消息面上，因特朗普"美元溜溜球"言论及美日干预汇市预期，美元跌至四月新低，铝价升至近四年来新 高。兴业证券近期研报指出，需双线主导，铝进入紧缺周期，叠加较低的库存，支撑铝价中枢抬升。中 国电解铝企业具备全球竞争力、正将行业红利转化为股东回报。看好铝价中枢抬升，铝价每上涨10%， 将带来约30%的EPS增厚，质量与周期共振，看好电解铝板块价值重估。推荐公司中国宏桥、中国铝 业，关注创新实业、南山铝业国际。 智通财经APP获悉，铝业股再度走高，截至发稿，中国铝业(02600)涨13.32%，报15.14港元；南山铝业 国际(02610)涨7.74%，报72.4港元；中国宏桥(01378)涨6.99%，报40.1港元；创新实业(02788)涨2.78%， 报28.14港元。 ...

港股中字头个股集体拉升，中国铝业H股涨超11%，中石化油服H股涨超13%，中国中铁涨超8%，中国 海洋石油、中国石油股份涨超5%，中国石油化工股份、中国神华涨超3%。 ...

新能源及有色金属日报 | 2026-01-28 铝现货贴水扩大 重要数据 铝现货方面：SMM数据，华东A00铝价23870元/吨，较上一交易日变化-160元/吨，华东铝现货升贴水-170元/ 吨，较上一交易日变化-10元/吨；中原A00铝价23760元/吨，现货升贴水较上一交易日变化-30元/吨至-280元/ 吨；佛山A00铝价录23870元/吨，较上一交易日变化-200元/吨，铝现货升贴水较上一交易日变化-45元/吨至-165 元/吨。 电解铝：铝价呈现高位上涨乏力走势，现货贴水持续扩大，社会库存持续累库。绝对价格的上涨出现向下传导不 畅，下游进入消费淡季，开工率及产量环比继续回落，下游或提前进入春节假期。今年春节较晚，当前累库节点 较早，前期累库速度较快，微观数据对价格形成压力。长期宏观仍然成为主导价格长期上涨的逻辑，国内依旧适 度宽松的货币政策，海外仍存消费韧性，海外现货升水仍在走强。短期呈现抑制消费的情况，铝价存在回调修复 需求。 氧化铝：氧化铝企业出现了较多检修情况，一方面从时间周期看到了检修周期，另一方面则因为现货销售压力较 铝期货方面：2026-01-27日沪铝主力合约开于24400元/吨，收于 ...

港股上午盘三大指数高开高走，大金融股、科技股、中字头股等权重集体拉升助力大市上扬，截止午 盘，恒生指数涨2.21%报27725点，创下2021年8月以来新高，国企指数涨2.37%，恒生科技指数涨 1.74%，市场做多情绪积极。金融科技表现抢眼，石油股、铝业股、半导体股、电信股等中字头集体爆 发。另外，航空股、家电股、中医药股部分低迷。此外，零食连锁零售商鸣鸣很忙上市半日飙涨超 70%，AI算力基建引爆全球光纤需求，长飞光纤光缆盘中再创历史新高。(格隆汇) （原标题：港股午评：恒指大涨2.21%刷新阶段新高，金融科技中字头集体拉升上涨） ...

Core Viewpoint - The aluminum alloy industry in China is projected to experience significant growth, with a notable increase in production and market dynamics from 2025 to 2032 [1] Industry Overview - According to the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.83 million tons by December 2025, representing a year-on-year growth of 13.7% [1] - Cumulative aluminum alloy production in China for 2025 is forecasted to be 19.297 million tons, reflecting a cumulative growth of 15.8% [1] Market Research - The report titled "2026-2032 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" by Zhiyan Consulting provides insights into the operational landscape and future strategies of the aluminum alloy market in China [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and offering comprehensive consulting services for investment decisions [1]

Group 1: Industrial Transition Overview - The report highlights that global industrial transition is entering a decisive phase by 2025, with a clear decarbonization path established[3] - The focus has shifted from "can emissions be reduced" to "how to achieve large-scale reductions at acceptable costs"[6] - In 2024, global CO2 emissions are projected to reach 3.82 billion tons, marking a historical high with a year-on-year increase of 0.9%[8] Group 2: Key Challenges - Five core constraints identified include technology deployment pace differences, insufficient low-carbon demand, fragmented policies, infrastructure gaps, and uneven capital allocation[4] - Approximately 50% of industrial emissions can be reduced using existing mature technologies, while the remaining emissions rely on advanced technologies like hydrogen and CCUS[6] - The rising interest rates are expected to increase the costs of wind and solar energy by approximately 30%[6] Group 3: Sector-Specific Insights - In 2024, the aviation sector is expected to see a 10.4% increase in operational activity, contributing 1.108 billion tons of CO2 emissions, a 6.4% rise from the previous year[8] - The cement and steel industries are projected to experience slight decreases in emissions, while sectors like aviation and aluminum will see significant increases[8] Group 4: Policy and Economic Environment - The global industrial transition exhibits significant regional differentiation, with the EU leading compliance, the US balancing incentives and compliance, and emerging markets developing frameworks[14] - The economic environment is characterized by rising interest rates and cost inflation, which elevate the economic feasibility threshold for low-carbon projects[15] Group 5: Recommendations for Scaling Transition - The report suggests five strategic actions to promote large-scale transition: standardizing demand mechanisms, accelerating shared infrastructure construction, optimizing financing costs, prioritizing mature technology deployment, and enhancing policy and innovation collaboration[23]

1月28日，焦作万方涨5.26%，截至发稿，报14.80元/股，成交5.35亿元，换手率3.15%，总市值176.45亿 元。 资料显示，焦作万方铝业股份有限公司位于河南省焦作市马村区待王镇焦新路南侧，成立日期1996年11 月27日，上市日期1996年9月26日，公司主营业务涉及铝冶炼及加工,铝制品、金属材料销售。主营业务 收入构成为：铝液79.46%，铝锭8.64%，铝合金7.66%，其他(补充)4.24%。 从焦作万方十大流通股东角度 数据显示，南方基金旗下1只基金位居焦作万方十大流通股东。南方中证1000ETF（512100）三季度减 持11.33万股，持有股数872.7万股，占流通股的比例为0.73%。根据测算，今日浮盈赚取约645.8万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模789.96亿。今年以来收益10.34%，同 类排名1572/5549；近一年收益45.26%，同类排名1727/4285；成立以来收益26.19%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年84天，现任基金资产总规模1370.2亿元，任职 ...

南山铝业（600219）国际(02610)再涨超7%，截至发稿，涨5.43%，报70.85港元，成交额1.81亿港元。 据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。中金认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，南山铝业近日公告称，拟通过控股子公司南山铝业国际控股有限公司间接全资子公司盛世亚 洲与盛世铝业合资，在印尼设立项目子公司PT.HEAI建设南山铝业国际控股有限公司印尼宾坦工业园年 产25万吨电解铝项目，投资金额约4.37亿美元(折合30.56亿元人民币)。项目建设范围为电解铝厂的主要 生产设施，项目建设期2年。 ...

Core Viewpoint - China Hongqiao (01378) has seen its stock price rise over 4%, reaching a historical high of 39.16 HKD, supported by tightening supply and bullish forecasts for aluminum prices [1][4]. Aluminum Price Forecast - Major banks have recently issued reports predicting higher aluminum prices. Goldman Sachs has raised its LME aluminum price forecast for the first half of 2026 from 2,575 USD per ton to 3,150 USD per ton [1][4]. - Citigroup's latest annual commodity outlook report indicates that under its "bull market scenario," the price center for aluminum could approach 4,000 USD per ton [1][4]. Company Analysis - Jefferies has identified China Hongqiao as a key beneficiary of the rising aluminum prices, reiterating its "buy" rating and increasing the target price from 34.1 HKD to 43.8 HKD [1][4]. - The company is recognized as one of the leading aluminum producers globally, with a strong cost competitiveness that places it in the top tier of China's aluminum production cost curve. This competitive advantage is built on two main dimensions: complete self-sufficiency in key raw materials and efficient production achieved through technological optimization that results in lower unit energy consumption [1][4].

数据显示，华泰柏瑞基金旗下1只基金位居云铝股份十大流通股东。华泰柏瑞沪深300ETF（510300）三 季度减持163.84万股，持有股数3538.2万股，占流通股的比例为1.02%。根据测算，今日浮盈赚取约 6722.57万元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模4222.58亿。今年以来收益1.73%， 同类排名4579/5549；近一年收益26.46%，同类排名2873/4285；成立以来收益119.93%。 1月28日，云铝股份涨5.75%，截至发稿，报34.93元/股，成交13.84亿元，换手率1.18%，总市值1211.36 亿元。 资料显示，云南铝业股份有限公司位于云南省昆明市呈贡区七甸街道，成立日期1998年3月20日，上市 日期1998年4月8日，公司主营业务涉及铝土矿开采、氧化铝生产、铝冶炼、铝加工及铝用炭素生产。主 营业务收入构成为：电解铝58.12%，铝加工产品40.67%，其他1.21%。 从云铝股份十大流通股东角度 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年243天，现任基金资产总规模5509 ...