 报24800元/吨，跌300元； ccmn铸造铝合金市场分析： 宏观层面，特朗普提名前美联储理事沃什为下任美联储主席，市场预计新主席或倾向降息，但会推行更 严格的资产负债表政策。美国1月ISM制造业指数大幅升至52.6，远超48.5的预期值，创2022年2月以来 新高，新订单、产出稳健增长，就业指数改善，缓解 ...

CCMN现货市场评述：今日长江现货成交价格23270-23310元/吨，跌410元，贴水240-贴水200，持平； 广东现货23275-23325元/吨，跌400元，贴水225-贴水175，涨20元；上海地区23260-23300元/吨，跌410 元，贴水250-贴水210，持平。 宏观层面，尽管特朗普信任提名主席沃什主张的货币政策框架鸽派立场不及预期，但业内专家指出，美 联储现有的利率管理机制高度依赖充裕的流动性环境，在不影响市场稳定的前提下收缩流动性面临重重 挑战。削减债券持仓本质上是紧缩行为，可能与降低利率的诉求相悖。金银市场巨震使全球市场风险偏 好急剧降温，而沃什的大规模缩表计划也与美联储当前依赖充裕流动性的利率管理机制存在冲突。此 外，特朗普计划启动战略关键矿产储备项目，供美国汽车企业、科技公司和制造商等采购并存储关键矿 产资源，以帮助企业对冲原材料价格波动风险，减少自行囤积库存的需求。国内方面，中国1月 RatingDog制造业PMI升至三个月高位50.3，销售价格14个月来首次回升，提振了市场多头信心，限制了 铝价跌幅。 CCMN国际市场：今日伦铝探底回升，LME三个月北京时间14：51报于30 ...