Group 1: Report Industry Investment Ratings - Investment rating for aluminum: Cautiously bullish [9] - Investment rating for alumina: Neutral [9] - Investment rating for aluminum alloy: Cautiously bullish [9] Group 2: Core Viewpoints of the Report - For electrolytic aluminum, overseas uncertainties persist, with geopolitical crises, negotiation progress, tariff adjustments, and the long - term downward trend of interest rates. Overseas demand is strong with high and rising spot premiums. Domestically, the supply - demand balance has no prominent contradictions, and factors like price transmission and post - holiday consumption recovery are being tested. The upcoming Two Sessions bring short - term positive sentiment and downstream rigid demand. In the long run, macro - level interest rate cuts and overseas uncertainties are positive for consumption [6]. - For alumina, the supply surplus pressure is relieved due to production cuts by northern alumina plants, and the inventory accumulation rate slows down. Spot prices tend to rise, but electrolytic aluminum plants have low acceptance of price increases. The warehouse receipt inventory pressure is difficult to resolve, and the warehouse receipt contradiction is intensifying. Attention should be paid to the commissioning rhythm of new capacity in Guangxi [7][8]. Group 3: Summary of Key Data Aluminum Spot - On February 26, 2026, the price of East China A00 aluminum was 23,520 yuan/ton, with a change of 140 yuan/ton from the previous trading day, and the spot premium was - 180 yuan/ton, a change of 20 yuan/ton. The price of Central China A00 aluminum was 23,410 yuan/ton, and the spot premium was - 290 yuan/ton, a change of - 10 yuan/ton. The price of Foshan A00 aluminum was 23,550 yuan/ton, a change of 100 yuan/ton, and the spot premium was - 145 yuan/ton, a change of - 15 yuan/ton [1]. Aluminum Futures - On February 26, 2026, the main contract of Shanghai aluminum opened at 23,845 yuan/ton, closed at 23,845 yuan/ton, a change of 145 yuan/ton from the previous trading day, with a maximum price of 24,000 yuan/ton and a minimum price of 23,710 yuan/ton. The trading volume was 266,795 lots, and the open interest was 252,168 lots [2]. Inventory - As of February 26, 2026, the domestic social inventory of electrolytic aluminum ingots was 1.157 million tons, a change of 49,000 tons from the previous period. The warehouse receipt inventory was 288,287 tons, a change of 3,112 tons from the previous trading day. The LME aluminum inventory was 467,550 tons, a change of - 2,000 tons from the previous trading day [2]. Alumina Spot Price - On February 26, 2026, the SMM alumina price in Shanxi was 2,610 yuan/ton, in Shandong was 2,570 yuan/ton, in Henan was 2,635 yuan/ton, in Guangxi was 2,675 yuan/ton, in Guizhou was 2,745 yuan/ton, and the FOB price of Australian alumina was 311 US dollars/ton [2]. Alumina Futures - On February 26, 2026, the main contract of alumina opened at 2,879 yuan/ton, closed at 2,820 yuan/ton, a change of - 32 yuan/ton from the previous trading day, a change rate of - 1.12%, with a maximum price of 2,890 yuan/ton and a minimum price of 2,807 yuan/ton. The trading volume was 448,156 lots, and the open interest was 340,118 lots [2]. Aluminum Alloy Price - On February 26, 2026, the purchase price of Baotai civil raw aluminum was 17,500 yuan/ton, and the purchase price of mechanical raw aluminum was 17,900 yuan/ton, a change of 100 yuan/ton from the previous day. The Baotai quotation of ADC12 was 23,200 yuan/ton, with no change from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 67,000 tons, and the in - plant inventory was 94,800 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost was 22,631 yuan/ton, and the theoretical profit was 569 yuan/ton [5]. Group 4: Strategy - Unilateral strategy: Bullish on aluminum with caution, neutral on alumina, and bullish on aluminum alloy with caution [9]. - Arbitrage strategy: Long electrolytic aluminum and short aluminum alloy [9]

1. Report Industry Investment Ratings - Index: Long - term bullish, buy on dips [1][6] - Treasury bonds: Range - bound trading [1][6] - Coking coal: Short - term trading [1][7] - Rebar: Range trading [1][8] - Glass: Weak - side range - bound trading [1][9] - Copper: Short - term range trading, focus on 98000 - 106000 [1][11] - Aluminum: Strengthen observation [1][12] - Nickel: Moderately hold long positions on dips [1][14] - Tin: Range trading [1][15] - Gold: Range trading [1][16] - Silver: Range trading [1][16] - Lithium carbonate: Range - bound oscillation [1][17] - PVC: Range trading [1][17] - Caustic soda: Low - level range - bound trading [1][20] - Soda ash: Short on rallies [1][27] - Styrene: Go long on dips, not chase highs [1][21] - Rubber: Range trading [1][22] - Urea: Range trading [1][24] - Methanol: Range trading [1][24] - Polyolefins: Weak - side range - bound trading [1][25] - Cotton and cotton yarn: Bull - side range - bound trading [1][28] - Apples: Bull - side range - bound trading [1][28] - Red dates: Range - bound trading [1][30] - Hogs: Be cautious about shorting the 05 contract, short on rallies [1][30] - Eggs: If culling does not accelerate, short on rallies for near - term contracts [1][32] - Corn: Bull - side range - bound trading, range - based operations [1][33] - Soybean meal: Short on rallies [1][34] - Oils: Buy on dips [1][34] 2. Core Views of the Report - The global market is affected by various factors such as geopolitical events, trade policies, and supply - demand relationships, leading to different trends in different commodity futures [6][12][33] - Different commodities have different supply - demand situations, cost factors, and market expectations, which determine their investment ratings and price trends [8][14][20] 3. Summaries by Relevant Catalogs 3.1 Macro Finance - Index: Affected by overseas tech stocks and unclear US - Iran situation, it may be under short - term pressure, but long - term is bullish [6] - Treasury bonds: Due to institutional behavior and supply pressure, it is expected to trade in a range [6] 3.2 Black Building Materials - Coking coal: The post - holiday market is weak and stable, with slow demand recovery, suitable for short - term trading [8] - Rebar: With low valuation and weak drive, it is expected to trade in a range, focusing on post - holiday demand recovery [8] - Glass: With supply, inventory, and demand issues, it is expected to trade weakly in a range, with increased post - holiday volatility [9][10] 3.3 Non - ferrous Metals - Copper: Affected by trade policies and supply - demand fundamentals, it is expected to trade in a range around 100000 in the short term [12] - Aluminum: Supply is expected to improve, but the market sentiment for non - ferrous metals is still bullish. It is recommended to strengthen observation [13] - Nickel: Affected by the reduction of Indonesian nickel ore quotas, the ore end has strong support, and it is recommended to hold long positions on dips [14][15] - Tin: With tight supply and stable demand in the downstream, it is expected to continue to trade in a range [15] - Gold and silver: Affected by US economic data, trade policies, and geopolitical events, the mid - term price center is expected to move up, and range trading is recommended [15][16] - Lithium carbonate: With supply and demand changes and potential supply disturbances, it is expected to trade in a range [16][17] 3.4 Energy Chemicals - PVC: With weak domestic demand and high inventory, it is in a weak supply - demand situation. However, due to low valuation and potential policy impacts, it is recommended for range trading [17] - Caustic soda: With weak demand support and potential supply - side changes, it is expected to trade in a range at a low level [20] - Soda ash: With increasing supply and inventory pressure, it is recommended to short on rallies [27] - Styrene: It is expected to be bullish in the short term, but supply pressure may increase in March. It is recommended to go long on dips [21] - Rubber: Due to supply - demand contradictions, it is expected to trade in a range [22] - Urea: With supply increases and demand support, it is expected to trade in a range [24] - Methanol: With weak domestic market conditions, it is expected to trade in a range [24] - Polyolefins: With increasing supply pressure and expected improvement in downstream demand, it is expected to trade weakly in a range [25][26] 3.5 Cotton Textile Industry Chain - Cotton and cotton yarn: With changes in global supply - demand expectations and post - holiday consumption recovery, it is expected to be bullish in a range [28] - Apples: With post - holiday market conditions, it is expected to be bullish in a range [28] - Red dates: The 2025 production season has specific acquisition price ranges, and it is expected to trade in a range [30] 3.6 Agricultural and Livestock - Hogs: In the short term, the price is expected to oscillate at a low level. For the 05 contract, it is recommended to be cautious about shorting and short on rallies. The long - term price trend depends on production capacity reduction [30] - Eggs: With sufficient supply and weak demand in the short term, if culling does not accelerate, it is recommended to short on rallies for near - term contracts [32] - Corn: With short - term supply - demand games and long - term loose supply - demand patterns, it is recommended for range - based operations [33] - Soybean meal: Affected by external factors and domestic supply - demand, it is recommended to short on rallies [34] - Oils: Affected by various factors, the short - term price is expected to be supported but with limited upside. It is recommended to buy on dips, especially for soybean oil [34][39]

Copper - Copper prices showed a weak fluctuation overnight, with the domestic refined copper import window closed [2][11] - LME copper inventory increased by 3,950 tons to 259,600 tons, while Comex copper inventory rose by 9.98 tons to 545,267 tons [2][11] - The core logic driving copper prices upward remains the insufficient global copper mine capital expenditure leading to a supply gap, alongside increasing demand from new energy and AI infrastructure [2][11] Nickel & Stainless Steel - LME nickel fell by 1.75% to $17,730 per ton, while SHFE nickel dropped by 1.25% to 139,100 yuan per ton [12][12] - LME nickel inventory increased by 1,698 tons to 289,506 tons, while SHFE warehouse receipts decreased by 19 tons to 53,158 tons [12][12] - The approved nickel ore production quota in Indonesia is between 260 million to 270 million tons, significantly lower than last year's target [12][12] Aluminum & Alumina & Aluminum Alloys - Alumina prices showed a weak fluctuation, with AO2605 settling at 2,747 yuan per ton, down 3.55% [14][14] - SHFE aluminum fluctuated weakly, with AL2604 closing at 23,780 yuan per ton, down 0.34% [14][14] - The overseas alumina price increased, while domestic electrolytic aluminum plants began winter raw material storage, leading to a counter-trend rise in alumina prices [14][14] Industrial Silicon & Polysilicon - Industrial silicon showed weak fluctuations, with the main contract settling at 834,035 yuan per ton, down 1.3% [15][15] - Polysilicon also experienced a weak fluctuation, with the main contract closing at 46,315 yuan per ton, down 2.59% [15][15] - The supply of industrial silicon has narrative support, but upward price movement is limited due to constrained demand [15][15] Lithium Carbonate - Lithium carbonate futures rose by 3.47% to 173,660 yuan per ton, with battery-grade lithium carbonate prices increasing by 11,250 yuan per ton to 173,000 yuan per ton [16][16] - The weekly lithium carbonate social inventory decreased by 2,839 tons to 100,093 tons, with downstream inventory dropping by 4,471 tons to 40,021 tons [16][16] - Concerns over exports from Zimbabwe have led to a gap opening in lithium carbonate futures prices, with current exports paused [16][16]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Relevant Catalog Alumina - On February 26, the domestic bauxite price was 491 yuan/ton, with no change compared to the previous day; the Guinea imported ore price was 61 US dollars/dry ton, a decrease of 1 US dollar/dry ton compared to the previous day [41]. - On February 26, the spot price index was 2,654 yuan/ton, an increase of 5 yuan/ton compared to the previous day [41]. Electrolytic Aluminum - On February 26, the spot average price of electrolytic aluminum was 23,555 yuan/ton, an increase of 117 yuan/ton compared to the previous day; the premium and discount was -175 yuan/ton, an increase of 25 yuan/ton compared to the previous day [3]. - According to the Shanghai Futures Exchange, on February 26, the futures inventory was 288,287 tons, an increase of 3,112 tons compared to the previous day [3]. - According to Mysteel, on February 26, the aluminum rod processing fee was 106 yuan/ton, a decrease of 10 yuan/ton compared to the previous day [3]. Aluminum Alloy - On February 26, the price of raw aluminum was 17,250 yuan/ton, with no change compared to the previous day; the price of cooked aluminum was 17,650 yuan/ton, with no change compared to the previous day [4]. - On February 26, the ADC12 price was 23,200 yuan/ton, with no change compared to the previous day [4]. - According to the Shanghai Futures Exchange, on February 26, the futures inventory was 66,174 tons, a decrease of 907 tons compared to the previous day [4].

Core Viewpoint - Southbound funds have reduced their holdings in CITIC Resources (01205.HK) by 108,000 shares on February 26, indicating a trend of net selling over recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have reduced their holdings for 5 days, with a total net reduction of 206,000 shares [1] - Over the past 20 trading days, southbound funds have reduced their holdings for 20 days, with a cumulative net reduction of 3,976,000 shares [1] - Currently, southbound funds hold 70,806,100 shares of CITIC Resources, accounting for 0.89% of the company's total issued ordinary shares [1] Group 2: Company Overview - CITIC Resources Holdings Limited is primarily engaged in the exploration and sale of natural resources [1] - The company operates through four segments: - The crude oil segment focuses on oilfield operations and crude oil sales in Indonesia and China - The electrolytic aluminum segment operates aluminum smelting plants and sells aluminum ingots in Australia - The coal segment operates coal mines and sells coal in Australia - The import and export segment deals with the import of other goods and manufactured products [1]

Group 1: Economic Development and Corporate Contributions - The key focus of the development strategy in Zouping is on practical actions, emphasizing the importance of serving enterprises and ensuring the well-being of citizens [1] - Weiqiao Pioneering Group achieved record-high revenues of 591.5 billion yuan, profits of 32.45 billion yuan, and tax contributions of 24.21 billion yuan in 2025, with local tax payments of 4.6 billion yuan accounting for 70% of Zouping's local tax revenue [2] - Innovation Group has become the world's largest producer of aluminum alloy materials, with projected revenues exceeding 120 billion yuan in 2025, and has maintained a leading position in the global aluminum rod market [3] Group 2: Industrial Ecosystem and Infrastructure - Zouping's industrial landscape is characterized by a diverse ecosystem, with over 84,000 market entities contributing to a vibrant economic environment [3] - The Zouping Economic Development Zone is actively promoting the construction of seven major industrial parks, focusing on high-end aluminum processing and renewable energy projects [3] - The local government is committed to enhancing the business environment by implementing proactive service measures for enterprises, ensuring smooth project approvals and resource allocation [4] Group 3: Social Welfare and Urban Development - Zouping aims to improve the quality of life for its residents by focusing on education, healthcare, and elderly care, with plans to enhance school resources and healthcare services [5] - Urban development initiatives include the renovation of old districts and the upgrade of new urban areas, alongside plans for a leading national library and sports complex [5] - The city is also exploring cultural tourism opportunities and urban consumption stimulation to enhance the living standards of its residents [5]

Group 1 - The core viewpoint of the articles indicates a collective decline in aluminum oxide contracts, with the main contract for February 2605 closing at 2820 yuan, down 32 yuan or 1.12% [1] - The trading volume for aluminum oxide contracts increased significantly, with a total of 500,033 contracts traded, up 189,651 contracts or 61.10% from the previous trading day [1] - The open interest rose to 481,179 contracts, an increase of 377,180 contracts or 8.51% [1] Group 2 - Domestic aluminum oxide spot prices showed some increases, with prices in different regions reporting slight variations; for instance, prices in South China remained stable at 2680-2730 yuan per ton, while prices in East China increased by 10 yuan to 2620-2660 yuan per ton [1] - The overall sentiment in the macro market is positive, with global stock markets rising, although domestic indices showed mixed results; the weakening of the US dollar coincided with a depreciation of the yuan, contributing to a volatile trading atmosphere in the aluminum oxide market [1] - The fundamental outlook for aluminum oxide remains weak in the medium to long term, with no signs of a complete reversal; short-term price movements are expected to remain volatile, constrained by new production capacity and declining costs [2]

Group 1 - Tianshan Aluminum announced a pre-disclosure regarding the share reduction by its actual controllers, Zeng Chaoyi and Zeng Chaolin, who hold 8.08% and 6.08% of the company's total shares, respectively [1] - Zeng Chaoyi plans to reduce his holdings by up to 45,898,700 shares within three months after 15 trading days from the announcement date, while Zeng Chaolin has the same plan for the same number of shares [1] - Based on the closing price of 17.96 yuan on February 25, the potential cash-out for both controllers could reach a total of 164,868.13 million yuan [1] Group 2 - On January 14, Tianshan Aluminum reported the completion of a share reduction plan, where Zeng Chaoyi and Zeng Chaolin each reduced their holdings by 22,949,300 shares, accounting for 0.50% of the total shares [1] - The average reduction price for the shares sold by both controllers was 17.78 yuan, resulting in a total cash-out of 81,607.71 million yuan [2] - The company had previously conducted a non-public offering of shares, raising approximately 4,959.52 million yuan after deducting various fees [3]

新能源及有色金属日报 | 2026-02-26 氧化铝现货招标价低于预期 重要数据 铝现货方面：SMM数据，华东A00铝价23380元/吨，较上一交易日变化-10元/吨，华东铝现货升贴水-200元/吨， 较上一交易日变化-40元/吨；中原A00铝价23300元/吨，现货升贴水较上一交易日变化-40元/吨至-280元/吨； 佛山A00铝价录23450元/吨，较上一交易日变化-20元/吨，铝现货升贴水较上一交易日变化-55元/吨至-130元/ 吨。 铝期货方面：2026-02-25日沪铝主力合约开于23580元/吨，收于23835元/吨，较上一交易日变化155元/吨，最 高价达23910元/吨，最低价达到23535元/吨。全天交易日成交238350手，全天交易日持仓248160手。 库存方面，截止2026-02-25，SMM统计国内电解铝锭社会库存110.8万吨，较上一期变化21.6万吨，仓单库存 285175吨，较上一交易日变化2576吨，LME铝库存469550吨，较上一交易日变化-2000吨。 氧化铝现货价格：2026-02-25SMM氧化铝山西价格录得2610元/吨，山东价格录得2560元/吨，河南价格录 ...

Core Viewpoint - The Trump administration plans to reduce certain tariffs on steel and aluminum products due to concerns that these tariffs are raising consumer prices and affecting public sentiment ahead of the midterm elections [1] Group 1: Tariff Adjustments - The U.S. Department of Commerce and the Office of the U.S. Trade Representative believe that the tariffs are harming consumers by increasing prices [1] - Trump imposed tariffs of up to 50% on imported steel and aluminum last year, using them as leverage in trade negotiations [1] - The administration is currently reviewing the list of products affected by the tariffs and plans to exempt certain items while pausing the expansion of the list [1] Group 2: Economic Impact and Public Sentiment - Concerns about rising consumer prices are prevalent among voters, making the cost of living a significant issue in the upcoming elections [1] - Trump is promoting his economic achievements in Detroit to refocus public attention on U.S. manufacturing and efforts to address high consumer costs [1]