格隆汇2月4日丨电投能源(002128.SZ)在投资者互动平台表示，公司所属霍煤鸿骏已在上海期货交易所 注册铝品牌。 ...

格隆汇2月4日丨电投能源(002128.SZ)在投资者互动平台表示，公司所属霍煤鸿骏已在上海期货交易所 注册铝品牌。 ...

Core Viewpoint - The aluminum alloy market is experiencing a price increase driven by various macroeconomic factors, including changes in U.S. Federal Reserve leadership and geopolitical tensions, despite a cautious demand outlook as the Chinese New Year approaches [1][2]. Group 1: Market Performance - The main aluminum alloy futures contract (2603) surged to 22,595 yuan, up 580 yuan, reflecting a 2.632% increase, with a trading volume of 8,206 lots, down 7,133 lots, and an open interest of 4,530 lots, down 293 lots [1]. - The spot prices for aluminum alloys have also risen, with ADC12 quoted at 23,500-23,700 yuan/ton, averaging 23,600 yuan/ton, an increase of 200 yuan; A356.2 at 25,700-26,100 yuan/ton, averaging 25,900 yuan/ton, up 400 yuan; A380 at 24,900-25,100 yuan/ton, averaging 25,000 yuan/ton, up 200 yuan; ZL102 at 25,200-25,400 yuan/ton, averaging 25,300 yuan/ton, up 400 yuan; and ZLD104 at 25,100-25,300 yuan/ton, averaging 25,200 yuan/ton, up 400 yuan [1]. Group 2: Macroeconomic Influences - Recent fluctuations in the metal market are largely influenced by the nomination of hawkish representatives to the U.S. Federal Reserve, prompting a reassessment of monetary policy by investors [1]. - Positive signals from U.S. manufacturing data, with the PMI rising to 52.6, the highest since August 2022, typically support a stronger dollar; however, the dollar index fell by 0.12% to 97.42, indicating a return to market rationality [1]. - Geopolitical risks, including ongoing U.S.-Iran tensions and a recent government funding agreement in the U.S., have heightened global risk aversion, impacting gold and silver prices and creating a ripple effect in the metal markets [1]. Group 3: Supply and Demand Dynamics - The aluminum alloy market is currently characterized by a cautious demand outlook, with traders hesitant to enter the market, leading to a lack of significant trading activity [2]. - The supply of scrap aluminum remains tight, providing some price support, but as the Chinese New Year approaches, demand is expected to weaken, resulting in a decline in operational rates among aluminum casting enterprises [2]. - Overall, the supply-demand fundamentals for aluminum casting remain relatively unchanged, with market sentiment expected to dominate short-term price movements, likely keeping prices within a high range [2].

供应端，安粮期货指出，国内电解铝运行产能接近产业天花板，上周产量85.77万吨，同比+2.9%，增量 有限整体供应平稳。 需求方面，长江期货分析称，国内铝下游加工龙头企业开工率周度环比下降1.5%至59.4%。铝价高位叠 加淡季深入，开工预计将继续承压下行。 2月4日，国内期市有色金属板块大面积飘红。其中，沪铝期货主力合约报收于23955.00元/吨，震荡走 高1.85%。 对于后市走势，南华期货（603093）表示，短期来看有色仍是市场资金关注焦点，当前波动率较大建议 卖深度虚值期权参与。长期来看宏观政策宽松，资源民族主义盛行以及供需预期有缺口使得长期铝价看 涨趋势不变。 库存方面，据五矿期货介绍，昨日沪铝加权合约持仓量增加0.9至67.6万手，期货仓单微增至15.1万吨。 国内铝锭三地库存环比增加，铝棒库存亦增加，铝棒加工费震荡上调。 ...

投资者提问：董秘您好，公司自从2024年9月至今，股价从底部5元到目前12.82元，和其他同期股票涨 幅对比，近期股价表现与基本面出现明显背离，请问管理层如何评估当前股价与公司价值的匹配度？面 对行业周期性波动，公司有何具体措施来稳定投资者预期！ 焦作万方回复：您好！股价波动是多种因素共同作用的结果，包括宏观环境、行业周期、市场情绪及资 金流向等，我们理解投资者的关切。公司始终聚焦主业，持续优化经营管理，努力提升盈利能力和资产 质量，以内在价值的稳健增长作为长期可持续发展的根基。面对行业波动，公司将继续扎实推进业务， 强化核心竞争力与抗风险能力，并通过合规、透明、及时的沟通传递公司真实发展状况，努力为投资者 创造长期、稳定的回报。我们也将持续关注资本市场表现，加强与投资者的交流，增进市场对公司的理 解和认同。感谢您的关注与建议！ 证券之星消息，焦作万方(000612)02月04日在投资者关系平台上答复投资者关心的问题。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

新能源及有色金属日报 | 2026-02-04 铝现货市场成交清淡 重要数据 铝现货方面：SMM数据，华东A00铝价23290元/吨，较上一交易日变化-410元/吨，华东铝现货升贴水-220元/ 吨，较上一交易日变化0元/吨；中原A00铝价23160元/吨，现货升贴水较上一交易日变化40元/吨至-350元/吨； 佛山A00铝价录23310元/吨，较上一交易日变化-400元/吨，铝现货升贴水较上一交易日变化10元/吨至-200元/ 吨。 铝期货方面：2026-02-03日沪铝主力合约开于23435元/吨，收于23810元/吨，较上一交易日变化-230元/吨， 最高价达23930元/吨，最低价达到23140元/吨。全天交易日成交763560手，全天交易日持仓226641手。 库存方面，截止2026-02-03，SMM统计国内电解铝锭社会库存81.7万吨，较上一期变化3.5万吨，仓单库存150712 吨，较上一交易日变化253吨，LME铝库存495175吨，较上一交易日变化-2000吨。 氧化铝现货价格：2026-02-03SMM氧化铝山西价格录得2610元/吨，山东价格录得2555元/吨，河南价格录得 2635元 ...

Group 1 - LME aluminum futures prices experienced a slight increase, opening at $3108.5 per ton and currently at $3107 per ton, reflecting a rise of 0.26% [1] - During the trading session, the highest price reached $3134 per ton, while the lowest dipped to $3097 per ton [1] Group 2 - On February 3, LME aluminum futures opened at $3070.0, peaked at $3124.5, and closed at $3099.0, marking a 1.39% increase [2] - The electrolytic aluminum spot price in the Shanghai-London ratio was reported at 0, with an import loss of -2128.13 yuan per ton, compared to -1861.55 yuan per ton on the previous trading day [2] - As of February 3, LME registered aluminum warrants totaled 440,650 tons, with canceled warrants at 54,525 tons, a decrease of 2,000 tons [2] - Aluminum inventory stood at 495,175 tons, also down by 2,000 tons [2] - The aluminum futures warrants increased by 253 tons compared to the previous trading day, totaling 150,712 tons [2]

Core Viewpoint - Morgan Stanley has adjusted its focus stock list for mainland China and Hong Kong, including China Aluminum in its A-share focus list and removing Changjiang Power, indicating a positive outlook for China Aluminum as the largest aluminum producer in the country [1] Group 1: Company Overview - China Aluminum holds a legal aluminum production quota of 8.15 million tons and has announced plans to establish a joint venture with Rio Tinto to acquire nearly 69% of Brazilian aluminum assets [1] - The successful completion of this transaction is expected to boost China Aluminum's green aluminum production and increase its share of overseas market operations [1] Group 2: Market Outlook - Morgan Stanley predicts that aluminum prices will remain high this year due to macroeconomic factors, a weaker dollar, increased domestic capacity in China, and limited growth in overseas supply [1] - The industry fundamentals are tight, and production costs may slightly decrease, leading to strong profit margins for China Aluminum this year [1] Group 3: Investment Rating - Morgan Stanley believes that China Aluminum has the capability to gradually increase dividends over the next few years and has assigned an "Overweight" rating to the stock [1]

长江铝价alu.ccmn.cn短评：美指走软与逢低买盘双重支撑，隔夜伦铝收涨 1.39%；市场利多消息涌现叠 加金铜大涨刺激，沪铝反弹，中长期供需偏强，今现铝或上涨。 【铝期货市场】：指走软与逢低买盘双重支撑，隔夜伦铝偏强上探，最新收盘报价3099美元/吨，收涨42 美元，涨幅1.39%，成交量33093手减少20210手，持仓量704013手增加1153手。晚间沪铝高开走强，主 力月2603合约最新收盘价报23865元/吨，涨345元，涨幅1.47%。 伦敦金属交易所（LME）2月3日伦铝最新库存量报495175公吨，较上个交易日减减少2000吨，跌幅 0.40%。 新浪合作大平台期货开户 安全快捷有保障 长江铝业网讯：2月3日现货铝价，长江现货A00铝锭价报23290元/吨，跌410元；广东现货A00铝锭价报 23300元/吨，跌400元。市场利多消息涌现叠加金铜大涨刺激，沪铝迎来阶段性反弹。 宏观层面，近期金属市场行情剧烈波动，主要受美联储主席人选变动影响。特朗普提名以鹰派著称的沃 什，引发投资者对美联储政策重新评估，美元指数一度跳涨。不过，美国制造业数据释放积极信号，上 月PMI回升至52.6，创20 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The price of finished products is expected to move in a range-bound manner, with its center of gravity shifting downwards and showing a weak performance [1][3] - The price of aluminum ingots is expected to fluctuate in the short term, and attention should be paid to macro - sentiment [4] 3. Summary by Related Catalogs Finished Products - Yunnan - Guizhou short - process construction steel enterprises are expected to stop production from mid - January and resume around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel production [2] - Six short - process steel mills in Anhui: one stopped production on January 5, most will stop around mid - January, and a few after January 20, with a daily output impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - With the pattern of weak supply and demand and pessimistic market sentiment, the price of finished products continued to decline, hitting a new low recently, and winter storage was sluggish, providing weak price support [3] Aluminum Ingots - Yesterday, Shanghai Aluminum adjusted weakly, and the sentiment eased. The weakening of the US dollar and concerns about the US government shutdown, as well as the short - term escalation of the US - Iran confrontation, affected the market [2] - The domestic central bank will conduct 800 billion yuan of outright reverse repurchase operations on February 4 to maintain liquidity in the banking system [2] - In the domestic bauxite market, Shanxi's domestic bauxite is actively resuming production, with sufficient supply and downward - pressured prices. For imported ore, the intended transaction price has decreased, and the market is quiet, with alumina plants being cautious in procurement [3] - In January, domestic electrolytic aluminum production increased by 2.7% year - on - year and 0.5% month - on - month. In February, production is expected to decrease month - on - month due to fewer natural days, and some new projects are expected to be put into production stably [3] - As the Spring Festival approaches, the downstream demand for raw materials weakens, and the aluminum water ratio is expected to drop significantly. The overall aluminum processing operating rate shows a "seasonal decline acceleration and high - price suppression effect deepening" feature, and it is expected to decline further before the Spring Festival [3] - As of January 29, the social inventory of aluminum ingots reached 782,000 tons, an increase of 330,000 tons compared to the same period in 2025. With the price decline, the downstream situation is expected to remain weak [3] - The short - term market sentiment has eased, but the linkage between precious metals and the non - ferrous sector is strong, and the market trading sentiment is cautious. Attention should be paid to the risks of sentiment cooling and market correction [4]