Asia Pacific Equity Research 09 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Basic Materials What was missed and what to look forward to in 2026 Our order of preference within Basic Materials for 2026 is copper/gold > aluminum > lithium ...

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Global Commodities Outlook for Frankfurt Global Strategy Conference Ride the Power Race and Supply Waves January 2026 Daan Struyven Managing Director Co-Head of Global Commodities Research Goldman Sachs & Co. LLC +1 212-357-4172 Daan.Struyven@gs.com 0:53:95 172:212:241 165:165:165 115 ...

Constellium (NYSE:CSTM) is one of the cheap stocks to buy for the next 3 years. On January 8, Deutsche Bank raised the firm’s price target on Constellium to $25 from $22, while keeping a Hold rating on the shares. Earlier in its Q3 2025 earnings report, Constellium’s CEO Jean-Marc Germain noted that while scrap spreads had been a headwind year-to-date, they were beginning to widen. This shift could impact financial performance by $15 million to $20 million per quarter. Although the full benefit was not ca ...

Key Takeaways AA shares jumped 93.5% in six months, outperforming peers on strong aluminum and alumina demand.Alcoa is benefiting from higher aluminum prices, tariffs, and rising production across key segments.Earnings estimates for AA moved higher, with 2026 projections surging on improved growth outlook.Shares of Alcoa Corporation (AA) have been showing impressive gains of late, rising 93.5% in the past six months. The alumina, aluminum and bauxite products provider has outperformed the industry and S&P 5 ...

Action | 07 Jan 2026 10:23:57 ET │ 15 pages Aluminum Corporation of China (2600.HK) Benefit from Hiking Aluminum Price, Maintain as Top Pick CITI'S TAKE We update our Chalco model to factor in updated aluminum and alumina price forecast. We revise our 2025E/26E/27E net profit forecast by +2%/+4%/+7% to Rmb14.0/19.1/21.9bn and revise TP for H-share to HK$15.94 (from HK$12.41). We expect Chalco to benefit from higher for longer aluminum price and aluminum margin. Maintain as Top Pick. We will host a 2026 busi ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 截至2026年1月5日国内电解铝价格达到2.33万元/吨，创2022年3月以来的新高值。 铜铝价格比一度达到4.5为2003年以来新高，部分领域铝代铜有望加速 海外电解铝供给存在扰动，新产能扩产短期仍有限 2025年10月22日世纪铝业冰岛一生产线因故障暂时停产，预计此次设备故障影响下运行产能从31.7万吨/年 降至10.57万吨/年；2025年12月16日， South32发布了关于Mozal铝厂（产能约为60万吨/年）的最新消 息，由于电力供应协议仍未达成该工厂将于2026年3月15日前后进入维护状态。海外印尼等区域或仍受制 于电力配套瓶颈、审批周期、基础设施不足、外资限制等问题影响新投项目进展，从而导致供给释放不 ...

The primary engine behind this move is the Venezuela Reconstruction narrative. Following the recent regime change, global markets are pricing in a massive, U.S.-backed infrastructure rebuild. This is widely considered a second derivative trade. The first derivative was buying oil stocks; the second is purchasing the materials needed to rebuild the country’s shattered power grids, ports, and refineries.On the morning of Jan. 6, 2025, Alcoa stock broke through a critical ceiling. Trading over $64.00, the stoc ...

Group 1 - The core viewpoint of the news highlights a significant rise in aluminum stocks in Hong Kong, driven by strong demand from construction and renewable energy sectors, alongside supply constraints due to rising electricity prices in Europe [1] - Aluminum futures increased by 17% last year, marking the largest gain since 2021, with prices surpassing $3000 per ton for the first time in over three years due to tightening supply and long-term demand expectations [1] - China International Capital Corporation (CICC) predicts that aluminum may perform tighter than copper by 2026, suggesting that the financial attributes benefiting from liquidity may have already been priced in by the market [1] Group 2 - The stock performance of key aluminum companies includes Nanshan Aluminum International rising by 13% to a new high, Innovation Industry increasing by 4.9%, and China Hongqiao up by 2% [2] - The latest prices and percentage changes for selected aluminum stocks are as follows: Nanshan Aluminum International at 58.500 (+7.54%), Innovation Industry at 23.980 (+4.90%), China Aluminum at 13.530 (+1.96%), and China Hongqiao at 35.840 (+1.64%) [2]

Deep-pocketed investors have adopted a bullish approach towards Alcoa (NYSE:AA), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AA usually suggests something big is about to happen.We gleaned this information from our observations today when Benzinga's options scanner highlighted 45 extraordinary options activities for Alcoa. This level ...

Deep-pocketed investors have adopted a bearish approach towards Century Aluminum (NASDAQ:CENX), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CENX usually suggests something big is about to happen.We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for C ...