哈喽，大家好，今天小睿带大家直击氧化铝市场的"价格风暴"，期货跌破2600元/吨关口，90%产能陷入 成本倒挂，高成本工厂被迫减产，铝产业链正迎来新一轮大洗牌！ 2025年12月5日凌晨，国内氧化铝期货主力合约夜盘收于2590元/吨，不仅跌破2600元/吨整数关口，更 创下上市以来历史新低。 随着价格击穿多数企业现金生产成本线，被动减产与产能出清已从研报预警变为眼前现实。 成本线告破，期现市场双向承压 氧化铝市场的本轮跌势，早已埋下伏笔。 截至12月5日，期货价格2590元/吨的水平，已大幅低于行业公认的2850-2950元/吨现金成本区间，更低 于3070-3170元/吨的完全成本线。 这意味着，国内九成以上氧化铝产能每生产一吨产品，就面临至少260元的现金亏损，部分高成本企业 亏损额甚至超过500元/吨。 现货市场同样一片低迷，价格已跌破2800元/吨，与期货市场形成"双杀"态势。 新湖期货在12月5日早评中明确指出，价格突破现金成本后仍在持续下跌，仅山西、河南部分低成本产 能尚能维持微薄利润。 更严峻的是作为重要交割地的新疆，其氧化铝交割库已接近满额，后续大量到期仓单将持续涌入市场， 形成压制价格的"堰 ...

Group 1 - The core point of the article is that Hongchuang Holdings (002379) has reported a total of 21,757 shareholders as of December 10, 2025 [1]

（文章来源：证券日报） 证券日报网讯 12月11日，焦作万方在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总户数为72511户。 ...

Market Overview - The Hong Kong stock market indices opened high but closed lower, reflecting a lack of improvement in market sentiment following the US interest rate cut [1] - The Hang Seng Index fell by 0.04%, the Hang Seng China Enterprises Index decreased by 0.23%, and the Hang Seng Tech Index dropped by 0.83% after peaking with a decline of over 1.1% [1] Sector Performance - Large technology stocks showed mixed performance, with Meituan rising by 1.5%, while Alibaba fell by 1.7% and Tencent experienced a slight decline [1] - The non-ferrous metals sector, including gold, copper, and aluminum stocks, exhibited a notable high open but low close, with China Aluminum and Lingbao Gold among the top decliners [1] - Semiconductor stocks continued to struggle, with leading company SMIC dropping over 2% for three consecutive days [1] - ZTE Corporation saw a significant decline of 13%, leading the drop in telecom equipment stocks [1] Notable Stock Movements - Consumer electronics stocks rebounded, with Smoore International surging by 8.5% due to high industry demand and ample orders [1] - Wind power stocks, led by Goldwind Technology, saw an increase, while lithium battery and banking stocks mostly rose, with local banks Standard Chartered and HSBC reaching historical highs [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司采购氧化铝和销售铝锭，均通过集团公司平台。 是否还有参与期货交易？委托集团公司平台，每年大约产生多少费用？ 电投能源（002128.SZ）12月11日在投资者互动平台表示，我公司与集团公司的铝业国贸之间仅有现货 交易，未参与期货交易，现货购销属于正常的市场化交易，正常开发票结算。 ...

Core Viewpoint - Hongchuang Holdings' acquisition of 100% equity in Hongtu Industrial for a transaction value of 63.5 billion yuan has been approved by the Shenzhen Stock Exchange's M&A Review Committee, indicating compliance with restructuring conditions and information disclosure requirements [1] Group 1: Company Overview - Hongchuang Holdings primarily engages in aluminum deep processing, with main products including aluminum plates, household foils, container foils, pharmaceutical foils, and decorative foils [1] - Hongtu Industrial, the target company, operates across the entire aluminum product value chain, including electrolytic aluminum, alumina, and aluminum deep processing [1] Group 2: Production Capacity - Hongtu Industrial has an electrolytic aluminum production capacity of 6.459 million tons per year and an alumina production capacity of 19 million tons per year [1] - The company is recognized as a global leader in aluminum manufacturing and is one of the largest electrolytic aluminum producers worldwide [1] Group 3: Financial Performance - In the first five months of this year, Hongtu Industrial reported revenue of 64.83 billion yuan [1] - Forecasts suggest that Hongtu Industrial's revenue could reach 141.93 billion yuan in 2025 and 146.96 billion yuan by 2029 [1]

原材料： 冯艳成 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 晨报 铝锭 成材：重心下移 偏弱运行 铝锭：美联储如期降息 库存小幅去化 成文时间： 2025 年 12 月 11 日 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 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 观点：预计价格短期偏强运行，关注宏观情绪和矿端消息。 后期关注/风险因素：关注宏观预期变动、地缘政治危机发展、矿端复 产情况、消费释放情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变 ...

新能源及有色金属日报 | 2025-12-11 几内亚GIC矿预期复产在即 重要数据 铝现货方面：SMM数据，华东A00铝价21770元/吨，较上一交易日变化-110元/吨，华东铝现货升贴水-90元/吨， 较上一交易日变化0元/吨；中原A00铝价21660元/吨，现货升贴水较上一交易日变化30元/吨至-200元/吨；佛山 A00铝价录21670元/吨，较上一交易日变化-100元/吨，铝现货升贴水较上一交易日变化10元/吨至-190元/吨。 铝期货方面：2025-12-10日沪铝主力合约开于21805元/吨，收于21935元/吨，较上一交易日变化-55元/吨，最 高价达22025元/吨，最低价达到21735元/吨。全天交易日成交159863手，全天交易日持仓185806手。 库存方面，截止2025-12-10，SMM统计国内电解铝锭社会库存59.5万吨，较上一期变化-0.1万吨，仓单库存68587 吨，较上一交易日变化724吨，LME铝库存520800吨，较上一交易日变化-2500吨。 氧化铝现货价格：2025-12-10SMM氧化铝山西价格录得2790元/吨，山东价格录得2740元/吨，河南价格录得 2820 ...

Core Viewpoint - The restructuring committee of the Shenzhen Stock Exchange approved Shandong Hongchuang Aluminum Industry Holdings Co., Ltd.'s asset acquisition through share issuance, meeting restructuring conditions and information disclosure requirements [1]. Group 1: Transaction Details - The transaction involves the acquisition of 100% equity of Hongtuo Industrial from multiple parties, including Weiqiao Aluminum and others, through share issuance [4][6]. - The total transaction price for the 100% equity of Hongtuo Industrial is set at 6,351,793.54 million yuan, reflecting an increase in value of 2,077,812.78 million yuan, or 48.62% compared to the book value [5][6]. - The share issuance price is determined at 5.34 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [6]. Group 2: Company Background - Hongtuo Industrial is a leading global manufacturer of aluminum products, integrating the production and sales of electrolytic aluminum, alumina, and deep-processed aluminum products [7]. - The controlling shareholder of the listed company is Shandong Hongqiao, which holds 22.98% of the total shares, while Weiqiao Aluminum holds 95.2947% of the target company [7]. Group 3: Financial Advisors - Huatai United Securities and CITIC Securities are acting as independent financial advisors for this transaction, with specific representatives assigned from each firm [8].

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