Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant milestone for China's futures market and the recycling metal industry, enhancing risk management and promoting high-quality development in the aluminum sector [1][2]. Group 1: Market Launch Details - The first trading of casting aluminum alloy futures occurred at the Shanghai Futures Exchange, with seven contracts listed at a benchmark price of 18,365 yuan/ton [1]. - On the first trading day, a total of 57,300 contracts were traded, amounting to 11.011 billion yuan, with an open interest of 11,500 contracts [1]. - The main contract, AD2511, closed at 19,190 yuan/ton, reflecting a 4.49% increase [1]. Group 2: Industry Impact - The introduction of casting aluminum alloy futures and options is seen as a key development in integrating finance with the non-ferrous metal industry, enhancing China's international influence in aluminum production [1][2]. - The launch is expected to provide companies with effective risk management tools, addressing previous shortcomings in hedging against price fluctuations in aluminum alloys [2]. - The listing has garnered positive responses from industry players, with several well-known companies actively participating in the trading [2]. Group 3: Role of Intermediaries - Futures companies are positioned to offer comprehensive services, from standardized contracts to customized solutions for risk management in the aluminum industry [3]. - The ability to design personalized products based on standardized contracts will enhance the precision of risk management services for enterprises [3]. - Futures companies can facilitate industry participation in the futures market through simple methods, leveraging their risk management subsidiaries [3].

1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][5] 2. Core Viewpoints - The casting aluminum alloy market is in a significant off - season, showing weak performance. The price of scrap aluminum has declined, and ADC12 is relatively weak. In the short - term, the unilateral price of casting aluminum alloy is under pressure and may run weakly. The price difference between ADC12 and electrolytic aluminum still has room to decline. In the medium - to - long - term, a long - ADC12 and short - electrolytic aluminum position can be arranged at the end of the off - season, and attention can be paid to the inter - period positive spread position [3][5] 3. Summary by Related Catalogs Supply Side - Scrap Aluminum - Scrap aluminum production is at a high level, and social inventory is at a medium - to - high level in history. Scrap aluminum imports are at a high level, but the year - on - year growth rate has declined. The price of scrap aluminum has decreased, and the price difference between refined and scrap aluminum has increased. After the raw material price of alloy plants decreased, the cost has loosened, but the operating rate is expected to continue to decline due to demand limitations [8][9][13] Supply Side - Recycled Aluminum - The price of casting aluminum alloy has a slight short - term decline, and the spread between ADC12 and A00 has significantly converged. The regional price difference of casting aluminum alloy shows that the southwest region is relatively weak and presents certain seasonal patterns. The operating rate of casting aluminum alloy has slightly decreased, and the monthly operating rate is at a historical low. ADC12 is mainly made from scrap aluminum and is currently in a loss state. The explicit and implicit inventories of casting alloys have increased, and the import window of casting aluminum alloy is temporarily closed [19][22][27] Supply Side - Recycled Aluminum Rod - The production and inventory data of recycled aluminum rods are presented. The production of recycled aluminum rods in different regions and the proportion of factory inventory in different regions are also provided [38][40] Demand Side - Terminal Consumption - In terminal consumption, the production of fuel - powered vehicles has declined, which has affected die - casting consumption. The production of new energy vehicles, motorcycles, and some household appliances, as well as the automobile inventory warning index, are also presented in the report [45][46]

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月25日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：价格承压，相较于A00价差继续收敛 强弱分析：偏弱，价格区间：20000-20500元/吨 ADC12匡算亏损加剧 -800 -600 -400 -200 0 200 400 600 800 1000 1200 01-02 01-13 01-24 02-05 02-16 02-27 03-10 03-21 04-01 04-13 04-24 05-08 05-19 05-30 06-10 06-21 07-02 07-13 07-24 08-04 08-15 08-26 09-06 09-18 09-29 10-17 10-28 11-08 11-19 11-30 12-11 12-22 元/吨 ADC12利润 2022 2023 2024 2025 ADC12-A0 ...

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月18日 ◆ 供应端，废铝供需双弱，合金开工率呈现下移趋势。现今废铝供应季节性紧缺， 回收商持货量有限，流通货源偏紧下持货商惜售，价格偏坚挺维稳运行，精废 价差处于相对偏低位置。废铝挤压合金厂利润，目前迈入亏损阶段，5月预计铸 造铝合金厂趋势性下调开工率，对废铝需求收缩，即原料端处于供需双弱阶段。 ◆ 消费淡季程度逐步走深，下游刚需少量采购。下游订单在二季度存在边际走弱 特征，补库相对谨慎，下游压铸企业采购积极性欠佳，以刚需为主。 ◆ 消费淡季压力下，价格上方承压显著，中期维度来看或仍以偏弱运行为主。周 内铝价受到关税缓和情绪乐观的影响而大幅上抬，然而需求端的疲弱限制 ADC12跟涨幅度。回归基本面，供需双弱逻辑或随着淡季程度更深而演变为负 反馈逻辑，价格回落。同时，ADC12-A00基差或继续收敛，关注跨品种套利机 会。 | 总结：废铝和ADC12价格小幅上调 2025/04 月环比 | | | | | 2025/04 | 月环比 | | --- | --- | --- | --- | - ...

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月11日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：承压运行，相较于A00继续偏弱 强弱分析：偏弱 废料价格相对坚挺 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 15000 16000 17000 18000 19000 20000 21000 22000 元/吨 佛山破碎生铝精废价差（右轴） 元/吨 佛山破碎生铝含税价 佛山A00 ADC12-A00有望延续下滑趋势 -1500 -1000 -500 0 500 1000 1500 2000 2500 3000 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 0 ...

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - Aluminum alloy is a metal material with the advantages of light weight, high strength, and easy processing. ADC12 is a typical recycled cast aluminum alloy widely used in various fields. The production process of recycled aluminum alloy and ADC12 includes multiple steps, and the spot pricing mode of ADC12 is affected by multiple factors [1]. - The properties, classification, production process, uses, and pricing models of aluminum alloys and ADC12 are comprehensively introduced, highlighting their importance and application potential in different industries [1]. Summary According to Relevant Catalogs 1. Aluminum Alloy Introduction 1.1 Basic Properties - Aluminum alloy is a metal material with light weight, high strength, and easy processing. Its density ranges from 2.63 to 2.85 g/cm³, and its tensile strength (σb) can reach 110 to 650 MPa. It has excellent casting and plastic processing capabilities, as well as good electrical and thermal conductivity, corrosion resistance, and weldability, and is widely used in many fields [7]. 1.2 Classification - **By composition and processing method**: Divided into cast aluminum alloy and wrought aluminum alloy. Cast aluminum alloy can be further divided into aluminum - silicon alloy, aluminum - copper alloy, aluminum - magnesium alloy, aluminum - zinc alloy, and aluminum - rare earth alloy; wrought aluminum alloy can be further divided into rust - proof aluminum alloy, hard aluminum alloy, super - hard aluminum alloy, and forged aluminum alloy [8][9][11]. - **By use**: Classified into industrial aluminum alloy, aviation aluminum alloy, civil aluminum alloy, and conductive aluminum alloy [14]. - **By production source**: Divided into primary aluminum alloy and recycled aluminum alloy [15]. - **By the type and quantity of alloying elements**: The grades of aluminum alloy are represented by the 1XXX - 9XXX series according to the ASTM standard, and different grades have different properties and applications [16]. 2. ADC12 Introduction 2.1 Definition - ADC12 is an alloy used for manufacturing die - cast parts, also known as A383, with low cost and simple manufacturing process, and is widely used in many die - castings internationally [18]. 2.1.1 Composition - ADC12 usually refers to the cast aluminum alloy that meets the ADC12.1 in the Japanese standard JIS H 5302 - 2006, and it accounts for about 75% of the output of recycled cast aluminum alloy in China in 2023 [20]. 2.1.2 Properties - ADC12 is a typical Al - Si - Cu series recycled cast aluminum alloy, with properties such as low melting point, high fluidity, light weight, good thermal conductivity, corrosion resistance, good machinability, and resistance to thermal cracking [20][21]. 2.2 Production Process - The production of recycled aluminum alloy mainly involves pre - treatment of waste aluminum, melting and casting, and deep - processing. The casting process is mainly divided into pressure casting (including high - pressure casting and low - pressure casting) and gravity casting [24][27][30]. 2.3 Uses - **Transportation field**: In the automotive industry, it accounts for more than 70% of the total aluminum used, and is used in engine parts, shell components, and chassis parts. In the motorcycle and electric vehicle industries, it is also widely used due to its light weight, high strength, and corrosion resistance [34]. - **Building decoration field**: Aluminum alloy has many advantages in the construction industry, such as light weight, easy extrusion, corrosion resistance, and high recycling value, and is an ideal green building structure material [37]. - **Mechanical manufacturing field**: Recycled aluminum alloy can reduce production costs and is widely used in automotive parts, mechanical equipment shells, mold manufacturing, and precision tools [38]. 2.4 Spot Pricing Mode - **Based on market supply - demand relationship**: The price of ADC12 is affected by market supply and demand. When supply exceeds demand, the price may fall; when demand exceeds supply, the price may rise. Production cost, inventory level, environmental protection policies, and industry development strategies also affect supply and demand [41][44]. - **Based on spot market price**: The base price for pricing can be divided into spot price and futures price. Currently, the aluminum alloy pricing is mainly based on the spot price, with the Shanghai Non - ferrous Metals Network's daily morning quotation being the mainstream transaction price [45].

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年4月27日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：短期震荡，ADC12-A00价差缩窄 强弱分析：中性，价格区间：20500-20800元/吨 -800 -600 -400 -200 0 200 400 600 800 1000 1200 01-02 01-13 01-24 02-05 02-16 02-27 03-10 03-21 04-01 04-13 04-24 05-08 05-19 05-30 06-10 06-21 07-02 07-13 07-24 08-04 08-15 08-26 09-06 09-18 09-29 10-17 10-28 11-08 11-19 11-30 12-11 12-22 元/吨 ADC12利润 2022 2023 2024 2025 ADC12-A00有望延续下滑趋势 - ...