Core Viewpoint - The LME aluminum futures prices experienced slight fluctuations, with a current price of $2939 per ton, reflecting a decrease of 0.09% from the opening price [1] Group 1: LME Aluminum Futures Market - On December 22, LME aluminum futures opened at $2955.0, reached a high of $2968.0, and closed at $2941.0, marking a decline of 0.49% [1] - The trading range for December 23 saw prices fluctuate between a high of $2945.5 and a low of $2926 [1] Group 2: Global Aluminum Production Data - According to the International Aluminum Institute (IAI), global primary aluminum production in November 2025 was 6.086 million tons, up from 6.058 million tons in the same month last year, but down from a revised figure of 6.292 million tons from the previous month [1] - China's primary aluminum production for November is estimated at 3.647 million tons, a decrease from the revised figure of 3.766 million tons from the previous month [1] Group 3: Market Indicators - As of December 22, the electrolytic aluminum spot price ratio between Shanghai and London was 7.43, with an import loss of -2466.39 yuan per ton, compared to -2148.39 yuan per ton from the previous trading day [1] - The LME reported aluminum registered warrants at 445,200 tons, with canceled warrants increasing by 600 tons to a total of 74,400 tons, while aluminum inventory remained stable at 519,600 tons [1]

新能源及有色金属日报 | 2025-12-23 铝土矿价格承压下滑 重要数据 铝现货方面：SMM数据，华东A00铝价21930元/吨，较上一交易日变化110元/吨，华东铝现货升贴水-170元/ 吨，较上一交易日变化-20元/吨；中原A00铝价21770元/吨，现货升贴水较上一交易日变化-50元/吨至-330元/ 吨；佛山A00铝价录21860元/吨，较上一交易日变化110元/吨，铝现货升贴水较上一交易日变化-20元/吨至-240 元/吨。 铝期货方面：2025-12-22日沪铝主力合约开于22295元/吨，收于22220元/吨，较上一交易日变化180元/吨，最 高价达22365元/吨，最低价达到22095元/吨。全天交易日成交253929手，全天交易日持仓314299手。 库存方面，截止2025-12-22，SMM统计国内电解铝锭社会库存60.0万吨，较上一期变化2.2万吨，仓单库存76088 吨，较上一交易日变化-100吨，LME铝库存519600吨，较上一交易日变化0吨。 氧化铝现货价格：2025-12-22SMM氧化铝山西价格录得2730元/吨，山东价格录得2655元/吨，河南价格录得 2750元/吨， ...

Core Viewpoint - The International Aluminium Institute (IAI) reported a year-on-year increase of 0.5% in global primary aluminum production for November, reaching 6.086 million tons, with a daily average production of 202,900 tons [1] Group 1: Global Production Data - In November, global primary aluminum production increased to 6.086 million tons, reflecting a 0.5% year-on-year growth [1] - The daily average production for November was recorded at 202,900 tons [1] Group 2: Excluding China and Unreported Regions - Excluding China and unreported regions, the primary aluminum production in November was 2.233 million tons [1] - The daily average production, excluding these areas, was 74,400 tons [1]

gtaxinstitute@essence.com.cn 综合晨报 国投期货研究院 隔夜沪铝窄幅波动。铝市基本面矛盾依然有限,社库窄幅波动,表观需求并无亮眼表现。短期宏观 主导，宽松交易延续,贵金属和有色多品种创新高,沪铝跟涨为主,多头背靠40日线持有,关注前 高位置阻力。 【铸造铝合金】 昨日保太ADC12现货报价上调100元至21300元。 铸造铝行业库存和交易所仓单窄幅波动, 税务调整 令部分地区成本面临上调。宏观驱动下铸造铝合金高位跟涨乏力，与沪铝价差维持千元附近。 (氧化铝) (原油) 美方人员21日在委内瑞拉附近国际水域拦截油轮并登船检查，这是不到两周时间里，美国为施压委 内瑞拉而实施拦截的第三艘油轮。乌克兰无人机在黑海港口袭击了俄罗斯船只。她缘紧张关系的持 续升级加剧了市场对原油供应中断的忧虑,原油价格反弹。 【责金属】 隔夜贵金属延续强势。近期美国数据有利于降息的延续,地缘方面以色列和伊朗、美国和委内瑞拉 之间现紧张氛围。黄金周一突破前高刷新历史新高，贵金属短期趋势得到强化。国内资金是铂把多 头主力,外盘跟涨内盘为主,国内积极计价远月铂供不应求,推升内外价差,但内外盘合约月份不 匹配,价格可比 ...

Copper - Copper prices experienced narrow fluctuations overnight, with domestic refined copper imports maintaining losses [3][9] - The macroeconomic outlook shows significant divergence among Federal Reserve officials regarding interest rate cuts next year, while the market focuses on the new chairman's ability to maintain the Fed's policy independence [3][9] - China's LPR has remained unchanged for seven consecutive months [3][9] - LME copper inventory decreased by 2,650 tons to 157,750 tons, while Comex inventory increased by 4,247 tons to 423,556 tons [3][9] - Demand for copper is cautious, with downstream enterprises primarily purchasing based on immediate needs [3][9] - The strategy suggests maintaining a buy-on-dips approach but advises against excessive chasing of prices [3][9] Nickel & Stainless Steel - LME nickel rose by 2.42% to $15,260 per ton, while SHFE nickel increased by 2.82% to ¥122,130 per ton [4][10] - LME inventory decreased by 162 tons to 254,388 tons, while SHFE warehouse receipts increased by 1,320 tons to 38,922 tons [4][10] - The Indonesian Nickel Mining Association indicated a significant reduction in nickel ore production targets for 2026 [4][10] - Nickel prices saw a slight increase due to market sentiment, but caution is advised regarding actual implementation [4][10] Alumina, Electrolytic Aluminum & Aluminum Alloys - Alumina prices showed a slight increase, with AO2601 closing at ¥2,515 per ton, up 0.56% [5][11] - SHFE aluminum experienced a slight decline, with AL2602 closing at ¥22,135 per ton, down 0.47% [5][11] - The market is facing pressure from increased shipments and the resumption of large-scale mining operations [5][11] - The aluminum price trend is expected to remain weak due to high inventory levels and macroeconomic sentiment [5][11] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight decline, with the main contract closing at ¥8,595 per ton, down 0.52% [6][12] - Polysilicon prices also experienced a decline, with the main contract closing at ¥58,845 per ton, down 2.1% [6][12] - There are expectations of further environmental production cuts in the northwest, which may support industrial silicon prices [6][12] Lithium Carbonate - Lithium carbonate futures rose by 3.98% to ¥114,380 per ton, with significant increases in both battery-grade and industrial-grade lithium carbonate prices [7][14] - Weekly production of lithium increased by 47 tons to 22,045 tons, while demand for ternary materials decreased [7][14] - The market is experiencing strong demand expectations, with downstream stocking intentions remaining relatively strong [7][14]

股票代码：601600 股票简称：中国铝业 公告编号：临2025-076 中国铝业股份有限公司2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025年12月22日 （二）股东会召开的地点：中国北京市海淀区西直门北大街62号中国铝业股份有限公司总部办公楼会议 室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司2025年第三次临时股东会由公司董事会召集，公司董事长何文建先生主持会议。本次会议的召集、 召开、表决方式符合《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律、法规、规范性 文件及《中国铝业股份有限公司章程》（以下简称"《公司章程》"）的规定。 （五）公司董事和董事会秘书的列席情况 1.公司在任董事7人，列席6人。公司董事蒋涛先生因其他公务未能参加本次会议。 2.公司董事会秘书朱 ...

Core Insights - The International Aluminium Institute (IAI) reported that global primary aluminium production in November 2025 reached 6.086 million tons, an increase from 6.058 million tons in the same month last year, but a decrease from the revised figure of 6.292 million tons from the previous month [1] Production Data - November 2025 global primary aluminium production: 6.086 million tons [1] - November 2024 global primary aluminium production: 6.058 million tons [1] - Revised production figure for October 2025: 6.292 million tons [1]

Core Viewpoint - Nanshan Aluminum (600219) is expanding its market share in Southeast Asia by initiating a new alumina production project with a designed annual capacity of 2 million tons, aiming to strengthen its position as one of the largest alumina producers in the region [1] Group 1: Project Details - The new alumina production project will have an initial annual output of 1 million tons, expected to commence production in Q3 2025 [1] - The second phase of the project, also with an annual output of 1 million tons, is scheduled to begin operations on December 20, 2025 [1] - As of the announcement date, the total designed annual production capacity of the group has increased to 4 million tons [1] Group 2: Strategic Implications - The expansion in production capacity is believed to support long-term profitability and growth for the company [1] - The operational cost advantages derived from the expansion are expected to reinforce the company's competitive position in the industry [1]

Core Viewpoint - Nanshan Aluminum International (02610.HK) is expanding its market share in Southeast Asia by initiating a new alumina production project with a designed annual capacity of 2 million tons, aiming to enhance its position as one of the largest alumina producers in the region [1] Group 1 - The new alumina production project has commenced construction in the first half of 2024 [1] - The first phase of the project, with an annual production capacity of 1 million tons, is expected to be operational by the third quarter of 2025 [1] - The second phase, also with an annual capacity of 1 million tons, is scheduled to commence operations on December 20, 2025 [1] Group 2 - As of the date of the announcement, the group's total designed alumina production capacity has increased to 4 million tons [1] - The company believes that the expansion of designed capacity and overall operational cost advantages will support long-term profitability and growth [1] - This strategic move is intended to solidify the company's position as a leading alumina producer in Southeast Asia [1]

Core Viewpoint - Nanshan Aluminum International (02610) is expanding its alumina production capacity to strengthen its market share in Southeast Asia, with a new project set to increase annual production capacity by 2 million tons by 2025 [1] Group 1: Production Expansion - The company has initiated the construction of a new alumina production facility, with a designed annual capacity of 2 million tons [1] - The first phase of the project, which will produce 1 million tons of alumina annually, is expected to commence operations in the third quarter of 2025 [1] - The second phase, also producing 1 million tons annually, is scheduled to begin operations on December 20, 2025 [1] Group 2: Strategic Positioning - Following the completion of the new project, the company's total designed alumina production capacity will increase to 4 million tons [1] - The company believes that the expansion of production capacity and operational cost advantages will support long-term profitability and growth [1] - This strategic move aims to solidify the company's position as one of the largest alumina producers in Southeast Asia [1]