美国最高法院首席大法官John Roberts撰写的多数意见并未涉及退款问题，分析猜测大概是打算将其留 给下级法院处理。然而，大法官Brett Kavanaugh在反对意见中谈到了这个问题，他认为这一过程可能 会"一团糟"，而且会"对美国财政部产生重大影响"。 特朗普在周五新闻发布会上批评法官未能解决关税款项处理问题，并称"我们最终会在法庭上纠缠五 年"。对于美国企业和整体经济而言，这意味着更多贸易不确定性。 最高法院裁定特朗普关税违法后，美国政府如何退还已征关税成为悬而未决的问题。 据央视新闻，当地时间20日，美国最高法院裁定，特朗普政府依据《国际紧急经济权力法》（IEEPA） 实施的相关大规模关税措施缺乏明确法律授权。 高盛估计，截至裁决时政府已根据IEEPA征收1150亿至1450亿美元关税。这些资金如何流回企业手中， 以及特朗普新宣布的关税将如何实施，成为市场面临的双重难题。 此前华尔街见闻提及，高盛认为，如果法院否决关税，退税不会自动进行，可能需要数月甚至更长时 间，且有赖于进口商采取后续法律行动。 美国全国零售联合会呼吁建立简化的退税流程，称关税减免将为企业投资运营提供经济助力。但实际操 作远非如 ...

智通财经APP获悉，在美国最高法院裁定特朗普关税措施违法之后，数以千计的企业和进口商正准备展 开一场可能持续多年的法律战，试图向美国政府追回已缴纳、规模最高可达1700亿美元的关税。这一判 决不仅冲击特朗普贸易政策的法律基础，也可能在全球经济与企业财务层面掀起连锁反应。 美国最高法院周五裁定，总统特朗普无权依据《国际紧急经济权力法》(IEEPA)对数十个贸易伙伴加征 关税。但法院在判决中并未涉及是否需要退还已征收关税的问题，相关处理程序被留给下级法院解决。 特朗普随后在新闻发布会上批评称，法院在耗时数月形成裁决意见的情况下，却未对退税问题作出任何 说明，特朗普称："接下来五年恐怕都会'泡'在法庭里"。 最高法院以6比3的投票结果否定特朗普政府立场，其中大法官卡瓦诺在反对意见中指出，法院并未说明 政府是否、以及如何返还"数以十亿美元计"的关税收入，并警告这一过程可能"极其混乱"。 市场和行业机构普遍认为，即便最终允许退税，执行过程也将漫长而复杂。美国国际贸易法院虽曾在 1998年处理过大规模税费退还案件，但当年的规模仅约7500万美元、涉及约4000起案件，而当前争议关 税的体量远远超过这一水平。到2025年底 ...

Core Viewpoint - The Canadian government welcomes the U.S. Supreme Court's ruling that deemed the Trump administration's imposition of large-scale tariffs unlawful, reinforcing Canada's long-standing position against these tariffs [1] Group 1: Government Reactions - Canadian Trade Minister Dominic LeBlanc stated that the Supreme Court's decision supports Canada's view that the U.S. tariffs imposed under the International Emergency Economic Powers Act are "unreasonable" [1] - Ontario Premier Doug Ford described the ruling as an "important victory" but emphasized that the fight against U.S. tariffs on automotive, steel, aluminum, and forestry products must continue until these barriers are fully removed [1] Group 2: Future Challenges - The Canadian government acknowledges the ongoing challenges ahead, particularly in supporting domestic industries and workers affected by U.S. tariffs in the steel, aluminum, and automotive sectors [1]

Group 1 - The U.S. officials are threatening significant adjustments to trade agreements with Mexico and Canada, potentially excluding Canada from the current framework [1][6] - Trump is using a new leverage point, a bridge expected to open this year, to pressure Canada into making trade concessions [1][6] - The U.S. is increasing pressure on Canada, with a list of demands including concessions on the protected dairy industry [1][8] Group 2 - Canada’s Prime Minister, Carney, has angered U.S. officials by strengthening trade relations with other countries, leading to threats of 100% tariffs on Canadian goods [2][7] - The ongoing disputes have not yet resulted in new tariffs, but both parties are entering formal trade negotiations under a backdrop of extreme discord [2][7] - The potential abandonment of the trilateral agreement in favor of bilateral agreements with Mexico and Canada could have disastrous implications for companies reliant on the current agreement [2][7] Group 3 - Despite the existence of the agreement, Trump has imposed tariffs on Canada, severely impacting industries such as lumber, automotive, steel, and aluminum [3][8] - U.S. Trade Representative Greer indicated that there is no "natural reason" for the USMCA to remain a unified agreement, suggesting separate discussions with Mexico and Canada on different issues [3][8] - The Canadian government is preparing for a potential breakdown of negotiations, with low expectations for a comprehensive renewal of the agreement [3][8] Group 4 - U.S. officials have begun talks with the Mexican government since January, with Mexico appearing more optimistic about negotiations [4][9] - The "divide and conquer" strategy has been previously employed, where the U.S. advanced negotiations with Mexico while threatening to abandon Canada [4][9]

经济观察网 凯撒铝业2025年全年营业收入为33.73亿美元，同比增长11.54%；归母净利润为1.125亿美 元，同比增长140.38%。第四季度单季营业收入为9.29亿美元，同比增长21.37%；归母净利润为2820万 美元，同比大幅增长297.18%。全年调整后每股收益为6.77美元，显示盈利质量改善。 经营状况 公司全年经营活动现金流为1.114亿美元，流动性保持健康。资产负债结构方面，流动比率为2.95，速动 比率为1.26，偿债能力稳健。资产周转率为1.38次，运营效率较高。 行业状况 以上内容基于公开资料整理，不构成投资建议。 分业务看，航空航天等高强度应用领域需求稳定，包装和一般工程应用市场保持增长。尽管部分市场面 临挑战，但公司通过产品组合优化和定价能力提升，支撑了整体收入增长。 机构观点 截至2026年1月初，凯撒铝业股价一度升至118.11美元，接近12个月高点。Zacks Research等机构将评级 调整为"持有"，主要基于估值考量而非基本面恶化，反映市场对短期涨幅的谨慎态度。公司当前市盈率 （TTM）为16.97，市销率为0.57。 公司状况 公司维持稳定的股息支付，2025年每股 ...

新华财经法兰克福2月18日电（记者尹亮）德国铝业协会18日公布的2025年度数据显示，德国铝业在 2021年后连续四年产量没有增长。根据各细分市场的不同，当前的产量水平仅维持在2021年的75%到 89%之间。 德国铝业协会在新闻公报中说，该行业连续第四年产能利用率偏低，反映出其配套供应行业的需求疲 软，尤其是汽车、建筑和设备工程行业。这也显示德国的商业环境竞争力日益下降，而欧盟的相关贸易 政策进一步削弱了德国的竞争力。 德国铝业协会主席罗布·范·吉尔斯（Rob van Gils）表示，数据表明，由于市场竞争环境不景气，自2021 年以来德国铝业一直未能复苏。如果没有积极有效的产业政策和区位优势的显著改善，德国铝业行业将 无法生存，从而更加依赖原材料。 （文章来源：新华财经） 数据显示，2025年德国再生铝的产量为271.3万吨，为2021年水平的84.3%；挤压产品的产量为46.3万 吨，为2021年水平的75.9%。 德国铝业协会认为，德国铝业产生危机的原因在于经济政策框架不完善、结构性变革以及经济持续疲 软。这导致相当一部分产能未得到充分利用，尤其是在以中型企业为主的挤压产品领域。 ...

美国政府官员在试图缩小关税的适用范围。这项关税不仅涉及钢铝本身，也覆盖数十种含有钢铝成分的 产品。 据知情人士称，企业表示这些税费很难计算；欧盟也希望，作为与美国待决贸易协议的一部分，此项关 税能加以约束。知情人士还称，白宫已告知企业，正在酝酿调整，但具体时间和细节仍不清楚。 格里尔表示，基本的金属关税将会继续实施，称这些关税在提振国内产业方面"非常成功"。"显然，方 向是对的。它们会继续实施，"他表示。 美国贸易代表贾米森·格里尔暗示，在商界团体和贸易伙伴施压之下，特朗普政府对调整其对钢铝的广 泛关税安排持开放态度。 "出于合规目的，有时可能需要调整某些关税的适用方式，"格里尔周二在CNBC表示。"我们听说有公 司不得不额外雇人来确保合规。我们并不想让大家把太多精力花在繁琐的核算上，以至于没法把公司好 好经营下去。" 美国贸易代表贾米森·格里尔暗示，在商界团体和贸易伙伴施压之下，特朗普政府对调整其对钢铝的广 泛关税安排持开放态度。 "出于合规目的，有时可能需要调整某些关税的适用方式，"格里尔周二在CNBC表示。"我们听说有公 司不得不额外雇人来确保合规。我们并不想让大家把太多精力花在繁琐的核算上，以至于没法 ...

Group 1 - The core point of the article is that Guangdong Xingfa Aluminum Co., Ltd. has obtained a patent for a method related to high-performance aluminum profile extrusion molds using laser selective melting technology [1] - The patent is titled "A Method for Laser Selective Melting Forming High-Performance Aluminum Profile Extrusion Molds" and has been granted with the announcement number CN116967467B [1] - The application date for the patent was July 2023, indicating the company's ongoing innovation efforts in the aluminum industry [1]

Core Viewpoint - China Hongqiao (01378) has seen a stock price increase of over 4%, currently at 36.74 HKD, with a trading volume of 208 million HKD, driven by positive forecasts regarding aluminum supply and pricing [1] Group 1: Company Performance - China Hongqiao's profit forecast has been upgraded by CMB International, with the target price raised from 39 HKD to 45 HKD, maintaining a "Buy" rating [1] - The company is expected to achieve a core net profit of 26.262 billion CNY in 2025, representing a year-on-year growth of 7%, with a projected acceleration in net profit growth to 34% in 2026, primarily driven by rising aluminum prices [1] Group 2: Industry Context - The global aluminum supply shortage is expected to persist until 2026-2027, supported by high aluminum prices and declining bauxite prices [1] - Current aluminum production capacity utilization in China is nearing the policy limit of 99%, while new overseas production capacity is limited, which will help maintain a global aluminum market shortage [1] - The average aluminum price is projected to increase by 15% year-on-year in 2026 [1] Group 3: Dividend Policy - China Hongqiao is recognized as a leading player in the global aluminum industry, with an alumina production capacity of 19 million tons and an electrolytic aluminum production capacity of 6.46 million tons, making it the second-largest aluminum producer globally [1] - The company has announced a shareholder return plan for the next three years (2025-2027), committing to a minimum cash dividend payout ratio of 80% due to its mature development stage and lack of significant capital expenditure plans [1] - The dividend payout ratio is noted to be the highest in the aluminum industry [1]

Group 1 - The core viewpoint is that China Hongqiao's stock price has increased by over 4%, reaching HKD 36.74, with a trading volume of HKD 208 million [1] - CMB International has raised its profit forecast for China Hongqiao, increasing the target price from HKD 39 to HKD 45, maintaining a "Buy" rating due to a global aluminum supply shortage expected to last until 2026-2027 [1] - The current aluminum production capacity utilization in China is close to the policy limit of 99%, with limited new capacity coming online overseas, supporting a sustained global aluminum market shortage [1] Group 2 - China Hongqiao is a leading player in the global aluminum industry, with an alumina production capacity of 19 million tons and an electrolytic aluminum production capacity of 6.46 million tons, making it the second-largest aluminum producer globally [1] - The company has announced a shareholder return plan for the next three years (2025-2027), committing to a minimum cash dividend payout ratio of 80% due to its mature development stage and lack of significant capital expenditure plans [1] - The company’s core net profit is expected to reach CNY 26.262 billion in 2025, a year-on-year increase of 7%, with a projected profit growth rate of 34% in 2026 driven primarily by rising aluminum prices [1]