gtaxinstitute@essence.com.cn 综合晨报 2025年12月01日 (原油) 周日OPEC+8个主要产油国决定，维持11月初制定的产量计划，在2026年Q1暂停增产。委内瑞拉抗议 美方企图以武力控制其石油。伊朗伊斯兰革命卫队在波斯湾水域扣押了一艘载走私燃料的外籍油 轮。短期消息面对油价有所提振，外盘油价周一盘初走高1%。中长期基本面库存宽松压力仍存，油 价反弹空间及持续性或有限。 (责金属) 周五市场并未有显著的利多消息,但国际银价大涨超过6%带动贵金属整体强势,体现其在美联储降 息预期增强背景下金融属性和现货偏紧的双重支撑及高波动特点。 铂肥上市伊始国内投资者对铂的 青睐度更高，相对走势上铂强于叙,倾向多铂空肥。本周继续关注俄乌和平谈判进展。 【铜】 上周五伦铜再创高，沪铜盘中增仓跟涨，短线贵金属提供溢价情绪，中长线市场持续看涨来年铜均 价上涨，流动性、绿碳与智算相结合的需求以及矿端低加工费博弈向冶炼环节传导，且美伦价差可 能继续吸引去美库存,共同支撑涨势。短线多单持有,关注资金变动。 (铝) 周五贵金属和铜太幅上行,沪铝跟涨。近期铝锭有所去库,总体李节性表现偏中性,现货维持贴 水， ...

Core Insights - The article highlights the successful establishment of nine 5G factories in Anhui, which have been recognized in the national directory by the Ministry of Industry and Information Technology, marking a significant milestone in the province's industrial internet development [1][2] - Anhui Unicom is positioned as a key player in driving digital transformation in manufacturing, leveraging 5G and industrial internet technologies to support high-quality development in the region [1][2] Group 1: 5G Factory Development - Nine 5G factories in Anhui have been included in the national-level directory, showcasing the province's advancements in smart manufacturing [1][2] - These factories are distributed across multiple cities, including Wuhu, Suzhou, and Huangshan, indicating a collaborative regional approach to smart manufacturing [1] Group 2: Technological Advancements - Anhui Unicom is utilizing breakthroughs in 5G technology, mobile edge computing, artificial intelligence, and digital twins to fill technological gaps in smart manufacturing scenarios [2] - The company aims to create sustainable value for industrial enterprises through the application of cutting-edge technologies like 5G [1] Group 3: Strategic Vision - Anhui Unicom's vision is to become the preferred partner for the intelligent upgrade of manufacturing in the Jianghuai region, emphasizing a technology-led and collaborative empowerment approach [1] - The company is committed to enhancing regional collaboration and industrial integration to contribute to the high-quality development of the Yangtze River Delta [2]

公司主营精密电子零部件产品和集成方案,主要应用在智能手机摄( 头中的音圈马达VCM和摄像头模组CCM。马达相关电子零部件主.. 贝 (金) = % 11.8亿 55.63 +20.00% O sz 301567 公司从事精密结构件的研发、生产和销售,公司产品主要为运用于 能手机、可穿戴设备、智慧安居及汽车电子等行业的精密结构件, 消息面上，12月1日，中兴通讯表示，目前，搭载豆包手机助手技术预览版的工程样机努比亚M153少量发售，供开发者和感兴趣的朋友体验豆包手机助手。 其中，字节主导豆包大模型的植入与AI交互功能定义，中兴则主导硬件定义、产品设计和生产制造。 有色金属板块同样走强，白银有色、闽发铝业、亚太科技、罗平锌电涨停，天华新能、江西铜业、湖南白银、云南铜业等个股涨幅居前, 有色金属 +1.76% | + 自选 产业链 股票池 未上市公司 领涨次数 / 简称 涨跌幅↓ 流涌市值 现价 = 亚太科技 7.22 +10.06% O 62.9 Z sz 002540 公司是全球汽车行业铝材重要供应商及航空航天、轨道交通、海洋. 业等其他工业领域铝材优质供应商。主营高性能铝挤压材的研发、. 罗智能电 9.02 ...

Core Viewpoint - Global copper prices have reached a historical high, with the London Metal Exchange (LME) benchmark three-month copper rising to $11,294.5 per ton, driven primarily by supply shortages [1]. Group 1: Supply Factors - Major copper-producing countries, such as Chile, have underperformed in production this year, leading to a decline in domestic refined copper output and low levels of imports for intermediate products like scrap copper and anode copper [1]. - The overall copper inventory in both domestic and international exchanges is on a downward trend, with the Shanghai Futures Exchange reporting low copper stock levels that continue to decrease [1]. Group 2: Market Dynamics - The expectation of a potential interest rate cut in December is influencing market sentiment, although the real estate sector is experiencing a downturn [2]. - The China Nonferrous Metals Industry Association has emphasized strict control over smelting capacity, advocating for a 10% reduction in copper concentrate smelting capacity to balance supply and demand [2]. - Despite the fourth quarter showing lower-than-expected consumption and an increase in COMEX copper inventory, the LME inventory remains under pressure, indicating a complex market dynamic [2].

Market Overview - A-shares experienced a volatile rise in early trading, with the Shenzhen Composite Index and ChiNext Index both increasing by over 1%, while the Shanghai Composite Index returned above 3900 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.23 trillion yuan, an increase of 250.4 billion yuan compared to the previous trading day [1] Sector Performance - The consumer electronics sector saw a collective surge, with companies like ZTE Corporation, Tianyin Holdings, and Daoming Optics hitting the daily limit [2] - The non-ferrous metals sector was active, with Silver Nonferrous and Minfa Aluminum also reaching the daily limit [2] - The commercial aerospace concept continued its strong performance, with Aerospace Development achieving 8 limit-ups in 12 days [2] - Conversely, the wind power sector showed weak performance, with Sany Renewable Energy dropping over 6% [2] - Overall, the Shanghai Composite Index rose by 0.42%, the Shenzhen Composite Index increased by 0.95%, and the ChiNext Index gained 0.9% [2]

Core Viewpoint - The nickel industry is facing significant challenges related to waste management, highlighted by a major Chinese-controlled smelter in Indonesia reducing production due to its tailings storage nearing capacity [1] Industry Summary - The Indonesian nickel industry is under increasing pressure as nickel ore supply struggles to keep pace with the rapid expansion of smelting capacity, leading several smelters to warn of potential production halts [1] - The chairman of the Indonesian Nickel Smelting Association (FINI), Arif Perdanakusumah, has indicated that the industry is confronting mounting difficulties [1] Company Summary - Company has established a comprehensive industrial chain covering nickel ore trading, smelting production, equipment manufacturing, and sales [1] - The company has signed long-term trade and supply agreements with mining enterprises in the Philippines and Indonesia, and has developed a total nickel production capacity of 400,000 metal tons on OBI Island, Indonesia [1] - The company is expected to benefit from its hydrometallurgical capacity in Indonesia and has potential for future expansion in the nickel industry chain, which could drive performance and valuation increases [1]

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.14% and the ChiNext Index up 0.26%, led by the non-ferrous metals and military sectors, while e-commerce stocks weakened [1] - Hong Kong stocks also opened higher, with the Hang Seng Index rising 0.34% and the Hang Seng Tech Index up 0.21%, notable gainers included New World Development up over 6% and China Metallurgical Group up over 5% [1][5] Commodity Performance - Most commodities opened higher, with silver rising 6.98%, the shipping index (European line) up 3.67%, and international copper up 2.39% [1] - The precious metals sector saw significant gains, with silver stocks hitting the daily limit, including Hunan Silver and Jiangxi Copper, both up over 6% [1] Bond Market - The bond market opened mostly lower, with the 30-year main contract down 0.01%, while the 5-year contract saw a slight increase of 0.01% [1][2] Stock Index Performance - The Shanghai Composite Index opened at 3894.21 points, up 0.14%, while the Shenzhen Component Index opened at 13038.16 points, up 0.42% [4] - The ChiNext Index opened at 3060.56 points, up 0.26%, and the CSI 300 opened at 4539.19 points, up 0.28% [4] Notable Stock Movements - Silver-related stocks showed strong performance, with Silver Holdings up 9.96% and Jiangxi Copper up 7.51% [2] - In the Hong Kong market, Meituan fell over 2% following its earnings report, while NetEase rose 1.3% and Alibaba increased nearly 1% [5]

Report Industry Investment Ratings - **Macro Finance**: Index futures are favored in the medium to long term, with a strategy of buying on dips; treasury bonds are expected to trade sideways [1][5]. - **Black Building Materials**: Coking coal and rebar are recommended for range trading; glass is advised to be observed without chasing high prices [1][7][8]. - **Non - ferrous Metals**: Copper is suitable for short - term range trading; aluminum suggests reducing long positions at high levels after a rebound; nickel advises waiting and watching or shorting on rallies; tin is for range trading; gold is for range trading; silver recommends holding long positions and being cautious about new positions; lithium carbonate is expected to be in a relatively strong sideways trend [1][11][14]. - **Energy Chemicals**: PVC, caustic soda, soda ash, styrene, rubber, urea, and methanol are for range trading; polyolefins are expected to be in a weak sideways trend [1][19][21]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA is for range - bound trading; apples are expected to be in a slightly strong sideways trend; jujubes are expected to be in a weak sideways trend [1][27][29]. - **Agricultural and Livestock**: Pigs in the near - term are in a weak adjustment at low levels, and caution is advised when chasing high prices in the far - term; eggs' price increase is restricted; corn suggests hedging on rallies; soybean meal is mainly for range trading; oils are expected to stop falling and rebound, with a strategy of buying on dips [1][31][35]. Core Views The report provides trading suggestions for various futures products based on their current market conditions, supply - demand fundamentals, and macro - economic factors. It analyzes each product's situation in detail, including factors such as production, consumption, inventory, and policy, and offers corresponding investment strategies [1]. Summaries by Category Macro Finance - **Index Futures**: China's November official manufacturing PMI rebounded, and the external environment improved. However, the market's main line rotates quickly, so index futures may trade sideways. In the medium to long term, they are favored, and a strategy of buying on dips is recommended [5]. - **Treasury Bonds**: After continuous callbacks, the yields of 10 - year and 30 - year active bonds have basically retreated to the level before the announcement of treasury bond trading operations. The market may focus on the actual scale of the central bank's treasury bond trading operations at the end of the month. Treasury bonds are expected to trade sideways [5]. Black Building Materials - **Coking Coal**: The coal mine market is in a continuous price - cut trend, with weak demand. Market participants are generally in a wait - and - see state. It is recommended for range trading [8]. - **Rebar**: The futures price of rebar strengthened last Friday. In the short term, it is in a policy vacuum period. The supply and demand contradiction is not significant, and the price increase and decrease drivers are both weak. It is recommended for range trading [8]. - **Glass**: The suspension of production rumors caused the futures price to rebound, but the social inventory pressure of glass is huge, and the demand is gradually weakening at the end of the year. It is not advisable to chase high prices for the near - term contract, and it is necessary to wait for the peak - forming signal [10]. Non - ferrous Metals - **Copper**: The safety situation in the Democratic Republic of the Congo is complex and severe. The market consumption has shown a good momentum recently, and the social inventory has decreased. The long - term demand for copper is still optimistic, but in the short term, it is necessary to be vigilant against the suppression of consumption by high copper prices and the pressure brought by changes in the Fed's policy expectations. It is recommended for short - term range trading [11]. - **Aluminum**: The prices of bauxite in Shanxi and Henan are temporarily stable. The supply of imported ore is expected to increase in December, and the price may be under pressure. The demand is gradually entering the off - season. It is recommended to reduce long positions at high levels after a rebound [12]. - **Nickel**: The price of nickel ore remains firm, and the supply of nickel ore may be relatively loose. The refined nickel is in a surplus pattern, and the price of nickel iron has limited upward space. It is recommended to wait and watch or short on rallies moderately [15]. - **Tin**: The domestic refined tin production increased in October, and the consumption of the semiconductor industry is expected to continue to recover. The supply of tin ore is tight, and the downstream consumption is weak. It is necessary to pay attention to the supply resumption and downstream demand [15]. - **Silver and Gold**: Fed officials' dovish speeches have increased the market's expectation of interest rate cuts. Precious metals prices have rebounded. It is recommended to hold long positions in silver and be cautious about new positions, and to conduct range trading in gold [17]. - **Lithium Carbonate**: The supply is in a tight balance, and the downstream demand is strong. It is necessary to pay attention to the progress of the mining license in Yichun and the resumption of production of the Ningde lithium mine. It is expected to be in a relatively strong sideways trend [19]. Energy Chemicals - **PVC**: The cost is in a low - profit state, the supply is high, the demand is weak, and the export support may weaken. The overall supply and demand is still weak, but it has a low valuation. It is expected to be in a weak sideways trend [19]. - **Caustic Soda**: The alumina end has high production and high inventory, compressing profits. The supply of caustic soda is high in winter. It is recommended to wait and watch [21]. - **Soda Ash**: The spot trading is stable, and the upstream has a strong mentality of holding prices. The supply is expected to shrink, and the cost support is strong. It is recommended to wait and watch [27]. - **Styrene**: The overseas blending logic is difficult to change the weak fundamentals in the short term. It is mainly in a sideways trend, and it is necessary to pay attention to the price of pure benzene in January and the change of the crude oil pricing center [21]. - **Rubber**: The supply is expected to increase in the peak - season, and the terminal demand improvement is weak. However, there may be speculation about the shortage of delivery products. It is recommended for range trading [22]. - **Urea**: The daily output has increased, the agricultural fertilizer demand is gradually weakening, and the demand from compound fertilizer enterprises has increased. The inventory is in a state of high production and high inventory. It is expected to be in a sideways trend [23]. - **Methanol**: The domestic supply has recovered, the demand from the methanol - to - olefins industry has increased slightly, and the traditional downstream demand is weak. The port inventory has decreased significantly. It is expected to be in a sideways trend [24]. - **Polyolefins**: The inventory has continued to decline, mainly due to downstream replenishment at low prices. The demand is in a state where the peak season has ended, and the upward pressure is large. PE is expected to trade sideways in the range, and PP is expected to be in a weak sideways trend [25]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply and demand data is relatively loose, but the recent strong yarn price has driven the rebound of cotton. It is expected to trade sideways [27]. - **PTA**: The international oil price has fallen, and the PTA price is in a low - level sideways trend. The supply and demand is in a state of inventory reduction. It is recommended to pay attention to the range of 4500 - 4800 [27]. - **Apples**: The trading of late - Fuji apples on the ground and in storage is coming to an end. The price is expected to be in a slightly strong sideways trend [29]. - **Jujubes**: The acquisition progress of gray jujubes in Xinjiang is about 40% - 50%, and the enterprise acquisition enthusiasm is average. The price is expected to be in a weak sideways trend [29]. Agricultural and Livestock - **Pigs**: In the short term, the supply pressure still exists, and the demand increase is not obvious. In the medium to long term, the production capacity reduction has accelerated but is still above the equilibrium level. It is recommended to short on rallies in the near - term and be cautious about bullish in the far - term [32]. - **Eggs**: In the short term, the spot price fluctuates slightly, and the futures price trades in a range. In the medium term, the supply - demand relationship has marginally improved. In the long term, the production capacity clearance still takes time. It is necessary to pay attention to external factors [34]. - **Corn**: In the short term, the market supply slowdown supports the spot price rebound, but the terminal demand recovery is limited. In the medium to long term, the cost has strong support, but the supply - demand pattern is relatively loose. It is recommended to hedge on rallies [34]. - **Soybean Meal**: The U.S. soybean price is supported at 1120 cents, and the domestic supply from November to January is abundant. It is mainly for range trading, and spot enterprises can fix prices at low points for the November - January basis [35]. - **Oils**: In the short term, the three major oils are expected to stop falling and rebound, but the rebound height is limited. In the long term, it is necessary to pay attention to potential positive factors. It is recommended to buy on dips and focus on Malaysian palm oil high - frequency data [40].

12月1日，港股集体高开，恒生指数涨0.34%报25945.87点，恒生科技指数涨0.21%报5611.02点，国企指 数涨0.31%报9158.34点，红筹指数涨0.1%报4197.73点。 盘面上，大型科技股多数走高，阿里巴巴涨0.99%，腾讯控股涨0.33%，京东集团跌0.69%，小米集团涨 0.54%，网易涨1.31%，美团跌2.34%，快手涨0.66%，哔哩哔哩涨0.58%；有色金属板块多股高开，江西 铜业股份涨4.82%，中国铝业涨2.76%；创新药概念活跃，华昊中天医药涨超13%；黄金股普涨，中国白 银集团涨超14%；汽车股部分高开，赛力斯涨超4%。 企业新闻 华新手袋国际控股(02683.HK)：发布截至2025年9月30日止六个月业绩，收入4.32亿港元，同比增加 22.55%；利润4826.2万港元，同比增加78.88。 湾区发展(00737.HK)：10月，广深高速公路、广珠西线高速公路及沿江高速公路(深圳段)月总路费收入 分别为约2.08亿元、7978万元及5531.2万元，同比分别减少0.5%、6%及11%。 光荣控股(09998.HK)：获授一份约5650万新加坡元的建筑合约。 海 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - After the rainy season, shipments are gradually recovering, and ore prices are expected to decline oscillating. The overcapacity pattern in the alumina smelting sector is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is approaching the cost line of most manufacturers, and the expectation of subsequent production cuts is strengthening. The cost - effectiveness of short - selling is not high, so it is recommended to wait and see in the short term. The reference operating range for the domestic main contract AO2601 is 2600 - 2900 yuan/ton. Attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [12][13] Summary by Directory 1. Weekly Assessment - **Futures Price**: As of 3 pm on November 28, the alumina index rose 0.07% to 2739 yuan/ton this week, with positions increasing by 35,000 lots to 608,000 lots. The alumina futures price was in a low - level sideways oscillation this week. The Shandong spot price was 2770 yuan/ton, with a premium of 148 yuan/ton over the December contract. The spread between the first and third contracts closed at - 112 yuan/ton, and the weakness of the spot led to the relative weakness of the near - month contracts [11][24] - **Spot Price**: This week, the decline in alumina spot prices in various regions narrowed. Spot prices in Guangxi, Guizhou, Henan, Shandong, Shanxi, and Xinjiang decreased by 5 yuan/ton, 15 yuan/ton, 0 yuan/ton, 5 yuan/ton, 0 yuan/ton, and 15 yuan/ton respectively. The inventory accumulation trend continued, and most regional spot prices remained under pressure [11][21] - **Inventory**: During the week, the total social inventory of alumina increased by 59,000 tons to 4.942 million tons. The inventory in electrolytic aluminum plants, alumina plants, in - transit inventory, and port inventory increased by 59,000 tons, 52,000 tons, decreased by 20,000 tons, increased by 26,000 tons, and increased by 1,000 tons respectively. The total warehouse receipts of alumina on the SHFE increased by 7,500 tons to 258,400 tons; the inventory in the delivery warehouse was 260,900 tons, an increase of 5,100 tons from last week. The market of tradable spot was loose, and the registration volume of warehouse receipts further rebounded [11][70][72] - **Summary**: After the rainy season, shipments are gradually recovering, and ore prices are expected to decline oscillating. The overcapacity pattern in the alumina smelting sector is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is approaching the cost line of most manufacturers, and the expectation of subsequent production cuts is strengthening. The cost - effectiveness of short - selling is not high, so it is recommended to wait and see in the short term. The reference operating range for the domestic main contract AO2601 is 2600 - 2900 yuan/ton. Attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [12][13] - **Trading Strategy**: Both unilateral and arbitrage strategies suggest waiting and seeing [14] 2. Spot and Futures Prices - **Spot Price**: This week, the decline in alumina spot prices in various regions narrowed. Spot prices in Guangxi, Guizhou, Henan, Shandong, Shanxi, and Xinjiang decreased by 5 yuan/ton, 15 yuan/ton, 0 yuan/ton, 5 yuan/ton, 0 yuan/ton, and 15 yuan/ton respectively. The inventory accumulation trend continued, and most regional spot prices remained under pressure [21] - **Futures Price and Basis**: As of 3 pm on November 28, the alumina index rose 0.07% to 2739 yuan/ton this week, with positions increasing by 35,000 lots to 608,000 lots. The alumina futures price was in a low - level sideways oscillation this week. The Shandong spot price was 2770 yuan/ton, with a premium of 148 yuan/ton over the December contract. The spread between the first and third contracts closed at - 112 yuan/ton, and the weakness of the spot led to the relative weakness of the near - month contracts [24] - **Bauxite Price**: This week, bauxite prices in various regions remained unchanged. For imported ores, the CIF price in Guinea decreased by 0.5 dollars/ton to 71 dollars/ton, and the CIF price in Australia remained at 68 dollars/ton. After the rainy season in Guinea, the ore shipment volume increased. The profit contraction led to an increase in the price - pressing意愿 of alumina enterprises. Coupled with the high port inventory, the ore price is expected to decline oscillating [27] 3. Supply Side - **Bauxite Production**: In October 2025, China's bauxite production was 4.77 million tons, a year - on - year decrease of 7.00% and a month - on - month decrease of 2.25%. The total production in the first ten months of 2025 was 50.52 million tons, a year - on - year increase of 2.22%. Affected by the rainy season and environmental protection policies, the domestic bauxite production decreased month by month [31] - **Bauxite Import**: In October 2025, bauxite imports were 13.77 million tons, a year - on - year increase of 12.02% and a month - on - month decrease of 13.32%. The total imports in the first ten months of 2025 were 171.4 million tons, a year - on - year increase of 30.11% [33] - **Bauxite Import by Country**: In October 2025, China imported 900,000 tons of bauxite from Guinea, a year - on - year increase of 18.44% and a month - on - month decrease of 14.25%. The cumulative imports in the first ten months of 2025 were 127.43 million tons, a year - on - year increase of 38.37%. Affected by the rainy season, the imports declined, and it is expected to gradually recover. In October 2025, China imported 3.82 million tons of bauxite from Australia, a year - on - year increase of 3.48% and a month - on - month increase of 2.29%. The cumulative imports in the first ten months of 2025 were 31.6 million tons, a year - on - year decrease of 4.23% [35][37] - **Bauxite Inventory**: In October, China's bauxite inventory increased by 240,000 tons, with a total inventory of 52.5 million tons, still at a near - five - year high, and enterprises had sufficient ore inventory. In key regions, the bauxite inventory in Shanxi decreased by 280,000 tons in October, and the inventory in Henan decreased by 360,000 tons. The inventory increase mainly came from Shandong [40] - **Alumina Production**: In October 2025, alumina production was 7.967 million tons, a year - on - year increase of 11.88% and a month - on - month increase of 2.85%. The cumulative production in the first ten months of 2025 was 74.8 million tons, a year - on - year increase of 10.03%. As of November 28, 2025, the weekly alumina production was 1.858 million tons, a slight increase of 13,000 tons from last week [42][45] - **Alumina Factory Profit**: The alumina spot price declined, and the profit of alumina factories was under pressure. According to the alumina spot price on November 28, Guangxi, with its relatively low local domestic ore price, had a current production profit of up to 150 yuan/ton. Relying on coastal advantages and relatively low liquid caustic soda prices, the profits of using Australian and Guinean ores in Shandong were 10 yuan/ton and 90 yuan/ton respectively, approaching the loss situation. The cost of transporting imported ores from ports for inland alumina factories was about 100 yuan/ton. After calculation, the use of overseas ores in Shanxi and Henan had turned slightly loss - making [48] - **Alumina Import and Export**: In October 2025, the net import of alumina was 13,600 tons. The opening of the import window earlier drove the first monthly change from net export to net import this year. The import volume increased from 60,000 tons last month to 189,300 tons, and the export volume decreased from 246,400 tons to 175,700 tons. The total net export in the first ten months of 2025 was 1.4375 million tons. As of November 28, the weekly FOB price in Australia decreased by 7 dollars/ton to 312 dollars/ton, and the import profit and loss was 26 yuan/ton. The overseas alumina price further declined, and the import window opened slightly [50][52] - **Overseas Alumina Production**: In October 2025, overseas alumina production was 5.41 million tons, a year - on - year increase of 4.84% and a month - on - month increase of 3.36%. The cumulative production in the first ten months of 2025 was 51.91 million tons, a year - on - year increase of 3.24% [54] 4. Demand Side - **Electrolytic Aluminum Production**: In October 2025, China's electrolytic aluminum production was 3.8 million tons, a year - on - year increase of 3.34% and a month - on - month increase of 2.74%. The total production in the first ten months of 2025 was 36.87 million tons, a year - on - year increase of 2.73% [59] - **Electrolytic Aluminum Operation**: In October 2025, the operating capacity of electrolytic aluminum was 44.56 million tons, unchanged from the previous month. The operating rate of electrolytic aluminum in October remained at 97.47% [62] 5. Supply - Demand Balance - The report provides an alumina balance sheet from January to December 2025 (estimated for November and December), showing data on alumina supply, demand, and net exports for each month [65] 6. Inventory - **Social Inventory**: During the week, the total social inventory of alumina increased by 59,000 tons to 4.942 million tons. The inventory in electrolytic aluminum plants, alumina plants, in - transit inventory, and port inventory increased by 59,000 tons, 52,000 tons, decreased by 20,000 tons, increased by 26,000 tons, and increased by 1,000 tons respectively [70] - **SHFE Inventory**: The total warehouse receipts of alumina on the SHFE increased by 7,500 tons to 258,400 tons during the week; the inventory in the delivery warehouse was 260,900 tons, an increase of 5,100 tons from last week. The market of tradable spot was loose, and the registration volume of warehouse receipts further rebounded [72]