Group 1 - The core viewpoint of the article highlights a significant surge in aluminum prices post-New Year, with Shanghai aluminum futures breaking through 24,000 yuan/ton and approaching historical highs near 25,000 yuan/ton, while London aluminum also surpassed 3,000 USD/ton, marking a new peak [2][3][4] - The price increase is attributed to multiple factors, including geopolitical tensions, particularly the escalation of conflicts involving the U.S. and Venezuela, which has impacted market sentiment and raised risk premiums for strategic metals like aluminum [4][7] - Analysts indicate that the rapid price rise is driven more by speculative demand rather than solid industrial recovery, as evidenced by the significant increase in trading volumes without corresponding growth in actual consumption [5][7] Group 2 - The aluminum price surge has led to a wave of price adjustments among small and medium-sized window and door manufacturers across various regions, with price increases ranging from 10 to 100 yuan per square meter [6][7] - The impact of rising aluminum prices varies across the industry; while upstream smelting companies benefit from improved profit margins, downstream processing firms are facing significant cost pressures, leading to some small enterprises planning to reduce production or take early holidays [7][8] - Despite the current price volatility, analysts predict that aluminum prices may maintain a strong trend in the medium term due to persistent geopolitical uncertainties and supply constraints, although short-term technical corrections may occur [8][9]

每经AI快讯，有投资者在投资者互动平台提问：雷总您好，目前欧盟碳关税是否如期收取？对公司而 言取得了哪些实质性影响？ 明泰铝业（601677.SH）1月9日在投资者互动平台表示，您好！欧盟"碳关税"（CBAM）于2026年1月1 日起全面实施，进口商需申报排放量并购买"排放证书"支付税费。公司构建"废铝回收-熔炼再生-精深加 工"全链条闭环，再生铝保级应用产能超100万吨，拥有GRS4.0全球回收标准证书，核心产品完成SGS碳 足迹认证，再生铝碳排放仅为原铝的2%-5%，再生铝凭借95%的碳减排优势和GRS4.0/SGS认证形成差 异化竞争力，可以在欧盟市场享受绿色低碳溢价。谢谢！ （文章来源：每日经济新闻） ...

瑞达期货研究院 「2026.01.09」 铝类市场周报 宏观支撑VS淡季影响，铝类震荡波动放大 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 关 注 我 们 获 取 更 多 资 讯 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 电解铝：基本面原料端，原料氧化铝低位运行，电解铝厂理论利润情况较好，生产开工情绪仍积极。供给端，国内电 解铝新投产能陆续运行，但因行业天花板的限制，整体供给量较为平稳。需求端，由于淡季作用，下游新增订单有所 回落，加之铝价在宏观因素的作用下表现强劲，下游对高价铝的接受度有限，现货市场成交情况较谨慎，铝锭库存持 续积累。整体来看，沪铝基本面或处于供给小增、需求谨慎的阶段。 观点总结：沪铝主力合约轻仓震荡交易，注意操作节奏及风险控制。 3 行情回顾：沪铝震荡偏强，周涨跌幅+6.13%，报24330元/吨。氧化铝冲高回落，周涨跌+2.34%，报2843元/吨。 行情展望： 氧化铝：基本面原料端，铝土矿价格小幅回落，港口库存略有下滑，后续随着海外进口矿的到港，国内土矿库存或有 回升 ...

Group 1 - The company, Mingtai Aluminum, has indicated that its overall foreign trade business accounts for 20% to 30% of total sales, with export markets including European countries [2] - The introduction of carbon border taxes is expected to enhance the low-carbon advantages of the company's recycled aluminum products [2]

中国持续实施宽松货币政策，多地围绕住房公积金、购房补贴等出台新政激活住房需求。 CCMN国际市场：今日伦铝震荡拉涨，LME三个月北京时间14：50报于3134.5美元/吨，较上一交易日 结算价涨46美元/吨，涨幅1.49%。 国内期货：今日沪铝主力月2602合约走势先抑后扬，午后涨幅加速；开盘价报23900元/吨，盘中最高 24645元/吨，最低23430元/吨，昨日结算24015元/吨，尾盘收至24385元/吨，涨370元，涨幅1.54%；沪 铝主力月2602合约全天成交量553539手减少9598手，持仓量331920手增加131693手。 CCMN现货市场评述：今日长江现货成交价格24010-24050元/吨，涨30元，贴水115-贴水75，涨55元； 广东现货24075-24125元/吨，涨70元，贴水50-贴水0，涨80元；上海地区24000-24040元/吨，涨30元， 贴水125-贴水85，涨55元。 宏观层面，美国首次申请失业救济人数达20.8万人，虽较前值19.9万人小幅回升，但低于市场预期的 21.2万人，显示劳动力市场基本面稳固。美联储报告显示，消费者预计未来一年物价上涨3.4%，高于1 ...

总体来看，目前氧化铝仍受过剩逻辑主导，受非农前夜市场不确定性影响资金离场，现货价格继续承 压。中期氧化铝预计弱势难改，短期市场情绪虽有积极迹象，但操作上仍推荐逢高沽空。 今日上期所氧化铝期货震荡走软，主力2605合约日间交易收跌1.35%，国内氧化铝现货价格持稳。 宏观方面，美国经济数据好坏参半，刺激空头势力再度活跃，市场资金加速流出。非农数据公布前夕， 多空双方或激烈博弈。当前，美国股市表现分化，美元指数震荡上行，市场避险情绪升温，进而带动有 色板块整体走低。 基本面方面，国内氧化铝运行产能维持高位，长期减产迹象未现，供应过剩格局持续，价格上方承压。 按几内亚一季度矿石长单价格下调5美元估算，晋豫地区平均现金成本将降至2650元/吨左右。消费端， 内蒙古电解铝企业虽已投产，但处于前期，需求增量有限。现货市场，持货商出货意愿较强，下游接货 商按需采购，交投氛围一般，全天交易平淡。 长江有色网1月9日讯，今日氧化铝弱势震荡，主力月2605合约偏弱运行；截止当日15：00收盘，氧化铝 主力月2605合约报2843元，收跌39元，跌幅1.35%；19个合约累计成交1140558手，比前一交易日减少 399614手， ...

Core Viewpoint - The company, Minfa Aluminum (002578.SZ), indicates that the recent rise in aluminum prices will not significantly impact its sales and profits due to its pricing model and production strategy [1]. Group 1: Production and Pricing Strategy - The company's production model is primarily based on a "sales-driven production" approach, meaning it adjusts its procurement of aluminum ingots and bars according to sales demand [1]. - The pricing model for the company's products is structured as "aluminum ingot price + processing fee," with the aluminum ingot price determined based on the spot market prices from Shanghai Changjiang or Guangdong Nanhai Lingtong at the time of order [1]. Group 2: Impact of Raw Material Prices - The company asserts that the increase in raw material prices will have a minimal effect on its sales and profit margins, indicating a level of resilience against fluctuations in aluminum prices [1].

Group 1 - The core viewpoint of the articles highlights significant movements in the stock market, particularly in Hong Kong and the US, driven by various company announcements and market trends [1][2][3][5][6][7][8]. Group 2 - 万国数据-SW (09698) saw a rise of over 3.6% following the announcement of a successful C-round financing of $2 billion for its international business platform DayOne [1]. - 智谱 (02513) experienced a surge of over 24% on its second day of trading, becoming the first global large model stock listed on the Hong Kong Stock Exchange [1]. - 禾赛-W (02525) increased by over 3% after showcasing its latest lidar technology at CES 2026, along with updates on delivery volume and strategic partnerships [1]. - Lithium battery concept stocks rose, with 中创新航 (03931) up 4.74%, as the Ministry of Industry and Information Technology announced a meeting to regulate the battery industry [1]. - 快手-W (01024) gained over 2.3% as Goldman Sachs projected that its AI model upgrades would enhance overseas user recognition and revenue [2]. - 佳鑫国际资源 (03858) rose over 5.4% after announcing a mining service procurement agreement worth approximately 2.27 billion HKD [2]. - Gold stocks generally increased, with 山东黄金 (01787) up 6.01%, driven by geopolitical risks and expectations of interest rate cuts supporting gold prices [2]. - 九方智投控股 (09636) rose over 5.6% following the announcement of acquiring JF Financial Company Limited [3]. - 凌雄科技 (02436) surged by over 96.85%, with expectations of significant market penetration in the DaaS sector over the next five years [3]. - 理士国际 (00842) plummeted over 60% after announcing a plan to split and list on the US stock market [3]. - Buda Juice (BUDA.US) debuted on the US market with an 8.13% increase, focusing on fresh juice and health drinks [5]. - 虎牙 (HUYA.US) reached a five-and-a-half-month high, rising 14.47% after the successful launch of a new mobile game [5]. - Applied Digital (APLD.US) led gains in the crypto mining sector with a 250% year-over-year revenue increase [5]. - Critical Metals (CRML.US) saw a near 10% rise but later fell, having gained over 110% in the first five trading days of the year [6]. - 哔哩哔哩 (BILI.US) rose 6.51% as Morgan Stanley noted stable ad performance despite uncertain gaming prospects [6]. - Storage stocks fell, with SanDisk (SNDK.US) down 5.38%, amid concerns over the sustainability of AI-related capital expenditures [6]. - The space sector saw gains, with L3Harris Technologies (LHX.US) up 5.16% after a strategic sale [7]. - Chip stocks declined, with NVIDIA (NVDA.US) down 2.15%, reflecting broader market concerns [7]. - Precious metals stocks fell, with significant drops in silver and gold prices due to liquidity shocks [8].

Group 1 - The company currently produces aluminum profiles for photovoltaic applications but has not engaged in 6G infrastructure aluminum profiles [2] - The aluminum materials for battery trays and other components for new energy vehicles are not directly supplied to automotive manufacturers, but rather to their second and third-tier suppliers [2]

1. Report Industry Investment Rating - Aluminum: Cautiously bullish [9] - Alumina: Cautiously bearish [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage: Neutral [9] 2. Core Viewpoints of the Report - After the absolute price of electrolytic aluminum rises, the price drops rapidly with position reduction, and risks are released. The spot market shows signs of consumption shifting from peak to off - peak season, and attention should be paid to whether there is an unexpectedly large inventory accumulation after the price increase. The overall macro - direction has an upward expectation, but short - term price fluctuations caused by capital behavior should be watched out for [6]. - The alumina market remains in a situation of oversupply. Social inventory continues to increase, and the price lacks the impetus for continuous rise. Attention should be paid to the game between the decline in ore prices and domestic smelting production cuts. After the sentiment of non - ferrous commodities strengthens, alumina will present an opportunity for selling hedging [8]. 3. Summary by Related Catalogs Aluminum Spot - The price of East China A00 aluminum is 24,000 yuan/ton, a change of - 140 yuan/ton from the previous trading day, and the spot premium is - 150 yuan/ton, a change of 50 yuan/ton from the previous trading day. The price of Central Plains A00 aluminum is 23,810 yuan/ton, and the spot premium changes by 70 yuan/ton to - 340 yuan/ton. The price of Foshan A00 aluminum is 24,030 yuan/ton, a change of - 100 yuan/ton from the previous trading day, and the spot premium changes by 85 yuan/ton to - 120 yuan/ton [1]. Aluminum Futures - On January 8, 2026, the main contract of Shanghai aluminum opened at 24,350 yuan/ton, closed at 23,725 yuan/ton, a change of - 705 yuan/ton from the previous trading day, with a maximum price of 24,370 yuan/ton and a minimum price of 23,480 yuan/ton. The trading volume for the whole trading day was 563,137 lots, and the position was 200,227 lots [2]. Inventory - As of January 8, 2026, the domestic social inventory of electrolytic aluminum ingots was 714,000 tons, a change of 30,000 tons from the previous period; the warehouse receipt inventory was 90,208 tons, a change of 2,278 tons from the previous trading day; the LME aluminum inventory was 499,750 tons, a change of - 2,000 tons from the previous trading day [2]. Alumina Spot Price - On January 8, 2026, the SMM alumina price in Shanxi was 2,655 yuan/ton, in Shandong was 2,585 yuan/ton, in Henan was 2,680 yuan/ton, in Guangxi was 2,735 yuan/ton, in Guizhou was 2,775 yuan/ton, and the FOB price of Australian alumina was 310 US dollars/ton [2]. Alumina Futures - On January 8, 2026, the main contract of alumina opened at 2,923 yuan/ton, closed at 2,863 yuan/ton, a change of - 46 yuan/ton from the previous trading day's closing price, a change of - 1.58%, with a maximum price of 2,948 yuan/ton and a minimum price of 2,826 yuan/ton. The trading volume for the whole trading day was 1,368,469 lots, and the position was 555,607 lots [2]. Aluminum Alloy Price - On January 8, 2026, the purchase price of Baotai civil raw aluminum was 17,700 yuan/ton, and the purchase price of mechanical raw aluminum was 18,000 yuan/ton, both with a price change of - 300 yuan/ton compared to the previous day. The Baotai quotation for ADC12 was 23,300 yuan/ton, with a price change of - 200 yuan/ton compared to the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 68,200 tons, and the in - factory inventory was 64,500 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost was 22,988 yuan/ton, and the theoretical profit was 312 yuan/ton [5].