Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The alumina market may be in a stage of slightly increasing supply and stable demand, with a suggestion of lightly - position short - term long trades at low prices [2]. - The Shanghai aluminum market may be in a stage of slightly increasing supply and gradually recovering demand, with a suggestion of lightly - position oscillating trades [2]. - The cast aluminum alloy market may be in a stage of slightly converging supply and slowly recovering demand, with a suggestion of lightly - position short - selling trades at high prices [2]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai aluminum main contract is 20,790 yuan/ton, up 40 yuan; the main - second - continuous contract spread is 10 yuan, unchanged; the main contract position is 196,440 lots, up 2,246 lots; the net position of the top 20 in Shanghai aluminum is 7,105 lots, up 7,452 lots; the Shanghai - London ratio is 7.91, down 0.01 [2]. - The closing price of the alumina futures main contract is 2,933 yuan/ton, up 4 yuan; the main - second - continuous contract spread is - 45 yuan, down 13 yuan; the main contract position is 276,136 lots, down 4,976 lots [2]. - The LME aluminum three - month quotation is 2,627.50 US dollars/ton, up 10 US dollars; the LME aluminum inventory is 485,275 tons, unchanged; the LME aluminum canceled warrants are 110,250 tons, up 67,400 tons [2]. - The closing price of the cast aluminum alloy main contract is 20,350 yuan/ton, up 45 yuan; the main - second - continuous contract spread is - 45 yuan, down 50 yuan; the main contract position is 7,979 lots, up 154 lots [2]. Spot Market - The Shanghai Non - ferrous Network A00 aluminum price is 20,750 yuan/ton, down 20 yuan; the average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 20,850 yuan/ton, unchanged; the Yangtze River Non - ferrous Market AOO aluminum price is 20,790 yuan/ton, down 50 yuan [2]. - The alumina spot price in Shanghai Non - ferrous is 3,010 yuan/ton, down 20 yuan; the basis of cast aluminum alloy is 500 yuan/ton, down 210 yuan; the basis of electrolytic aluminum is - 40 yuan/ton, down 60 yuan [2]. - The Shanghai Wuma aluminum premium/discount is - 50 yuan/ton, down 30 yuan; the LME aluminum premium/discount is 3.24 US dollars/ton, down 0.53 US dollars; the basis of alumina is 77 yuan/ton, down 24 yuan [2]. Upstream Situation - The alumina output is 756.49 million tons per month, down 18.44 million tons; the national alumina start - up rate is 82.93%, down 1.09%; the total alumina capacity utilization rate is 84.75%, up 0.45% [2]. - The demand for alumina (electrolytic aluminum part) is 722.07 million tons per month, up 25.88 million tons; the alumina supply - demand balance is 16.32 million tons, down 10.82 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap is 16,400 yuan/ton, unchanged; the average price of crushed raw aluminum in Shandong metal scrap is 15,900 yuan/ton, unchanged [2]. - China's import volume of aluminum scrap and fragments is 160,494.61 tons per month, up 4,900.05 tons; the export volume is 79.39 tons per month, up 15.06 tons [2]. - The export volume of alumina is 23 million tons per month, up 6 million tons; the import volume is 12.59 million tons per month, up 2.47 million tons [2]. - The WBMS aluminum supply - demand balance is 18.31 million tons, down 9.41 million tons; the electrolytic aluminum social inventory is 57.60 million tons per week, up 0.40 million tons [2]. Industry Situation - The import volume of primary aluminum is 248,198.71 tons per month, up 55,884.22 tons; the total electrolytic aluminum production capacity is 4,523.20 million tons per month, unchanged [2]. - The export volume of primary aluminum is 40,987.71 tons per month, up 21,416.99 tons; the electrolytic aluminum start - up rate is 98.11%, up 0.33% [2]. - The aluminum product output is 548.37 million tons per month, down 39 million tons; the export volume of unforged aluminum and aluminum products is 53.40 million tons per month, down 0.60 million tons [2]. - The output of recycled aluminum alloy ingots is 62.32 million tons per month, up 0.43 million tons; the export volume of aluminum alloy is 2.49 million tons per month, down 0.09 million tons [2]. Downstream and Application - The total built - up production capacity of recycled aluminum alloy ingots is 126 million tons per month, unchanged; the national real estate climate index is 93.34, down 0.25 [2]. - The aluminum alloy output is 153.60 million tons per month, down 13.30 million tons; the automobile output is 251.02 million vehicles per month, down 29.84 million vehicles [2]. Option Situation - The 20 - day historical volatility of Shanghai aluminum is 6.04%, down 0.04%; the 40 - day historical volatility is 6.91%, unchanged [2]. - The implied volatility of the Shanghai aluminum main contract at - the - money is 8.59%, up 0.0027; the call - put ratio of Shanghai aluminum options is 1.08, up 0.0203 [2]. Industry News - From 2020 - 2024, the added values of China's equipment manufacturing and high - tech manufacturing industries increased by an average of 7.9% and 8.7% annually, accounting for 34.6% and 16.3% of above - scale industries respectively. In 2024, the production of new energy vehicles exceeded 13 million, ranking first globally for 10 consecutive years [2]. - Since August, the central government has been promoting urban renewal. The real estate industry is shifting from "scale expansion" to "quality + service" [2]. - China is upgrading from the "world factory" to the "global supply - chain hub". 80 national - level advanced manufacturing clusters cover high - end equipment and new energy fields, with a 37% penetration rate of AI in the logistics supply - chain [2]. - In August, the CPI was flat month - on - month and down 0.4% year - on - year. The core CPI rose 0.9% year - on - year. The PPI was flat month - on - month and down 2.9% year - on - year, with a narrowing decline [2]. - The US non - farm employment was revised down by 911,000, which may lead to Fed rate cuts [2].

新能源及有色金属日报 | 2025-09-10 电解铝成有色最强品种 重要数据 铝现货方面：SMM数据，华东A00铝价20770元/吨，较上一交易日变化90元/吨，华东铝现货升贴水-10元/吨， 较上一交易日变化-10元/吨；中原A00铝价20650元/吨，现货升贴水较上一交易日变化-20元/吨至-130元/吨； 佛山A00铝价录20730元/吨，较上一交易日变化110元/吨，铝现货升贴水较上一交易日变化5元/吨至-50元/吨。 铝期货方面：2025-09-09日沪铝主力合约开于20695元/吨，收于20750元/吨，较上一交易日变化40元/吨，最 高价达20805元/吨，最低价达到20695元/吨。全天交易日成交99364手，全天交易日持仓194194手。 库存方面，截止2025-09-09，SMM统计国内电解铝锭社会库存63.1万吨，较上一期变化0.5吨，仓单库存64459 吨，较上一交易日变化-74吨，LME铝库存485275吨，较上一交易日变化0吨。 氧化铝现货价格：2025-09-09SMM氧化铝山西价格录得3040元/吨，山东价格录得3030元/吨，河南价格录得 3090元/吨，广西价格录得322 ...

期 货 研 究 2025 年 09 月 08 日 铝：关注去库拐点 氧化铝：下方空间恐仍在 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 20695 | 90 | -45 | 70 | 485 | | | | 沪铝主力合约夜盘收盘价 | 20665 | ー | l | l | ー | | | | LME铝3M收盘价 | 2603 | 13 | -17 | -6 | 146 | | | | 沪铝主力合约成交量 | 101535 | -49681 | -19707 | -23633 | -18350 | | | | 沪铝主力合约持仓量 | 197393 | -9224 | -39215 | -63970 | -5980 | | | 电解铝 | LME ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Alumina: After a period of relatively high - level operation, the supply surplus in the alumina market has gradually affected the spot market. With the accumulation of social inventory and a significant increase in exchange warehouse receipts, the spot price has declined. In the third quarter, new production capacity in Guangxi is expected to be put into operation, so the supply pressure remains high. Given the stable electrolytic aluminum production capacity on the consumption side, the market balance is under pressure, and the price is expected to remain weak. However, the cost of bauxite and potential policy support will limit the downside [3][63]. - Electrolytic Aluminum: The production capacity of electrolytic aluminum has slightly increased, but the proportion of molten aluminum has risen by 1.3% to 75.07% in August, reducing the supply of aluminum ingots. Some aluminum - processing sectors have shown signs of entering the peak consumption season, with an increase in the operating rate. The power and new - energy vehicle sectors are expected to grow well, and exports remain resilient, while the real - estate and photovoltaic sectors are sluggish. The inventory accumulation rate of aluminum ingots has slowed down, and there are occasional destocking periods. Overall, the supply - demand balance has improved marginally, and aluminum prices are expected to rise during the peak season. However, the upside potential is limited, and the price increase may be volatile [3][65]. 3. Summary According to the Directory 3.1 Market Review - Alumina Futures: In August, the price of alumina futures first rose from 3,160 yuan/ton to a maximum of 3,384 yuan/ton and then gradually declined to 3,006 yuan/ton. It closed at 3,036 yuan/ton at the end of the month, down 4.8% [9]. - Shanghai Aluminum Futures: In August, the price of Shanghai aluminum futures fluctuated but generally trended upward. It rose from a minimum of 20,365 yuan/ton to 20,835 yuan/ton due to the expectation of the Fed's interest - rate cut and then declined. It closed at 20,740 yuan/ton at the end of the month, up 1.17% [10]. - London Aluminum Futures: In August, London aluminum futures fluctuated due to the changing expectation of the Fed's interest - rate cut. It remained within the previous month's trading range, closing at 2,619 US dollars/ton at the end of the month, up 2.2% [10]. 3.2 Macro 3.2.1 Overseas - Tariff Policy: The US has made multiple tariff adjustments, including expanding the list of critical minerals, imposing tariffs on EU products, and increasing tariffs on Indian goods, which have a negative impact on global trade [12]. - Fed Policy: The Fed's July meeting minutes signaled a hawkish stance, but Powell's speech at the Jackson Hole Symposium was dovish, increasing the expectation of a September interest - rate cut. However, the personnel change and concerns about the Fed's independence have affected market expectations [12]. - Economic Data: In July, the US CPI and PPI increased, the unemployment rate rebounded in August, and the GDP growth rate in the second quarter was higher than expected. The manufacturing PMI in August reached a new high since 2022. In Europe, the ECB's inflation risk is balanced, and the economic growth in the eurozone may slow down in the third quarter [13][15][16]. 3.2.2 Domestic - Economic Data: In July, China's industrial added value, fixed - asset investment, and social retail sales growth rates all declined, and the CPI was flat year - on - year. The M2 and M1 growth rates increased, and the new special - purpose bonds issuance accelerated [17][18]. - Policy: Beijing and Shanghai relaxed property - purchase restrictions in August, and the central government promoted the development of urban agglomerations and the renovation of old urban communities [18]. 3.3 Alumina Market Analysis 3.3.1 Bauxite - Domestic Bauxite: In August, the supply of domestic bauxite remained tight, and the price was stable. The high - price bauxite may face limited acceptance due to the declining alumina price [20]. - Imported Bauxite: In July, China imported 20.063 million tons of bauxite, a year - on - year increase of 33.75%. However, due to the rainy season in Guinea and policy uncertainties, the import volume may decrease in the short term [20]. 3.3.2 Alumina Supply - Domestic Production: In July, China's alumina production was 7.704 million tons, a year - on - year increase of 5.13%. It is expected that the production in August will be about 7.76 million tons. The supply in the north is relatively loose, while that in the south is still tight [23]. - Import and Export: In July, China exported 229,400 tons of alumina and imported 125,900 tons, with a net export of 104,000 tons. In August, the export window remained closed, and the import window opened, but the net - export pattern is expected to continue [24]. 3.3.3 Alumina Inventory and Spot - Inventory: As of the end of August, the alumina futures exchange inventory was 98,000 tons, an increase of 91,000 tons from the end of the previous month. The inventory has been accumulating [25]. - Spot: In August, the alumina futures price dropped rapidly, and the spot price followed, with the spot premium increasing from 28 yuan/ton at the beginning of the month to 247 yuan/ton at the end of the month [25]. 3.3.4 Alumina Cost and Profit - Cost: In July, the average fully - cost of the alumina industry in China was 2,933.21 yuan/ton, a month - on - month decrease of 0.78%. The decrease in the price of liquid caustic soda led to a slight reduction in costs [26]. - Profit: With the decline in the alumina price, the profit margin has narrowed [26]. 3.3.5 Alumina Outlook The supply of alumina is expected to remain under pressure, but the cost of bauxite and potential policy support will limit the downside [3][63]. 3.4 Electrolytic Aluminum Market Analysis 3.4.1 Electrolytic Aluminum Supply - Domestic Production: In July, China's primary aluminum production was 3.7396 million tons, a year - on - year increase of 1.82%. It is expected that the production in August will be about 3.745 million tons [37]. - Overseas Production: In July, the global (excluding China) electrolytic aluminum production was 2.406 million tons, a year - on - year decrease of 1.88%. It is expected that the production in August will be 2.411 million tons [38]. - Import and Export: In July, China imported 248,300 tons of primary aluminum and exported 41,000 tons, with a net import of 207,300 tons. The import window is expected to remain closed [

Group 1: Report Industry Investment Rating - The industry investment rating for alumina is "Oscillating" [1] Group 2: Core Viewpoints of the Report - Alumina supply continues to recover, and the supply surplus widens. The spot price of alumina declined last week, and the market sentiment is bearish. The supply of alumina is increasing, while the demand is also rising both domestically and overseas. The inventory of alumina has increased, and the registered warehouse receipts on the SHFE have also risen. The futures price is expected to show an oscillating and weakening trend, and it is recommended to adopt a strategy of short - selling on rallies [1][2][13][16] Group 3: Summary by Relevant Catalog 1. Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices remained stable last week. In Shanxi, the含税 price of 58/5 ore was 700 yuan/ton; in Henan, it was 658 yuan/ton; and in Guizhou, the arrival - at - factory含税 price of 60/6 bauxite was 596 yuan/ton. Shanxi's ore production was affected by policies, rainfall, and the parade. Imported ore: The ALD Guinea ore price index was 74 - 76 dollars/dry ton. Newly - arrived ore was 456.2 million tons, including 319.1 million tons from Guinea and 137.0 million tons from Australia. The freight from Guinea to China dropped by 1 dollar to 25 dollars/ton [2][12] - **Alumina**: The spot price of alumina fell last week. The ALD northern comprehensive price was 3040 - 3120 yuan/ton, down 90 yuan/ton; the domestic weighted index was 3101 yuan/ton, down 82.4 yuan/ton. The import port price was 3190 - 3230 yuan/ton, down 50 yuan/ton. The market was bearish, and buyers' willingness to purchase decreased. The domestic full - cost of alumina was 2871 yuan/ton, and the real - time profit was 361 yuan/ton. The national alumina production capacity was 11462 million tons, with 9675 million tons in operation, an increase of 170 million tons from last week, and the operating rate was 84.4% [3][13] - **Demand**: Domestically, Yunnan Honghe New Materials' operating capacity increased by 7 million tons to about 30 million tons. The domestic electrolytic aluminum operating capacity was 4414.3 million tons, an increase of 7 million tons. Overseas, the New Zealand Tiwai Point electrolytic aluminum plant was resuming production, with an operating capacity of 33.8 million tons and about to reach full - capacity. Indonesia's Juwana Aluminum started power - on testing in early September, expected to produce 15 - 20 million tons this year. The overseas electrolytic aluminum operating capacity was 2969.4 million tons, an increase of 10.4 million tons [14] - **Inventory**: As of September 4th, the national alumina inventory was 360.9 million tons, an increase of 11.2 million tons from last week. The electrolytic aluminum inventory increased significantly, the alumina factory inventory increased implicitly, and the in - transit volume decreased [14] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the SHFE were 112306 tons, an increase of 23480 tons from last week [15] 2. Summary of Key Events and News in the Industry Chain during the Week - On September 5th, a Xinjiang aluminum plant tendered for 1 million tons of alumina at a delivered price of 3240 yuan/ton, with suppliers mainly delivering Shandong goods due to the railway freight discount in Shandong [17] - On September 5th, a Chongqing electrolytic aluminum enterprise purchased 0.5 million tons of alumina in Guizhou at a delivered price of 3350 yuan/ton [17] - Overseas, the tender sales of spot alumina increased, with the origin mainly in Australia, Indonesia, Vietnam, and India, and the shipping dates mostly from early to late October, potentially increasing domestic supply [17] 3. Monitoring of Key Data in the Upstream and Downstream of the Industry Chain 3.1 Raw Materials and Cost End - Data on domestic and imported bauxite prices, domestic bauxite port inventory, port shipments from major bauxite - importing countries, sea - floating inventory of major bauxite - importing countries, domestic caustic soda price trends, domestic thermal coal price trends, and alumina production costs in various provinces were presented [18][20][22] 3.2 Alumina Price and Supply - Demand Balance - Data on domestic and imported alumina prices, domestic electrolytic aluminum spot prices, the futures price ratio of electrolytic aluminum to alumina on the SHFE, and the weekly supply - demand balance of domestic alumina were provided [35][37][39] 3.3 Alumina Inventory and Warehouse Receipts - Data on electrolytic aluminum plants' alumina inventory, alumina plants' alumina inventory, domestic alumina yard/platform/in - transit inventory, alumina port inventory, domestic total social alumina inventory, and the SHFE alumina warehouse receipts and open interest were shown [46][49][52]

Group 1 - The People's Bank of China and seven other departments have introduced 18 financial measures to enhance financial support for new industrialization [1] - Financial institutions are integrating "bank counters" into laboratories and connecting "industrial chains" with "capital chains" to create a multi-dimensional ecosystem for financial empowerment [1] - The organ-on-a-chip technology is highlighted as a cutting-edge technology in biomedicine, but funding shortages pose significant challenges for commercialization [1] Group 2 - The "Achievement Transformation Loan" has been innovatively launched by the Jiangsu branch of the People's Bank of China to support research teams [2] - A research team received a credit support of 10 million yuan within two weeks, significantly accelerating the development process of the organ-on-a-chip project [3] Group 3 - In Zhejiang, financial institutions are providing funding support for enterprises undergoing transformation and upgrading through innovative financial products [4] - A high-tech enterprise in Wenzhou received a loan of 130 million yuan to introduce advanced production lines, increasing capacity by 30% [7] Group 4 - The scale of technology loans in Zhejiang has exceeded 4 trillion yuan, with a growth rate of over 15% [8] - Financial institutions are breaking traditional credit restrictions to support green and low-carbon transformations in traditional manufacturing [10] - A company in the aluminum industry received over 100 million yuan in funding support for its green transformation projects, aiming for a 10% reduction in carbon emissions by the end of the year [10]

1. Report Industry Investment Rating - The走势 rating for casting aluminum alloy is "oscillation" [1] 2. Core Views of the Report - The price of remelted aluminum alloy ingots oscillated last week. The closing price of AD2511 decreased by 0.3% week-on-week to 20,280 yuan/ton, and the selling price of Baotai Group's ADC12 remained flat at 20,300 yuan/ton. The production cost of Fubao's ADC12 decreased by 33.1 yuan/ton to 20,025 yuan/ton, and the profit narrowed to 125.3 yuan/ton [1][12]. - The scrap aluminum market remains tight in supply, with the weekly arrivals of scrap aluminum traders decreasing for several consecutive weeks. The supply of crushed primary aluminum is particularly tight, and the price difference between scrap and primary aluminum has significantly narrowed. Attention should be paid to the cancellation of tax rebates in Jiangxi, Anhui and other places. If the policy spreads, it may lead to aluminum enterprises lowering the purchase price of non - invoiced scrap aluminum, and the invoiced scrap aluminum and imported raw materials will be in high demand [2][15]. - On the supply side of ADC12, the operating rate of secondary aluminum plants has stabilized and rebounded due to the seasonal increase in demand, and the lifting of environmental protection restrictions in Hebei, Jiangxi and other places has also contributed to the increase. However, the subsequent operating rate is still restricted by factors such as unclear local tax refund policies, difficult scrap aluminum procurement and high raw material costs. On the demand side, as it enters the traditional peak season in September, downstream demand has shown a slight recovery, but the peak - season performance remains to be seen. Attention should be paid to the risk of a lackluster peak season [2][16]. - Considering the tight supply of scrap aluminum and the significant decline in the raw material inventory of some alloy ingot factories, the cost support is relatively strong. It is recommended to pay attention to the opportunity of going long on AD2511 at low prices. In terms of arbitrage, as the peak season for automobiles approaches, the direct impact on the demand for ADC12 is higher than that for A00. It is recommended to continuously pay attention to the arbitrage opportunity of going long on AD2511 and shorting AL2511 [3][17]. 3. Summary According to Relevant Catalogs 3.1. Scrap Aluminum Arrival Declining for Several Consecutive Weeks, Continuously Monitor the Implementation of Tax Rebate Cancellation Policy - Last week, the price of remelted aluminum alloy ingots oscillated. The closing price of AD2511 decreased by 0.3% week - on - week, and the selling price of Baotai Group's ADC12 remained flat. The price of scrap aluminum in Guangdong remained unchanged, while the FOB price of crushed primary aluminum from Malaysia increased by 15 US dollars/ton. The cost of ADC12 decreased slightly, and the profit narrowed [1][12][13]. - The scrap aluminum market is in short supply, with the arrivals of scrap aluminum traders decreasing for several consecutive weeks. The supply of crushed primary aluminum is extremely tight, and the price difference between scrap and primary aluminum has significantly narrowed. The price of scrap aluminum is expected to remain strong in the short term. Attention should be paid to the cancellation of tax rebates in Jiangxi, Anhui and other places [15]. 3.2. Recent Industry News Review - In August, the PMI of the aluminum processing industry was 53.3%, showing a positive signal of transition from the off - season to the peak season. Primary alloys maintained steady expansion, while secondary alloys were still below the boom - bust line [18]. - In July 2025, China's scrap aluminum imports increased by 18.68% year - on - year. Thailand and Japan were the top two suppliers [18]. - Four ministries and commissions jointly issued a notice to regulate the implementation of policies related to investment promotion, requiring the rectification of issues such as illegal fiscal rebates and subsidies [18]. - The US expanded the scope of a 50% tariff on steel and aluminum imports, including hundreds of derivative products in the tariff list [19]. 3.3. Monitoring of Key High - Frequency Data in the Industry Chain 3.3.1. Scrap Aluminum: Tight Arrivals, High Prices - The supply of scrap aluminum is tight, with the arrivals of scrap aluminum traders decreasing for several consecutive weeks. The price of scrap aluminum remains high, and the price difference between scrap and primary aluminum has significantly narrowed. The price of scrap aluminum is expected to remain strong in the short term due to the unclear tax rebate policy and resource scarcity [15]. 3.3.2. ADC12: Strong Prices, High Social Inventory - The price of casting aluminum alloy futures oscillated last week, with a decline of 0.3%. The spot selling price of Baotai remained at 20,300 yuan/ton, at a premium to the futures price. The price is expected to remain strong in the short term. The price difference between ADC12 and A00 has been narrowing [16]. - On the supply side, the operating rate of secondary aluminum plants has rebounded, but is still restricted by factors such as unclear tax refund policies, difficult scrap aluminum procurement and high raw material costs. On the demand side, as it enters the traditional peak season in September, downstream demand has shown a slight recovery, but the peak - season performance remains to be seen. The social inventory of aluminum alloy ingots has continued to increase, while the in - plant inventory has decreased [16]. 3.3.3. Downstream: Marginal Weakening of Semi - Steel Tire Production, Be Aware of the Risk of a Lackluster Peak Season - As it enters the traditional peak season in September, downstream demand for ADC12 has shown a slight recovery, but the high - frequency data of automobile production shows that the weekly operating rate of semi -/full - steel tires has weakened, and the automobile inventory warning index has increased. Attention should be paid to the risk of a lackluster peak season [2][16].

美国国内的反应依然分歧明显。《华尔街日报》称这是"司法的重大挫折"，CNN直接写道"致命打击"，而Fox News却把这则新闻放在经济版的 不起眼位置。特朗普的支持者在网上呼吁"反击"，民主党媒体则准备看热闹。美联储、法院、媒体、企业、政客，都在用自己的方式对这场关 税风暴做出回应。 特朗普本人并没有回避。他在会见波兰总统时明确说："如果我们败诉，美国会遭受非常大的损失。"他还提到欧盟，说根据协议欧盟要向美国 支付近1万亿美元，协议已经生效，"他们很满意"。但他紧接着说，这一切都取决于关税政策的合法性，如果官司输了，这些协议可能都会失 效。在特朗普看来，关税就像是美国的"最后底线"，如果失去，美国就会陷入困境。 据参考消息报道，美国这场关税大戏，最近终于到了最关键的时候。八月底，联邦上诉法院裁定，特朗普之前引用《国际紧急经济权力法》大 规模加征关税的做法是"非法的"。这个消息一出，立刻成了华盛顿最引人关注的新闻之一。 特朗普的反应是什么呢？他趁着波兰总统来访，直接表明了他的想法：关税政策确实不完美，但美国绝对不能输。 这个场面有点讽刺。白宫的新闻画面上，特朗普还在说"美国要再次变得富有"，但法庭的裁决就像一次 ...

Group 1 - The core viewpoint of the news highlights the growth in China's aluminum alloy production, with a reported output of 1.54 million tons in July 2025, representing a year-on-year increase of 10.7% [1] - Cumulative production from January to July 2025 reached 10.628 million tons, showing a cumulative growth of 14.8% [1] - The report indicates that the aluminum alloy industry in China is expected to continue its upward trend, as outlined in the strategic analysis report by Zhiyan Consulting for the period of 2025-2031 [1] Group 2 - The listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [2] - The data source for the production statistics is the National Bureau of Statistics, emphasizing the reliability of the information presented [2]

2004年，贵州青年何显平从贵州工业大学材料学专业（现贵州大学化学与化工学院）硕士研究生毕业，南下佛山，成为一名材料研发工程师，还落户在这座 制造业名城。但命运的齿轮在八年后转动，他带着在广东积累的先进技术与管理经验，重返贵州。 2018年，已在贵州省遵义金兰（集团）伟明铝业有限公司历练数年的何显平，敏锐洞察到水城经济开发区的重大机遇。双元铝业的电解铝资源、当地"千企 改造"与延链补链的招商政策，以及粤黔协作机制的强力推动，让他毅然决定扎根水城创业。 何显平（左一）与团队讨论生产事宜。 面对未来，何显平期待进一步降低用电成本、强化产业链精准招商，吸引更多精深加工企业形成"隔墙供应"，将更多附加值留在六盘水。 何显平（左二）与团队讨论生产事宜。 "贵州有资源、有政策，广东有市场、有技术和管理标准。"回顾企业7年间从1400万元到28.8亿元营收的205倍飞跃，何显平认为成功来自"两地优势的完美 结合"。广东的高标准和质量要求，倒逼企业不断提升；六盘水"铝水不出园"的高效协作模式为企业扩产注入强大信心。 如今，他执掌的莹月帆集团已成为水城铝产业集群中的标杆企业，2023年荣获粤黔协作"万企兴万村"行动先进民营企业 ...