2025川陕甘渝（广元）铝产业链协同发展大会现场 卢琦 兰宜谦 封面新闻记者刘彦谷 初冬时节，暖阳和煦。广元以一场盛会为契机，敞开合作大门，拓展共赢"新天地"。 11月21日，2025川陕甘渝（广元）铝产业链协同发展大会启幕，近千名行业翘楚、专家学者与商界精英纷至沓来，共赴一场"广结'铝'缘 '链'动未 来"的"铝"约。 会上，思想碰撞、硕果盈枝：全国进口再生铝原料检验监管模式优化试点启动，《川陕甘渝铝基新材料产业链协同发展倡议书》发布，全屋智能铝制系统 门窗生产、绿色铝资源循环利用产业基地等一批项目签约…… 全国进口再生铝原料检验监管模式优化试点启动仪式现场 这场会议，是继2024年中国（广元）绿色铝产业发展大会后，广元举办的又一产业盛会，从"逐'绿'而行"到"'链'动未来"的演进，展现了广元主动顺应铝 产业发展大势，积极融入川陕甘渝区域铝产业发展大局，搭建更高层级、更广区域的交流合作平台，为全国铝产业高质量发展贡献广元力量的生动实践。 铝作为全球产量最大、应用最广的有色金属，是国家重要的战略资源。当下，铝产业发展势头良好，但也面临原料供应不断吃紧、降本增效竞争激烈、创 新突破任务迫切等突出问题。各地如何破 ...

格隆汇11月25日丨中再资环(600217.SH)在互动平台表示，我公司为再生铝供应商，欧盟若限制废铝出 口，对我公司直接影响较小。 ...

格隆汇11月25日丨中再资环(600217.SH)在互动平台表示，我公司为再生铝供应商，欧盟若限制废铝出 口，对我公司直接影响较小。 ...

"十五五"循环经济有望释放潜力，再生金属行业大有可为 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 11 月 23 日 15666646523.tcy | 证券研究报告 | | | --- | --- | | 行业研究——周报 | | | [Table_ReportType] 行业周报 | | | [Table_StockAndRank] 环保 | | | 投资评级 | 看好 | | 上次评级 | 看好 | 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 信达证券股份有限公司 [Table_Title] "十五五"循环经济有望释放潜力，再生金属行业大 有可为 2025 年 11 月 23 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Author] 化工行业： 邮箱：wuboying@cindasc.com CINDASECURITIESCO.，LTD 北京市西 ...

来源：市场资讯 伦敦金属交易所铝价突破2880美元/吨，触及近三年高点。这一曾经的"平民金属"正成为能 源转型中的战略资源，全球铝市场供需结构发生根本性重构。 全球铝市场已进入一个新的价格范式。当高价格—高利润—新供应的传导链条受制于供应约 束时，价格就具备了易涨难跌的基础。截至2025年11月，LME铝现金价已升至2859美元/ 吨，创下年内新高；沪铝主力价格在21600元/吨上下浮动，处于近十年来的高位区间。 这一轮铝价上涨的背后，是产能、库存、需求和政策四重因素的共同推动。随着全球绿色转 型加速，铝在新能源汽车、光伏、储能等领域的应用呈现爆发式增长，而供应端却受制于产 能天花板、资源民族主义和能源成本高涨等多重约束。 01 全球铝供应链格局重构：资源民族主义与产能转移 1.1 资源分布高度集中与地缘政治风险 铝在地壳中含量达8.3%，是丰度最高的金属元素，但铝土矿资源的分布极不均衡。全球铝 土矿分布高度集中，几内亚占全球储量的26%，澳大利亚占12%，越南占11%，巴西占9%， 而中国仅占2%。 这种资源分布的不平衡导致铝土矿产出集中度更为突出。几内亚占全球产量的29%，澳大利 亚占22%，中国占21% ...

具体来看，供应压力源于内外两重制约：一方面，国内社会废铝回收体系尚不完善，不仅回收量存在缺 口，且原料品质参差不齐，导致利用难度较大；另一方面，进口废料渠道受海外政策不确定性影响显 著。随着全球多个国家陆续出台政策限制废金属出口，以扶持本土循环产业发展，我国符合标准的进口 废铝供应日趋紧张。 各国对废铝这一原料资源的争夺日趋激烈，未来，废铝的战略属性将更加凸显。以美国为例，再生铝目 前已占美国铝产量的近85%，废铝对美国的重要性不言而喻。近期，美国铝业协会提出一系列旨在限制 材料外流的措施，其中包括"禁止向北美以外地区出口废饮料罐及推动海外铝生产本土化"。根据ITC Trade Map的数据，2024年美国是全球最大的铝废料出口国，出口量达200万吨。一旦相关限制出口措施 落地，市场可用的优质废铝原料将大幅减少，并将对包括我国在内的亚洲市场产生明显冲击。 而与供应紧张的原料废铝相比，国内再生铝产能却在持续扩张，且已呈现供应过剩局面。据相关机构统 计，2024年中国再生铝产能突破1200万吨，预计2025年中国再生铝产量将再创新高，突破1400万吨。原 料供应有限，而再生铝产能规模不断扩大，直接导致再生铝行业整 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The automotive lightweighting trend is irreversible, driven by "dual carbon" policies and the endogenous needs of new energy vehicles. Aluminum alloy is the most cost - effective lightweight material under the current technical system, and its application in the automotive industry is gradually expanding. However, the process of "aluminum replacing steel" is more complex than expected, and the development of automotive casting aluminum alloy consumption needs to be comprehensively considered from multiple aspects such as technology, market, and policy [3][11][54] Summary by Relevant Catalogs 1. Era Wave: Automotive Lightweighting in Progress - **"Dual Carbon" Policy as the Core Driving Force**: The "dual carbon" policy is the fundamental driving force for automotive lightweighting. The "Technical Roadmap 2.0" and "Technical Roadmap 3.0" of energy - saving and new energy vehicles have set clear goals for automotive lightweighting and carbon emission reduction at different stages [3] - **Material Lightweighting and Aluminum Alloy Advantages**: Material lightweighting is the foundation, and among various lightweight materials, aluminum alloy has significant advantages. It has good weight - reduction effects, corrosion resistance, and is more cost - effective compared to magnesium alloy and carbon fiber materials, making it the most cost - effective lightweight material at present [8][11] - **Regenerated Aluminum as the Primary Choice**: Regenerated aluminum has become the primary choice for automotive die - castings due to its ability to meet the performance requirements of die - cast aluminum alloy, and it also has significant economic and environmental benefits [12][14] - **Rapid Development of Integrated Die - Casting**: Integrated die - casting can simplify the automotive manufacturing process, reduce costs, and improve manufacturing accuracy and structural strength. It has been actively promoted by Tesla and domestic car - making new forces [15] - **免热处理压铸铝合金引领潮流**:免热处理压铸 aluminum alloy is an important cornerstone of integrated die - casting. Although it currently uses primary aluminum, regenerated aluminum is expected to benefit in the future [18] 2. Peering into the Application of Automotive Aluminum Alloy - **Body Lightweighting**: Aluminum alloy penetration in the body is accelerating, and the steel - aluminum hybrid body has become the mainstream. Different parts of the body use different aluminum alloy materials, such as 5XXX and 6XXX series deformed aluminum alloys for body panels, and AlSi10MnMg alloy for body structural parts [25][35][36] - **Chassis Lightweighting**: Chassis lightweighting has entered a new stage, and aluminum alloy is reshaping the future of the chassis. Although there is a gap in the aluminization rate between domestic and foreign markets, it is expected to accelerate penetration [40] - **Engine Lightweighting**: Aluminum alloy is widely used in engine components such as cylinder blocks, cylinder heads, pistons, etc., which can effectively reduce the weight of the engine and improve fuel efficiency [43][44] - **Three - Electric System Lightweighting**: The concept of automotive lightweighting has shifted from "lighter single components" to "optimal system integration", and the battery system is a typical example [48] - **Management System Lightweighting**: Aluminum alloy is the basic material for the automotive thermal management system. The rise of new energy vehicles has driven the increase in the demand for aluminum heat - transfer materials, and aluminum brazing composite materials are the core beneficiaries [49] 3. Thoughts on "Aluminum Replacing Steel": Deviation of Linear Extrapolation - **Reasons for the Complexity of "Aluminum Replacing Steel"**: There are four main reasons for the complexity of "aluminum replacing steel", including battery technology breakthroughs, the shortcomings of single - material replacement, market acceptance and business logic, and the cost challenges of integrated die - casting [54] - **Observation Perspectives**: Through the analysis of the changes in the exhibition cars at the ECB conference, the evolution of the body materials of Audi A8 and NIO's full - range models, it is found that the application of steel - aluminum hybrid bodies is gradually increasing, and multi - material collaborative design will become the industry norm [57][61][64] 4. Bottom - Up Calculation of the Consumption of Automotive Casting Aluminum Alloy - **Selection of the Caliber of Aluminum Consumption per Vehicle**: The data from the CM Group is selected as the underlying data for splitting and prediction because it is considered to be more in line with the actual aluminum consumption per vehicle in the automotive industry [70] - **Calculation Logic of ADC12 Consumption in the Automotive Industry**: A calculation model is constructed, including benchmark data decomposition, component material identification, differentiated correction for different models, and final summation to estimate the total ADC12 consumption in the automotive industry [72] - **Calculation of Aluminum Consumption per Component for Different Types of Vehicles**: The aluminum consumption per vehicle and ADC12 consumption per vehicle for fuel vehicles, pure - electric vehicles, and hybrid vehicles in 2025 and 2030 are calculated respectively [74][76][78] - **Sales Forecast of the Chinese Automotive Industry during the "15th Five - Year Plan"**: It is expected that the production and sales of the Chinese automotive industry will continue to reach new highs in 2025, and the new energy vehicle market will become more competitive in the future [79] - **Calculation of Aluminum Consumption and ADC12 Demand for Different Vehicle Types in the Chinese Automotive Industry**: It is expected that the ADC12 consumption of fuel vehicles will gradually decrease, while that of new energy vehicles will continue to increase. The total consumption of recycled casting aluminum alloy may remain stable [81]

Group 1 - The company is advancing its high-end transformation, focusing on new energy battery materials, lightweight aluminum for automobiles, and aluminum for robotics [1] - The company has established a complete ecosystem for battery materials, including aluminum foil for aluminum-plastic film and liquid cooling plates [1] - The first production line of the "Automotive and Green Energy Aluminum Industrial Park Project" by the subsidiary Hongsheng New Materials is set to be operational by October 2025, enhancing the company's high-end aluminum product system [1] Group 2 - The company has initiated the construction of the "Annual Production of 720,000 Tons of Aluminum-based New Materials Intelligent Manufacturing Project," which will cover various fields including new energy batteries and automotive applications [2] - The overall processing fees for products have been steadily increasing this year, with price adjustments for CTP/PS boards, easy-open lids, and honeycomb foils [2] - The company plans to introduce a laser-induced breakdown spectroscopy line to enhance the recycling of used aluminum products, promoting high-value utilization of waste aluminum [2] Group 3 - The company has reached a consensus on gradually increasing investor returns, implementing a cash dividend plan of 10 for 1 in Q3 2025, and significantly raising the dividend payout ratio [3] - The company aims to increase the annual dividend payout ratio to no less than 30% over the next three years, enhancing returns to investors [3] - The company is focusing on high-end intelligent manufacturing and low-carbon circular economy as key development areas, aiming to improve the proportion of high-value-added products [3]

Group 1 - The core viewpoint of the article is that the company, Mingtai Aluminum, has leading technology in the application of recycled aluminum and its products are widely used across various industries [1] Group 2 - The company stated that its recycled aluminum products are utilized in multiple sectors, including but not limited to automotive, molds, packaging, and electronics [1]

Group 1 - The core point of the article is that Xinbo Co., Ltd. has successfully launched the first and second phases of its 600,000 tons recycled aluminum project, while the third phase is still under construction [1] - The current production capacity is in the ramp-up stage, indicating that the company is working towards achieving full operational capacity [1]