Report Industry Investment Ratings - Aluminum: Neutral [4] - Alumina: Cautiously Bearish [4] - Aluminum Alloy: Neutral [4] Core Viewpoints - The spot premium of electrolytic aluminum has slightly declined, the LME premium is still strengthening, and the domestic inter - month spread remains strong. Consumption is still strong, but its sustainability needs attention as China is about to enter the traditional consumption off - season and overseas demand may decline marginally. [3] - In the alumina market, the industry profit is good, new capacity has been put into production, and production resumption is underway. Although the ore price has short - term support, the expectation of alumina supply surplus remains unchanged. [3] - The supply of scrap aluminum and primary aluminum in the aluminum alloy market is still tight, and the price is firm. [3] Summary by Related Catalogs Important Data Aluminum Spot - On June 12, 2025, the Yangtze River A00 aluminum price was 20,650 yuan/ton, up 250 yuan/ton from the previous trading day. The Yangtze River A00 aluminum spot premium dropped 10 yuan/ton to 100 yuan/ton. The Central Plains A00 aluminum price was 20,590 yuan/ton, and its spot premium dropped 30 yuan/ton to 10 yuan/ton. The Foshan A00 aluminum price was 20,480 yuan/ton, and its spot premium dropped 20 yuan/ton to - 100 yuan/ton. [1] Aluminum Futures - On June 12, 2025, the main Shanghai aluminum contract opened at 20,230 yuan/ton, closed at 20,395 yuan/ton, up 225 yuan/ton (1.12%) from the previous trading day's closing price. The trading volume was 169,366 lots, down 29,277 lots from the previous day, and the open interest was 206,884 lots, up 12,256 lots. [1] Aluminum Inventory - As of June 12, 2025, the domestic electrolytic aluminum ingot social inventory was 460,000 tons, and the LME aluminum inventory was 355,600 tons, down 2,000 tons from the previous day. [1] Alumina Spot - On June 12, 2025, the SMM alumina price in Shanxi was 3,265 yuan/ton, in Shandong was 3,255 yuan/ton, in Guangxi was 3,285 yuan/ton, and the Australian alumina FOB price was 370 US dollars/ton. [2] Alumina Futures - On June 12, 2025, the main alumina contract opened at 2,890 yuan/ton, closed at 2,895 yuan/ton, up 3 yuan/ton (0.1%) from the previous trading day's closing price. The trading volume was 332,257 lots, up 4,626 lots from the previous day, and the open interest was 295,060 lots, up 1,966 lots. [2] Market Analysis Electrolytic Aluminum - The spot premium has slightly declined, the LME premium is still strengthening, and the domestic inter - month spread remains strong. Rio Tinto's Tomago faces a shutdown crisis due to energy prices. Consumption is still strong, but its sustainability needs attention as China is about to enter the traditional consumption off - season and overseas demand may decline marginally. [3] Alumina - In the spot market, 1,000 tons were traded at 3,180 yuan/ton in Henan. The industry profit is good, with 4.8 million tons of new capacity in East China put into production and production resumption in progress. The alumina supply surplus expectation remains unchanged. [3] Aluminum Alloy - The supply of scrap aluminum and primary aluminum is still tight, and the price is firm. The Baotai quotation was stable at 19,500 yuan/ton, up 100 yuan/ton month - on - month, and the AD2511 - AL2511 contract spread was - 495 yuan/ton. [3] Strategy - Unilateral: Aluminum: Neutral; Alumina: Cautiously Bearish; Aluminum Alloy: Neutral. - Arbitrage: Shanghai aluminum positive arbitrage [4]

昨天（6月12日），一场聚焦能效提升、碳资产管理和绿色制造的创新合作在苏州启动。国网（苏 州）城市能源研究院联合波司登集团、江苏常铝铝业集团股份有限公司、常熟市古里镇党委、国网常熟 市供电公司，共同签署"能碳先锋·红色网格"共建协议，以党建为引领打造"零碳工厂"示范项目，推动 服装和铝业两大产业链绿色转型。 活动现场，专家解读了《"能碳先锋·红色网格"结对共建赋能低碳发展共建方案》《企业绿色低碳 发展相关政策解读及实践分享》、最新绿色电价政策。 据了解，通过搭建资源共享、优势互补的合作平台，该项目将形成更多可复制、可推广的"党建 +双碳"模式，未来在苏州更多重点产业集群推广。 今后，五方将重点在三大领域展开合作。在碳资产管理方面，能源研究院专家团队将为企业提供碳 盘查、碳足迹认证等服务，建立科学碳管理体系。在能效提升方面，国网常熟市供电公司党委联合国网 （苏州）城市能源研究院技术骨干担任"低碳顾问"，开展能效诊断，推广光储充一体化微电网。在绿色 制造方面，以波司登、常铝为链主企业，带动上下游企业共建"零碳工厂"试点。 "这次合作最大的亮点是形成政企研协同机制。"国网（苏州）城市能源研究院相关负责人介绍，电 网 ...

加拿大总理卡尼表示，尽管降低了对美加在七国集团峰会前达成协议的预期，但他希望尽快与美国总统 特朗普达成商业和安全协议。 "我们正在进行实时的密集讨论"，卡尼在接受加拿大广播公司法语频道采访时表示，并补充与特朗普保 持着"良好关系"，但"目前还没有可供签署的协议"。他提到两国可在铝业、航空航天和国防等领域开展 合作。 据不愿具名的知情人士透露，两国已交换书面提案，近期讨论聚焦钢铁和铝的贸易规则。两名消息人士 称，与美国相比，加拿大方面对达成协议的前景普遍更为乐观。白宫未立即回应置评请求。 "阿尔伯塔省的七国集团会议很重要，包括与特朗普先生的双边会晤"，卡尼说，"我们会根据需要花时 间。我们需要符合加拿大利益的协议，否则不会签署。我们可以等。我们越强大，美国就越弱势"。 加拿大希望美国取消所有关税。卡尼强调，特朗普2020年签署的美墨加贸易协定应得到尊重。"如果继 续取得进展，我们可以等，否则将准备反制"，他表示，"这些不公平、非法的关税，美国人必须取 消"。 除金属关税外，特朗普政府还对不符合北美贸易协定的外国制造汽车及25%的加拿大和墨西哥商品征 税，并威胁对木材、铜等加拿大重要商品加征新关税。 若协议达成， ...

有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 晨报 铝锭 成材：重心下移 偏弱运行 铝锭：库存维持去化 铝价区间运行 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 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 成文时间： 2025 年 6 月 12 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间 ...

氧化铝现货价格松动 新能源及有色金属日报 | 2025-06-12 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20400元/吨，较上一交易日上涨240元/吨，长江A00铝现货升贴 水较上一交易日上涨30元/吨至110元/吨；中原A00铝价录得20350元/吨，中原A00铝现货升贴水较上一交易日 上涨30元/吨至40元/吨；佛山A00铝价录20230元/吨，佛山A00铝现货升贴水较上一交易日下跌10元/吨至-80元 /吨。 铝期货方面：2025-06-11日沪铝主力合约开于20005元/吨，收于20250元/吨，较上一交易日收盘价上涨250元/ 吨，涨幅1.25%，最高价达20285元/吨，最低价达到20005元/吨。全天交易日成交198643手，较上一交易日增 加49434手，全天交易日持仓194628手，较上一交易日增加10323手。 库存方面，截止2025-06-09，SMM统计国内电解铝锭社会库存47.7万吨。截止2025-06-11，LME铝库存357600 吨，较前一交易日减少2300吨。 氧化铝现货价格：2025-06-11 SMM氧化铝山西价格录得3270元/吨，山东价格录得326 ...

Core Viewpoint - The city of Binzhou is undergoing a transformation from a traditional industrial city to a quality-driven urban center, with entrepreneurs' dreams aligning with the city's development goals [1][3]. Group 1: Entrepreneurial Ecosystem - Binzhou has established a dual-type city construction focusing on industry innovation and education integration, fostering a supportive entrepreneurial environment [3][17]. - The city has seen significant entrepreneurial growth, with notable figures like Zhang Shiping leading the charge, resulting in a robust local economy [3][4]. - Binzhou's brand strength is highlighted by 18 local companies being recognized in the "2025 China Brand Value Evaluation," with a total brand value of 112.133 billion yuan [3][4]. Group 2: Industrial Strength - Binzhou is home to influential brands such as Weiqiao Group and Jingbo Holdings, with seven companies listed among China's top 500 private enterprises [4][5]. - The city boasts 67 products with national or global market leadership, including 16 that rank first globally in production or market share [4][5][7]. - The industrial clusters in Binzhou include five trillion-yuan level industries, with total industrial revenue exceeding 1.27 trillion yuan [15][16]. Group 3: Government Support and Services - The city has initiated the "Dreams of Entrepreneurs Action," which integrates government support with entrepreneurial needs, resulting in over 10,000 projects being realized [8][11]. - A unique service model, "Enterprises Order, Government Supplies," has been effective in translating entrepreneurs' visions into actionable projects [8][11]. - Binzhou has implemented a comprehensive service system for enterprises, focusing on legal protection, policy support, and innovation standards [11][12]. Group 4: Future Development and Innovation - The city is committed to high-quality development, aligning entrepreneurial dreams with national strategies, such as the development of a new energy vehicle industry cluster [13][16]. - Binzhou's focus on education-industry integration has led to significant advancements in R&D, with a high percentage of industrial enterprises engaged in research activities [17]. - The establishment of advanced manufacturing clusters and the promotion of new industries are key to Binzhou's future economic growth [15][16].

FICC日报 | 2025-06-12 美国5月CPI不及预期，关注中国5月金融数据 市场分析 关注经济事实验证。4月国内数据好坏参半，4月出口整体略超预期，但转口支撑的特征明显，叠加中美关税缓和， 短期出口有支撑；但4月投资数据有所走弱，尤其是地产边际压力再增；4月财政收入和支出同步回升，收入主要 受到土地出让金的支撑；同时消费也略有承压。中国5月CPI同比降0.1%，环比由涨转降，PPI同比降幅扩大至3.3%。 中国5月按美元计出口同比增长4.8%，略低于一季度的5.7%和4月的8.1%，进口下降3.4%。从集装箱的船运数据来 看，5月上旬出口有所改善，但到了下旬又重新走弱。新一轮"抢出口"成色一般的背景下，前期透支的需求会重新 回到偏弱的去库周期中。面对关税下的外需压力和内部的稳增长诉求，关注财政进一步加码的可能。5月9日—12 日何立峰副总理于瑞士访问期间与美方举行会谈，中美日内瓦经贸会谈取得实质进展，双方承诺暂停部分加征关 税并建立协商机制。中美两国元首于6月5日晚进行通话，市场信心改善。6月9-10日，中美经贸磋商机制首次会议 在英国伦敦举行，落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成 ...

2025年06月12日 国泰君安期货商品研究晨报 观点与策略 | 铜：库存减少，限制价格回落 | 3 | | --- | --- | | 铝：关注中美谈判进展 | 5 | | 氧化铝：偏弱运行 | 5 | | 锌：短期震荡，关注库存 | 7 | | 铅：区间震荡 | 8 | | 锡：止跌回升 | 9 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 11 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 11 | | 碳酸锂：宏观预期反复，基本面仍偏弱 | 13 | | 工业硅：基本面弱势，上方空间有限 | 15 | | 多晶硅：现货弱势，盘面具下行驱动 | 15 | | 铁矿石：预期反复，区间震荡 | 17 | | 螺纹钢：宏观情绪扰动，宽幅震荡 | 18 | | 热轧卷板：宏观情绪扰动，宽幅震荡 | 18 | | 硅铁：主产地区减产仍存，宽幅震荡 | 20 | | 锰硅：海外矿企报价下移，偏弱震荡 | 20 | | 焦炭：宽幅震荡 | 22 | | 焦煤：安检趋于严格，宽幅震荡 | 22 | | 动力煤：需求仍待释放，宽幅震荡 | 24 | | 原木：震荡反复 | 25 | | 橡胶：震荡运行 | ...

随着欧盟 CBAM 落地，拥有绿电的企业将具备定价权及市场准入权，中 孚实业深度布局绿电铝，展现出强大的资源与成本优势，有望实现跨越 式增长。 Q&A 为什么在当前时点看好中孚实业？ 中孚实业 20250611 从行业层面来看，今年铝价在进入淡季后仍然坚挺，价格维持在 2 万元以上， 并且随着近期铝价的下行，整个行业的盈利水平逐步扩张。尽管市场担心光伏 排产下修对铝价的影响，但从 5 月底以来，铝价依然稳定，库存保持极低位， 这表明压力测试已经经历过。尤其是在旺季转淡季期间，这种压力测试矫正了 之前的预期，使得整个铝板块被低估，包括中孚实业。 从公司层面来看，中孚 实业自 1993 年成立以来，通过破局重启和收购少数股东电解铝股权，目前已 达到绿电 50 万吨、火电 25 万吨的布局。四川水电铝布局具有成本优势，下游 配套加工有望受益于欧盟碳边境调节机制落地后的绿色认证。此外，公司经营 获利显著提升，员工持股计划激发管理和经营活力，以及分红比例大幅提升， 都为公司价值重估提供了良好基础。因此，我们非常看好中孚实业未来的发展 前景及上涨空间。 摘要 铝价稳定且库存低位表明市场已通过压力测试，旺季转淡季期间的调整 ...

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks the first recycled metal commodity in China's futures market, with strong initial trading performance and participation from leading aluminum companies [1][2][3]. Market Performance - On the first trading day, all seven contracts for casting aluminum alloy futures closed higher, with the main contract AD2511 opening at 19,400 yuan/ton and closing at 19,190 yuan/ton, a rise of 825 yuan/ton or 4.49% from the listing benchmark price of 18,365 yuan/ton [3][4]. - The total trading volume for the seven contracts reached 57,300 lots, with a transaction value of 11.011 billion yuan, and the main contract AD2511 accounted for 52,300 lots and 10.1 billion yuan in transaction value [3][4]. Industry Participation - Major aluminum companies such as Shunbo Alloy, Lichong Group, and Judong Co. actively participated in the trading on the first day, indicating strong industry interest [1][6][8]. - The recycled aluminum alloy industry is primarily composed of private enterprises, with a market concentration of about 30% among the top five companies [7]. Price Dynamics and Future Outlook - Analysts suggest that the initial price performance aligns with expectations, but caution that the market may experience significant price fluctuations due to seasonal demand changes and supply dynamics [4][5]. - The industry faces challenges such as overcapacity and low profit margins, with a projected operating rate of only 53% in 2024, which may limit future price increases [4][5]. Impact on Related Companies - The launch of casting aluminum alloy futures has positively impacted stock prices of related companies, with Shunbo Alloy rising by 10.01% and Lichong Group by 7.60% as of June 11 [8]. - Shunbo Alloy's projected revenue for 2024 is 13.977 billion yuan, a year-on-year increase of 17%, although its net profit is expected to decrease by 47.96% [8]. Strategic Importance - The introduction of these futures is expected to enhance risk management for industry players, providing a more effective hedging tool compared to existing aluminum futures [8][9]. - The futures market is anticipated to play a significant role in the pricing mechanism for aluminum alloys, contributing to a more transparent and fair market environment [8][9][10].