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。 ...

Group 1: Digital Management in Green Finance - The establishment of a comprehensive digital management system for green finance projects covering five key areas: carbon finance, environmental finance, green buildings, ecological product development, and water conservation [1] - A total of 1,050 ecological and environmental projects have been precisely pushed to financial institutions, resulting in loan amounts reaching 24.51 billion yuan [1] - The project database has expanded from 107 to 274 projects, with a total bank credit of 17.33 billion yuan and loan disbursement of 5.7 billion yuan supporting green project construction in the province [1] Group 2: Financial Support for Low-Carbon Transition - Collaboration with the provincial development and reform commission to support energy and industrial low-carbon transition trials, selecting 4 cities, 7 counties, and 21 enterprises as pilot subjects [2] - Introduction of innovative financial products, including the first loans linked to the aluminum industry's transition, and the establishment of financial standards for the aluminum and oil processing industries [2] - Projects in the coal and electricity sector have received bank credit of 22.4 billion yuan, with loan disbursement of 4.33 billion yuan [2] Group 3: Marine Economy and Green Upgrading - Implementation of 16 special measures to enhance financial support for the marine economy, focusing on the construction of 71 national marine ranches with loans totaling 2.89 billion yuan [3] - Support for key scientific and technological platforms, with marine technology innovation loans reaching 14.47 billion yuan, a year-on-year increase of 32.4% [3] - Successful execution of the first marine carbon sink transaction based on a provincial carbon platform, with financial institutions purchasing carbon credits for their own carbon neutrality [3] Group 4: Comprehensive Green Financial System - The People's Bank of China in Shandong is focused on building a diversified green financial system, achieving full-process online management of projects through the "Beautiful Shandong Construction Financial Project Library" [4] - The bank has innovatively conducted transition financial pilot projects and established standards for key industries such as aluminum and refining to support low-carbon upgrades [4] - Initiatives like marine carbon sink trading and GEP loans are effectively promoting green development and ecological value transformation in the marine economy [4]

证券日报网讯12月18日，新疆众和（600888）在互动平台回答投资者提问时表示，公司年产240万吨氧 化铝项目临近港口，铝土矿运输便利，可以从几内亚、澳大利亚进口。 ...

你们说，一个普普通通的金属，怎么就能把一个超级大国逼得焦头烂额？ 最近国际市场上，铝价就像坐了火箭一样，蹭蹭往上涨，涨得美国人是心惊肉跳，夜不能寐，可这何尝 不是"反噬"？ 在美国人那里，他们一直雄心勃勃，觉得只要卡住"工业血液"铜的脖子，就能在全球制造业里呼风唤 雨。 于是，他们开始大肆囤积铜，价格果然被推高了。本以为这一招能让对手们"气短"，没想到，这 股"铜"风还没刮多久，美国自己却先被"铝"给绊倒了，而且摔得不轻。 最新的数据显示，美国今年7月份进口的未锻轧铝和铝材，竟然跌到了历史新低，库存都快见底了！ 可伦敦金属交易所的铝价呢？已经冲破了2890美元一吨，直奔3000美元去了，这哪是涨价，简直是"抢 钱"！美国这下子是真的慌了，这可不是闹着玩的，毕竟，"没铝可用"的滋味，可比"铜价太高"难受多 了。 你可能会好奇，铝这种"大路货"，怎么突然间就成了香饽饽？它既不像黄金那么贵重，也不像钻石那么 稀有，明明是到处都能看见的"平民金属"！ 但别小瞧了这"平民金属"的潜力。现在全球都在搞产业升级，新能源汽车、太阳能光伏板、储能系统这 些热门领域，对铝的需求量是"胃口大开"。 你知道吗？一辆电动汽车的用铝量， ...

Group 1 - Shandong Province's Industrial and Information Technology Department has announced the proposed list of the ninth batch of manufacturing single champion enterprises, with two companies from Linyi City successfully selected [1] - Linyi's Luoxin Pharmaceutical Group and Linyi Lixin Aluminum Industry have been recognized, contributing to the region's manufacturing sector's high-end, intelligent, and green development [1] - Luoxin Pharmaceutical, a top 100 pharmaceutical company in China, focuses on digestive system diseases and has developed innovative drugs, including the national Class I innovative drug Tegoprazan, which is included in the 2025 National Medical Insurance Directory [1] Group 2 - Linyi Lixin Aluminum Industry is transforming the aluminum industry with a "short-process green industrial chain," achieving over 90% recycling rate of aluminum resources through its innovative model [2] - The company plans to expand its production capacity to 300,000 tons per year by 2026, with an expected annual sales revenue of 2.5 billion yuan [2] - Lixin Aluminum holds 14 national invention patents and 42 utility model patents, and has established five provincial and municipal R&D platforms, collaborating with universities to achieve internationally advanced technology levels [2] Group 3 - The Linyi district will enhance the cultivation mechanism for manufacturing single champion enterprises by providing targeted policy guidance and financial support [2] - The district aims to encourage technological breakthroughs and promote the transformation of scientific achievements [2] - A collaborative industrial community will be built, integrating leading enterprises with small and medium-sized suppliers [2]

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：价格高位震荡 关注宏观情绪 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 证监许可【2011】1452 号 逻辑:昨日沪铝偏强震荡。宏观上美联储内部对利率路径仍有分歧表 态，国内年底政策情绪支撑，关注更多宏观数据指引。 以伊冲突 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停 ...

作为本次上市项目的重要参与方，内蒙古银行以"扎根乡土、全程陪伴"的金融服务模式，助力企业把握 市场机遇，成为创源金属赴港IPO进程中的关键支撑力量。 内蒙古创源金属有限公司自2012年在霍林郭勒市扎根以来，已形成年产80万吨电解铝及配套6台330MW 火电机组的庞大产能，构建起贯通铝产业链上下游的完整生态，成为区域铝产业绿色转型的标杆。2020 年斩获自治区"高新技术企业"殊荣，2025年更是跻身内蒙古民营企业100强第9位。 企业的腾飞，离不开金融活水的持续滋养。内蒙古银行以"地方银行服务地方经济"的责任担当，长期将 目光聚焦于像创源金属这样的本土支柱产业龙头。通过建立常态化走访沟通机制，分行管理团队经常深 入生产一线，精准把脉企业金融需求，确保金融服务始终与企业发展的脉搏同频共振。 11月24日，随着香港交易所内一声清脆的钟鸣，内蒙古创源金属有限公司正式登陆港股市场。 创源金属成为通辽市首家实现港股上市的民营企业，这是中国铝工业领域的一件盛事，更是通辽市民营 企业跨越发展的里程碑。 据估算，该项目每年可为企业替代部分外购火电用量，显著降低运营成本，大幅提升企业环保形象和市 场竞争力，为企业在国际资本舞台上 ...

华创证券发布研报称，中国宏桥(01378)作为全球领先铝全产业链生产商，全产业链配套及规模优势打 造盈利护城河，铝土矿、电力、氧化铝高自给率保障公司吨铝成本优势。该行预计25-27年公司实现归 母净利润248.03亿元、258.1亿元、279.6亿元，分别同比+10.9%、4.1%、8.3%。2026年行业可比公司平 均估值为11倍，考虑公司高股息属性，给予公司2026年12倍市盈率，目标价为34.3港元，维持"推荐"评 级。 综合铝价波动和原料成本变化，该行上调25-27年铝价假设为2.06/2.1/2.13万元/吨，下调25-27年氧化铝 假设为0.32/0.275/0.275万元/吨。 华创证券主要观点如下： 公司完成配售事项，主要满足国内外项目和偿债需要，未来资产结构和质量有望进一步优化 美减产，铝上涨弹性或更强，铝成本下行电解铝利润有望维持高位，看好铝红利+弹性。而中国宏桥电 解铝产能位于全球前列，且高分红+回购持续推进，红利资产属性逐步凸显，有望核心受益。 公司旗下西芒杜铁矿正式投产，未来将增厚公司业绩 2025年11月11日，几内亚西芒杜铁矿项目投产仪式举行，标志着全球大型优质铁矿石项目正式投产 ...