Core Insights - Zhaotong City has achieved significant economic growth, with its GDP surpassing 200 billion yuan, marking an average annual growth rate of 6.2% and moving up two positions to rank 5th in the province [4] - The city has successfully completed its "three-year step-up" task and high-quality goals set in the 14th Five-Year Plan, demonstrating a historic leap in comprehensive strength and significant improvements in urban and rural landscapes [2] Economic Development - The total fixed asset investment reached 572.2 billion yuan, with the proportion of industrial investment increasing from 27% to 50.4% and private investment rising from 19.6% to 41.6% [4] - Local general public budget revenue has entered the 10 billion yuan range, reaching 12.02 billion yuan, also moving up two positions to rank 5th in the province [4] Employment and Poverty Alleviation - The stable employment of rural laborers has maintained over 2.55 million, with significant investments in employment initiatives and poverty alleviation [8] - The risk elimination rate for monitored poverty alleviation objects reached 87.66%, with 63,600 households and 268,500 individuals identified [6] Infrastructure and Urbanization - The urbanization rate of the permanent population has increased to 45%, with the built-up area of urban areas reaching 139.7 square kilometers [12] - The highway mileage has surpassed 1,000 kilometers, enhancing connectivity with neighboring provinces [14] Environmental and Ecological Progress - The air quality in Zhaotong has achieved an excellent rate of over 98%, and the water quality of the Chishui River (Zhaotong section) has been recognized as a national model [14] Education and Healthcare - A total of 167,000 new educational slots have been created, with a stable compulsory education retention rate of over 99% [16] - New healthcare facilities have been established, including a women's and children's hospital and an infectious disease hospital [16] Policy and Governance - The "streamlining administration and delegating power" reform has been deepened, with 483 items achieving "cross-provincial handling" [18] - The total assets of state-owned enterprises have increased by 37.12%, with a net increase of 195,300 operating entities [18]

04 需求端 过剩格局难改， 宏观乐观情绪支撑期价 氧化铝周报 2026/01/24 王梓铧（联系人） 0755-23375132 wangzh7@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03130785 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估 01 周度评估 周度要点小结 ◆ 期货价格：截至1月23日下午3时，氧化铝指数周内下跌0.95%至2719元/吨，持仓增加1.4万手至71.7万手。本周氧化铝价格先跌后涨，供应过剩格局导致价格承压，"反内卷"预 期叠加乐观的宏观情绪为价格提供支撑。基差方面，山东现货价格报2555元/吨，贴水02合约8元/吨。月差方面，连1-连3月差收盘录得-48元/吨。 ◆ 现货价格：本周各地区氧化铝现货价格延续下跌趋势，广西、贵州、河南、山东、山西和新疆地区现货价格分别下跌10元/吨、下跌10元/吨、下跌10元/吨、下跌10元/吨、下跌 10元/吨、持平。累库趋势持续，多数地区现货价格仍然承压。 ◆ 库存：周内氧化铝社会总库存累库9.4万吨至548.7万吨，其中电解铝厂内库存、氧化铝厂内库存、在途库存、港口库存 ...

Core Viewpoint - Tsingshan Group, the world's largest stainless steel and nickel producer, is rapidly expanding its industrial footprint from its core nickel and stainless steel business into the aluminum and new energy battery sectors [1]. Group 1: Nickel and Stainless Steel Business - Tsingshan Group generated annual revenue of $56.5 billion and ranks 247th on the Fortune Global 500 list [1]. - The company holds a 25%-30% market share in the nickel industry, significantly influencing nickel price trends, which recently rebounded to nearly $18,000 per ton due to tightened supply quotas and regulatory policies in Indonesia [1]. - In 2023, Tsingshan's stainless steel production exceeded 16 million tons, maintaining its position as the largest producer [14]. Group 2: Expansion into Aluminum - Tsingshan is replicating its successful "mine-park-smelting" model from the nickel industry to the aluminum sector, with approximately 500,000 tons per year of primary aluminum capacity in Indonesia [8]. - The company is advancing large-scale joint ventures with Xinfa Group in Indonesia, with planned capacities exceeding 1 million tons per year [9]. - The completion of new power facilities necessary for these aluminum projects is expected to be delayed until mid-2027, potentially impacting actual production contributions [10]. Group 3: New Energy Battery Sector - Tsingshan's ambitions extend to battery manufacturing, with its subsidiary REPT Battero ranking among the top ten globally in battery installation capacity and fifth in energy storage battery shipments [11]. - The company is establishing a battery recycling network in partnership with GEM and Huayou Cobalt to complete its industrial chain [13]. - A memorandum of understanding was signed with Volkswagen Group in 2022 to establish upstream raw material joint ventures in Indonesia and China, ensuring supply chain security and cost reduction [12]. Group 4: Strategic Partnerships and Acquisitions - Tsingshan is enhancing its competitive edge in the stainless steel sector through acquisitions and collaborations, including the planned acquisition of POSCO's core stainless steel assets in China by 2025 [14]. - The company has registered nickel cathodes produced at its Dingxin plant as an LME delivery brand to strengthen its hedging capabilities against market volatility [15].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company has established a high self-sufficiency and synergistic integrated ecosystem in the electrolytic aluminum industry, focusing on green aluminum transformation and global market expansion, which enhances its risk resilience and performance stability [5]. - The company is positioned as the 12th largest electrolytic aluminum producer in China, with a production capacity of 788,100 tons per year, and is strategically located in Inner Mongolia [4][13]. - The global and domestic demand for electrolytic aluminum is expected to grow, driven by sectors such as new energy vehicles and high-end manufacturing, with a projected increase in global demand from 74 million tons in 2025 to 77 million tons in 2028 [4][36]. Summary by Sections Company Overview - The company was founded in 2012 in Hohhot, Inner Mongolia, focusing on the production of electrolytic aluminum and alumina, gradually building an integrated industrial layout [13]. - The company has seen rapid growth in revenue and net profit, with revenues of 13.49 billion, 13.81 billion, and 15.16 billion RMB from 2022 to 2024, and net profits of 880 million, 1 billion, and 2.06 billion RMB respectively [19][24]. Electrolytic Aluminum Business - The domestic supply of electrolytic aluminum is constrained by a production cap of approximately 45 million tons per year, leading to a tight supply-demand balance [36]. - The company’s electrolytic aluminum production capacity is 788,100 tons per year, with a high capacity utilization rate of over 95% [49][58]. - The average selling price of electrolytic aluminum has fluctuated, with prices of 17,572, 16,174, and 17,120 RMB per ton from 2022 to 2024, while production costs have decreased significantly [60][66]. Alumina Business - The company has a current alumina production capacity of 1.2 million tons in Shandong, with plans to enhance its supply capabilities through the construction of a 1.5 million ton per year aluminum hydroxide production facility [76][81]. - The global alumina demand is projected to grow from 142 million tons in 2025 to 149 million tons in 2028, with China being the largest consumer [71]. Global Expansion and Green Transformation - The company is initiating a global strategy by planning to invest in a 500,000 tons per year electrolytic aluminum project in Saudi Arabia, targeting markets in the Middle East, North Africa, and Europe [4][5]. - The company is also constructing a large-scale wind and solar power station in Inner Mongolia to increase its green energy ratio, which is expected to significantly reduce carbon emissions associated with aluminum production [4].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Insights - The company has established a high self-sufficiency and synergistic integrated ecosystem in the electrolytic aluminum industry, focusing on green aluminum transformation and global market expansion, which enhances its risk resilience and performance stability [5]. - The company is positioned as the 12th largest electrolytic aluminum producer in China, with a production capacity of 788,100 tons per year, and is strategically located in Inner Mongolia, benefiting from abundant coal resources [4][13][49]. - The global and domestic demand for electrolytic aluminum is expected to grow, driven by sectors such as new energy vehicles and high-end manufacturing, with a projected increase in global demand from 74 million tons in 2025 to 77 million tons in 2028 [4][36]. Summary by Sections Company Overview - The company was founded in 2012 in Hohhot, Inner Mongolia, focusing on the production of electrolytic aluminum and alumina, gradually building an integrated industrial layout [13]. - The company has seen rapid revenue growth, with revenues of 13.49 billion, 13.81 billion, and 15.16 billion RMB from 2022 to 2024, reflecting a CAGR of 6% [19]. Electrolytic Aluminum Business - The domestic supply of electrolytic aluminum is constrained by a production cap of approximately 45 million tons per year, leading to a tight supply-demand balance [36]. - The company’s electrolytic aluminum production capacity is 788,100 tons per year, with a high capacity utilization rate of over 95% [49][58]. - The average selling price of electrolytic aluminum has fluctuated, with prices of 17,572, 16,174, and 17,120 RMB per ton from 2022 to 2024, while production costs have decreased due to falling raw material prices [60][66]. Alumina Business - The company has a current alumina production capacity of 1.2 million tons in Shandong, with plans to enhance its supply capabilities through the construction of a 1.5 million ton per year hydroxide aluminum production facility [76][81]. - The global alumina demand is projected to grow from 142 million tons in 2025 to 149 million tons in 2028, with China being the largest consumer [71]. Global Expansion and Green Transformation - The company is initiating a global strategy by planning to invest in a 500,000 ton per year electrolytic aluminum project in Saudi Arabia, targeting markets in the Middle East, North Africa, and Europe [4][5]. - The company is also constructing a large-scale wind and solar power station in Inner Mongolia to increase its green energy ratio, which is expected to significantly reduce carbon emissions associated with aluminum production [4].

证券日报网讯1月23日，明泰铝业（601677）在互动平台回答投资者提问时表示，公司自研铝合金钎焊 复合材料，可满足液冷系统轻量化、高散热需求，应用于电池，储能，大型设备，数据中心等散热场 景。公司构建"废铝回收-熔炼再生-精深加工"全链条闭环，拥有GRS4.0全球回收标准证书，核心产品完 成SGS碳足迹认证，再生铝碳排放仅为原铝的2%-5%。欧盟碳边境税实施后，公司再生铝产品可以享受 绿色低碳溢价。随着公司新项目建成投产，总产能将突破200万吨，可高效匹配新兴领域市场需求。 ...

（编辑 任世碧） 证券日报网讯 1月23日，明泰铝业在互动平台回答投资者提问时表示，公司高度重视股权稳定与控制权 安全，通过公司章程和董事会席位机制保障公司治理稳定。公司也在积极研究增持、回购等方案，后续 若有相关计划，将严格按照监管要求及时披露，敬请关注。 ...

瑞达期货研究院 「2026.01.23」 铝类市场周报 供需尚稳预期支撑，铝类或将高位震荡 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 添加客服 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 电解铝：基本面供给端，原料氧化铝低位运行，电解铝厂理论利润情况较好，加之其冶炼厂启停成本较高，生产开工 情况仍保持高位稳定，在运行产能小幅提振，但受限于行业上限的制约，其增量有限，电解铝供给量大体持稳。需求 端，季节性消费淡季的影响下，下游铝材厂逢低补货、刚需采购为主，现货市场成交情况一般，产业库存积累。整体 来看，沪铝基本面或处于供给稳定、需求表现谨慎的阶段，铝价受宏观预期的影响而保持高位运行。 观点总结：沪铝主力合约轻仓震荡交易，注意操作节奏及风险控制。 3 行情回顾：沪铝周线反弹，周涨跌幅+1.53%，报24290元/吨。氧化铝震荡偏弱，周涨跌-0.98%，报2724元/吨。 行情展望： 氧化铝：基本面原料端，几内亚传统雨季影响正在逐渐消退，矿山开工率与发运能力逐步恢复， ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，华峰铝业涨停原因可能如下，公司治理优化+海外业务拓展+土地资源获取： 1、 公司近期进行了一系列治理结构改革，取消监事会、增加董事会席位、修订32项制度，有利于提升决策 效率和规范运作水平。同时设立香港子公司、增加外汇衍生品交易额度，积极拓展国际市场，战略布局 主动性增强。 2、公司完成对关联公司华峰普恩的收购，获得毗邻厂区的土地资源，可解决产能紧张问 题。此外，公司完善外汇衍生品和期货套保管理制度，强化风险管理体系，还制定了未来三年股东回报 规划，现金分红比例不低于15%。 3、从行业来看，华峰铝业主营铝板带箔研发、生产和销售，产品广 泛应用于汽车、空调热交 ...

Group 1 - Nanshan Aluminum's stock price increased by 6.01% to 6.88 CNY per share, with a trading volume of 1.831 billion CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 79.008 billion CNY [1] - The company, established on March 18, 1993, and listed on December 23, 1999, is located in Longkou City, Shandong Province, and primarily engages in the development, production, processing, and sales of aluminum and aluminum alloy products, as well as power generation [1] - The main revenue composition of Nanshan Aluminum includes cold-rolled sheets/plates (52.85%), alumina powder (26.57%), aluminum profiles (10.18%), aluminum foil (4.02%), alloy ingots (2.71%), hot-rolled sheets/plates (2.37%), and other sources (0.89%) [1] Group 2 - Huatai-PB Asset Management's fund, Huatai-PB CSI 300 ETF (510300), is among the top ten circulating shareholders of Nanshan Aluminum, having reduced its holdings by 3.1095 million shares, now holding 116 million shares, which represents 1.01% of the circulating shares [2] - The fund has achieved a floating profit of approximately 45.083 million CNY as of today [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 422.258 billion CNY, yielding 2.1% year-to-date and 27.72% over the past year, ranking 4499 out of 5546 and 2858 out of 4261 in its category, respectively [2]