Group 1 - Nanshan Aluminum International (02610.HK) has seen a stock price increase of over 4%, currently up by 4.12% at HKD 68.2 [1] - The trading volume for Nanshan Aluminum International reached HKD 135 million [1]

Core Viewpoint - Nanshan Aluminum (600219) plans to start construction of a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million and a construction period of 2 years, marking a significant step towards becoming an integrated electrolytic aluminum producer [1] Group 1 - The company's stock price increased by 4.12%, reaching HKD 68.2, with a trading volume of HKD 135 million [1] - The company has already established an alumina production capacity of 4 million tons per year in Indonesia, making it the largest alumina producer in Southeast Asia [1] - The long-term strategy includes planning an additional 500,000-ton electrolytic aluminum project to further enhance production capacity [1] Group 2 - The announcement of the 250,000-ton electrolytic aluminum project and the planning of an additional 500,000 tons signifies the company's formal transition to an integrated electrolytic aluminum producer [1] - The company aims to gradually increase electrolytic aluminum production capacity to align with its alumina production capacity [1] - The expected outcome of these initiatives is an enhancement in the company's profitability [1]

据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。该行认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，近日，公司计划2026年启动年产25万吨电解铝项目建设，投资额4.37亿美元，建设周期2 年；中长期发展看，公司计划制定另外年产50万吨电解铝项目的规划工作，以进一步提升公司电解铝产 能规模；中长期战略看，公司计划逐步提升电解铝产能，以期实现与公司电解铝和氧化铝产能的匹配。 智通财经APP获悉，南山铝业国际(02610)涨超4%，截至发稿，涨4.12%，报68.2港元，成交额1.35亿港 元。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Geopolitical risks are easing but still pose concerns. Gold prices are approaching the $5000 mark. The U.S. economy shows strength, but geopolitical uncertainties and potential changes in the Fed chairperson may affect market sentiment. Different commodities are expected to have various trends based on their respective fundamentals and macro - economic factors [2][4]. - In the domestic market, there is room for reserve requirement ratio and interest rate cuts this year, which will promote the stable development of the capital market. The A - share market is in a stage of volume contraction and differentiation, with a positive medium - term trend [3]. Summary by Related Catalogs Macro - Overseas: The Q3 2025 real GDP annualized quarterly - on - quarterly final value was slightly revised up to 4.4%, the fastest growth rate in two years, supported by strong exports, reduced inventory drag, and consumer resilience. The core PCE inflation remained at 2.9%, still above the Fed's 2% target. The 11 - month PCE price index was in line with market expectations, and the market priced the next interest rate cut in June. Geopolitical tensions have eased temporarily, but long - term concerns remain. The U.S. dollar index fell to 98.3, the 10Y U.S. Treasury yield was basically flat, and gold and silver reached new highs while copper and oil prices declined [2]. - Domestic: There is still room for reserve requirement ratio and interest rate cuts this year. The A - share market closed higher with a slight increase in trading volume. The market is in a stage of volume contraction and differentiation, with a positive medium - term trend [3]. Precious Metals - International precious metal futures prices continued to rise, with COMEX gold futures breaking through $4900 for the first time, closing up 2.09% at $4938.40 per ounce, and COMEX silver futures up 3.86% at $96.22 per ounce. Geopolitical risks and policy uncertainties have increased the demand for hedging, pushing up precious metal prices. The uncertainty of geopolitical risks and concerns about the independence of the Fed are expected to keep gold and silver prices strong [4][5]. Copper - The main contract of Shanghai copper fluctuated narrowly, and LME copper rebounded slightly. The spot market trading was poor, and the inventory increased. The Q3 2025 U.S. GDP growth rate was revised up, and geopolitical risks led to an increase in global risk - aversion sentiment. Rio Tinto's Q4 production increased by 5% year - on - year. It is expected that copper prices will enter a weak oscillation in the short term, but the downside adjustment space may be limited [6][7]. Aluminum - The main contract of Shanghai aluminum closed at 24055 yuan/ton, up 0.59%. The LME closed at $3137.5 per ton, up 0.64%. The U.S. economic data was mixed, and the geopolitical tension in Greenland eased. The inventory of aluminum ingots decreased slightly this week, but the de - stocking is expected to be difficult to continue with the arrival of the off - season. It is expected that aluminum prices will oscillate [8][9]. Alumina - The main contract of alumina futures closed at 2717 yuan/ton, up 1.8%. Overseas and domestic news has led to a rebound in alumina futures prices, but the actual supply impact is limited, and the oversupply pattern remains unchanged. It is expected that the rebound of alumina prices will not last, and it will mainly oscillate at a low level [10]. Cast Aluminum - The main contract of cast aluminum alloy futures closed at 22855 yuan/ton, up 0.62%. The consumption improvement of cast aluminum is limited, the cost decline is limited, and the supply - side start - up is stable at a low level. The supply - demand is weak on both sides, and it is expected to remain oscillating [11]. Zinc - The main contract of Shanghai zinc oscillated horizontally during the day and strengthened at night, and LME zinc closed up. The U.S. economic performance is strong, the inflation meets expectations, and the dollar falls, boosting zinc prices. The inventory decreased slightly this week, and the global zinc ore supply is expected to tighten. It is expected that zinc prices will maintain a high - level oscillation pattern [12][13]. Lead - The main contract of Shanghai lead oscillated narrowly during the day and horizontally at night, and LME lead oscillated. After the decline of lead prices slowed down, the downstream inquiry enthusiasm improved, and some enterprises started pre - holiday stockpiling. Environmental protection control in Shandong and Hebei has restricted the production of some enterprises, and the supply is expected to tighten. It is expected that lead prices will continue to oscillate stably, but the upward driving force is not strong for now [14][15]. Tin - The main contract of Shanghai tin first declined and then rose during the day and strengthened at night, and LME tin oscillated horizontally. Geopolitical concerns have dissipated, and the U.S. economic data is strong, boosting risk appetite. The terminal order demand is sluggish, the downstream purchasing willingness is not strong, and the supply has no new changes. It is expected that tin prices will continue to oscillate at a high level in the short term [16]. Steel and Iron Products - **Screw and Coil**: Steel futures oscillated. Affected by seasonal demand, market trading weakened. The output of five major steel products was stable, the apparent demand declined, and the inventory gradually increased. It is expected that steel prices will mainly oscillate [17]. - **Iron Ore**: Iron ore futures oscillated. The central bank signaled monetary easing, and there is still room for reserve requirement ratio and interest rate cuts. The supply is still at a high level, and the demand is weak in the off - season. The pre - holiday restocking expectation provides some support, and it is expected that the futures price will oscillate [18]. - **Coking Coal and Coke**: Coking coal and coke futures oscillated. The spot market sentiment was weak and stable. The supply of upstream coal mines continued to resume production, and the demand of downstream steel mills was weak. It is expected that the futures price will oscillate weakly [19]. Agricultural Products - **Soybean and Rapeseed Meal**: The soybean meal 05 contract closed up 1.50%, and the rapeseed meal 05 contract closed up 1.21%. Brazil's soybean production, export, and crushing volume are expected to increase. The precipitation in central Brazil may affect the harvest, and the drought in Argentina has led to increased speculation. It is expected that the soybean meal will oscillate and rebound in the short term [20][21]. - **Palm Oil**: The palm oil 05 contract closed up 1.59%. The export of Malaysian palm oil decreased in January, but the U.S. biodiesel policy expectation and the improvement of palm oil export and production contraction support the price. It is expected that palm oil will oscillate strongly in the short term [22].

1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Domestic partial alumina enterprises are conducting maintenance, and the news of production cuts at an Australian alumina plant helps the alumina price stop falling. However, overseas disturbance news has limited impact on current production, and there is still 6 million tons of new production capacity to be put into operation overseas this year, so the actual impact on the supply increase this year is limited. The current maintenance capacity in China cannot support the reversal of the supply - demand situation. It is expected that the price will stop falling, stabilize, and fluctuate in the short term, and the subsequent rebound of alumina still needs to see more production cuts [2][6]. 3. Summary According to the Table of Contents 3.1 Transaction Data - From January 14th to January 23rd, 2026, the alumina futures (active) dropped from 2800 yuan/ton to 2724 yuan/ton, a decrease of 76 yuan/ton; the domestic alumina spot decreased from 2681 yuan/ton to 2657 yuan/ton, a decrease of 24 yuan/ton; the spot premium decreased from 138 yuan/ton to 80 yuan/ton, a decrease of 58 yuan/ton. The Australian alumina FOB decreased from 309 US dollars/ton to 304 US dollars/ton, a decrease of 5 US dollars/ton; the import profit and loss increased from - 47.37 yuan/ton to - 22.79 yuan/ton, an increase of 24.6 yuan/ton. The exchange warehouse inventory decreased from 170,779 tons to 138,697 tons, a decrease of 32,082 tons, and the exchange factory warehouse remained at 0 tons [3]. 3.2 Market Review - The main alumina futures contract dropped 0.98% last week, closing at 2724 yuan/ton. The national weighted - average price of the spot market on Friday was 2657 yuan/ton, a decrease of 24 yuan/ton from the previous week. In terms of bauxite, some domestic northern mines had phased production cuts due to weather, while the southern supply was stable, and the domestic bauxite price remained stable. The arrival volume of Chinese bauxite on January 9th was 3.5409 million tons, a decrease of 501,400 tons from the previous week, with an overall abundant import and pressured prices. On the supply side, the total built - in production capacity of national metallurgical - grade alumina was 110.32 million tons/year, and the total operating production capacity was 87.12 million tons/year. The national weekly alumina operating rate decreased by 1.85 percentage points to 79.97% compared with the previous week, with domestic alumina plants operating at a high level. On the consumption side, electrolytic aluminum enterprises in Xinjiang and Inner Mongolia continued to release newly - put - into - operation production capacity, with an increase in operating production capacity compared with the previous week, and the theoretical demand for alumina increased slightly. In terms of inventory, the alumina futures warrant inventory was 139,000 tons last Friday, a decrease of 38,105 tons during the week, and the factory warehouse remained at 0 tons [4]. 3.3 Market Outlook - A gold mine in Siguiri Province, about 800 kilometers northeast of Conakry, the capital of Guinea, collapsed, causing at least 6 deaths. The incident occurred in the Doko area, which is a manual gold - mining area with no bauxite mines, and the straight - line distance to the nearest main bauxite - mining area is about 520 kilometers, having no impact on bauxite production and shipping for the time being. Imported bauxite is abundant with light trading, and prices are under pressure. Domestic bauxite remains in a tight situation with fluctuating prices. On the supply side, there have been small - scale maintenance in Shanxi, Henan, Guangxi and other places in China, and the operating production capacity has decreased compared with the previous period, but the operating production capacity after maintenance is still theoretically in excess. Rio Tinto Group said it will cut the output of its Yarwun alumina refinery in Australia by 40% starting from October 2026, involving a production capacity of 1.2 million tons. The production capacity of downstream electrolytic aluminum enterprises has increased slightly, and procurement still mainly follows long - term contracts. The alumina warrant inventory was 139,000 tons, a decrease of 38,105 tons during the week [2][6]. 3.4 Industry News - In December 2025, China imported 227,800 tons of alumina, a month - on - month decrease of 1.98% and a year - on - year increase of 1388.89%; exported 205,900 tons of alumina, a month - on - month increase of 22.56% and a year - on - year increase of 9.35%; the net import volume of alumina was 21,900 tons, a month - on - month decrease of 65.99% and a year - on - year decrease of 112.66%. From January to December 2025, the cumulative import was 1.1981 million tons, a year - on - year decrease of 15.62%; the cumulative export was 2.5492 million tons, a year - on - year increase of 42.76%; the cumulative net export volume of Chinese alumina was 1.3511 million tons, a year - on - year increase of 269.48%. The total import volume of Chinese bauxite in December was 14.67 million tons, a month - on - month decrease of 2.9% and a year - on - year decrease of 2.0%. As of December, the cumulative import volume this year reached 201.19 million tons, a year - on - year increase of 26.4%. The cumulative consumption of imported ore by Chinese alumina enterprises as of December was about 155.77 million tons, and the current imported bauxite market is in a state of oversupply. Two alumina enterprises in Guangxi started maintenance this weekend. Enterprise A plans to start roasting maintenance on January 24th, which is expected to end in 14 days, affecting about 40,000 tons of production during this period. Enterprise B plans to start roasting maintenance on January 25th, which is expected to end in 10 - 12 days, with a halved production during this period and a daily output reduced to about 2800 tons. A certain alumina enterprise in Henan stopped all roasting production lines for maintenance this morning and is currently only producing aluminum hydroxide. Before the shutdown, only one production line was in operation due to environmental control. It is expected that one production line will resume operation in about 10 days, and the downstream delivery will not be affected during the maintenance period [7]. 3.5 Related Charts - The report provides charts on alumina futures price trends, alumina spot prices, alumina spot premiums, alumina month - to - first - continuous spread, domestic bauxite prices, imported bauxite CIF, caustic soda prices, thermal coal prices, alumina exchange inventory, and alumina cost - profit [9][10][13][15][18][21][24].

重要新闻提示 北京：2026年经济社会发展主要预期目标包括地区生产总值增长5%左右 永杰新材：拟购买奥科宁克秦皇岛100%股权和奥科宁克昆山95%股权，预计构成重大资产重组 德力佳：拟50亿元投建10兆瓦以上风电用变速箱研发制造项目 今日提示 科创板新股北芯生命今日申购，申购代码为787712，发行价为17.52元/股 央行公开市场今日有2000亿元1年期中期借贷便利（MLF）和1583亿元7天期逆回购到期 国新办今日下午3时举行新闻发布会，商务部副部长鄢东介绍2025年商务工作及运行情况，并答记者问 中国信息通信研究院今日召开2026年"星算·智联"太空算力研讨会 第19届亚洲金融论坛今日在香港举行，首设"全球产业峰会"，涵盖人工智能与科技、新消费、生物医药 与医疗健康等高增长、高价值产业，聚焦金融与实体经济融合 财经新闻 1. 根据目前的发行安排，本周有3只新股申购，包括2只科创板新股、1只沪市主板新股。日程安排上， 科创板新股北芯生命周一（1月26日）申购，沪市主板新股林平发展、科创板新股电科蓝天周五（1月30 日）申购。详见宇航电源核心供应商，来了！ 2. Wind数据显示，本周（1月26日—1月30 ...

Group 1 - The company Yongjie New Materials announced plans to engage in aluminum product hedging business starting in 2026, with a maximum position size of 20,000 tons per trading day [2] - The margin for the hedging business will not exceed 50 million yuan, and the maximum contract value is capped at 500 million yuan [2] - Concurrently, the company will conduct forward foreign exchange settlement and sales, with a foreign currency amount not exceeding 60 million US dollars, both businesses are set to expire on December 31, 2026, and will be funded entirely from the company's own funds [2]

Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q4 2025, the production of alumina increased by 1.1% quarter-on-quarter to 2.481 million tons, while the production of primary aluminum rose by 4.3% to 604,000 tons, primarily due to the successful restart of the San Ciprián electrolytic aluminum plant in Spain [2][3] - The average realized price for third-party sales of alumina decreased by 46.4% year-on-year to $341 per ton, while the average price for primary aluminum increased by 24.7% year-on-year to $3,749 per ton [3][9] - The company's total revenue for Q4 2025 was $3.449 billion, reflecting a 15.2% increase quarter-on-quarter but a 1.1% decrease year-on-year [9][11] Summary by Sections Production and Operations - In Q4 2025, bauxite production was 9.4 million tons, with third-party bauxite shipments at 2.4 million tons, showing a 41.2% increase quarter-on-quarter [2][5] - The total alumina production for 2025 was 9.640 million tons, a decrease of 3.9% year-on-year, while the total primary aluminum production for 2025 was 2.319 million tons, an increase of 4.7% year-on-year [6][8] Financial Performance - For Q4 2025, the net profit attributable to Alcoa was $226 million, a decrease of 2.6% quarter-on-quarter but an increase of 11.9% year-on-year [11][27] - The adjusted EBITDA for Q4 2025 was $546 million, reflecting a significant increase due to rising aluminum prices and the absence of certain one-time charges from the previous quarter [12][20] Future Outlook - For 2026, the alumina business is expected to produce between 9.7 million and 9.9 million tons, with aluminum production projected to be between 240,000 and 260,000 tons [23][24] - The first quarter of 2026 is anticipated to face challenges, including a $30 million negative impact on adjusted EBITDA due to routine maintenance and price declines in bauxite procurement agreements [23][24]

"反内卷"，是近年来一个高频热词。自2024年7月中央政治局会议首次提出"防止内卷式恶性竞争"以 来，"反内卷"已从社会热词上升为国家的重要战略命题。 1月25日，在广东省政协十三届四次会议首场"委员通道"上，肇庆市工商联副主席、广东高登铝业集团 执行总裁李婧讲述她作为一名民营企业家对企业"内卷式竞争"的感受："在无序竞争中，企业陷入'你降 一点，我降更多'的恶性循环，利润不断缩水，无力投入研发、难以提升品质，整个行业深陷低效甚至 无效发展的困境。"李婧指出这种"内卷"，卷掉的不仅仅是企业利润，更是创新动力和高质量发展未 来。 为此，她提出了三点建议：一是以政策为"导航仪"，引导资本与创新流向"星辰大海"。 政府强化产业 政策精准引导，除普惠性减税降费外，还要通过专项基金、创新券、首台套补贴等政策工具，为企业提 供清晰预期与实质支持，将企业从"价格战"红海引向"价值战"蓝海。 二是以平台为"助推器"，支撑企业携手攀登"技术高坡"。鼓励链主企业牵头，联合高校、科研院所及上 下游中小企业组建创新联合体，政府搭建公共技术服务平台，降低中小企业研发成本与风险。推动企业 从"单打独斗"转向"协同创新"，把"内卷"的精力 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - This week, aluminum prices first declined and then rebounded. Trump's threat to impose tariffs on Europe once suppressed market sentiment, but then the sentiment eased. SHFE aluminum rose 1.4% this week, and LME aluminum rose 0.9%. Currently, domestic aluminum ingot and aluminum bar inventories continue to accumulate, and high prices still suppress downstream demand. However, in the context of the off - season, this does not constitute a major negative for prices. There was concentrated delivery of LME aluminum, but the inventory remained at a relatively low level. Coupled with the high premium of US aluminum spot, the support for aluminum prices remains strong. Driven by the relatively loose policy environment at home and abroad and the continuous record - high of precious metals, aluminum prices are expected to fluctuate strongly. The operating range of the SHFE aluminum main contract is expected to be 24,000 - 25,000 yuan/ton; the operating range of LME aluminum 3M is expected to be 3,120 - 3,220 US dollars/ton [12][13] Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Supply Side**: As of the end of December 2025, the domestic electrolytic aluminum operating capacity was about 4,459.8 million tons, with a 1.9% year - on - year increase in production in December. January's production is expected to increase month - on - month. In December, overseas electrolytic aluminum production was 2.581 million tons, a 3.6% month - on - month and 2.2% year - on - year increase. The domestic molten aluminum ratio in December 2025 decreased by 0.8% month - on - month and is expected to decline further in January [12] - **Inventory & Spot**: According to MYSTEEL data, on Thursday this week, the aluminum ingot inventory was 768,000 tons, an increase of 19,000 tons from last Thursday. The bonded area inventory was 48,000 tons, a decrease of 7,000 tons from last Thursday. The total aluminum bar inventory was 229,000 tons, an increase of 16,000 tons from last Thursday. The global LME aluminum inventory was 507,000 tons, an increase of 22,000 tons from last week. The spot basis of domestic East China aluminum ingots strengthened, and the LME market's Cash/3M changed from premium to discount [12] - **Imports and Exports**: In December 2025, China's primary aluminum imports were 189,000 tons, a 29.5% month - on - month and 17.2% year - on - year increase. The cumulative imports from January to December were 2.538 million tons, an 18.8% year - on - year increase. In December, the export of unwrought aluminum and aluminum products was 545,000 tons, a 4.4% month - on - month decrease; the cumulative exports from January to December were 6.134 million tons, an 8.0% year - on - year decrease. Recently, the spot import loss of SHFE aluminum has narrowed [12] - **Demand Side**: According to SMM research, the comprehensive operating rate of domestic aluminum downstream processing this week increased by 0.7% to 60.9% compared with last week. Among them, the operating rates of aluminum cables and aluminum profiles rebounded month - on - month, while those of primary aluminum alloys, aluminum sheets and strips, and aluminum foils remained flat. In terms of demand, there is a seasonal recovery in food packaging foils and pharmaceutical foils before the Spring Festival, and orders from sub - sectors such as photovoltaics, automobiles, and batteries provide support. However, high aluminum prices continue to suppress the terminal's purchasing willingness, and downstream enterprises mainly replenish inventory on a just - in - time basis [12] 2. Futures and Spot Market - **Futures Market**: SHFE aluminum rose 1.4% to 24,290 yuan/ton this week (as of Friday afternoon's closing), and LME aluminum rose 0.9% to 3,173.5 US dollars/ton [23] - **Term Spread**: The contango of SHFE aluminum's first - to - third contract narrowed compared with last week [29] - **Spot Basis**: The discounts in East China, South China, and Central China narrowed compared with last week. The Central China spot was relatively strong. The LME aluminum Cash/3M changed from premium to discount [33][40][42] 3. Profit and Inventory - **Electrolytic Aluminum Smelting Profit**: The primary aluminum smelting profit increased compared with last week and is at a historical high [52] - **Electrolytic Aluminum Inventory**: Aluminum ingot inventory on Thursday this week was 768,000 tons, an increase of 19,000 tons from last Thursday. The bonded area inventory was 48,000 tons, a decrease of 7,000 tons from last Thursday. The total aluminum bar inventory was 229,000 tons, an increase of 16,000 tons from last Thursday. The global LME aluminum inventory was 507,000 tons, an increase of 22,000 tons from last week, still at a relatively low level in recent years. In December 2025, the proportion of aluminum from India in LME aluminum ingot inventory decreased to 39.5%, and the total inventory decreased [57][60][65][68] 4. Cost Side - **Bauxite Price**: Domestic and overseas bauxite prices remained unchanged compared with last week [73] - **Alumina Price**: Domestic alumina prices decreased by 10 yuan/ton compared with last week, and import prices decreased by 2 US dollars/ton [77] - **Electrolytic Aluminum Smelting Cost**: The anode price remained unchanged compared with last week, and the thermal coal price decreased by 10 yuan/ton compared with last week [81] 5. Supply Side - **Alumina**: In December 2025, the monthly alumina production was 8.003 million tons, an increase of 162,000 tons from November and an 8.7% year - on - year increase. The annual alumina production in 2025 was 90.647 million tons, a 10.1% year - on - year increase. The production in January 2026 is expected to remain high [86] - **Electrolytic Aluminum**: As of the end of December 2025, the domestic electrolytic aluminum operating capacity was about 4,460.8 million tons. In December, the electrolytic aluminum production increased by 3.9% month - on - month and 1.9% year - on - year. The operating capacity in January 2026 is expected to be relatively stable. In December 2025, overseas electrolytic aluminum production was 2.581 million tons, a 3.6% month - on - month and 2.2% year - on - year increase, and the annual production increased by about 2.8% year - on - year [89] - **Molten Aluminum Ratio**: This week, the aluminum bar processing fee first increased and then decreased. In December 2025, the domestic molten aluminum ratio decreased by 0.8% month - on - month. The casting volume of electrolytic aluminum ingots increased by 13.4% month - on - month and decreased by 7.7% year - on - year. This week, the molten aluminum ratio of domestic electrolytic aluminum enterprises decreased slightly, and it is expected to decline further in January 2026 [92] - **Provincial Electrolytic Aluminum Production**: In December 2025, the electrolytic aluminum production in each province increased month - on - month compared with November [97] 6. Demand Side - **Aluminum Products Production and Outbound Volume**: In December 2025, China's aluminum products production was 6.136 million tons, a 0.5% year - on - year increase; the cumulative production from January to December was 67.504 million tons, a 0.5% year - on - year decrease. As of January 19, 2026, the daily outbound volume of aluminum ingots was 124,000 tons, an increase from last week [101] - **Downstream Operating Rate**: In December 2025, the operating rates of aluminum profiles and aluminum sheets and strips decreased month - on - month, while those of primary aluminum alloy ingots and aluminum rods increased month - on - month. The operating rate of recycled aluminum alloy ingots decreased. This week, the price difference between aluminum ingots and aluminum alloys widened by 5 yuan/ton to 816 yuan/ton [107][110][113] - **Terminal Demand**: According to the production scheduling reports of the three major white goods released by Industry Online, the production schedule of household air conditioners in January 2026 is 18.51 million units, an 11% increase compared with the actual production in the same period last year, turning from a decline to an increase year - on - year; the production schedule of refrigerators is 7.92 million units, a 3.6% increase compared with the actual production in the same period last year; the production schedule of washing machines is 8.1 million units, a 1.8% slight decrease compared with the actual production in the same period last year. In December 2025, the real - estate data continued to be weak, and the production and sales of automobiles weakened marginally. The production schedule of photovoltaic modules in January 2026 is expected to improve [117] 7. Imports and Exports - **Primary Aluminum Imports**: In December 2025, China's primary aluminum imports were 189,000 tons, a 29.5% month - on - month and 17.2% year - on - year increase. The cumulative imports from January to December were 2.538 million tons, an 18.8% year - on - year increase. This week, the spot import loss of aluminum ingots narrowed [122] - **Aluminum Ingot Import Sources**: In December 2025, aluminum ingot imports mainly came from Russia, Indonesia, India, Australia, etc., with the import volume from Russia increasing to 76% [125] - **Aluminum Products Exports and Recycled Aluminum Imports**: In December 2025, the export of unwrought aluminum and aluminum products was 545,000 tons, a 4.4% month - on - month decrease; the cumulative exports from January to December were 6.134 million tons, an 8.0% year - on - year decrease. In December 2025, the recycled aluminum imports were 194,000 tons, an increase of 31,000 tons month - on - month; the cumulative imports from January to December were 2.015 million tons, a 13.1% year - on - year increase [128] - **Bauxite and Alumina Imports and Exports**: In December 2025, China's bauxite imports were 14.673 million tons, with the proportion of imported ore at 72.5%. The cumulative bauxite imports from January to December were 200.532 million tons, a 26.3% year - on - year increase. In December 2025, China's alumina exports were 206,000 tons, a 9.3% year - on - year increase. The cumulative alumina exports from January to December were 2.548 million tons, a 42.7% year - on - year increase [131]