Workflow
铝行业
icon
Search documents
天山铝业:总计回购2370.52万股
Mei Ri Jing Ji Xin Wen· 2025-09-29 09:05
截至发稿,天山铝业市值为541亿元。 每经AI快讯,天山铝业(SZ 002532,收盘价:11.64元)9月29日晚间发布公告称,截至本公告披露 日,本次回购方案已实施完毕。公司通过回购专用证券账户以集中竞价方式累计回购公司股份2370.52 万股,占公司总股本的0.51%,最高成交价为9.79元/股,最低成交价为7.41元/股,已使用资金总额约为 2亿元。 每经头条(nbdtoutiao)——农夫大战怡宝,抢到更多蛋糕的却是宗馥莉!农夫绿瓶上市后,怡宝上 演"滑铁卢":市占率大跌近5个百分点 2025年1至6月份,天山铝业的营业收入构成为:铝行业占比100.0%。 (记者 王晓波) ...
瑞达期货铝类产业日报-20250929
Rui Da Qi Huo· 2025-09-29 08:39
铝类产业日报 2025/9/29 数据来源第三方,观点仅供参考。市场有风险,投资需谨慎! 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料,瑞达期货股份有限公司力求准确可靠,但对这些信息的准确性及完整性不做任何保证,据此投资,责任自负。本报告不构成个人投资建议, 出处为瑞 达研究瑞达期货股份有限公司研究院,且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 20,730.00 | -15.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,904.00 | +3.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) | 20.00 | +20.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -37.00 | -4.00↓ | | 期货市场 | 主力合约持仓量:沪铝(日,手) LME电解铝三个月报价(日,美元/ ...
2025年四季度铝策略报告-20250929
Guang Da Qi Huo· 2025-09-29 07:31
2025 年四季度铝 策略报告 2025 年 1 0 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 铝:需求引领定价,利润自上转下 p 2 | 铝:需求引领定价,利润自上转下 | | --- | | 总 | 结 | | --- | --- | | 1、供给:氧化铝方面,内矿稍有缓解,进口矿持续出现增量。国内外氧化铝新增产能超速投放,利润大幅收窄后投放降速。电解铝方面, | | | 供给整体小幅提升,广西技改项目、贵州云南前期置换项目逐步启槽投产。据SMM,1-9月国内冶金级氧化铝产量6660.6万吨,同比上涨 | | | 8.2%,运行产能升至9135万吨,开工率升至82.8%。1-9月国内电解铝产量3275.7万吨,同比上涨2.1%,运行产能升至4400万吨,开工率升 | | | 至96.3%,铝水比涨至76%。 | | | 2、需求:旺季效应加码叠加高价抑制备货并存,三季度平均开工率60.1%,同比去年下滑2.51%;6-8月下游综合加工订单超预期,加工 | | | PMI均值45.8,同比去年增长3.2,预计9月PMI ...
永安期货有色早报-20250929
Yong An Qi Huo· 2025-09-29 01:02
Report Industry Investment Rating No relevant content provided. Core Viewpoints - Grasberg's unexpected copper production cut will change the global copper supply pattern in the next 12 - 15 months, and the mid - term allocation value of copper is still optimistic, with consideration of long - term mid - term orders or selling put options below 78,000 [1] - The short - term fundamentals of aluminum are acceptable, and one can hold at low prices in a low - inventory pattern and pay attention to far - month inter - month and domestic - foreign reverse arbitrage [1] - Zinc prices are oscillating this week. The short - term unilateral trend is weakly oscillating, and it is recommended to wait and see; for domestic - foreign arbitrage, partial profit - taking can be made for domestic - foreign positive arbitrage [2] - The fundamentals of nickel and stainless steel remain weak. The short - term macro aspect follows the anti - involution expectation, and the policy side has a certain motivation to support prices [3][4] - Lead prices are expected to oscillate weakly next week, in the range of 16,800 - 17,000 [5] - Tin prices are in a wide - range oscillation. In the short - term, it is recommended to wait and see, and one can lightly short above 275,000 yuan/ton; in the medium - to - long - term, hold near the cost line at low prices [10] - The supply and demand of industrial silicon are balanced in September and October, and in the medium - to - long - term, prices are expected to oscillate at the cycle bottom [11] - The price of lithium carbonate oscillates. With the support of the seasonal peak season and the explosion of energy - storage demand, the monthly balance after CATL's production cut turns to continuous inventory reduction, but the amplitude is average [11] Summary by Metals Copper - Freeport Indonesia's subsidiary's accident delays Grasberg's resumption of production, reducing the 2026 copper production guidance by about 35% (equivalent to about 270,000 tons of copper and about 1.04 million ounces of gold) [1] - The adjusted copper mine supply has no obvious increase this year, and there will be no increase in the mine supply next year if the Panama mine does not resume production [1] - Fund long positions are gradually increasing, but the focus of macro and bulk CTA funds is still on precious metals. The gold - copper ratio is at a low historical quantile [1] Aluminum - Supply increases slightly, and aluminum ingot imports provide an increase from January to August [1] - Downstream construction improves, and the production schedule of photovoltaic modules stabilizes. Attention should be paid to whether overseas demand stabilizes after the decline [1] - There is a slight inventory reduction in September, and a seasonal slight inventory increase is expected in October [1] Zinc - Domestic TC decreases further, and imported TC increases further. The domestic zinc ore supply is tight from the fourth quarter to the first quarter of next year, while the overseas mine supply increased unexpectedly in the second quarter [2] - In October, the smelting end recovers slightly month - on - month. Attention should be paid to the impact of sulfuric acid and silver prices on total profits [2] - Domestic social inventory oscillates, and overseas LME inventory decreases. The current pattern of strong overseas and weak domestic may further diverge, and the export window is close to opening [2] Nickel - The supply side expects a slight resumption of production by steel mills, the demand side is mainly for rigid demand, and the prices of nickel iron and chrome iron remain stable [3] - There is a slight inventory increase in Xifu, and a slight inventory reduction in warehouse receipts [3] Stainless Steel - The supply side expects a slight resumption of production by steel mills, the demand side is mainly for rigid demand, the price of nickel iron remains stable, and the price of chrome iron rises slightly [3][4] - There is inventory reduction in Xifu, and a slight inventory reduction in warehouse receipts [3][4] Lead - On the supply side, the scrap volume is weak year - on - year, the waste battery is in short supply, the recycled lead maintains low - level operation, and the TC quotation is in a chaotic decline [5] - On the demand side, the battery finished - product inventory is high, the battery construction rate increases this week, and the demand turns slightly prosperous [5] - The refined - scrap price difference is - 75, the long - term supply in Henan is tight, and the LME registered warehouse receipts decrease by 20,000 tons [5] Tin - On the supply side, the domestic smelting plants reduce production, and the supply from overseas gradually recovers. The supply side is marginally repaired [10] - On the demand side, the demand for solder is mainly rigid. The downstream restocking intention is strong when the price drops rapidly this week, and the inventory reduction is significant [10] - The domestic fundamentals are short - term in a situation of weak supply and demand. Attention should be paid to the expected changes after October and the impact of interest - rate cut expectations [10] Industrial Silicon - Xinjiang's leading enterprises resume production, and some factories in the southwest may gradually reduce production later [11] - The supply and demand are balanced in September and October, and in the medium - to - long - term, prices are expected to oscillate at the cycle bottom [11] Lithium Carbonate - The raw - material end has strong price - support intention from overseas mines and reluctant selling from traders, but salt factories have low acceptance of high - price lithium mines [11] - The pre - holiday stocking rhythm of the lithium - salt end is strong first and then weak, and the spot basis is weakly stable, with some discounts expanding by 100 - 200 yuan [11] - In the context of strong "anti - involution" commodity sentiment, the price elasticity is high after the supply - side disturbance speculation materializes, and the downward price support is strong before the disturbance materializes [11]
供给端扰动频发,铜价有望迎来上行周期:有色金属大宗商品周报(2025/9/22-2025/9/26)-20250928
Hua Yuan Zheng Quan· 2025-09-28 13:57
Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The copper market is expected to transition from a tight balance to a shortage due to frequent supply disruptions, with prices likely entering an upward cycle. Recent price changes for copper include +2.08% for LME copper, +3.20% for SHFE copper, and +2.89% for COMEX copper. The Grasberg mine, the world's second-largest copper mine, has faced production halts, with Freeport estimating a recovery to pre-accident production levels by 2027, leading to a projected 35% decrease in copper production in 2026 compared to previous expectations. Domestic copper inventories are decreasing, with LME, COMEX, and SHFE inventories at 144,000 tons, 322,000 short tons, and 99,000 tons respectively, showing changes of -2.2%, +1.7%, and -6.7% [6][4][5]. Summary by Sections 1. Industry Overview - Domestic and international macroeconomic indicators show that initial jobless claims in the U.S. were lower than expected, with 218,000 claims reported against an expectation of 235,000. The core PCE price index for August matched expectations at 2.9% [10]. 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 3.52%, ranking second among Shenwan sectors. The copper, copper products, and cobalt sectors showed the most significant gains, while other small metals and aluminum sectors lagged behind [12]. 3. Valuation Changes - The TTM PE ratio for the Shenwan non-ferrous metals sector is 24.83, with a weekly change of 0.63. The PB ratio is 2.97, with a weekly change of 0.08. The non-ferrous sector's PE ratio is 112% of the overall A-share market, while the PB ratio is 165% [21][24]. 4. Industrial Metals - Copper prices increased, with LME copper up 2.08% and SHFE copper up 3.20%. Copper inventories decreased by 2.20% for LME and 6.65% for SHFE. The smelting fee is reported at -40.3 USD/ton, with copper smelting margins at -2701 CNY/ton [26][39]. 5. Aluminum - LME aluminum prices fell by 1.36%, while SHFE aluminum prices decreased by 0.22%. The inventory situation shows a 0.74% increase in LME aluminum stocks and a 2.43% decrease in SHFE stocks. The price of alumina dropped by 2.15% [39]. 6. Lithium - Lithium carbonate prices rose by 0.14% to 73,600 CNY/ton, while lithium spodumene prices fell by 0.23% to 857 USD/ton. The lithium supply chain is entering a destocking phase due to increased demand [79]. 7. Cobalt - Cobalt prices increased, with MB cobalt up 3.22% to 16.83 USD/pound and domestic cobalt prices rising by 14.80% to 318,000 CNY/ton. The Democratic Republic of Congo is set to implement a cobalt export quota system, which may lead to a tightening of supply and further price increases [92].
新能源及有色金属周报:节前备货叠加惜售,现货贴水快速修复-20250928
Hua Tai Qi Huo· 2025-09-28 11:11
新能源及有色金属周报 | 2025-09-28 节前备货叠加惜售,现货贴水快速修复 重要数据 铝 截至2025-09-26,伦铝收盘于2649.0美元/吨,沪铝主力收盘于20745元/吨,华东现货升贴水0元/吨,中原地区现货 升贴水50元/吨,佛山地区现货升贴水-75元/吨。 LME铝现货升贴水(0-3)5.4美元/吨。 供应:截至2025-09-26,电解铝建成产能4523.2万吨,周度环比+0.0万吨,运行产能4443.9万吨,周度环比+1.0万吨, 行业开工率98.25%。 需求:根据钢联数据统计,铝棒周度产量36.16万吨,周度环比变化+0.06万吨,铝板带箔周度产量36.70万吨,周度 环比变化+0.27万吨。根据上海有色数据统计,铝线缆龙头企业开工率67.00%,周度环比变化+1.80%,铝板带龙头 企业开工率69.00%,周度环比变化+0.80%,铝箔龙头企业开工率72.60%,周度环比变化+0.70%,铝型材开工率 54.60%,周度环比变化+0.00%。 库存:截至2025-09-25,SMM统计国内电解铝锭社会库存61.7万吨,周度变化-2.1万吨,铝棒库存12.3万吨,周度 变化-1.2 ...
铝,氧化铝产业链周度报告-20250928
Guo Tai Jun An Qi Huo· 2025-09-28 10:50
铝&氧化铝产业链周度报告 国泰君安期货研究所·王蓉(首席分析师/所长助理) 投资咨询从业资格号:Z0002529 日期:2025年09月28日 Guotai Junan Futures all rights reserved, please do not reprint 铝:小幅反弹后再回调,依然在磨盘,节前可轻仓 Special report on Guotai Junan Futures 资料来源:国泰君安期货研究 2 ◆ 本周沪铝在铜价因印尼矿端事件引发的大涨行情带领下,略有反弹,但随后伴随铜价休整回落,铝价亦再度回调。短期 整体趋势仍在磨盘,节前可轻仓,长假期间建议关注美国非农、海外多国制造业PMI数据等对国际市场的冲击。中期趋势 性上看,我们在铝的单边价格、波动率方向、冶炼利润上,继续保持看多方向。 ◆ 当前周频跟踪的基本面微观指标来看,整体依然不差。SMM华东现货贴水转平水,不过华南现货贴水有所扩大。截至9月 25日,铝锭社会库存较前周去库2.2万吨至61.4万吨,周四出现去库,在国庆累库过后可观察是否已形成去库拐点的确认。 下游方面,截至9月26日铝板带箔周度总产量已经连续第6周环比增加,年初迄 ...
氧化铝及铝四季度展望与策略
Dong Zheng Qi Huo· 2025-09-26 05:44
氧化铝及铝四季度展望与策略 孙伟东 分析师(有色金属) 从业资格号:F3035243 投资咨询号:Z0014605 图表:进口铝土矿价格变化 30 40 50 60 70 80 90 100 19/08 20/01 20/06 20/11 21/04 21/09 22/02 22/07 22/12 23/05 23/10 24/03 24/08 25/01 25/06 铝土矿:三水型:几内亚:CIF价:山东港 混合铝土矿:一水型:几内亚:CIF价:山东港 铝土矿:三水型:澳大利亚产:CIF价:山东港 软铝土矿:一水型:澳大利亚产:CIF价:山东港 美元/干吨 图表:国内铝土矿对外依存度 0 10 20 30 40 50 60 70 80 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 % 国内铝土矿进口依存度 ◼ 最新几内亚铝土矿市场传出的成交价格区间在73-75美元/干吨 资料来源:Wind,我的有色网 -20 -10 0 10 20 30 40 50 60 17/01 17/07 18/01 18/07 19/ ...
瑞达期货铝类产业日报-20250925
Rui Da Qi Huo· 2025-09-25 09:31
铝类产业日报 2025/9/25 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料,瑞达期货股份有限公司力求准确可靠,但对这些信息的准确性及完整性不做任何保证,据此投资,责任自负。本报告不构成个人投资建议, 出处为瑞 达研究瑞达期货股份有限公司研究院,且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 20,765.00 | +60.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,942.00 | +35.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | -5.00 220,640.00 | -5.00↓ 主力-连二合约价差:氧化铝(日,元/吨) -674.00↓ 主力合约持仓量:氧化铝(日,手) | -33.00 303,116.00 | -7.00↓ -15757.0 ...
新铝时代:公司将继续密切关注行业及市场情况
Zheng Quan Ri Bao· 2025-09-25 08:09
证券日报网讯新铝时代9月25日在互动平台回答投资者提问时表示,公司向客户销售产品的价格均通过 竞争性磋商或招投标确定,交易价格为市场化结果。未来,公司将继续密切关注行业及市场情况,通过 持续进行研发投入、加强新产品和新工艺开发、积极开拓优质客户丰富产品矩阵,进一步提升公司核心 竞争力。 (文章来源:证券日报) ...