Group 1 - Chifeng City is emerging as an important green industry hub in Northeast China, leveraging its wind and solar energy resources along with abundant mineral resources [1] - The city has a renewable energy development potential exceeding 53 million kilowatts, with an annual green electricity capacity of over 112 billion kilowatt-hours [1] - The installed capacity of renewable energy is expected to surpass 10 million kilowatts by 2024 [1] Group 2 - Inner Mongolia Dongshan Aluminum Co., Ltd. has established a green intelligent new energy electrolytic aluminum integration project in Chifeng, attracted by the region's rich green electricity resources [1] - The project aims to transform "coal-electricity-aluminum" into "green aluminum," promoting a low-carbon transition and reducing export tariff costs [1] - The first phase of the electrolytic aluminum project, with a capacity of 500,000 tons, is about to be put into production [1] Group 3 - The concentration of upstream and downstream enterprises allows for direct transportation of molten aluminum to downstream companies, eliminating the need for ingot production and secondary melting processes [2] - The green hydrogen and green ammonia industries are also key focuses for Chifeng City, with green hydrogen being viewed as a "ultimate energy" due to its zero emissions and high energy efficiency [2] - Green ammonia serves both as a high-quality fertilizer raw material and as a medium for energy storage and clean power applications [2] Group 4 - The company YQ Zero Carbon Technology (Chifeng) Co., Ltd. is utilizing natural resources to continuously produce green energy, creating a "new oil field" over an area of more than 1,500 acres [2] - The process involves generating green electricity from wind and solar, producing green hydrogen, and then capturing nitrogen from the air to produce green ammonia [2] - Mufan Energy Technology (Chifeng) Co., Ltd. has developed a zero-carbon hydrogen and ammonia gas turbine that can burn both hydrogen and ammonia, providing green power for various applications [2] Group 5 - The company has also developed a mobile hydrogen and ammonia gas turbine, referred to as a "mobile energy vehicle," which is currently in the debugging phase [3] - This dual-fuel gas turbine is designed to use green hydrogen and ammonia produced by YQ Zero Carbon Technology [3] - Chifeng City is transitioning from its historical identity associated with the Hongshan culture to building a modern industrial green development system, aiming to create a new green industrial image [3]

Core Viewpoint - Nanshan Aluminum is expanding its overseas operations by investing approximately 1.868 billion yuan in Indonesia to build a caustic soda production facility with an annual capacity of 200,000 tons and an epoxy chloropropane production facility with an annual capacity of 165,000 tons [1][2][3] Group 1: Investment and Strategic Expansion - The investment is part of the company's long-term overseas market development plan, aimed at enhancing the supply of alumina raw materials and extending the industrial chain [1][3] - The project is expected to take about 18 months to complete and will primarily serve local alumina companies, with excess production available for domestic sales [2][3] - Nanshan Aluminum's overseas revenue reached 17.757 billion yuan in 2024, a year-on-year increase of 30.80%, accounting for 53% of total revenue, up from 47% in 2023 [4] Group 2: Financial Performance - In Q1 2025, Nanshan Aluminum reported revenue of 8.981 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 1.704 billion yuan, up 100.19% [7][8] - The company's cash flow remains positive, with a cash balance of 27.376 billion yuan, which is over five times its debt of approximately 5.042 billion yuan [8] - The company has maintained a high dividend payout ratio, exceeding 40% for two consecutive years [5][8] Group 3: Market Position and Competitive Advantage - Nanshan Aluminum is recognized as a leading aluminum processing enterprise in China, with a complete industrial chain from power generation to aluminum recycling [6] - The company has established a strong market presence, serving major clients in various sectors, including aviation, automotive, and telecommunications [6] - The investment in Indonesia is expected to leverage local resources, reducing procurement costs and enhancing competitive advantages in Southeast Asia and Northeast Asia markets [2][4]

天山铝业（002532.SZ）事件点评 规划电解铝扩产，技改降低能源成本 2025 年 06 月 08 日 ➢ 事件：2025 年 6 月 6 日公司发布公告，计划利用石河子厂区东侧预留场地， 采用国内先进的电解铝节能技术，对公司 140 万吨电解铝产能进行绿色低碳能 效提升改造。项目建设期暂定 10 个月，建设投资约 22.3 亿元。项目完工后，公 司电解铝产能将提升至 140 万吨，铝液综合交流电耗将达到行业领先水平。 ➢ 电解铝产能扩张 20 万吨，能源成本有望降低。1)新增 20 万吨产能，26 年 大规模释放：公司拥有 140 万吨电解铝产能指标，目前已建成 120 万吨产能， 140 万吨电解铝能效提升改造项目完工后，将新增 20 万吨产能。考虑建设期， 我们预计 26 年新增产能将大规模释放；2）采用先进节能技术，能源成本有望降 低。140 万吨电解铝能效提升改造项目采用全石墨化阴极炭块和新式节能阴极结 构技术，具有内衬寿命高、电阻率低、钠膨胀率低、抗热冲击性好、电阻率低、 运行稳定性和电流效率高等诸多优点，项目建成后，铝液综合交流电耗将达到行 业领先水平，电力成本有望下降。公司电解铝产能分布在 ...

Group 1 - The GDP of Sanmenxia in Henan province grew by 6.5% year-on-year in the first quarter, with new energy installed capacity exceeding 3 million kilowatts, accounting for 45% of the city's total power generation [1] - The comprehensive income from cultural tourism reached 4.2 billion yuan, representing a 56% year-on-year increase [1] - The traditional metallurgy company is producing gallium crystals from copper anode mud, with an annual output value exceeding 50 million yuan, highlighting the value of waste materials [1] Group 2 - The Baowu Aluminum-based New Materials Industrial Park achieved an output value of 18 billion yuan and created 12,000 jobs, showcasing advancements in aerospace materials [1] - The transformation of Sanmenxia is driven by a significant restructuring of industrial logic, with energy consumption in gold smelting reduced by 23% and product added value increased by 40% [1] - The proportion of strategic emerging industries such as new energy and new materials increased from 12% to 35%, becoming a new engine for economic growth [1] Group 3 - The "three-chain integration" mechanism explored by Sanmenxia has been recognized as a typical case by the National Development and Reform Commission, focusing on ecological, industrial, and innovation chains [1] - The establishment of a horizontal ecological compensation mechanism in the Yellow River basin is part of the ecological chain foundation [1] - The city is supporting new energy and cultural tourism sectors through an industrial transformation fund [1] Group 4 - The local rural area is leveraging AR technology to enhance tourism, attracting over 500,000 research and study visitors annually [2] - The archaeological site park in Yangshao village received 420,000 visitors during the Qingming Festival, leading to a 98% occupancy rate for nearby accommodations [2] - Nighttime economy initiatives have emerged, with night tours generating 37% of consumption in the region [2]

根据美国国际贸易委员会数据，美国2024年进口了价值1473亿美元的钢铝产品。美国进口钢铁的主要来源地包括 加拿大、墨西哥、巴西、韩国和越南等，进口铝的主要来源地是加拿大等。另据中国钢铁协会数据，中国2024年 出口钢材11071.6万吨，同比增长22.7%，总量直指近十年最高位。中国对美国钢材出口量仅约89万吨，仅占中国 钢材出口总量的0.8%，加征关税对中国钢材产品的直接出口影响较小。然而，一些人士担心，美国关税政策或通 过影响下游企业产品出口和全球贸易体系等，对中国钢材出口造成间接影响。 钢铝关税税率提高，或通过影响下游企业产品出口和全球贸易体系等，对中国钢材出口造成间接影响。一些美国 国内人士也担心钢铝进口、使用成本上升，最终转嫁给美国普通消费者 文|《财经》记者 邹碧颖 编辑| 王延春 6月5日下午，中国商务部举行例行新闻发布会。有记者提问，美国将进口的钢铝以及其衍生品关税从25%提高到 50%，政策在4日已经正式生效，请问商务部有何评论？ 商务部发言人何咏前表示，中方已多次强调242关税是典型的单边主义和保护主义行径，早已被世贸组织争端解决 机制裁定违反世贸规则，此次美方再一次提高钢铝及其衍生制品 ...

关税再次生变，预计短期震荡偏弱 研究员：王艳红 投资咨询号：Z0010675 研究员：袁 棋 投资咨询号：Z0019013 第一部分 核心观点 第二部分 氧化铝-产业基本面 第三部分 电解铝-产业基本面 目 录 核心观点 宏观：美国5月芝加哥PMI录得40.5，远低于预期值45和前值44.6，5月一年期通胀率预期终值录得6.6%，低于预期值7.1%，但仍属于偏高位置，滞 涨概率加大；国内汽车价格战遭到官方制止，库存偏高经济偏弱的情况下，有待相关刺激政策出台；特朗普称将把进口钢铁和铝关税翻倍至50%，多 国进行对等关税回应，贸易关税不确定性再次增强。 氧化铝-产业基本面总结： 电解铝-产业基本面总结： 供给：4月，在产产能环比减少390万吨，开工率大幅下滑；矿石端，国内到港量维持正常，几内亚出港量暂维持正常 进口： 2025年4月中国氧化铝净出口24.93万吨，环比小幅减少，连续13个月净出口；进口转为小幅盈利 需求：电解铝在产产能持续增加且维持高位，短期氧化铝需求相对持稳 利润：氧化铝目前冶炼成本在每吨2997，每吨盈利313元，成本小幅上移，利润小幅走阔；烧碱价格最新价3700元/吨，周度环比上涨50元/吨 ...

Core Viewpoint - Nanshan Aluminum plans to establish a joint venture in Indonesia to build a caustic soda project with an annual capacity of 200,000 tons and an epoxy chloropropane project with an annual capacity of 165,000 tons, with a total investment of approximately 1.868 billion RMB [1] Group 1: Investment and Production Plans - The investment in Indonesia is part of the company's long-term overseas market development strategy and aims to enhance the supply chain for alumina raw materials while extending the upstream and downstream industrial chain [1] - The caustic soda produced will primarily be sold to alumina enterprises within the industrial park, with the remaining portion available for domestic sales in Indonesia [1] - The epoxy chloropropane products will mainly target markets in Southeast Asia and Northeast Asia, providing a competitive advantage in market selection and production costs [1] Group 2: Industry Context and Strategic Development - Following Indonesia's ban on direct exports of bauxite, many alumina enterprises have invested in Indonesia, making it a significant player in the caustic soda market [1] - Nanshan Aluminum has established a scale of benefits in the Bintan Industrial Park since planning the alumina project in 2017, with 2 million tons of alumina production capacity currently in operation and another 2 million tons under construction [2] - The company has entered the trial production phase for its third-phase alumina project in Bintan, Indonesia, as part of its dual-track development strategy [3] Group 3: Financial Performance - In the first quarter, Nanshan Aluminum achieved an operating income of 8.981 billion RMB, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 1.704 billion RMB, a year-on-year increase of 100.19% [3]

新能源及有色金属日报 | 2025-06-06 社会库存持续去库 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20250元/吨，较上一交易日下跌30元/吨，长江A00铝现货升贴 水较上一交易日下跌10元/吨至80元/吨；中原A00铝价录得20190元/吨，中原A00铝现货升贴水较上一交易日下 跌20元/吨至30元/吨；佛山A00铝价录20110元/吨，佛山A00铝现货升贴水较上一交易日持平于-50元/吨。 铝期货方面：2025-06-05日沪铝主力合约开于20030元/吨，收于20010元/吨，较上一交易日收盘价下跌5元/吨， 跌幅-0.02%，最高价达20145元/吨，最低价达到19975元/吨。全天交易日成交127138手，较上一交易日减少 33438手，全天交易日持仓184164手，较上一交易日减少5805手。 库存方面，截止2025-06-05，SMM统计国内电解铝锭社会库存50.4万吨。截止2025-06-05，LME铝库存365850 吨，较前一交易日减少2025吨。 氧化铝现货价格：2025-06-05 SMM氧化铝山西价格录得3290元/吨，山东价格录得3260元/吨，广西价格录得 ...

5月的北海铁山港，海风轻拂海岸线。远处，装载着铝土矿的货轮缓缓靠岸；近处，智慧电厂将煤 炭转化为清洁热能，为铝产业输送动能。 这里是广西投资集团北海临港循环经济产业园——首个由广西本土企业自主投资、建设、运营的临 港型铝产业链集群，正以创新驱动书写传统产业转型升级与循环经济发展的新答卷。 从"能源短缺"到"绿色枢纽" 海洋是高质量发展的战略要地，向海方可图强，开放才有发展。 临港产业壮大，则向海经济繁荣。广投集团锚定深化供给侧结构性改革目标，以广投北海电厂为能 源协同基础核心，以海外铝土矿资源为供应链抓手，以绿色生态铝项目为产业支点，串联港口物流优 势，以产融投协同发展综合施策，全力打造"前港后厂""港产城一体化"的临港循环经济产业园。 5月25日，临港循环经济产业园内，广投临港工业公司20万吨散货码头试运行。后续装载几内亚铝 土矿的货轮抵岸后，铝土矿将通过传送栈道，直抵近在300米外的氧化铝工厂，实现"矿—港—厂"全程 无缝衔接。氧化铝工厂生产所需热能，均来自园内先期建设的广投北海电厂。 "过去北海缺电少煤，现在我们建成了北海清洁能源枢纽。"广投北海电厂主任工程师罗世斌见证了 电厂蝶变。上世纪90年代，在沿 ...

Core Viewpoint - The aluminum oxide futures market is experiencing volatility, with recent price fluctuations influenced by supply-demand dynamics and external factors such as Guinea's mining policies [3][4]. Market Supply and Demand Dynamics - The aluminum oxide futures market has seen a notable decrease in trading activity, shifting focus back to fundamental factors. In April, widespread maintenance and production cuts due to losses led to tighter spot supply. In May, changes in Guinea's mineral resource policies contributed to a price surge, with futures prices nearing 3300 yuan/ton [3]. - As the excitement around Guinea's mining policy subsides, bearish forces have emerged, causing aluminum oxide futures prices to drop back to the 2900-3000 yuan/ton range. The Guinea government's revocation of the AXIS mining license primarily affects bauxite mining and does not significantly alleviate the oversupply crisis in the ore market [3]. Inventory and Capacity Pressure - The recent decline in aluminum oxide futures prices is primarily due to the arrival of an inventory turning point. Weekly production of aluminum oxide has increased for three consecutive weeks, and the arrival of over 30,000 tons from new Indonesian projects has shifted social inventory from depletion to accumulation [4]. - With the supply side recovering significantly in June, the pressure of overcapacity has increased. Current bauxite prices in Guinea are around 75 USD/ton, allowing domestic aluminum oxide producers to maintain high profit margins at 3300 yuan/ton. If the production cuts in Guinea do not expand further, the domestic bauxite supply is expected to balance throughout the year [4].