Group 1 - The core point of the article is that Ming Tai Aluminum Industry plans to establish Henan Ming Tai Aluminum Industry Group, with no changes to its main business or development direction after the formation of the group [1] - The board of directors has proposed to authorize the management and staff to handle all matters related to the establishment of the group according to the requirements of the market supervision and administration department [1] - The proposal will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1]

Group 1 - The report from Pacific Securities indicates that bauxite supply is abundant, China's electrolytic aluminum production is controlled, and downstream demand is steadily increasing, leading to a potential high price for electrolytic aluminum [1] - Bauxite is the most abundant metal element on Earth, with Guinea holding the largest reserves of approximately 7.4 billion tons, accounting for 25.52% of the global total. In 2024, global bauxite production is expected to reach 450 million tons, with Guinea contributing about 130 million tons, or 28.89% [1] - China's bauxite resource reserves account for only 2.34% of the global total, but due to strong downstream demand, its bauxite production is 93 million tons, representing 20.67% of the global output [1] Group 2 - In 2024, global electrolytic aluminum production is projected to be 72 million tons, with China maintaining its position as the largest producer at 43 million tons, which is 60% of the total [2] - The cost of electrolytic aluminum is primarily driven by electricity, alumina, and prebaked anodes, and is manageable. The demand for aluminum is being bolstered by the growth in the renewable energy sector, compensating for the decline in the real estate sector [2] Group 3 - Over the past decade, China's electrolytic aluminum industry has undergone a significant shift, with production moving from east to west and north to south. Yunnan province, with its abundant hydropower resources, has become a key production base with a capacity of 5.85 million tons by the end of 2024 [3] - Yunnan province is well-connected to regions such as Sichuan, Chongqing, and South China, and has links to Southeast Asia, South Asia, and the Indian Ocean region, where industrialization is accelerating and demand for aluminum is strong [3] - The introduction of carbon taxes by the EU enhances the competitiveness of green aluminum, positioning it favorably in the market [3]

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：资金情绪有所降温 库存小幅积累 投资咨询业务资格： 以伊冲突 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 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大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 证监许可【2011】1452 号 逻辑:昨日铝价高位震荡。宏观上海外关税相继确认且低于早前，不确 定风险降低，有利于海外需求恢复；国内"反内卷"相关政策带动工业金 属上涨，长期"促销费、稳增长"的基调不变，但资金情绪有所降温，价 格高位反复。 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（ ...

Report Title - The title of the report is "Aluminum Industry Chain Daily Review 20250724: Domestic Bauxite Supply and Demand Expected to Be Loose in July, Domestic Electrolytic Aluminum Social Inventory Increases Month-on-Month" [1] Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The domestic bauxite supply and demand in July are expected to be loose, and the domestic electrolytic aluminum social inventory has increased month-on-month [1] - For different aluminum products, due to various factors such as cost changes, policy expectations, and inventory levels, the price increase space may be limited, and investors are advised to hold previous long positions cautiously or take profits at high prices [3] Summary by Related Catalogs Aluminum Market Data - **Futures and Spot Prices**: On July 23, 2025, the closing price of the active contract of Shanghai aluminum futures was 20,790 yuan/ton, a decrease of 110 yuan compared to the previous day; the SMM A00 electrolytic aluminum average price was 20,850 yuan/ton, a decrease of 90 yuan. The national alumina average price was 3,239.18 yuan/ton, an increase of 8.41 yuan [2] - **Price Spreads**: The Shanghai aluminum basis was 60 yuan, an increase of 20 yuan; the spread between Shanghai aluminum near - month and Shanghai aluminum continuous - one was 25 yuan, unchanged; the spread between Shanghai aluminum continuous - one and Shanghai aluminum continuous - two was 45 yuan, a decrease of 20 yuan [2] - **Inventory**: The inventory of Shanghai aluminum futures was 57,723 tons, a decrease of 3,161 tons; the inventory of LME 3 - month aluminum futures (registration and cancellation of warehouse receipts) was N/A on July 23, 2025, and it was 124,825 tons on July 22 [2] Industry News and Company Plans - **Ouxiang Alloy**: Plans to raise no more than 600 million yuan through private placement to promote its recycled deformed lead - alloy project, with funds invested in Anhui Yubo's annual 630,000 - ton lead - ball - protected lead - alloy flat ingot project and annual 600,000 - ton green - cycle high - performance aluminum plate strip project [3] - **Tajikistan**: Aims to achieve an average annual growth rate of 20% in primary aluminum output in the next three years, and its aluminum output in 2025 is expected to reach the level of 101,000 tons in 2019 [3] Supply and Demand Analysis - **Alumina**: Domestic bauxite production (import) proportion increases, and supply and demand are expected to be loose. Chinese alumina production in July may increase month - on - month due to project construction. Overseas alumina production in July may also increase month - on - month. The import window is closed, and domestic port alumina inventory has decreased [3] - **Electrolytic Aluminum**: Chinese electrolytic aluminum production in July - August may increase month - on - month due to project start - up and production resumption. Domestic electrolytic aluminum import volume may increase month - on - month, but the import window closure may limit imports. Social inventory has increased, and the downstream processing enterprise capacity utilization rate has changed [3] - **Aluminum Alloy**: Chinese scrap aluminum production (import) may increase month - on - month. The primary aluminum alloy capacity utilization rate remains flat, while the recycled aluminum alloy capacity utilization rate has decreased [3] Trading Strategies - **Alumina**: Suggest investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 3,000 - 3,200 yuan/ton and the pressure level around 3,800 - 4,200 yuan/ton [3] - **Electrolytic Aluminum**: Advise investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 20,000 - 20,300 yuan/ton and the pressure level around 21,000 - 21,500 yuan/ton for domestic aluminum, and the support level around 2,300 - 2,500 and the pressure level around 2,700 - 2,800 for LME aluminum [3] - **Aluminum Alloy**: Recommend investors to hold previous long positions cautiously or take profits at high prices, and pay attention to the support level around 19,700 - 20,000 yuan/ton and the pressure level around 20,500 - 21,000 yuan/ton [3]

新能源及有色金属日报 | 2025-07-24 情绪消退后氧化铝价格快速回落 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20850元/吨，较上一交易日下跌90元/吨，长江A00铝现货升贴 水较上一交易日下跌30元/吨至20元/吨；中原A00铝价录得20630元/吨，中原A00铝现货升贴水较上一交易日下 跌60元/吨至-180元/吨；佛山A00铝价录20830元/吨，佛山A00铝现货升贴水较上一交易日下跌20元/吨至25元/ 吨。 铝期货方面：2025-07-23日沪铝主力合约开于20915元/吨，收于20790元/吨，较上一交易日收盘价下跌70元/ 吨，跌幅-0.34%，最高价达20975元/吨，最低价达到20730元/吨。全天交易日成交144609手，较上一交易日减 少8809手，全天交易日持仓327482手，较上一交易日减少3415手。 库存方面，截止2025-07-21，SMM统计国内电解铝锭社会库存49.8万吨。截止2025-07-23，LME铝库存444800 吨，较前一交易日增加6350吨。 氧化铝现货价格：2025-07-23 SMM氧化铝山西价格录得3235元/吨，山东价格录得3 ...

Report Title - Aluminum Industry Chain Daily Review 20250724: Supply and demand of domestic bauxite in July are expected to be loose, and the domestic social inventory of electrolytic aluminum has increased month-on-month [1] Report Core View - The supply and demand of domestic bauxite in July are expected to be loose, and the social inventory of domestic electrolytic aluminum has increased month-on-month. The prices and production of alumina, electrolytic aluminum, and aluminum alloy have different trends, and investors are advised to hold previous long positions cautiously or take profits at high levels [1][3] Key Data Summary Futures and Spot Prices - The closing price of the active contract of Shanghai Aluminum futures on July 23, 2025, was 20,790 yuan/ton, a decrease of 110 yuan compared with the previous day. The trading volume was 144,609 lots, a decrease of 8,809 lots, and the open interest was 327,482 lots, a decrease of 3,415 lots [2] - The average price of SMM A00 electrolytic aluminum was 20,850 yuan/ton, a decrease of 90 yuan. The Shanghai Aluminum basis was 60 yuan, an increase of 20 yuan [2] - The average national alumina price was 3,239.18 yuan/ton, an increase of 8.41 yuan. The average price of alumina in various regions also showed an upward trend [2] Price Spreads - The spread between the near-month and far-month contracts of Shanghai Aluminum showed different changes. For example, the spread between Shanghai Aluminum Continuous One and Shanghai Aluminum Continuous Two decreased by 20 yuan to 45 yuan [2] - The spread between different contracts of alumina also changed. For example, the spread between Alumina Continuous One and Alumina Continuous Two decreased by 9 yuan to 45 yuan [2] Inventory - The inventory of Shanghai Aluminum futures was 57,723 tons, a decrease of 3,161 tons. The social inventory of domestic electrolytic aluminum increased month-on-month [2][3] - The inventory of LME aluminum futures showed different trends, and the total inventory of registered and cancelled warrants was N/A on July 23, 2025 [2] Industry News and Company Dynamics Alumina - Shanxi and Henan have relevant policies for bauxite mines. The production and inventory of domestic alumina have changed, and the production of Chinese electrolytic aluminum plants' alumina inventory has increased month-on-month [3] - Some alumina projects are under construction, such as the 1 million-ton alumina production capacity energy-saving and efficiency improvement project in Jinzhong, Shanxi, and the 2.6 million-ton alumina production capacity project in Fangchenggang, Guangxi [3] Electrolytic Aluminum - Some companies have expansion plans for electrolytic aluminum projects, such as O Xiangbo Alloy's plan to raise up to 600 million yuan through private placement for its recycled deformed lead alloy project [3] - The production and inventory of domestic electrolytic aluminum have changed, and the production of some downstream products may decrease month-on-month [3] Aluminum Alloy - American companies' procurement of scrap aluminum has an impact on the domestic market. The production and inventory of domestic aluminum alloy have different trends, and the production of some products may increase or decrease month-on-month [3] Trading Strategy - Alumina: The decline in the price of imported bauxite weakens production costs, but the upward space for alumina prices is limited. It is recommended that investors hold previous long positions cautiously or take profits at high levels, and pay attention to the support level around 3,000 - 3,200 and the pressure level around 3,800 - 4,200 [3] - Electrolytic Aluminum: The passage of the US Stablecoin Act and the high probability of the Fed's interest rate cut, along with the increase in alumina prices, push up the production cost of electrolytic aluminum. The upward space for electrolytic aluminum prices is limited. It is recommended to hold previous long positions cautiously or take profits at high levels, and pay attention to the support level around 20,000 - 20,300 and the pressure level around 21,000 - 21,500 for Shanghai Aluminum, and the support level around 2,300 - 2,500 and the pressure level around 2,700 - 2,800 for LME Aluminum [3] - Aluminum Alloy: The passage of the US Stablecoin Act and the high probability of the Fed's interest rate cut, along with the increase in domestic aluminum alloy inventory, limit the upward space for aluminum alloy prices. It is recommended to hold previous long positions cautiously or take profits at high levels, and pay attention to the support level around 19,700 - 20,000 and the pressure level around 20,500 - 21,000 [3]

研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 铝日报 日期 2025 年 7 月 24 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铝观点： 随着连续大涨品种日内出现调整，反应市场分歧或开始显现，铝价高位转跌。 23 日沪铝 2509 下跌 0.34%报 20790，指数总持仓减少 3190 至 691200 手，08-09 升水持平报 25；AD-AL 负价差报-520。氧化铝高位回落，跌幅达 2.81%，氧化铝 行业老旧产能占比较低，当前政策下或难受益，警惕情绪过后的回调风险。电解 铝端 ...

Economic Performance - In the first half of the year, Baotou's GDP reached 232.28 billion yuan, with a year-on-year growth of 7.0%, outperforming the national growth rate of 5.3% and the regional rate of 5.4% by 1.7 and 1.6 percentage points respectively [1] - The contribution rates to economic growth from the primary, secondary, and tertiary industries were 0.8%, 60.7%, and 38.5% respectively, with the secondary industry showing a significant increase of 9.6% [1] Industrial Development - Baotou has four trillion-yuan industries: rare earth, crystalline silicon photovoltaic, steel, and aluminum, with significant growth in rare earth (16.7%), crystalline silicon photovoltaic (14.1%), and onshore wind power equipment (32.6%) [2] - The industrial added value of Baotou's new industries, including fluorochemical, carbon fiber, and hydrogen energy storage, grew by 12.5%, slightly above the overall industrial growth rate [2] Investment Trends - Investment in the wind power industry increased by 300% year-on-year, contributing 12.0 percentage points to total investment growth, while investment in the rare earth industry surged by 93.4%, adding 2.9 percentage points [3] - Baotou aims to achieve a total GDP of around 500 billion yuan by the end of the year, marking a significant step towards reaching its historical peak [2]

Economic Performance - Baotou's GDP for the first half of the year reached 232.28 billion yuan, with a year-on-year growth of 7.0%, surpassing national (5.3%) and regional (5.4%) averages by 1.7 and 1.6 percentage points respectively [2] - The GDP composition by industry shows the primary sector at 2.2 billion yuan (4.9% growth), secondary sector at 109 billion yuan (9.6% growth), and tertiary sector at 121.08 billion yuan (4.9% growth), with respective contributions to economic growth of 0.8%, 60.7%, and 38.5% [2] Industrial Growth - The industrial output value in Baotou increased by 12.3% year-on-year, significantly higher than the national (6.4%) and regional (7.1%) averages, marking 58 consecutive months of double-digit growth [3] - Key industries include rare earth, crystalline silicon photovoltaic, steel, and aluminum, with respective growth rates of 16.7%, 14.1%, and 32.6% for rare earth, crystalline silicon photovoltaic, and onshore wind power equipment [3] Investment Trends - Baotou is focusing on wind power and rare earth industries, with wind power investments increasing by 300% year-on-year and rare earth investments growing by 93.4% [4] - The city aims to achieve an economic total of around 500 billion yuan by the end of the year, indicating a significant step towards reaching its historical peak [4] Strategic Transition - Baotou is actively seeking a "second growth curve" by transforming its resource-based economy, leveraging its rich resources and financial strength [5]

香港交易所信息显示， 贝莱德在 中国铝业的持股比例于07月18日从5.74%降至4.80%。 ...