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].

Core Viewpoint - The company, Mingtai Aluminum (601677), has developed self-researched aluminum alloy brazing composite materials that meet the lightweight and high heat dissipation requirements for liquid cooling systems, applicable in batteries, energy storage, large equipment, and data centers [1] Group 1: Product Development - The company’s aluminum alloy brazing composite materials are designed for high-performance applications in emerging markets [1] - The company has achieved GRS 4.0 global recycling standard certification and its core products have completed SGS carbon footprint certification [1] Group 2: Sustainability and Environmental Impact - The carbon emissions from recycled aluminum are only 2%-5% of those from primary aluminum, highlighting the environmental benefits of the company's products [1] - With the implementation of the EU carbon border tax, the company's recycled aluminum products can enjoy a green low-carbon premium [1] Group 3: Production Capacity - The company is constructing new projects that will increase its total production capacity to over 2 million tons, effectively matching the demand in emerging sectors [1]

Group 1 - The company emphasizes the importance of equity stability and control security through its articles of association and board seat mechanisms to ensure stable corporate governance [1] - The company is actively researching plans for share buybacks and increases in holdings, and will disclose any related plans in accordance with regulatory requirements [1]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - For electrolytic aluminum, the fundamentals show stable supply and cautious demand. The aluminum price is expected to remain high due to macro - expectations. The suggestion is to trade the main contract of Shanghai aluminum with a light position in a volatile manner, while paying attention to operation rhythm and risk control [4]. - For alumina, the fundamentals are characterized by excessive supply and stable demand. The main contract of alumina should be traded with a light position in a volatile manner, with attention to operation rhythm and risk control [5]. - For cast aluminum alloy, the fundamentals are marked by sufficient supply and weak demand. However, due to cost support, the cast aluminum price will remain high and volatile. The main contract of cast aluminum should be traded with a light position in a volatile manner, with attention to operation rhythm and risk control [7]. - In the options market, considering that the volatility of the aluminum price may converge in the future, a double - selling strategy can be considered to short the volatility [67]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - **Electrolytic Aluminum**: The raw material alumina is at a low level, and the theoretical profit of electrolytic aluminum plants is good. The production start - up remains high and stable, with a slight increase in operating capacity but limited increment. In the demand side, affected by the seasonal consumption off - season, downstream aluminum product factories mainly replenish stocks at low prices and make rigid purchases. The spot market trading is average, and industrial inventory accumulates [4]. - **Alumina**: The impact of the traditional rainy season in Guinea is gradually subsiding, and the raw material supply is increasing. The domestic alumina supply is still excessive and inventory accumulates. The demand from domestic electrolytic aluminum plants is rigid, and the spot market trading is average [5]. - **Cast Aluminum Alloy**: The aluminum price rebounds and runs at a high level, and the scrap aluminum price also rises. The supply of raw materials in the market increases, and the scrap aluminum trading is okay. The supply of domestic cast aluminum alloy is still excessive, and the demand is weak due to the off - season. The cast aluminum price remains high and volatile due to cost support [7]. 3.2 Futures and Spot Market - **Price Movement**: Shanghai aluminum rebounded with a weekly increase of 1.53%, closing at 24,290 yuan/ton; alumina fluctuated weakly with a weekly decrease of 0.98%, closing at 2,724 yuan/ton; cast aluminum rebounded slightly with a weekly increase of 1.14%, closing at 22,995 yuan/ton [5][7]. - **Ratio and Spread**: As of January 23, 2026, the Shanghai - London ratio of electrolytic aluminum was 7.66, down 0.19 from January 16. The aluminum - zinc futures spread was 295 yuan/ton, down 530 yuan/ton from January 16; the copper - aluminum futures spread was 77,050 yuan/ton, up 205 yuan/ton from January 16 [11][20]. - **Position and Inventory**: As of January 23, 2026, the position of Shanghai aluminum was 724,867 lots, an increase of 26,993 lots (3.87%) from January 16. The net position of the top 20 in Shanghai aluminum was 4,602 lots, an increase of 60,321 lots from January 16 [17]. - **Spot Price**: As of January 23, 2026, the spot price of A00 aluminum ingots was 24,130 yuan/ton, up 130 yuan/ton (0.54%) from January 16, with a spot discount of 170 yuan/ton, the same as last week. The average price of alumina in Henan and Shanxi regions was 2,650 yuan/ton, down 5 yuan/ton (0.19%) from January 16; the average price of alumina in Guiyang region was 2,650 yuan/ton, down 5 yuan/ton (0.19%) from January 16. The national average price of cast aluminum alloy (ADC12) was 24,000 yuan/ton, up 100 yuan/ton (0.42%) from January 16 [24][28]. 3.3 Industry Situation - **Inventory**: As of January 22, 2026, the LME electrolytic aluminum inventory was 509,275 tons, an increase of 19,275 tons (3.93%) from January 15; the SHFE electrolytic aluminum inventory was 185,879 tons as of January 16, an increase of 42,051 tons (29.24%) from last week; the domestic electrolytic aluminum social inventory was 715,000 tons, an increase of 17,000 tons (2.44%) from January 15. As of January 23, 2026, the SHFE electrolytic aluminum warehouse receipts totaled 141,152 tons, an increase of 402 tons (0.29%) from January 16; the LME electrolytic aluminum registered warehouse receipts totaled 482,475 tons, an increase of 35,900 tons (8.04%) from January 15 [31]. - **Raw Material Import and Inventory**: As of the latest data, the inventory of bauxite in nine domestic ports was 25.177 million tons, a decrease of 53,000 tons month - on - month. In December 2025, the monthly import of bauxite was 14.6734 million tons, a decrease of 2.85% month - on - month and 2.02% year - on - year. From January to December, the import of bauxite was 200.5319 million tons, an increase of 26.31% year - on - year [34]. - **Scrap Aluminum**: As of the latest data this week, the quotation of crushed scrap aluminum in Shandong region was 17,900 yuan/ton, the same as last week. In November 2025, the import of aluminum scrap and fragments was 162,619.93 tons, an increase of 17.7% year - on - year; the export was 71.53 tons, a decrease of 1.7% year - on - year [38]. - **Alumina**: In December 2025, the alumina output was 8.0108 million tons, an increase of 6.7% year - on - year; from January to December, the cumulative output of alumina was 92.4456 million tons, an increase of 8% year - on - year. In December 2025, the alumina import was 227,800 tons, a decrease of 1.99% month - on - month and an increase of 1389.71% year - on - year; the export was 210,000 tons, an increase of 23.53% month - on - month and 10.53% year - on - year. From January to December, the cumulative import of alumina was 1.1978 million tons, a decrease of 15.64% year - on - year [41]. - **Electrolytic Aluminum**: In December 2025, the electrolytic aluminum import was 189,200 tons, an increase of 17.22% year - on - year; from January to December, the cumulative import of electrolytic aluminum was 2.5376 million tons, an increase of 18.82% year - on - year; in December 2025, the electrolytic aluminum export was 37,600 tons, and from January to December, the cumulative export of electrolytic aluminum was 296,600 tons. The WBMS report showed that from January to November 2025, the global aluminum market had a supply surplus of 204,900 tons. In December 2025, the electrolytic aluminum output was 3.874 million tons, an increase of 3% year - on - year; from January to December, the cumulative output of electrolytic aluminum was 45.016 million tons, an increase of 2.4% year - on - year. In December 2025, the domestic operating capacity of electrolytic aluminum was 44.594 million tons, an increase of 0.36% month - on - month and 1.66% year - on - year; the total capacity was 45.362 million tons, an increase of 0.27% month - on - month and 0.58% year - on - year; the start - up rate was 98.31%, an increase of 0.1% from last month and a decrease of 1.05% from the same period last year [44][47]. - **Aluminum Products**: In December 2025, the output of aluminum products was 6.1356 million tons, the same as last year; from January to December, the cumulative output of aluminum products was 67.5039 million tons, a decrease of 0.2% year - on - year. In December 2025, the import of aluminum products was 320,000 tons, an increase of 7.1% year - on - year; the export was 540,000 tons, an increase of 7.7% year - on - year. From January to December, the import of aluminum products was 3.92 million tons, an increase of 4.6% year - on - year; the export was 6.13 million tons, a decrease of 8% year - on - year [51]. - **Cast Aluminum Alloy**: In December 2025, the monthly built - in capacity of recycled aluminum alloy was 1.26 million tons, the same as last month, an increase of 15.96% year - on - year. The output of recycled aluminum alloy was 684,000 tons, a decrease of 2,280 tons month - on - month and 2.53% year - on - year [54]. - **Aluminum Alloy**: In December 2025, the output of aluminum alloy was 1.825 million tons, an increase of 13.7% year - on - year; from January to December, the cumulative output of aluminum alloy was 19.297 million tons, an increase of 15.8% year - on - year. In December 2025, the import of aluminum alloy was 93,100 tons, a decrease of 11.81% year - on - year; the export was 25,500 tons, an increase of 20.03% year - on - year. From January to December, the import of aluminum alloy was 1.0084 million tons, a decrease of 16.82% year - on - year; the export was 284,700 tons, an increase of 17.5% year - on - year [57]. - **Real Estate**: In December 2025, the real estate development climate index was 91.45, a decrease of 0.44 from last month and 1.1 from the same period last year. From January to December 2024, the new housing construction area was 587.6996 million square meters, a decrease of 20.47% year - on - year; the housing completion area was 603.4813 million square meters, a decrease of 23.9% year - on - year [60]. - **Infrastructure and Automobile**: From January to December 2024, the infrastructure investment decreased by 1.48% year - on - year. In December 2025, the sales volume of Chinese automobiles was 3,272,229 units, a decrease of 6.2% year - on - year; the production volume was 3,295,965 units, a decrease of 2.09% year - on - year [63]. 3.4 Options Market Analysis In view of the possible convergence of the aluminum price volatility in the future, a double - selling strategy can be considered to short the volatility [67].

Group 1 - The core viewpoint of the news is that Huafeng Aluminum has experienced a significant stock price increase due to governance improvements, overseas business expansion, and land resource acquisition [2] - The company has implemented a series of governance structure reforms, including the cancellation of the supervisory board and the addition of board seats, which enhances decision-making efficiency and operational standards [2] - Huafeng Aluminum has established a subsidiary in Hong Kong and increased its foreign exchange derivatives trading quota, actively expanding into international markets [2] - The acquisition of the associated company Huafeng Puen has allowed the company to obtain adjacent land resources, addressing capacity constraints [2] - The company has improved its foreign exchange derivatives and futures hedging management systems, strengthening its risk management framework [2] - A three-year shareholder return plan has been established, with a cash dividend ratio of no less than 15% [2] Group 2 - The industry context indicates that Huafeng Aluminum specializes in the research, production, and sales of aluminum plates, strips, and foils, which are widely used in the automotive, air conditioning heat exchange systems, and new energy vehicle battery components [2] - The recent positive development in the new energy vehicle and automotive sectors has increased the demand for aluminum alloy plates and strips, creating favorable conditions for the industry [2] - Data from Dongfang Caifu shows that on January 23, there was a capital inflow into the non-ferrous metal sector, with some stocks in the sector performing well, contributing to a sector-wide effect [2] - Technical analysis using indicators like MACD may attract more technical investors if a bullish crossover occurs and the stock price breaks through significant resistance levels [2] - Monitoring by Tonghuashun indicates that a substantial net buying situation on that day suggests active participation from main funds, driving the stock price to its limit [2]

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]

综合来看，在宏观及供需因素影响下，铝价继续在高位区间运行。但基本面逐步进入季节性累库周期， 下游对高价抵触情绪渐强，短期铝价上行空间预计受限，现货铝价涨势或有限。建议密切关注宏观情 绪、累库节奏以及春节前下游备货动态。 长江有色金属网ccmn.cn 电话：0592-5668838 新浪合作大平台期货开户 安全快捷有保障 伦敦金属交易所（LME）1月22日伦铝最新库存量报509275公吨，较上个交易日增加2100吨，涨幅 0.41%。 长江铝业网讯：1月22日现货铝价，长江现货A00铝锭价报23740元/吨，涨30元；广东现货A00铝锭价报 23760元/吨，涨20元。 宏观层面，美欧地缘局势缓和，避险情绪降温。美国总统特朗普宣布与北约达成协议，保障美国对格陵 兰岛"全面且永久性准入"。此消息虽暂时缓和了跨大西洋关系紧张，但也凸显出北极地区安全承诺有升 级必要，以应对俄罗斯等国的潜在威胁。除地缘因素外，美元持续走软为铝价提供有力支撑。周四美元 指数下滑 0.5%，收于 98.28，逼近三周低点，令以美元计价的金属商品对海外买家吸引力增强。特朗普 对格陵兰立场转变后，避险货币美元小幅下跌，欧元和英镑等风险敏感货币 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On the 22nd, the aluminum price fluctuated narrowly with a decline followed by a rise. The main contract closed up 1.59% at 24,055 yuan/ton, and the total open interest decreased by 3,979 lots to 710,000 lots. The adjustment of aluminum price led to a slight improvement in the overall purchasing sentiment of downstream enterprises, but they remained cautious. The spot premium/discount is expected to remain under pressure. The discount in East China was -150, -250 in Central China, and -115 in South China. [7] - A mine collapse in Guinea on the 21st caused casualties. Although it has not affected the production of the core bauxite mining areas in Guinea for the time being, it still had an emotional impact on the alumina market. On the 22nd, the futures price rebounded nearly 2% to 2,717 yuan/ton at a low level, but it is expected to mainly fluctuate widely at a low level under the suppression of the oversupply fundamentals. [7] - The supply side of electrolytic aluminum remained basically stable. The new electrolytic aluminum projects in China and Indonesia continued to increase production, but the short - term increment was limited. High aluminum prices still suppressed the end - users, but benefiting from the inventory preparation demand for finished products as the Spring Festival approached, the demand side still had some resilience. The continuous inventory accumulation of aluminum ingots put some pressure on the market. Currently, aluminum prices are still dominated by macro and capital factors. Due to the fluctuations in macro - sentiment and the previous rapid rise, the short - term aluminum price adjustment should be treated with caution. [7] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - Aluminum price: The main contract of aluminum price rose 1.59% to 24,055 yuan/ton on the 22nd, with the total open interest decreasing by 3,979 lots to 710,000 lots. The adjustment of aluminum price improved the downstream purchasing sentiment slightly, but the spot premium/discount is under pressure. [7] - Alumina: The mine collapse in Guinea affected the alumina market sentiment. The futures price rebounded nearly 2% to 2,717 yuan/ton on the 22nd, and is expected to fluctuate widely at a low level due to the oversupply. [7] - Electrolytic aluminum supply and demand: The supply is basically stable with limited short - term increment. High prices suppress the end - users, but the demand has some resilience due to the Spring Festival inventory preparation. The inventory accumulation of aluminum ingots pressures the market. Aluminum prices are dominated by macro and capital factors, and short - term adjustment is expected. [7] 3.2行业要闻 (Industry News) - Mine collapse in Guinea: On January 21, 2026, a mechanized mine in the Doko mining area of Siguiri Province, Guinea, collapsed, causing 6 miners to die. The accident is in the gold - mining area, about 800 kilometers away from the core bauxite mining area, and has not affected the bauxite production for the time being. [8][10] - "Aluminum replacing copper" in the air - conditioning industry: 19 air - conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, jointly launched the implementation of the "aluminum replacing copper" series of standards. Some brand stores said they would launch aluminum - made household air - conditioning products as early as 2026, while others had no such plan. [10] - Production cut by Rio Tinto: Rio Tinto will cut the production of its Yarwun alumina refinery in Australia by 40% from October 2026 to extend its operation life to 2035. This will reduce the annual alumina production by about 1.2 million tons and affect about 180 jobs. [10] - Mining plan of Nalco: India's state - owned National Aluminium Company (Nalco) plans to start mining the Pottangi bauxite mine in Odisha in June 2026. It is also expanding the fifth production line of its Damanjodi alumina refinery, which will increase the annual production capacity by 1 million tons to 3.275 million tons. [10]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Relevant Catalog Alumina - On January 22, the domestic ore price was 501 yuan/ton, with a month - on - month change of 0 yuan/ton; the Guinea imported ore price was 62 US dollars/dry ton, with a month - on - month decrease of 1 US dollar/dry ton [1] - On January 22, the spot price index was 2633 yuan/ton, with a month - on - month decrease of 1 yuan/ton [1] - On January 22, the futures inventory was 68432 tons, with a month - on - month decrease of 457 tons [1] - On January 22, the aluminum import profit and loss was - 2056 yuan/ton, with a month - on - month decrease of 4 yuan/ton [1] Electrolytic Aluminum - On January 22, the SMA00 average price was 23740 yuan/ton, with a month - on - month change of ×30 yuan/ton, and the premium and discount was - 150 yuan/ton, with a month - on - month change of 0 yuan/ton [1] - On January 22, the electrolytic aluminum smelting profit was 7609 yuan/ton, with a month - on - month increase of 30 yuan/ton [1] - On January 22, the futures inventory was 138856 tons, with a month - on - month increase of 101 tons [1] - On January 22, the import profit and loss was 143 yuan/ton, with a month - on - month increase of 9 yuan/ton [1] Aluminum Alloy - On January 22, the Baotai 4001 alloy price was 2300 yuan/ton, with a month - on - month increase of 0 yuan/ton [1] - On January 21, the refined - scrap price difference of raw aluminum was 2509 yuan/ton, with a month - on - month increase of 20 yuan/ton; the refined - scrap price difference of profile aluminum was 3530 yuan/ton, with a month - on - month increase of 20 yuan/ton [1] - On January 22, the futures inventory was 126641 tons, with a month - on - month increase of 7513 tons [1] - On January 22, the import profit and loss was 2 yuan/ton, with a month - on - month increase of 5 yuan/ton [1]