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、准确性和完整性依法承担法律责任。 一、通知债权人的原由 山东南山铝业股份有限公司（以下简称"公司"）于2026年1月9日召开2026年第一次临时股东会，审议通 过了《关于以集中竞价交易方式回购公司股份方案的议案》，具体内容详见于2026年1月10日在上海证 券交易所网站（www.sse.com.cn）上披露的《山东南山铝业股份有限公司2026年第一次临时股东会决议 公告》（公告编号：2026-002）。 基于对公司未来发展前景的信心和对公司价值的高度认可，增强投资者对公司的信心，推动公司股票价 值合理回归，维护公司及广大投资者，尤其是中小投资者的利益，经综合考虑公司发展战略、经营情 况、财务状况以及未来的盈利能力等因素，公司拟以自有资金通过集中竞价交易方式回购公司部分社会 公众股份，用于减少公司注册资本。本次回购股份资金总额不低于人民币3亿元（含），不超过人民币6 亿元（含），按照回购价格上限人民币7.52元/股测算，预计回购股份数量下限约为39,893,617股，回购 股份数量上限约为79,787,234股 ...

证券代码:600219 证券简称:南山铝业 公告编号:2026-003 山东南山铝业股份有限公司 关于回购股份通知债权人的公告 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、准确性和完整性依法承担法律责任。 一、通知债权人的原由 山东南山铝业股份有限公司（以下简称"公司"）于2026年1月9日召开2026年第一次临时股东会，审议通 过了《关于以集中竞价交易方式回购公司股份方案的议案》，具体内容详见于2026年1月10日在上海证 券交易所网站（www.sse.com.cn）上披露的《山东南山铝业股份有限公司2026年第一次临时股东会决议 公告》（公告编号：2026-002）。 基于对公司未来发展前景的信心和对公司价值的高度认可，增强投资者对公司的信心，推动公司股票价 值合理回归，维护公司及广大投资者，尤其是中小投资者的利益，经综合考虑公司发展战略、经营情 况、财务状况以及未来的盈利能力等因素，公司拟以自有资金通过集中竞价交易方式回购公司部分社会 公众股份，用于减少公司注册资本。本次回购股份资金总额不低于人民币3亿元（含），不超过人民币6 亿元（含），按照回 ...

Group 1 - The aluminum industry is witnessing a significant milestone with Hongchuang Holdings (002379.SZ) announcing a major restructuring plan to acquire 100% of Hongtuo Industrial for 63.518 billion yuan, which has been approved by the CSRC as of December 31, 2025. This acquisition sets a record for the largest scale of mergers and acquisitions among private enterprises in A-shares since the "merger six articles" were published [1][21] - This acquisition is expected to create a new aluminum giant with a market value exceeding 100 billion yuan, marking a deep integration of cross-border asset consolidation, industrial upgrading, and capital market reform [1][21] Group 2 - On December 15, 2025, Inner Mongolia Electric Power Investment announced its plan to acquire 100% of the Baiyin Hwa Coal Power from the State Power Investment Corporation, which has received preliminary approval from the State-owned Assets Supervision and Administration Commission. This transaction reflects the accelerating trend of central enterprise restructuring in 2025 [1][21] - The restructuring is part of a broader policy direction from the State-owned Assets Supervision and Administration Commission to concentrate quality assets in listed companies, following previous cases such as China Electric Power's overall listing and Guodian Power's acquisition of renewable energy assets [1][21] Group 3 - In December 2025, a total of 118 merger and acquisition events were disclosed by A-share listed companies, indicating a robust activity in the M&A market [6][26] - The restructuring activities include various sectors, with notable transactions such as Aikang Co. acquiring Dongguan Silicon Xiang for 100% equity and Nanjing Chemical Fiber planning to acquire Nanjing Craft for 100% equity [24][28]

Group 1 - Morgan Stanley's preference order for the materials sector in 2026 is copper/gold > aluminum > lithium > coal > steel [1] - The MSCI China Materials Index is expected to outperform the MSCI China Index this year due to supply disruptions or tight supply and further M&A activities [1] - Zijin Mining (02899) remains Morgan Stanley's top pick for the year, with continued optimism for Luoyang Molybdenum (03993), China Aluminum (02600), and China Hongqiao (01378) [1] Group 2 - Jiangxi Copper (00358) has been upgraded to neutral based on a positive outlook for copper [1] - Chinese policies are still the main driver of commodity prices, but the execution and intensity of anti-involution policies are expected to be milder than anticipated starting from Q4 2025 [1] - Steel profit margins are expected to remain low without significant production cuts, leading to a downgrade of Baoshan Iron & Steel (600019.SH) to neutral and Ansteel (00347) to underweight [1]

南山铝业公告称，公司2026年第一次临时股东会已审议通过回购股份议案，拟以自有资金3亿-6亿元， 按不超7.52元/股的价格，回购39,893,617-79,787,234股用于减少注册资本，实施期限自股东会审议通过 之日起不超12个月。根据规定，债权人自接到通知起30日内、未接到通知者自公告披露日起45日内，可 要求公司清偿债务或提供担保。申报时间为2026年1月13日至2月26日，联系人李盛吉。 ...

Group 1 - Jefferies raised the target price for Alcoa Corporation from $55 to $75 [1]

从基本面看，国内电解铝产能触顶、后续供应增加有限；海外部分电解铝炼厂因电力问题减停产，且新 增产能落地不及预期，整体供应难有明显增长。需求端，淡季下游需求整体疲软，市场"恐高"情绪蔓 延，现货交投谨慎。不过，环保限产解除后，下游铝加工企业开工率有所回升。尽管传统地产行业持续 低迷，但新能源领域需求爆发，特别是人工智能、算力基础、人形机器人及低空经济的快速发展，为铝 需求带来广阔预期。此外，铜价不断创出新高，催生"铝代铜"兴起，铝需求预期强劲。然而，上期所库 存数据显示，1月9日当周铝锭社会库存继续累积，环比增加10.8%至14.38万吨，反映出当前现货交易低 迷的现实。 综合来看，短期内铝价处于高位，且季节性淡季持续抑制终端需求，后续库存可能继续累积。但盘面上 多头情绪高涨，沪铝有阶段性反弹预期，整体呈震荡上扬态势，今现铝价格或大幅上涨。 伦敦金属交易所（LME）1月9日伦铝最新库存量报497825公吨，较上个交易日减少1925吨，跌幅 0.39%。 长江铝业网讯：1月9日现货铝价，长江现货A00铝锭价报24030元/吨，涨30元；广东现货A00铝锭价报 24100元/吨，涨70元。 宏观层面，周五美国劳工部 ...

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Views of the Report - The non - farm payroll data in the US in December 2025 was lower than expected, with data for October and November revised downwards. The market expects the Fed to cut interest rates by about 50 basis points in 2026. The non - ferrous metals sector started strongly in 2026, and although there was short - term profit - taking, the overall upward trend remained unchanged. The prices of copper, aluminum, tin, nickel, and other metals showed different trends driven by factors such as supply - demand relationships, macroeconomic conditions, and geopolitical factors [3][10][11]. - China's economic data in December 2025 was positive. The official manufacturing PMI returned to the expansion range, and the non - manufacturing PMI was also better than expected. The central bank emphasized increasing counter - cyclical and cross - cyclical adjustments [10]. - The US economic data was mixed. The ISM manufacturing index in December 2025 shrank, but the ISM services index reached a new high in more than a year. The employment data was weak, and the market's expectation of Fed rate cuts remained [10][11]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro - level factors**: In 2026, a relatively loose monetary environment, AI technological development, increased attention to key mineral supply chains, and resource nationalism in resource - rich countries supported the non - ferrous metals sector. However, there was short - term high - volatility due to profit - taking [10]. - **China's economic situation**: In December 2025, China's official manufacturing PMI was 50.1, and the non - manufacturing PMI was 50.2, both better than expected. The central bank planned to increase counter - cyclical and cross - cyclical adjustments [10]. - **US economic situation**: The US ISM manufacturing index in December 2025 shrank, the "small non - farm" ADP employment in December increased by 41,000, lower than expected. The non - farm payroll in December increased by only 50,000, lower than the expected 65,000. The market expected the Fed to cut interest rates by about 50 basis points in 2026 [10][11]. - **Investment recommendations for each metal**: - **Copper**: It was recommended to buy on dips. The short - term upper pressure range was 108,000 - 110,000 yuan/ton, and the lower support range was 98,000 - 99,000 yuan/ton. Consider the reverse - spread opportunity between the 2602 and 2603 copper contracts and buy deep - out - of - the - money long - term call options [3][4]. - **Aluminum and its industrial chain**: For aluminum, a bullish approach was recommended, with the upper pressure range at 24,500 - 25,000 yuan/ton and the lower support range at 22,000 - 22,300 yuan/ton. Buy out - of - the - money put options for protection. For alumina, sell on rallies, with the upper pressure range at 2,900 - 3,000 yuan/ton and the lower support range at 2,000 - 2,200 yuan/ton. Buy out - of - the - money call options for protection. For recycled aluminum alloy, a bullish approach was recommended, with the upper pressure range at 23,500 - 24,000 yuan/ton and the lower support range at 21,000 - 21,500 yuan/ton. Buy out - of - the - money put options for protection [5]. - **Tin**: Temporarily wait and see or take a bullish approach. The upper pressure range was 360,000 - 380,000 yuan/ton, and the lower support range was 310,000 - 320,000 yuan/ton. Buy out - of - the - money put options for protection [6]. - **Zinc**: It was relatively strong and followed the overall sector. The upper pressure was around 24,300 - 24,500 yuan/ton, and the short - term lower support was around 23,600 - 23,800 yuan/ton. Consider the bull - spread option strategy [6]. - **Lead**: It was expected to oscillate and rise. The short - term lower support was around 17,000 - 17,200 yuan/ton, and the upper resistance was around 17,800 - 18,000 yuan/ton. Use a covered - call option strategy [7]. - **Nickel and stainless steel**: Nickel showed high - elasticity and short - term strength. The upper resistance was around 140,000 - 142,000 yuan, and the lower support was around 130,000 - 132,000 yuan. Use options to protect long positions. For stainless steel, a bullish approach on dips was recommended, with the price range at 13,000 - 14,200 yuan [7]. 3.2 Second Part: Non - ferrous Metals Market Review - **Futures price changes**: Copper closed at 101,410 yuan/ton, up 3.23%; aluminum at 24,330 yuan/ton, up 6.99%; tin at 352,540 yuan/ton, up 9.17%; nickel at 139,090 yuan/ton, up 4.70%; stainless steel at 13,860 yuan/ton, up 5.60%; zinc at 23,970 yuan/ton, up 2.99%; alumina at 2,843 yuan/ton, up 2.34%; lead at 17,355 yuan/ton, unchanged; and cast aluminum alloy at 22,985 yuan/ton, up 1.77% [17]. 3.3 Third Part: Non - ferrous Metals Spot Market - **Spot price changes**: Copper spot prices decreased, with the Yangtze River Non - ferrous copper spot price at 100,720 yuan/ton, down 1.88%. Zinc spot prices also decreased, with the Yangtze River Non - ferrous 0 zinc spot price at 24,020 yuan/ton, down 0.66%. Aluminum spot prices were stable, with the Yangtze River Non - ferrous aluminum spot average price at 24,000 yuan/ton, unchanged. Alumina spot prices were stable, with the Antaike national alumina average price at 2,693 yuan/ton, unchanged [23]. 3.4 Fourth Part: Key Data Tracking of Non - ferrous Metals Industry Chain - **Copper**: Included data on exchange copper inventory changes, SMM social copper inventory changes, copper concentrate rough - smelting fees, and the relationship between the US dollar index and copper prices [26]. - **Zinc**: Included data on zinc inventory changes, zinc concentrate processing fees, zinc spot market prices, galvanized sheet production seasonality, and the weekly inventory seasonality of SMM seven - region zinc ingots [28]. - **Aluminum and alumina**: Included data on the relationship between Shanghai aluminum inventory and aluminum prices, LME aluminum inventory and LME aluminum prices, the average price trend of Yangtze River Non - ferrous A00 aluminum ingots, the comparison of China's electrolytic aluminum in - production capacity and total capacity, alumina spot price trends, alumina port inventory changes, and alumina capacity and operating rate trends [32][38]. - **Tin**: Included data on the relationship between Shanghai tin prices and spot premiums, LME tin prices and spot premiums, the relationship between Shanghai tin inventory and LME tin inventory, tin concentrate processing fees, and the seasonal diagram of China's refined tin production [44][47][49]. - **Lead**: Included data on SHFE lead futures inventory, LME lead inventory, LME lead 0 - 3 premiums, lead concentrate processing fees, primary lead operating rate, and SMM lead - acid battery weekly operating rate [56][59][61]. - **Nickel and stainless steel**: Included data on SHFE nickel futures inventory, LME nickel inventory, refined nickel spot premiums, LME nickel 0 - 3 premiums, the average price of nickel - iron, the average price of battery - grade nickel sulfate, stainless steel warehouse receipts, the inventory of 300 - series cold - rolled stainless steel in Wuxi and Foshan, and the profit margin of 304 cold - rolled stainless steel [63][68][70]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - **Copper**: Recommended a reverse - spread between the 2602 and 2603 copper contracts due to supply constraints and the Fed's rate - cut and balance - sheet - expansion cycle [17]. - Also included data on the changes in the copper Shanghai - London ratio, the premium between Shanghai copper and London copper, and other relevant arbitrage - related data [75]. 3.6 Sixth Part: Non - ferrous Metals Options - **Copper**: Included data on copper option historical volatility, weighted implied volatility, trading volume and open - interest changes, and the ratio of call to put open - interest [95][97]. - **Zinc**: Included data on zinc historical volatility, zinc option weighted implied volatility, trading volume and open - interest changes, and the ratio of call to put open - interest [99]. - **Aluminum**: Included data on aluminum option trading volume and open - interest trends, the ratio of call to put open - interest trends, and Shanghai aluminum volatility trends [100].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report The report offers a comprehensive analysis of various commodities in the futures market, including precious metals, base metals, energy, agricultural products, and more. It presents the current market trends, fundamental data, and macro - industry news for each commodity, along with short - term and medium - term outlooks and trading suggestions [2][10][30]. Summary by Commodity Category Precious Metals - **Gold**: Safe - haven sentiment has rebounded. The prices of domestic and international gold futures and spot have increased. ETF holdings have decreased slightly. Market sentiment has been affected by factors such as the US economic data and geopolitical tensions [2][6]. - **Silver**: It is testing new highs again. Both domestic and international silver prices have risen significantly, with strong performance in the night - trading session [2][6]. - **Platinum**: ETF holdings have continued to flow out, and the price is in a range - bound oscillation [2][25]. - **Palladium**: After rising to a high, the price has fallen back. Attention should be paid to the price transmission related to tariffs [2][25]. Base Metals - **Copper**: The demand expectation has strengthened, and the price has increased. The production of a major copper smelter has increased, and the US economic data has also had an impact on the market [2][10]. - **Zinc**: It is running strongly. The inventory has decreased, and the price has been supported [2][13]. - **Lead**: The overseas inventory has decreased, which supports the price [2][16]. - **Tin**: It is oscillating and strengthening. The inventory has decreased, and the price has shown an upward trend [2][19]. - **Aluminum**: The center of gravity has significantly moved up. The prices of electrolytic aluminum, alumina, and aluminum alloy have all shown different degrees of increase [2][22]. - **Nickel**: There is a game between industrial and secondary funds, and the price is in a wide - range oscillation [2][29]. - **Stainless Steel**: The price of ferronickel has lifted the oscillation center, and the market is gaming the Indonesian policy [2][30]. Energy and Chemicals - **Crude Oil - related**: The geopolitical conflict between the US and Venezuela has fermented, and the short - term international energy prices may be strong, which has an impact on related products such as methanol and fuel oil [98][99]. - **Methanol**: It is expected to be strong in the short term. The geopolitical conflict and the expected improvement of port inventory support the price, but the MTO fundamentals are weak [99]. - **Urea**: The price is expected to correct in the short term but remain strong in the medium term. The agricultural demand provides support [103][104]. - **PTA**: It is unilaterally strong. The future supply and demand are expected to be weak, but the current low - inventory de - stocking situation supports the price [65]. - **MEG**: It is short - term strong in a rebound. The supply pressure has been relieved, and the price has support at a low level [66]. - **Rubber**: It is in a wide - range oscillation. The raw material prices of tires have risen, which has affected the cost and profit of the tire industry [67][71]. - **Synthetic Rubber**: It is oscillating at a high level. The raw material price and inventory have an impact on the market [73][74]. - **LLDPE**: The standard product production ratio remains low, and the import profit has been significantly repaired. The market is affected by factors such as raw materials and demand [76][77]. - **PP**: Propylene is stronger than ethylene, and there is a strong expectation of PDH maintenance in the first quarter. The market is affected by cost and demand [79][80]. - **Caustic Soda**: It is oscillating weakly. The market is in a pattern of high production and high inventory [81][83]. - **Paper Pulp**: It is in a wide - range oscillation. The supply and demand fundamentals have not improved substantially, and attention should be paid to factors such as capital trends [86][89]. - **Glass**: The price of the original sheet is stable. The domestic float glass price has shown minor fluctuations [92][93]. Agricultural Products - **Soybean - related**: The price of soybeans and related products is affected by factors such as the US USDA report and Chinese procurement. The market is waiting for the release of the report [160][162]. - **Corn**: Attention should be paid to the spot market. The price of corn has shown minor fluctuations, and the market is affected by factors such as supply and demand and policies [163][165]. - **Sugar**: It is in a narrow - range consolidation. The global sugar supply and demand situation and import and export policies have an impact on the market [167][168]. - **Cotton**: It is waiting for the end of the adjustment. The cotton spot price has declined slightly, and the downstream demand is weak [172][173]. - **Eggs**: The sentiment in the far - month contracts has weakened [176]. - **Hogs**: There is a negative feedback in demand, and the supply is expected to increase. The price of hogs has shown minor fluctuations [179]. - **Peanuts**: It is oscillating. The spot price of peanuts has shown minor fluctuations, and the market is affected by factors such as supply and demand [182][183]. Shipping - **Container Freight Index (European Line)**: It may be strong in a short - term oscillation. The 02 long positions and 04 short positions should be reduced appropriately. The market is affected by factors such as shipping capacity, demand, and policies [126][135].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For electrolytic aluminum, although the new jobs in the US employment data were lower than expected, the unemployment rate decreased. The Federal Reserve is expected to keep interest rates unchanged this month. Geopolitical risks in Venezuela have increased the premium of resource products, and the overall sentiment in the non - ferrous metals market is high. On the supply side, new domestic and Indonesian production capacities continue to release increments, and Australia's Tomago aluminum plant may face the risk of non - renewal of power contracts in 2028. On the consumption side, the weekly aluminum processing operating rate remains low, and the State Administration of Taxation announced the cancellation of export tax rebates for photovoltaics. Aluminum ingot inventories increased by 54,000 tons to 714,000 tons compared to before the holiday, and aluminum rod inventories increased by 30,500 tons to 169,500 tons. Affected by the macro - environment and capital rotation effect, aluminum prices have risen rapidly. The policy issued over the weekend indicates that the cancellation of export tax rebates for photovoltaics after April may trigger a short - term rush in the photovoltaic industry, leading to a phased increase in sector consumption. Aluminum prices are expected to fluctuate favorably, with a support level of 23,500 yuan/ton. [3][8] - For cast aluminum, last week, the operating rate of aluminum alloy continued to decline to 58% due to repeated regional environmental protection controls and insufficient orders. On the consumption side, downstream buyers are clearly reluctant to buy at high prices, generally choosing to digest inventories, postpone purchases, or only maintain rigid demand, and some even plan to stop production early, resulting in light market transactions. The exchange inventory increased slightly by 334 tons to 70,000 tons. The pattern of weak supply and demand for cast aluminum continues, but cost support remains strong, so it will maintain a favorable short - term fluctuation. In the medium term, as the macro - bullish atmosphere is gradually digested and capital calms down, cast aluminum may enter a high - level consolidation stage. [3][9] 3. Summary by Relevant Catalogs 3.1 Transaction Data - The LME 3 - month aluminum price rose from 2,997 yuan/ton on December 31, 2025, to 3,149 yuan/ton on January 9, 2026, an increase of 152 yuan/ton. The SHFE aluminum continuous - three contract price rose from 22,980 dollars/ton to 24,420 dollars/ton, an increase of 1,440 dollars/ton. The Shanghai - London aluminum ratio increased from 7.7 to 7.8. The LME spot premium increased from - 27.5 dollars/ton to 8.3 dollars/ton. The LME aluminum inventory decreased by 13,925 tons to 497,825 tons, while the SHFE aluminum warehouse receipt inventory increased by 12,407 tons to 90,912 tons. [5] - The spot average price rose from 22,370 yuan/ton to 23,860 yuan/ton, an increase of 1,490 yuan/ton. The spot premium increased from - 210 yuan/ton to - 110 yuan/ton. The South China storage spot average price rose from 22,293 yuan/ton to 23,876 yuan/ton, an increase of 1,582.7 yuan/ton. The Shanghai - Guangdong price difference decreased from 77 yuan/ton to - 16 yuan/ton, a decrease of 92.7 yuan/ton. [5] - The social inventory of aluminum ingots increased from 64.5 tons to 71.4 tons, an increase of 6.9 tons. The theoretical average cost of electrolytic aluminum decreased from 15,888.96 yuan/ton to 15,851.64 yuan/ton, a decrease of 37.3 yuan/ton, and the weekly average profit of electrolytic aluminum increased from 6,481.04 yuan/ton to 8,008.36 yuan/ton, an increase of 1,527.3 yuan/ton. [5] - The SMM spot price of cast aluminum rose from 22,450 yuan/ton to 23,700 yuan/ton, an increase of 1,250 yuan/ton, and the Baotai spot price of cast aluminum rose from 22,000 yuan/ton to 23,300 yuan/ton, an increase of 1,300 yuan/ton. The refined - scrap price difference in Foshan increased from 2,009 yuan/ton to 2,761 yuan/ton, and in Shanghai, it increased from 3,084 yuan/ton to 3,836 yuan/ton, both with an increase of 752 yuan/ton. The warehouse receipt inventory increased by 334 tons to 69,922 tons. [5] 3.2 Market Review - The weekly average price of the electrolytic aluminum spot market was 21,968 yuan/ton, up 238 yuan/ton from last week; the weekly average price of the South China storage spot was 21,882 yuan/ton, up 254 yuan/ton from last week. [6] - Macro - economically, the seasonally - adjusted non - farm payrolls in the US in December 2025 increased by 50,000, lower than the market expectation of 60,000. The November data was revised down by 8,000 to an increase of 56,000, and the October data was further revised down from a decrease of 105,000 to a decrease of 173,000. The unemployment rate in December dropped to 4.4%, lower than the expected 4.5%. After the data was released, the market expected that the possibility of a rate cut by the Federal Reserve in January was almost zero. [6] - The US ISM manufacturing index in December 2025 decreased slightly from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. The ISM services PMI index in December rose 1.8 points to 54.4, the highest level since October 2024. The preliminary value of the eurozone CPI in December 2025 slowed to 2%, in line with market expectations. The core CPI slowed from 2.4% in November to 2.3%, and the closely - watched services inflation rate also dropped from 3.5% to 3.4%. [6][7] - On the consumption side of electrolytic aluminum, the operating rate of the domestic downstream aluminum processing industry increased by 0.2 percentage points to 60.1% month - on - month. The operating rates of various aluminum - processing sectors were differentiated, but overall, it presented a pattern of "alleviated supply - side disturbances and intensified demand - side suppression". High aluminum prices became the core factor suppressing downstream consumption and the recovery of the industry's operating rate. [7] - In terms of electrolytic aluminum inventory, on January 8, the inventory of electrolytic aluminum ingots increased by 54,000 tons to 714,000 tons compared to before the holiday, and the inventory of aluminum rods increased by 30,500 tons to 169,500 tons. [7] - For cast aluminum, the SMM spot price of cast aluminum alloy on Friday was 23,700 yuan/ton, up 1,250 yuan/ton from last Friday. The spot price of Jiangxi Baotai ADC12 was 23,300 yuan/ton, up 1,300 yuan/ton from last Friday. The refined - scrap price difference of Foshan crushed primary aluminum was 2,761 yuan/ton, up 752 yuan/ton from last Friday, and the refined - scrap price difference of Shanghai machine - made primary aluminum was 2,664 yuan/ton, up 548 yuan/ton from last Friday. The operating rate of leading recycled aluminum enterprises last week decreased to 58% month - on - month. The exchange warehouse receipt inventory was 70,000 tons, up 334 tons from last Friday. [7] 3.3 Market Outlook - Similar to the core viewpoints, for electrolytic aluminum, prices are expected to fluctuate favorably with a support level of 23,500 yuan/ton. For cast aluminum, it will maintain a favorable short - term fluctuation and may enter a high - level consolidation stage in the medium term. [8][9] 3.4 Industry News - Vietnam's first electrolytic aluminum project, the Dac Nong electrolytic aluminum plant project, is initially planned to be completed and put into production in early July 2026. [11] - Anhui Ruixing Metal Materials Co., Ltd. plans to build a project with an annual production capacity of 100,000 tons of recycled aluminum, and the project is currently in the environmental impact report acceptance and publicity stage. [11] - The Ministry of Finance and the State Administration of Taxation issued an announcement on adjusting the export tax rebate policy for photovoltaic products. As of April 1, 2026, the VAT export tax rebates for photovoltaic and other products will be cancelled. [11][12] 3.5 Related Charts - The report provides 14 charts, including the price trends of LME 3 - month aluminum and SHFE aluminum continuous - three contracts, the Shanghai - London aluminum ratio, LME aluminum premium, Shanghai - Guangdong price difference, electrolytic aluminum cost - profit, inventory seasonal changes, and cast aluminum - related prices, refined - scrap price differences, and exchange inventories. [13][24][32]