1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Copper prices may fluctuate strongly in the short - term, with the Fed's interest - rate cut expectations and anti - involution policy expectations providing support, while the expected increase in supply after the implementation of US copper tariffs poses an upper - bound pressure [1]. - Aluminum prices may fluctuate, supported by the relatively low domestic aluminum ingot inventory and the resilience of external demand, but pressured by weak downstream consumption and volatile trade situations [3]. - Lead prices are expected to show a weak and volatile trend due to the narrowing supply and high downstream inventory levels [4]. - Zinc prices are difficult to fall in the short - term despite the long - term oversupply situation, supported by the low LME warehouse receipts [6]. - Tin prices are expected to decline as the supply is expected to recover significantly in the fourth quarter while the demand remains weak [7]. - Nickel prices may have a callback pressure as the short - term improvement in downstream demand is limited, despite a small rebound [9]. - Carbonate lithium prices are affected by the news of mine shutdowns, with frequent emotional fluctuations in the market. Traders are advised to be cautious [11]. - Alumina is expected to maintain an oversupply pattern, and it is recommended to short at high prices [14]. - Stainless steel prices are expected to show a strong and volatile trend due to the tight market supply [16]. - Cast aluminum alloy prices have limited upward space due to the off - season of downstream demand and the large basis between futures and spot prices, despite cost support [18]. 3. Summary by Metals Copper - Last week, LME copper rose 1.4% to $9768/ton, and SHFE copper closed at 78940 yuan/ton. The total inventory of the three major exchanges increased by 28,000 tons, and the Shanghai bonded - area inventory increased by 500 tons. The spot import was in a loss, and the Yangshan copper premium declined. The domestic refined - copper rod and cable operating rates rebounded slightly. In the short - term, copper prices may fluctuate strongly, with the operating range of SHFE copper at 78000 - 80000 yuan/ton and LME copper at $9600 - 10000/ton [1]. Aluminum - Last week, SHFE aluminum rose 0.85%, and LME aluminum rose 1.69% to $2615/ton. The domestic aluminum ingot inventory increased by 20,000 tons, and the bonded - area inventory increased by 4000 tons. The aluminum rod social inventory decreased by 4000 tons. The downstream buying interest improved. In the short - term, aluminum prices may fluctuate, with the operating range of SHFE aluminum at 20400 - 20900 yuan/ton and LME aluminum at $2550 - 2660/ton [3]. Lead - On Friday, SHFE lead index fell 0.22% to 16846 yuan/ton, and LME lead 3S fell $6.5 to $1998.5/ton. The supply has slightly narrowed, and the downstream consumption pressure is high. Lead prices are expected to show a weak and volatile trend [4]. Zinc - On Friday, SHFE zinc index fell 0.31% to 22515 yuan/ton, and LME zinc 3S rose $3.5 to $2816.5/ton. The domestic zinc ingot is in an oversupply situation, but the low LME warehouse receipts support the price in the short - term [6]. Tin - Last week, tin prices fluctuated upward. Supply is expected to recover significantly in the fourth quarter, while demand is in the off - season. Tin prices are expected to decline [7]. Nickel - On Friday, nickel prices fluctuated narrowly. The short - term macro - environment is positive, but the downstream demand improvement is limited, and nickel prices have a callback pressure. The operating range of SHFE nickel is 115000 - 128000 yuan/ton, and that of LME nickel is $14500 - 16500/ton [9]. Carbonate Lithium - On Friday, the MMLC carbonate lithium spot index rose 2.95% from the previous trading day and 1.45% for the week. The news of mine shutdowns affects the market sentiment, and traders are advised to be cautious [11]. Alumina - On August 8, 2025, the alumina index fell 1.36% to 3182 yuan/ton. The supply - side contraction policy needs further observation, and it is recommended to short at high prices. The operating range of the domestic main contract AO2509 is 3000 - 3400 yuan/ton [14]. Stainless Steel - On Friday, the stainless - steel main contract closed at 12985 yuan/ton. The market supply is tight, and the price is expected to show a strong and volatile trend [16]. Cast Aluminum Alloy - Last week, the cast aluminum alloy futures price rose 0.95% to 20110 yuan/ton. The downstream is in the off - season, and the price upward space is limited [18].

人民财讯8月11日电，记者获悉，近日，阿根廷商务代表团一行到闽发铝业（002578）参观考察，深度 考察取得实质性成果，在双方高层及南安市和阿根廷圣文森特市政府代表的共同见证下，闽发铝业总经 理黄长远与阿根廷代表正式签署了战略合作协议，该协议的签署为双方未来在产品应用、市场出海拓 展、供应链协作等领域的深度合作奠定了基础。 ...

Global Aluminum Ore Resource Status - The global aluminum ore resource is abundant, with Guinea holding the largest reserves at approximately 7.4 billion tons, accounting for about 25.52% of the world's total reserves [3] - Australia and Vietnam follow, with reserves of 12.07% and 10.69% respectively, while China's aluminum ore reserves are relatively low at only 2.34% [3] Global Bauxite Production - Global bauxite production is projected to reach 450 million tons in 2024, with Guinea producing 13 million tons, representing 28.89% of the total [5] - Australia and China are also significant producers, with outputs of 10 million tons (22.22%) and 9.3 million tons (20.67%) respectively [5] Global Alumina Production - The global alumina production is expected to be 142 million tons in 2024, with China contributing 84 million tons, which is 60% of the total [8] - Australia and Brazil follow with 18 million tons (13%) and 11 million tons (8%) respectively [8] China's Alumina Production Capacity - As of the end of 2024, China has over 40 alumina production enterprises with a total capacity exceeding 100 million tons, with the top ten companies accounting for about 70% of the total capacity [13] Yunnan's Clean Energy Advantage - Yunnan province has abundant hydropower resources, with hydropower generation accounting for 71.22% of its total electricity generation in 2024, providing significant support for high-energy-consuming industries [26] Yunnan's Role in the Aluminum Industry - Yunnan has become a key region for aluminum production in China, with its electrolytic aluminum capacity reaching 585,000 tons by the end of 2024, significantly increasing from 118,600 tons in 2015 [28] Green Aluminum Industry Potential - The green aluminum industry in Yunnan is expected to benefit from the EU's carbon tax, which will enhance the competitiveness of products with lower carbon footprints [46] Downstream Market Demand - The demand for aluminum is expected to grow, particularly in the renewable energy sector, which is becoming a significant driver for electrolytic aluminum demand [37] Cost Structure of Electrolytic Aluminum - The cost structure of electrolytic aluminum production is primarily influenced by alumina, electricity, and prebaked anodes, with alumina being the largest cost component [38] Future Production Plans - Indonesia has numerous planned alumina projects with a total capacity of 25.5 million tons, indicating significant growth potential in the region [18]

Investment Rating - Industry rating: Recommended [6] Core Insights - In Q2 2025, Century Aluminum's primary aluminum shipments increased by 4.6% year-on-year to 175,740 tonnes, and by 4.2% quarter-on-quarter [2] - The net sales for Q2 2025 were $628.1 million, a decrease of 0.9% quarter-on-quarter but an increase of 12% year-on-year [3] - The net loss attributable to Century Aluminum stockholders for Q2 2025 was $4.6 million, a significant improvement from a loss of $34.3 million in the previous quarter and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025, but significantly higher than $34.2 million in Q2 2024 [4] - Century Aluminum plans to restart its Mount Holly smelter in South Carolina, investing approximately $50 million to bring back over 50,000 tonnes of idle capacity, which will increase U.S. aluminum production by nearly 10% [5][7] - The company expects adjusted EBITDA for Q3 2025 to be between $115 million and $125 million, primarily driven by increased Midwest premiums [8] Summary by Sections Production and Operations - In Q2 2025, primary aluminum shipments reached 175,740 tonnes, reflecting a 4.6% increase year-on-year and a 4.2% increase quarter-on-quarter [2] Financial Performance - Q2 2025 net sales were $628.1 million, a decrease of 0.9% from Q1 2025 but an increase of 12% from Q2 2024 [3] - The net loss attributable to stockholders was $4.6 million, a significant improvement from the previous quarter's loss of $34.3 million and a decrease from a loss of $2.1 million year-on-year [3] - Adjusted EBITDA for Q2 2025 was $74.3 million, down from $78 million in Q1 2025 but up from $34.2 million in Q2 2024 [4] Future Outlook - The company plans to restart the Mount Holly smelter, which will enhance domestic aluminum production and create over 100 new jobs [5] - Expected adjusted EBITDA for Q3 2025 is projected to be between $115 million and $125 million, influenced by rising Midwest premiums [8]

Group 1 - The first batch of low-carbon aluminum produced using electricity from the Barakah nuclear power plant has been delivered, marketed under the "MinimAL" brand by Emirates Global Aluminium [1] - The low-carbon aluminum will be supplied to the Egyptian company Kankas Aluminum, making it the first customer to use "MinimAL" aluminum for advanced products in infrastructure, solar energy, transportation, and construction [1] - This new product helps solidify the UAE's position as a reliable supplier of low-carbon industrial materials globally and expands the company's portfolio of low-carbon metal products for local and global customers [1] Group 2 - The Barakah nuclear power plant generates 40 terawatt-hours of clean electricity annually, accounting for approximately 25% of the UAE's electricity demand, equivalent to Switzerland's total annual energy needs [2] - The zero-carbon electricity from Barakah reduces carbon emissions by 22.4 million tons per year, which is comparable to taking 4.6 million cars off the road [2] Group 3 - The demand for low-carbon aluminum is rapidly increasing, with expectations to triple by 2040 [1] - The CEO of Emirates Nuclear Energy Company emphasized the role of nuclear energy in enhancing energy security and supporting the UAE's efforts to reduce carbon emissions in the industrial sector [1]

Group 1 - The article emphasizes the historical significance of the Anti-Japanese War and the role of the Communist Party in leading the people's war, particularly highlighting the Battle of Pingxingguan as a major victory for Chinese forces [1][3] - The local community in Baiyatai Village actively participates in preserving and promoting red tourism, transforming historical sites into educational and cultural attractions, which has led to economic development [3][4][5] - Baiyatai Village has successfully integrated red resources into the tourism industry, resulting in increased employment and income for local residents, with an example of a local factory providing stable jobs for over 10 poverty-stricken households [3][4][5] Group 2 - The article discusses the transformation of rural areas in Shanxi, such as Xinxian and Lingqiu, through the development of organic agriculture and eco-tourism, which has improved the livelihoods of local farmers [7][9] - The establishment of transportation infrastructure, like the "Cai Jia Ya" train, has facilitated access to red tourism sites, contributing to the economic growth of previously isolated villages [7] - The integration of traditional industries with modern technology, such as the aluminum production process in Xinxian, showcases the potential for resource advantages to be converted into industrial strengths [12][13] Group 3 - The article highlights the importance of confidence and perseverance in achieving economic development, as demonstrated by local leaders and residents who are committed to improving their communities [10][11] - The establishment of a large data center in Lingqiu represents a strategic move to capitalize on new industries, enhancing the region's economic landscape and attracting major companies [13] - The overall narrative reflects a commitment to high-quality development and innovation, driven by the spirit of the local people and their historical legacy [1][13]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The demand in the "Golden September and Silver October" peak season is approaching, and the subsequent consumption expectation is not overly pessimistic. The 60 - day moving average of 20,400 provides support for Shanghai Aluminum [55]. - The aluminum electrolysis industry is expected to maintain a profit of over 3,000 yuan/ton in the second half of the year due to limited new capacity, high capacity utilization rate, rigid supply, and low - inventory support [27]. 3. Summary by Directory 3.1 Report Summary - The overall market volume continues to rise steadily, and the long - term production volume of aluminum is expected to increase. The cost of electricity decreases, and the market does not over - pessimistically expect subsequent consumption [8]. - The US employment data weakens, and the expectation of interest rate cuts heats up again. The domestic short - term market mainly waits and sees, waiting for verification in the peak season [9][12]. 3.2 Multi - and Short - Focus 3.2.1 Bullish Factors - The overall market volume continues to rise steadily, and the long - term production volume of aluminum is expected to increase. The cost of electricity decreases, and the market does not over - pessimistically expect subsequent consumption [8]. 3.2.2 Bearish Factors - The inventory has increased significantly, and the water - sticker sentiment has expanded [8]. 3.3 Data Analysis 3.3.1 Macroeconomic Data - In the US, in July, non - farm payrolls increased by 73,000, far lower than expected, and the data of the previous two months was revised down by 258,000. The unemployment rate rose to 4.2%. The year - on - year increase in hourly wages rose from 3.8% to 3.9%. The number of initial jobless claims last week increased by 7,000 to 226,000, and the number of continuing jobless claims increased by 38,000 to 1.97 million, hitting a new high since November 2021. The ISM non - manufacturing index in July was 50.1, lower than expected. The expectation of interest rate cuts has heated up again, and the probability of an interest rate cut in September is as high as 91% [10]. - In China, in July, the global manufacturing PMI was 49.3%, down 0.2 percentage points from the previous month; the Asian manufacturing PMI was 50.5%, down 0.2 percentage points from the previous month. The new social financing in July increased year - on - year supported by government bonds, and the growth rate of new loans was still high. After the Politburo meeting in July, the market sentiment cooled marginally, and the short - term market mainly waits and sees, waiting for verification in the peak season [13]. 3.3.2 Aluminum Industry Chain Data - **Aluminum Bauxite**: In June 2025, the domestic production of bauxite was 5.1933 million tons, a year - on - year increase of 203,600 tons. In July, the domestic bauxite market was stable, but rainfall in major producing areas restricted production. The procurement price in Shanxi has remained stable for two months. The annual production plan of a mine in Guinea is 20 - 25 million tons, and its resumption of production has changed the supply from tight balance to surplus. In the first half of the year, China's bauxite imports increased by 26.086 million tons year - on - year, with an increase of 33.74%. The port inventory is expected to increase. The import price is expected to have limited rebound [16][18]. - **Alumina**: As of late July, the national alumina production capacity was 113.02 million tons, an increase of 100,000 tons from late June; the operating capacity was 94.95 million tons, an increase of 1.8 million tons, reaching a new high this year, with an operating rate of 84.01%. In June, China exported 171,000 tons of alumina, a year - on - year increase of 8.8%; imported 101,000 tons, a year - on - year increase of 168.4%. With the production of Chinese enterprises in Indonesia in the third quarter, imports may increase again. The domestic alumina price has rebounded, and the import window is close to opening [22]. - **Electrolytic Aluminum**: The growth space of domestic electrolytic aluminum production is limited. The capacity utilization rate has exceeded 95%. From January to June, the cumulative production was 21.6948 million tons, a year - on - year increase of 2.42%. As of late July, the national electrolytic aluminum production capacity was 45.232 million tons, an increase of 250,000 tons month - on - month; the operating capacity was 44.214 million tons, an increase of 550,000 tons, with an operating rate of 97.8%. Multiple capacity replacement projects have been put into production. Electrolytic aluminum is expected to maintain a profit of over 3,000 yuan/ton in the second half of the year [25][27]. - **Downstream Demand**: In July, the average operating rate of downstream aluminum processing enterprises was 58.7%, a month - on - month decrease of 1.3%. The operating rates of various sectors all declined. In the first half of 2025, China's new photovoltaic installed capacity exceeded 200GW, but it slowed down in June. From January to June, the national real estate development investment decreased by 11.2% year - on - year, and various real estate indicators declined [30][32][35]. - **Inventory**: Last week, the LME aluminum inventory increased to 469,500 tons. On August 1, the SHFE aluminum inventory increased by 1,737 tons to 117,500 tons. As of August 7, the electrolytic aluminum inventory in major Chinese markets was 549,000 tons, an increase of 2,000 tons from Monday. The inventory is still at a relatively low level, and the exchange warehouse receipt inventory has dropped to around 43,000 tons, supporting the aluminum price [37][40]. - **Aluminum Premium**: On August 7, the Shanghai Wumei aluminum average price premium was - 60 yuan/ton, with an expanded premium range; the LME aluminum 0 - 3 premium was 0.65 US dollars/ton, with a narrowed premium range [42]. - **Waste Aluminum and Aluminum Alloys**: The import of waste aluminum in China may decrease month - on - month in August. The operating rate of primary aluminum alloy production capacity increased compared with last week, and the operating rate of recycled aluminum alloy production capacity remained flat compared with last week. As of August 8, the weekly social inventory of aluminum alloys increased by 24,000 tons to 48,400 tons, and the in - factory inventory decreased by 33,000 tons to 60,700 tons [45][47][51]. 3.4后市研判 - The peak demand season of "Golden September and Silver October" is coming, and the subsequent consumption expectation is not overly pessimistic. The 60 - day moving average of 20,400 provides support for Shanghai Aluminum [55].

Group 1: Investment Ratings - No investment ratings for the industries are provided in the reports. Group 2: Core Views - The price of finished products is expected to move in a weak and downward trend, with a focus on macro - policies and downstream demand, and is likely to have an oscillatory consolidation operation [1][3] - The price of aluminum ingots is expected to be high in the short - term, with an oscillatory trend. Attention should be paid to macro - sentiment and downstream start - up, as well as macro - expectation changes, geopolitical crisis development, mine - end resumption, and consumption release [1][4] Group 3: Summary by Industry Finished Products - Yunnan and Guizhou short - process construction steel enterprises will have a shutdown and maintenance period from mid - January, with a production resumption around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production during the shutdown [3] - Six short - process steel mills in Anhui Province: one started to shut down on January 5, most will shut down around mid - January, and a few will shut down after January 20, affecting a daily output of about 16,200 tons during the shutdown [3] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% month - on - month decrease and a 43.2% year - on - year increase [3] - The price of finished products continued to decline oscillatively, reaching a new low recently. In the pattern of weak supply and demand, market sentiment is pessimistic, and winter storage is sluggish, providing weak price support [3] Aluminum - In August, the operating capacity of alumina is expected to increase month - on - month, and the demand for bauxite will grow. Xinjiang Zhonghe's 2.4 million - ton alumina project is expected to be completed and put into production in the first half of 2026 [3] - From late June to July, the bauxite shipments from Guinea decreased due to the rainy season. The total bauxite imports from Guinea to China are expected to decline starting in August, and the increase in domestic bauxite supply is limited [3] - The weekly starting rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 58.7%. Different sub - industries have different trends: primary aluminum alloy continues to recover but with cautious production scheduling; aluminum cable starting rate remains stable at 61.8% and is expected to rise slightly in mid - August; aluminum profile starting rate decreased slightly to 49.5%; aluminum foil starting rate decreased slightly to 68.4% and is expected to continue to shrink; the starting rate of recycled aluminum leading enterprises remains stable at 53.1% but faces downward pressure [3] - As of August 7, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 564,000 tons, unchanged from Monday and an increase of 20,000 tons from last Thursday. Current off - season inventory accumulation and demand pressure limit the upward space [3][4]

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant step in China's futures market, being the first recycled metal variety, which aims to enhance price discovery and risk management in the aluminum industry [1][5]. Industry Overview - China has established a complete aluminum industry chain from bauxite to recycled aluminum, with casting aluminum alloy being a major product derived from recycled aluminum, widely used in sectors like electric vehicles [2][3]. - The production capacity for recycled aluminum in China is projected to reach 1,915 million tons by 2024, accounting for 24% of the total output of ten non-ferrous metals, with recycled aluminum production exceeding 1,000 million tons [2]. Market Dynamics - The introduction of casting aluminum alloy futures is seen as a crucial measure for promoting green finance and supporting the low-carbon development of the aluminum industry, while also improving the market and standards for recycled aluminum [3][4]. - The demand for casting aluminum alloy has surged due to the rapid growth of the electric vehicle sector, but price volatility in raw materials has created challenges for effective price risk management [4]. Risk Management - The new futures and options will provide industry players with better tools for managing price fluctuations, allowing for more precise hedging strategies compared to relying solely on electrolytic aluminum futures [4][5]. - The establishment of a standardized pricing mechanism for casting aluminum alloy is expected to enhance the competitiveness and risk management capabilities of companies in the sector [4][5]. Trading Performance - The first trading day saw a total of 57,300 contracts traded, with a transaction value of 11.011 billion yuan, and the main contract closed at 19,190 yuan per ton, reflecting a 4.49% increase from the listing price [1][7]. - The Shanghai Futures Exchange has been expanding its product offerings, with the introduction of casting aluminum alloy futures being a strategic move to enhance the international influence and pricing power of China's aluminum industry [7][8].

Core Viewpoint - Guangdong's financial sector is innovating to support green transformation in traditional industries through tailored financial products linked to environmental performance metrics [1][3][9]. Group 1: Financial Innovations - Dongguan Agricultural Commercial Bank has launched a "scattered industrial wastewater index-linked loan" that ties financing costs and credit limits to the company's wastewater treatment performance [1]. - As of now, Guangdong financial institutions have issued 39 loans meeting transformation finance standards, totaling 3.36 billion yuan [2]. - The shift in banking perspective has moved from "whether to do" to "how to do" regarding transformation finance, indicating a growing acceptance of financing high-carbon industries [3][9]. Group 2: Industry Standards and Implementation - The establishment of transformation finance standards is crucial for supporting projects in high-carbon industries like steel and cement, which have traditionally struggled to secure financing [3][4]. - Local transformation finance standards can take months to over a year to develop and implement, as seen with the ceramic industry standard initiated in August 2023 [4]. - The People's Bank of China is leading the development of transformation finance standards for several industries, while local governments are encouraged to create their own standards based on regional characteristics [3][7]. Group 3: Challenges and Solutions - The complexity of implementing transformation finance projects remains a challenge compared to traditional green projects, requiring detailed documentation and assessments [5][6]. - Financial institutions are exploring ways to streamline the process for small and medium-sized enterprises by adjusting information disclosure requirements [8]. - The Guangdong government has introduced loan interest subsidies for manufacturing and high-tech enterprises, which could enhance the attractiveness of transformation finance [9][10]. Group 4: Future Directions - Financial institutions are focusing on identifying viable transformation projects and enhancing collaboration with government departments to create project databases [9]. - There is a call for clearer regulatory guidance to help banks navigate financing for high-carbon industries while managing risks [10]. - The ongoing development of transformation finance is seen as a critical step in supporting Guangdong's transition to a greener economy [1][8].