证 券 研 究 报 告 有色金属行业周报（20260119-20260123） 避险升温&美联储独立性危机，金银价格再 推荐（维持） 创新高 ❑ 一、工业金属 ❑ 行业观点 2：受淡季影响和宏观扰动，铝价或震荡运行 ❑ 事件：根据钢联，1 月 23 日，SHFE 铜铝价格比为 4.18，LME 铜铝价格比为 4.08；库存看，截至 1 月 22 日，国内铝锭现货库存 76.8 万吨，环比上周四增 加 1.9 万吨，环比本周一增加 0.4 万吨，铝棒库存 22.95 万吨，环比上周四增 加 1.6 万吨，环比本周一增加 0.5 万吨；1 月 23 日 LME 库存 50.73 万吨，环 比本周一增加 22275 吨，环比上周五增加 19275 吨。从下游看，根据阿拉丁数 据，本周国内铝板带行业产能利用率为 70.39%，较上周下降 0.36 个百分点； 国内铝箔行业产能利用率为 75.52%，较上周上涨 0.77 个百分点。 观点：我们认为铝短期进入消费淡季，淡季效应在逐步显性，但是长期基本面 和宏观叙事大逻辑暂未改变，对铝价支撑强。当前看铝基本面：一是未来几年 供给刚性明显，电力扰动存量项目减产预期持续强化， ...

铝&氧化铝产业链周度报告 国泰君安期货研究所·王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 日期：2026年1月25日 Guotai Junan Futures all rights reserved, please do not reprint 铝：高位震荡，边际仍有偏向上动能 ◆ 沪铝目前在24000-25000区间内偏盘整，近期微观供需持续羸弱，但宏观风偏整体乐观，尽管阶段性有欧美贸易战的 扰动，但随后伴随特朗普TACO交易再来，短期地缘政治担忧亦很快消散，再叠加美国经济数据强劲，也提振了风险 偏好，美股亦收复本周上半旬失地。传统大金属亦跟随市场风偏向好，而进一步获取了边际向上动能。后续市场应 持续关注以ETF等指数类为代表的配置资金持续进入有色市场的流量变化。 ◆ 短期周度级别的微观需求上，仍偏弱。截至1月22日，铝锭社库较上周累库1.9万吨至76.8万吨。截至1月23日， SMM华东现货贴水小幅收窄至-150元/吨，华南现货贴水亦收窄至-110元/吨。下游方面，截至1月23日铝板带箔周度 总产量环比继续回落，2026年初迄今累计同比下降-1.31%；截至1月22日，铝型材开工环 ...

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属组 王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 王宗源（联系人） 期货从业资格号： F03142619 日期：2026年01月25日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：价格高位震荡，下游逢低补库 强弱分析：中性偏强 精废价差小幅回升 ADC12-A00价差短期走弱 -2000 -1500 -1000 -500 0 500 1000 1500 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 07-17 07-29 08-10 08-22 09-03 09-15 09-27 10-16 10-28 11-09 11-21 12-03 12-15 12-27 元/吨 保太ADC12-A00 2021 2022 202 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates a decrease in risk aversion and a slowdown in inventory accumulation, suggesting a more favorable macroeconomic environment for the aluminum sector [6][10] - The aluminum price is expected to remain volatile at high levels, with a long-term outlook indicating limited supply growth against a backdrop of increasing demand [10] Summary by Sections 1. Prices - As of January 23, 2026, the LME three-month aluminum closing price was $3173.5 per ton, up $39.5 from the previous week, marking a 1.3% week-on-week increase and a 20.6% year-on-year increase [22] - The Shanghai aluminum active contract closing price was 24290.0 CNY per ton, up 365.0 CNY from the previous week, reflecting a 1.5% week-on-week increase and a 19.6% year-on-year increase [22] - The average price of A00 aluminum in Changjiang was 24130.0 CNY per ton, up 130.0 CNY week-on-week, representing a 0.5% increase and a 19.5% year-on-year increase [22] 2. Production - In December 2025, the production of electrolytic aluminum was 378.1 million tons, a month-on-month increase of 14.4 million tons and a year-on-year increase of 5.5% [55] - The production of alumina in December 2025 was 752.0 million tons, up 8.0 million tons month-on-month and up 2.5% year-on-year [55] 3. Inventory - As of January 22, 2026, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 743,000 tons, with a week-on-week increase of 7,000 tons, indicating a slight slowdown in inventory accumulation [7] - The report notes that the overall inventory levels have not peaked, suggesting ongoing supply-demand imbalances in the market [7] 4. Key Companies and Earnings Forecast - Key companies highlighted include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yunnan Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth for 2026 [5] - China Hongqiao's stock price was 32.16 CNY with an EPS forecast of 2.77 CNY for 2026, reflecting a price-to-earnings (PE) ratio of 11.6 [5] 5. Demand - The report indicates that downstream demand remains subdued, with only essential purchases being made due to high aluminum prices and a seasonal demand lull [7] - The overall operating rate for aluminum processing was recorded at 60.9%, showing a slight increase but indicating mixed performance across different segments [7]

Report Information - Report Title: Non-ferrous Metals Weekly Report [1] - Date: January 23, 2026 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided in the report Core Viewpoints - Aluminum prices are mainly driven by macro and capital factors. Short-term adjustments may be needed due to macro mood fluctuations and previous rapid price increases, but prices are likely to rise easily and fall hard. Nickel market is expected to have significant upward elasticity due to policy disturbances. Zinc prices may continue to show high-level oscillations, with limited continuous upward momentum [13][49][73] Summary by Metals Aluminum Market Review - This week, aluminum prices were strongly supported around 24,000 yuan. The overall market showed an external-strong and internal-weak pattern, with the import window closed. Alumina futures prices rebounded after a mid-week decline due to a mine accident in Guinea. Aluminum alloy followed the trend of Shanghai aluminum. High prices continued to suppress terminal demand, and inventory increased slightly compared to last week [8] Operation Suggestions - Although both domestic and overseas ore sectors were disturbed to some extent this week, ore prices remained weak. Alumina is expected to fluctuate widely at low levels under the pressure of an oversupply. The supply of electrolytic aluminum remained stable, and aluminum processing showed a slight recovery. Considering the current situation, short-term price adjustments may be needed, but prices are likely to rise easily and fall hard [13] Fundamental Changes - **Bauxite Market**: Domestic and overseas bauxite prices were weak. Some northern domestic mines reduced production due to weather and are gradually resuming work, while southern mines remained stable. Overseas, the bauxite market was quiet, and alumina plants had low purchasing willingness [14] - **Alumina**: Futures prices rebounded from a low level, but the oversupply situation remained unchanged. The weighted index of Shanghai Nonferrous Metals decreased slightly compared to last week, and the operating rate of domestic alumina plants decreased [18][19] - **Electrolytic Aluminum**: The profit level of the smelting industry remained high. The total industry cost decreased slightly, while the average profit increased [25] - **Aluminum Ingot Import and Export**: The import window remained closed. In December 2025, the net import of aluminum ingots increased [31] - **Aluminum Processing**: The operating rate of aluminum processing enterprises increased slightly, but different sectors showed different trends. Some sectors were affected by environmental protection, weather, and other factors, while others were supported by orders from specific fields [34] - **Inventory**: Aluminum ingot inventory increased slightly compared to last week, while aluminum rod inventory increased significantly [38][41] Nickel Market Review - Nickel prices strengthened again this week, maintaining a high-level wide-range oscillation pattern. Spot trading remained cold, and the import window was closed [45] Operation Suggestions - The expected shortage of nickel ore supply supported miners to continuously raise prices. Nickel iron prices continued to rise, while nickel salt prices weakened. Policy disturbances are expected to support the nickel market to maintain significant upward elasticity [48][49] Fundamental Changes - **Nickel Ore Market**: Prices in the Philippines and Indonesia increased significantly. The import volume of nickel ore in November 2025 decreased compared to the previous month but increased compared to the same period last year [50] - **Nickel Iron Market**: The production of nickel iron in China and Indonesia decreased in December 2025. The supply side continued to hold firm prices, and the demand side showed some activity but with differences between upstream and downstream [54] - **Electrolytic Nickel Market**: The production capacity of electrowon nickel was rapidly released. In December 2025, the monthly production of electrolytic nickel in China increased, and the import and export volumes also changed [61] - **Nickel Sulfate Market**: Nickel salt prices decreased slightly this week. The production of nickel sulfate in December 2025 decreased, and the industry's operating load remained at a certain level [65] - **Stainless Steel Market**: The inventory of the stainless steel market increased slightly, mainly due to the contradiction between rising futures prices and weak terminal demand [69] Zinc Market Review - The non-ferrous metals sector showed differentiation and high-level adjustments. Zinc prices at high levels showed a callback, and then strengthened in the second half of the week. The import window was not fully opened, and the spot premium decreased slightly [70][71] Operation Suggestions - The zinc concentrate market remained tight. The supply of zinc ore was affected by seasonal and overseas factors, and the processing fee was expected to remain low. The demand side was weak, and zinc prices were likely to oscillate at high levels with limited upward momentum [72][73] Fundamental Changes - **Supply Side**: The supply of domestic zinc ore was tight, and the import processing fee decreased. The production of zinc ingots in January is expected to increase slightly compared to December [76][77] - **Demand Side**: The operating rates of galvanizing, die-casting zinc alloy, and zinc oxide enterprises increased slightly, but overall demand was weak due to high zinc prices and environmental protection measures [78][79] - **Spot Market**: Domestic zinc inventory decreased slightly, while LME zinc inventory increased. The cash-3M spread of LME zinc remained in contango [80]

Group 1: Report Industry Investment Ratings - Aluminum: Neutral [8] - Alumina: Cautiously bearish [8] - Aluminum alloy: Neutral [8] - Arbitrage: Neutral [8] Group 2: Core Views of the Report - For electrolytic aluminum, after the absolute price correction, the downstream procurement enthusiasm has slightly recovered, and the spot discount has been slightly repaired. However, the upward price trend has difficulty in being transmitted downstream. The downstream has entered the consumption off - season, with the operating rate and output continuing to decline month - on - month, and may enter the Spring Festival holiday early. Although the long - term macro factors still drive the price up, there is a short - term need for price correction [6]. - For alumina, the gold mine accident in Guinea has no impact on bauxite mining. The spot price is still falling, and the futures price is at a premium. The cost support is weak, the supply pressure remains, the oversupply situation persists, and the social inventory is increasing with a possible risk of over - stocking [6][7]. Group 3: Summary by Related Catalogs 1. Important Data Aluminum Spot - East China A00 aluminum price is 23,740 yuan/ton, with a change of 30 yuan/ton compared to the previous trading day. The spot premium/discount is - 150 yuan/ton, unchanged from the previous trading day. - Central China A00 aluminum price is 23,650 yuan/ton, and the spot premium/discount has changed by 10 yuan/ton to - 240 yuan/ton. - Foshan A00 aluminum price is 23,770 yuan/ton, with a change of 30 yuan/ton compared to the previous trading day. The spot premium/discount is - 115 yuan/ton, unchanged from the previous day [1]. Aluminum Futures - On January 22, 2026, the opening price of the Shanghai aluminum main contract was 24,100 yuan/ton, the closing price was 24,055 yuan/ton, a change of 140 yuan/ton from the previous trading day. The highest price was 24,160 yuan/ton, and the lowest price was 23,855 yuan/ton. The trading volume was 355,802 lots, and the open interest was 337,960 lots [2]. Inventory - As of January 22, 2026, the domestic social inventory of electrolytic aluminum ingots was 743,000 tons, a change of - 6,000 tons from the previous period. The warrant inventory was 138,856 tons, a change of 101 tons from the previous trading day. The LME aluminum inventory was 509,275 tons, a change of 2,100 tons from the previous day [2]. Alumina Spot Price - On January 22, 2026, the Shanxi alumina price was 2,615 yuan/ton, Shandong was 2,560 yuan/ton, Henan was 2,645 yuan/ton, Guangxi was 2,700 yuan/ton, Guizhou was 2,750 yuan/ton, and the FOB price of Australian alumina was 304 US dollars/ton [2]. Alumina Futures - On January 22, 2026, the opening price of the alumina main contract was 2,685 yuan/ton, the closing price was 2,717 yuan/ton, a change of 48 yuan/ton (1.80% change) from the previous trading day's closing price. The highest price was 2,728 yuan/ton, and the lowest price was 2,666 yuan/ton. The trading volume was 564,157 lots, and the open interest was 489,138 lots [2]. Aluminum Alloy Price - On January 22, 2026, the Baotai civil raw aluminum procurement price was 17,700 yuan/ton, and the mechanical raw aluminum procurement price was 18,100 yuan/ton, a change of 100 yuan/ton compared to the previous day. The Baotai ADC12 quotation was 23,300 yuan/ton, a change of - 100 yuan/ton compared to the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 67,000 tons, and the in - plant inventory was 65,100 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost was 22,874 yuan/ton, and the theoretical profit was 426 yuan/ton [5]. 2. Market Analysis Electrolytic Aluminum - After the absolute price decline, the downstream procurement enthusiasm has slightly increased, and the spot discount has been slightly repaired. But the price increase is difficult to be passed on downstream. The downstream has entered the consumption off - season, with the operating rate and output declining. The early - stage inventory accumulation has put pressure on the price. Although the long - term macro factors support the price increase, there is a short - term need for price correction [6]. Alumina - The gold mine accident in Guinea has no impact on bauxite mining. The spot price is falling, and the futures price is at a premium. The cost support is weak due to factors such as low import ore trading volume, falling prices, and increased bauxite arrivals in China. The supply pressure remains, and there is a risk of over - stocking [6][7].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating expected performance above the market average [2][15]. Core Insights - The report highlights investment opportunities arising from the increase in domestic copper resource reserves, particularly noting the significant resource addition by Yulong Copper in Tibet, which adds 131.42 thousand tons of copper and 10.77 thousand tons of molybdenum [7][11]. - The aluminum sector is expected to maintain a strong performance due to optimistic macroeconomic expectations, despite a slight price correction [7][11]. - The precious metals market is experiencing mixed investor preferences, with gold demand increasing while silver demand shows a decline [7][11]. - The tungsten supply remains tight, with prices increasing, and there is a rising expectation for restocking post-holiday [7][11]. - The steel industry is poised for growth with new government policies aimed at stabilizing the sector, benefiting from infrastructure investments [8][11]. Summary by Sections Copper - LME copper and SHFE copper prices were reported at 13,000 and 100,770 USD/ton respectively, with a week-on-week decrease of 0.5% and 0.6% [7]. - The processing fee for imported copper concentrate is in negative territory, indicating tight supply [7]. - The operating rate of refined copper rod enterprises increased to 57.47%, up by 9.65 percentage points week-on-week [7]. Aluminum - LME aluminum and SHFE aluminum prices were reported at 3,147 and 23,925 USD/ton, with a week-on-week decrease of 1.0% and 1.7% [7]. - The operating rate of aluminum processing enterprises increased to 60.2% [7]. Precious Metals - SHFE gold and COMEX gold prices were reported at 1,032.3 CNY/gram and 4,601.1 USD/ounce, with week-on-week increases of 2.6% and 1.8% [7]. - SPDR gold ETF holdings increased by 21.1 tons week-on-week, indicating a preference for gold among overseas investors [7]. Tungsten and Rare Metals - Tungsten concentrate prices rose to 507,000 CNY/ton, with a week-on-week increase of 4.3% [7]. - The rare earth industry is experiencing tight supply, with prices for praseodymium-neodymium oxide and dysprosium oxide increasing [7]. Steel - SHFE rebar and hot-rolled coil prices were reported at 3,163 and 3,315 CNY/ton, with a week-on-week increase of 0.6% [8]. - The Ministry of Industry and Information Technology announced plans for a new round of growth stabilization policies for the steel industry [8].

Core Viewpoint - The aluminum market is experiencing downward pressure due to geopolitical risks, weak demand, and macroeconomic factors, leading to a bearish outlook for aluminum prices in the near term [2][3]. Group 1: Market Performance - LME three-month aluminum price reported at $3141.5 per ton, down $24 per ton or 0.76% from the previous trading day [1]. - Domestic futures market saw the main Shanghai aluminum contract (2603) open at 24020 CNY per ton, with a daily high of 24285 CNY and a low of 23715 CNY, closing at 23950 CNY, down 20 CNY or 0.08% [1]. - Longjiang spot market prices ranged from 23670 to 23710 CNY per ton, down 180 CNY, with a discount of 170 to 130 CNY [1]. Group 2: Macroeconomic Factors - Ongoing geopolitical tensions, including the Russia-Ukraine conflict and escalating issues in Greenland, are increasing market concerns about a potential trade war between the US and Europe, dampening investor sentiment [2]. - Market expectations for a Federal Reserve rate cut have decreased to nearly 5%, which may support the dollar and limit upward movement in aluminum prices [2]. - China's GDP is projected to grow by 5% in 2025, reaching 140.19 trillion CNY, with industrial output and service sector growth contributing positively to the economy [2]. Group 3: Supply and Demand Dynamics - Supply from Inner Mongolia and Xinjiang is gradually increasing, but overall supply pressure remains limited, providing some support for aluminum prices [3]. - Demand for aluminum is weak, with spot prices declining for four consecutive trading days, leading to limited improvement in trading activity [3]. - Current seasonal demand weakness is expected to continue, with social inventory of aluminum ingots likely to accumulate further, putting pressure on prices [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a state of excessive supply and stable demand. It is recommended to conduct short - term long trades at low prices with a light position, while controlling the rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals may be in a stage of stable supply and cautious demand. The option market sentiment is bullish, and it is also recommended to conduct short - term long trades at low prices with a light position, while controlling the rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals may be in a stage of convergent supply and weakening demand. It is recommended to conduct short - term long trades at low prices with a light position, while controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Aluminum main contract was 23,950 yuan/ton, down 140 yuan; the closing price of the alumina futures main contract was 2,671 yuan/ton, down 62 yuan [2] - The spread between the main and the second - consecutive contracts of Shanghai Aluminum was - 115 yuan/ton, down 15 yuan; the spread between the main and the second - consecutive contracts of alumina was - 128 yuan/ton, down 7 yuan [2] - The position of the Shanghai Aluminum main contract was 332,750 lots, down 4,347 lots; the position of the alumina main contract was 502,994 lots, up 12,005 lots [2] - The LME aluminum cancelled warrants were 32,750 tons, unchanged; the total alumina inventory was 217,143 tons, up 21,062 tons [2] - The LME three - month electrolytic aluminum quotation was 3,158.50 US dollars/ton, up 24.50 US dollars; the LME aluminum inventory was 485,000 tons, down 3,000 tons [2] - The net position of the top 20 in Shanghai Aluminum was - 55,719 lots, up 3,251 lots; the Shanghai - London ratio was 7.58, down 0.10 [2] - The closing price of the cast aluminum alloy main contract was 22,765 yuan/ton, down 125 yuan; the spread between the main and the second - consecutive contracts of cast aluminum alloy was - 110 yuan/ton, down 85 yuan [2] - The position of the cast aluminum alloy main contract was 19,520 lots, down 685 lots; the Shanghai Futures Exchange inventory of cast aluminum alloy was 74,160 tons, up 872 tons [2] - The Shanghai Futures Exchange warehouse receipts of Shanghai Aluminum were 139,951 tons, down 1,524 tons [2] 3.2 Spot Market - The average price of Shanghai Non - ferrous Network A00 aluminum was 23,850 yuan/ton, down 190 yuan; the average price of ADC12 aluminum alloy ingots nationwide was 23,680 yuan/ton, down 50 yuan [2] - The alumina spot price in Shanghai Non - ferrous was 2,565 yuan/ton, down 5 yuan; the Yangtze River Non - ferrous Market AOO aluminum was 23,830 yuan/ton, down 200 yuan [2] - The basis of cast aluminum alloy was 1,085 yuan/ton, up 75 yuan; the basis of electrolytic aluminum was - 270 yuan/ton, down 50 yuan [2] - The Shanghai Wumao aluminum premium/discount was - 160 yuan/ton, down 10 yuan; the LME aluminum premium/discount was 15.60 US dollars/ton, up 6.75 US dollars [2] - The basis of alumina was - 106 yuan/ton, up 57 yuan [2] 3.3 Upstream Situation - The pre - baked anode in the northwest region was 5,910 yuan/ton, unchanged; the national alumina start - up rate was 83.32%, down 1.05 percentage points [2] - The alumina output was 813.80 tons, up 27.30 tons; the alumina capacity utilization rate was 85.00%, down 1.51 percentage points [2] - The demand for alumina (electrolytic aluminum part) was 705.96 tons, down 24.27 tons; the alumina supply - demand balance was 26.58 tons, down 11.40 tons [2] - The average price of crushed raw aluminum in Foshan metal scrap was 18,450 yuan/ton, unchanged; the average price of crushed raw aluminum in Shandong metal scrap was 17,900 yuan/ton, unchanged [2] - China's import volume of aluminum scrap and fragments was 194,102.07 tons, up 31,482.14 tons; China's export volume of aluminum scrap and fragments was 70.80 tons, down 0.73 tons [2] - The alumina export volume was 21.00 tons, up 4.00 tons; the alumina import volume was 22.78 tons, down 0.46 tons [2] - The WBMS aluminum supply - demand balance was - 10.87 tons, up 8.34 tons; the electrolytic aluminum social inventory was 71.20 tons, up 1.40 tons [2] 3.4 Industry Situation - The primary aluminum import volume was 189,196.58 tons, up 43,086.86 tons; the total electrolytic aluminum production capacity was 4,536.20 tons, up 12.00 tons [2] - The primary aluminum export volume was 37,575.30 tons, down 15,472.39 tons; the electrolytic aluminum start - up rate was 98.31%, up 0.10 percentage points [2] - The aluminum product output was 593.10 tons, up 23.70 tons; the output of recycled aluminum alloy ingots was 68.40 tons, down 1.60 tons [2] - The export volume of unwrought aluminum and aluminum products was 54.00 tons, down 3.00 tons; the export volume of aluminum alloy was 2.55 tons, down 0.51 tons [2] 3.5 Downstream and Application - The total built - up production capacity of recycled aluminum alloy ingots was 126.00 tons, unchanged; the National Real Estate Climate Index was 91.45, down 0.44 [2] - The aluminum alloy output was 173.90 tons, unchanged; the automobile output was 341.20 tons, down 10.70 tons [2] 3.6 Option Situation - The historical volatility of Shanghai Aluminum for 20 days was 23.30%, up 0.18 percentage points; the historical volatility of Shanghai Aluminum for 40 days was 18.63%, down 0.11 percentage points [2] - The implied volatility of the at - the - money option of the Shanghai Aluminum main contract was 21.05%, down 0.0405 percentage points; the call - put ratio of Shanghai Aluminum options was 1.81, up 0.0807 [2] 3.7 Industry News - In 2025, China implemented a series of more proactive macro - policies, promoting economic structural optimization and upgrading. Service retail sales increased by 5.5% compared with the previous year, and the cumulative growth rate of service retail sales has rebounded for 4 consecutive months since September [2] - In 2025, China's GDP was 1,401,879 billion yuan, a year - on - year increase of 5.0%. The per capita disposable income of national residents was 43,377 yuan, a nominal increase of 5.0% compared with the previous year [2] - In December 2025, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.49% month - on - month. In 2025, the added value of industrial enterprises above designated size increased by 5.9% compared with the previous year [2] - The IMF raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3% and also raised the economic growth forecasts for China, the United States, the euro area, and Japan in 2026 [2] - Five departments including the Ministry of Industry and Information Technology jointly deployed the construction of zero - carbon factories, aiming to cultivate a number of zero - carbon factories in industries such as automobiles, lithium batteries, photovoltaics, and electronic appliances by 2027 and gradually expand to traditional high - energy - consuming industries such as steel, non - ferrous metals, and petrochemicals by 2030 [2]

新能源及有色金属日报 | 2026-01-20 氧化铝现货价格持续回落 重要数据 铝现货方面：SMM数据，华东A00铝价23870元/吨，较上一交易日变化-160元/吨，华东铝现货升贴水-160元/ 吨，较上一交易日变化20元/吨；中原A00铝价23740元/吨，现货升贴水较上一交易日变化40元/吨至-290元/吨； 佛山A00铝价录23900元/吨，较上一交易日变化-160元/吨，铝现货升贴水较上一交易日变化20元/吨至-130元/ 吨。 铝期货方面：2026-01-19日沪铝主力合约开于23950元/吨，收于24090元/吨，较上一交易日变化-95元/吨，最 高价达24175元/吨，最低价达到23760元/吨。全天交易日成交424687手，全天交易日持仓337097手。 库存方面，截止2026-01-19，SMM统计国内电解铝锭社会库存74.9万吨，较上一期变化1.3万吨，仓单库存141475 吨，较上一交易日变化725吨，LME铝库存485000吨，较上一交易日变化-3000吨。 氧化铝现货价格：2026-01-19SMM氧化铝山西价格录得2620元/吨，山东价格录得2570元/吨，河南价格录得 265 ...