长江有色网12月17日讯，今日氧化铝震荡上扬，主力月2601合约高开高走，价格重心重回2.5千元上 方；截止当日15：00收盘，氧化铝主力月2601合约报2558元，涨24元，涨幅0.95%；12个合约累计成交 372,105手，比前一交易日减少488,798手，跌幅30.16%；持仓量603,146手减少3,011手，跌幅0.50%。 今日国内氧化铝现货价格跌势为主；据长江有色网ccmn数据，12月17日氧化铝华南地区每吨报2810- 2860元之间，与前一交易日报价持平；华东地区氧化铝每吨报2730-2770元之间，与前一交易日报价跌 10元；西南地区氧化铝每吨2820-2860元之间，与前一交易日报价跌5元；西北地区氧化铝每吨报2950- 2990元之间，与前一交易日报价持平。 长江有色金属网www.ccmn.cn 电话：0592-5668838 新浪合作大平台期货开户 安全快捷有保障 宏观层面，美国11月非农就业增长超预期，不过失业率升至4.6%，这使市场对美国明年进一步降息的 预期升温，同时对美元和美债收益率形成压制。国内方面，12月10日至11日召开的中央经济工作会议备 受关注。会议将扩大内需列为 ...

长江铝价alu.ccmn.cn短评：美11月就业报告出炉后市场情绪转乐观，隔夜伦铝续涨0.82%；沪铝供需偏 稳，市场预期明年上半年供需偏紧，下方支撑较强，今现铝或上涨。 基本面看，沪铝供需偏稳，电解铝运行产能变化有限，铝水供应比例增幅不大，受发运影响供应未明显 增加，且市场预期明年上半年供需偏紧，下方支撑较强。需求端处于消费淡季，表现趋弱但下行幅度有 限，消费仍具有韧性。地产行业虽仍在探底，但逆周期增量政策调节下，其对铝需求的拖累将减弱；新 能源汽车、光伏等新动能领域增速或放缓，不过出口及电网、储能投资领域仍可期。现货市场，持货商 年末变现出货积极，流通略过剩，现货贴水扩大。部分看涨下游入场补货成亮点，但多数对后市信心不 足，接货交单需求减弱，供需缺口扩大，交投氛围一般。 综合来看，宏观情绪升温支撑铝价，供需矛盾不大，预计铝价高位震荡，今现铝或上涨。 长江有色金属网ccmn.cn 电话：0592-5668838 新浪合作大平台期货开户 安全快捷有保障 【铝期货市场】：美11月就业报告出炉后市场情绪转乐观，隔夜伦铝震荡走强，最新收盘报价2906美 元/吨，收涨23美元，涨幅0.82%，成交量16689手减少5 ...

宏观层面，周四美国劳工统计局公布数据显示，2025 年 12 月消费者价格指数（CPI）同比上涨 2.7%， 创 7 月以来最低水平，不仅低于市场预期的 3.1%，也低于 9 月 3.0%的同比涨幅。同期，核心通胀率 （剔除食品和能源价格）同比上涨 2.6%，为 2021 年 3 月以来最低值，同样低于预期的 3.0%。受美国 政府停摆影响，劳工统计局未能采集 2025 年 10 月相关数据，致使 10 月 CPI 数据缺失，11 月月度数据 也未发布。不过该机构称，9 月至 11 月的两个月间，消费者价格指数累计上涨 0.2%。此次公布的 CPI 数据，为美联储内部鸽派阵营主张进一步降息提供了有力支撑。降息预期通常利好有色金属，利空美元 汇率。 基本面方面，国内电解铝运行产能整体变动不大，因产能已达上限，供应难有明显增量。需求端，虽进 入消费淡季，下游整体消费趋弱，但未出现趋势性大幅下滑的情况。下游年底赶工态势显著，汽车、电 子等行业消费具韧性且铝锭社库低位。截至 12 月 18 日，中国主要市场电解铝库存为 56.1 万吨，较本 周一减少 1.6 万吨，铝价底部支撑尚存。不过，后市预期不佳，叠加年底回笼资 ...

数据显示，招商基金旗下1只基金重仓天山铝业。招商优质成长混合(LOF)（161706）三季度持有股数 683.65万股，占基金净值比例为3.49%，位居第九大重仓股。根据测算，今日浮盈赚取约464.88万元。 招商优质成长混合(LOF)（161706）成立日期2005年11月17日，最新规模22.73亿。今年以来收益 16.02%，同类排名4654/8098；近一年收益16.34%，同类排名4430/8067；成立以来收益1446.57%。 招商优质成长混合(LOF)（161706）基金经理为吴潇。 12月19日，天山铝业涨5.01%，截至发稿，报14.24元/股，成交5.39亿元，换手率0.94%，总市值662.43 亿元。 资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销售自产铝锭65.26%，销售氧化铝 24.20%，销售铝箔及铝箔坯料6.89%，销售高纯铝2.10%，其他(补充)1.55%。 从基 ...

印度Vedanta铝业(Vedanta Aluminium)已成功将旗下Lanjigarh炼厂产能扩大到500万吨/年。这意味着，该炼厂成为中国以外地区第二大氧化铝精炼 厂，从而令印度氧化铝精炼产能提升至约1300万吨/年,令印度成为全球第三大氧化铝生产国。Lanjigarh炼厂大约占印度氧化铝总产量的38%。 12月19日，氧化铝期货行情呈现震荡下行走势，截至发稿主力合约大幅下挫2.60%，报2505.0元/吨。 【消息面汇总】 据外媒报道，世界金属统计局(WBMS)公布的最新报告显示，2025年10月，全球氧化铝产量为1342.09万吨，2025年1—10月，全球氧化铝产量为 12797.70万吨。2025年10月，全球再生铝产量为2203.86万吨，2025年1—10月，全球再生铝产量为22006.70万吨。 机构观点 广州期货：氧化铝期价已跌破行业平均现金成本线，全产业链库存攀升至历史峰值，目前有部分生产企业进行检修，部分下游企业表示会择机增 加原料备库，在行业生产亏损背景之下，或逐步有高成本产能退出，近期仓单库存连续去化，周度开工生产供应小有缩减，氧化铝逐步寻找下方 底部支撑，氧化铝主力合约价格参考 ...

Group 1 - The core viewpoint of the news is that Minfa Aluminum Industry Co., Ltd. experienced a stock price increase of 5.09%, reaching 4.54 CNY per share, with a trading volume of 296 million CNY and a turnover rate of 7.82%, resulting in a total market capitalization of 4.261 billion CNY [1] - Minfa Aluminum, established on September 15, 1997, and listed on April 28, 2011, is located in Quanzhou, Fujian Province, and specializes in the research, production, and sales of architectural aluminum profiles, industrial aluminum profiles, and aluminum formwork [1] - The main business revenue composition of Minfa Aluminum includes 97.02% from aluminum profile sales, 1.22% from aluminum formwork leasing and installation, 1.10% from other sources, 0.61% from aluminum formwork sales, and 0.05% from water purification agents [1] Group 2 - Among the top ten circulating shareholders of Minfa Aluminum, a fund under Jinyuan Shun'an Fund holds a position, having reduced its holdings by 35,500 shares in the third quarter, now owning 3.2645 million shares, which accounts for 0.38% of the circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) was established on November 14, 2017, with a latest scale of 1.432 billion CNY, achieving a year-to-date return of 41.91% and a one-year return of 40.13%, ranking 1387 out of 8098 and 1356 out of 8067 respectively [2] - The fund manager of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is Miao Weibin, who has a tenure of 9 years and 6 days, with the fund's total asset scale at 1.432 billion CNY, achieving the best return of 557.04% and the worst return of -28.79% during his tenure [3]

Report Investment Rating - No information provided Core Viewpoints - The finished product is expected to fluctuate and consolidate, and the price of aluminum ingots is expected to operate at a high level in the short term [2][3][4] Summary by Relevant Catalogs Finished Products - Yungui region's short - process construction steel enterprises will have a shutdown and maintenance period during the Spring Festival (from mid - January to around the 11th - 16th day of the first lunar month), affecting 741,000 tons of construction steel production [2] - In Anhui, 1 out of 6 short - process steel plants has stopped production on January 5th, most will stop around mid - January, with daily output affected by about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The finished product price continued to decline yesterday, reaching a new low recently, with a downward - moving price center due to weak supply - demand and pessimistic market sentiment, and the winter storage is sluggish this year [3] Aluminum Ingots - Yesterday, Shanghai aluminum fluctuated at a high level. In November, the US CPI increased by 2.7% year - on - year, lower than 3% in September, and the probability of the Fed cutting interest rates in January has slightly increased [2] - The new production capacity of domestic and Indonesian electrolytic aluminum is steadily released, and the weekly output has increased. The weekly operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.3 percentage points to 61.5% [3] - The primary aluminum alloy industry's operating rate remained at 60%, the same as last week; the aluminum plate and strip operating rate was stable at 65.0% but under pressure; the aluminum cable operating rate decreased by 0.4% to 62%; the aluminum profile operating rate decreased by 1.4 percentage points to 51.6% [3] - On December 15, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 596,000 tons, an increase of 12,000 tons from last Thursday and 1,000 tons from last Monday [3]

Group 1 - The company is focusing on an integrated layout of alumina and electrolytic aluminum, with plans to expand electrolytic aluminum capacity in Saudi Arabia, which is expected to become a rare investment target in the industry due to its increasing electrolytic aluminum output [1][2] - By December 2025, the company aims to achieve a domestic production capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, where energy costs are advantageous due to abundant coal resources, and the company is also transitioning to green energy with wind power projects [3] Group 2 - The company's performance is on an upward trend, with projected revenues increasing by 9.8% year-on-year in 2024 and a significant net profit growth of 104.8% [4] - The company plans to invest in a comprehensive aluminum industry chain project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to contribute significantly to the company's performance post-2027 [5] - The project in Saudi Arabia is anticipated to enhance the company's earnings due to lower electricity costs from abundant natural gas resources [5]

行业 铝日报 日期 2025 年 12 月 19 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 每日报告 投产；泰国铝合金车轮第三工厂在建的年产 300 万只铸旋铝合金车轮产能预 计明年投产；公司在重庆、淮安、长春、泰国等地新建的高性能铝合金新材 料项目将于今年四季度到明年陆续投产。上述新增产能建成后，将进一步完 善公司的全球产能布局，提升公司的市场竞争力。 请阅读正文后的声明 - 3 - 铝观点： 沪铝日内围绕 2.2 万一线震荡运行，2602 合约尾盘报收于 21955 小幅上涨 0.25%。基本面上，国产矿虽趋紧，但在氧化 ...

国联民生证券发布研报称，公司主营氧化铝、电解铝一体化冶炼，截至2025年12月中旬在国内形成78.8 万吨电解铝、320万吨氧化铝产能，氧化铝自给率超100%。2025年公司向海外扩张，在沙特规划投资50 万吨铝产业链综合项目，打造新的业绩增长点，IPO募集资金主要用于沙特项目和国内绿电建设，该行 认为公司将成为行业内稀有的有电解铝量增的标的。 智通财经APP获悉，创新实业(02788)涨近4%，截至发稿，涨3.11%，报18.91港元，成交额3376.68万港 元。 该行表示，2025年3月公司规划和创新集团、创新新材等共同投资沙特红海铝产业链综合项目，公司持 有项目33.6%股权。沙特红海项目首期规划50万吨电解铝+铝合金产能，最终产品面向沙特本土和欧美 市场，项目建设期18-24个月，该行预计2027年投产。沙特天然气资源丰富，电力成本较低，项目投产 后将显著增厚公司业绩。创新集团持有的项目股权未来有望注入上市公司，权益比例提升将进一步增加 沙特项目业绩贡献。 ...