加拿大还将设立新的关税配额制度，限制来自与加拿大未签订贸易协议国家的钢铁进口，并计划在未来 几周内出台新关税措施，以应对钢铁和铝产品倾销的风险。卡尼和其政府官员担忧，美国对金属进口征 收50%关税后，可能导致全球制造商将产品转向加拿大市场。 卡尼表示，这些新的配额并非美方在谈判中的要求，而是"美国采取行动所带来的后果。"他还特别提 到，加拿大联邦政府设立了一项价值100亿加元的贷款计划，为难以从传统市场获得融资的大型企业提 供流动性支持。 卡尼与内阁部长Dominic LeBlanc和Melanie Joly一同发布了上述声明。卡尼表示，他"相当频繁地"与美 国总统特朗普通话。Dominic LeBlanc则补充称，他正与美国商务部长卢特尼克持续沟通，并将在周五 与美国贸易代表格里尔(Jamieson Greer)进行会谈。 当被问及加拿大是否愿意接受部分美国关税以达成协议时，卡尼回应说，真正的自由贸易符合两国的共 同利益。他表示："这是一场谈判。如果符合加拿大的利益，我们就签。如果不符合，我们就不签。" 智通财经APP获悉，如果与特朗普政府的贸易谈判陷入僵局，加拿大将在下个月提高对美国钢铁和铝产 品的关税。 ...

加拿大总理卡尼预计将宣布支持加拿大钢铝生产商的措施。 ...

Core Viewpoint - The sixth Multinational Corporations Leaders Summit in Qingdao highlights Shandong's role as a strategic hub for multinational companies looking to engage with the Chinese market amid a shifting global economic landscape [1] Group 1: Industrial Foundation - Shandong's comprehensive industrial base and innovative vitality provide an irreplaceable development soil for multinational companies [5] - The province's "smart transformation" and "digital transition" of traditional industries are key collaboration points for multinational firms [5][6] - The establishment of a food technology industrial park by Louis Dreyfus Group in Qingdao exemplifies the rapid project execution known as "Qingdao speed" [5] - An aluminum production facility by Amway Aluminum will supply core materials for strategic emerging sectors like semiconductors and electric vehicle batteries [6] Group 2: Institutional Innovation - Shandong is becoming a "strategic fulcrum" for multinational companies to connect with the Chinese market through institutional openness [7] - The Qingdao Free Trade Zone has attracted 182 projects from Fortune 500 companies, forming industrial clusters in medical equipment and integrated circuits [7] - The "International Investment Cooperation Ecological Circle" model promotes talent, technology, and capital integration, facilitating cross-border operations [7][10] Group 3: Capital Empowerment - Shandong is building a fund ecosystem and cross-border financial services to support multinational companies with comprehensive investment solutions [11] - The Huiru Jinchuan Fund, initiated by Shandong Talent Group and Shandong Guotou, focuses on investing in high-growth enterprises and innovative projects [11] - Cross-border financial services, such as those offered by Hengfeng Bank, are designed to reduce operational costs for multinational companies [12] Group 4: Future Outlook - The integration of digital economy and traditional industries is becoming a new competitive focus, with Huawei's collaboration in developing AI models in Shandong [13] - Sustainable development potential is showcased through collaborations in seawater desalination, reducing costs by 40% through localized technology [16] - Shandong's cooperation with multinational companies is evolving from mere investment to co-creating innovative ecosystems and nurturing new productive forces [16]

Macro Factors - The US-China trade war shows significant signs of easing, with important consensus reached during the Geneva trade talks in early May, establishing a normalized economic consultation mechanism [3] - Recent economic and financial data in China shows marginal improvement, with retail sales growing by 6.4% year-on-year in May, and industrial added value increasing by 5.8% year-on-year, indicating a recovery phase [4] Oil Price Impact - Since early May, international oil prices have rebounded from around $55, influenced by geopolitical factors in the Middle East, reaching new highs not seen since July of the previous year [5] - Historical trends indicate a strong positive correlation between oil prices and aluminum prices, as fluctuations in oil prices affect the energy costs associated with aluminum production [5] Supply and Demand Dynamics - Domestic bauxite production in May reached 5.3664 million tons, with a month-on-month increase of 5.31% and a year-on-year increase of 8.97%, while imports of bauxite hit a historical high [8] - Despite weak overall real estate data, other sectors such as automotive and cable industries are providing incremental demand, with domestic automobile production increasing by 11.3% year-on-year in May [10] - Both domestic and international aluminum inventories are on a downward trend, with domestic social inventory decreasing by nearly 50% since mid-March, indicating a tightening supply situation [10]

来源|国际财闻汇 美国总统唐纳德·特朗普政府正推进另一轮关税"攻势"。一些贸易专家认为，这些关税行动比他针 对各国"量身定制"税率的做法在法律上更加站得住脚，而最终可能对进口产生同样广泛的影响。 6月18日，据彭博社报道，美国商务部将在数周内公布针对数个被视为对国家安全至关重要的行业 的调查结果，包括芯片、制药和关键矿产。外界普遍预计，调查可能会为对上述行业的诸多外国产 品出台关税奠定基础。 特朗普在第一任期已根据《贸易扩展法》第232条的授权，于2018年征收钢铝进口税。近期，他扩 大了征税范围，将含有上述金属的消费品纳入其中。 密歇根州立大学的一项估算显示，特朗普的钢铝关税（目前定在50%）已影响到近2000亿美元的 钢铁、铝制品及家用产品（如渔线轮和扫帚）—— 这一数额几乎是他首个任期内的四倍。 相比之下，特朗普4月份对主要贸易伙伴实施的关税措施在合法性上更弱，最高法院周二被要求考 虑推翻这些关税。一些政府官员认为，232条下的关税可有效取代引发法律审视、阻碍美国与盟友 及对手的贸易协议谈判的国别关税。 Wiley Rein合伙人、特朗普首任政府商务部高级官员Nazak Nikakhtar表示，232条 ...

Group 1 - The company focuses on "high-end intelligent manufacturing" and "low-carbon circular economy," with plans to enhance product quality and expand into sectors such as new energy, automotive materials, semiconductors, industrial robots, and low-altitude flight [1] - Current orders are stable, sufficient for one and a half months of production, and processing fees for products like CTP/PS boards and aluminum can materials have been adjusted upwards in the first quarter [1] - The wholly-owned subsidiary, Hongsheng New Materials, is constructing an "automotive and green energy aluminum industrial park," which will invest in high-end equipment to capture future market opportunities and enhance profit margins [1] Group 2 - In 2024, the company implemented two dividend distributions, increasing the frequency and proportion of profit distribution to enhance investor returns, supported by a solid cash reserve and reduced capital expenditures [2]

晨报 铝锭 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 成材：重心下移 偏弱运行 铝锭：低库存持续 淡季铝价高位博弈 成文时间： 海外宏观不稳定依旧存在，当前低库存和铝水比例走高预期为铝价提 供强势支撑，但需求端淡季压力限制上行空间，主流消费地铝锭现货或即 将面临供需双弱的局面，短期铝价预计偏强震荡。 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 从业资格号：F03127 ...

News Summary Core Viewpoint - The aluminum market is experiencing fluctuations due to potential tariff reductions on imports from Canada, leading to a significant drop in U.S. spot aluminum premiums by over 7% [1]. Group 1: Market Data - According to the World Bureau of Metal Statistics (WBMS), global primary aluminum production is projected to reach 6.0912 million tons and consumption at 5.8649 million tons by April 2025, resulting in a surplus of 226,300 tons [1]. - From January to April 2025, global primary aluminum production totaled 24.2523 million tons, while consumption was 23.2412 million tons, indicating a surplus of 1.0111 million tons [1]. - China's imports of aluminum ore and concentrates in May 2025 reached 17.51 million tons, a year-on-year increase of 29.4%, with total imports from January to May at 85.18 million tons, up 33.1% year-on-year [1]. Group 2: Institutional Perspectives - Zhengxin Futures notes that while aluminum inventories are at historical lows, supporting prices, domestic demand is entering a slow season with reduced orders, leading to short-term price fluctuations with medium-term downside risks [2]. - Hualian Futures highlights that recent improvements in the supply of alumina have kept prices weak, while the cost of electrolytic aluminum is expected to decline. Despite stable supply, the downstream aluminum processing sector is experiencing a pronounced off-season, with both domestic and export orders declining [2]. - The overall supply pressure remains manageable due to high smelting operating rates, and low inventories suggest a continued strong performance in the near term. The recommendation is to maintain a rolling long position with a reference support level of 20,000 yuan/ton for Shanghai aluminum [2].

铝期货方面：2025-06-18日沪铝主力合约开于20520元/吨，收于20680元/吨，较上一交易日收盘价上涨275元/ 吨，涨幅1.35%，最高价达20745元/吨，最低价达到20500元/吨。全天交易日成交135602手，较上一交易日增 加33904手，全天交易日持仓198623手，较上一交易日减少321手。 能源扰动引发铝价上涨 新能源及有色金属日报 | 2025-06-19 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20900元/吨，较上一交易日上涨280元/吨，长江A00铝现货升贴 水较上一交易日下跌30元/吨至180元/吨；中原A00铝价录得20750元/吨，中原A00铝现货升贴水较上一交易日 下跌40元/吨至40元/吨；佛山A00铝价录20760元/吨，佛山A00铝现货升贴水较上一交易日上涨25元/吨至55元/ 吨。 库存方面，截止2025-06-16，SMM统计国内电解铝锭社会库存45.8万吨。截止2025-06-18，LME铝库存347000 吨，较前一交易日减少2100吨。 氧化铝现货价格：2025-06-18 SMM氧化铝山西价格录得3170元/吨，山东价格录得3180元 ...

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