早盘速递 2025/6/4 热点资讯 1、美方称中方违反日内瓦会谈共识，对此，外交部发言人林剑表示，商务部发言人此前已就此阐明中方严正立场。日内瓦共识 是中美双方在相互尊重、平等协商的原则下达成的。美方在毫无事实根据的情况下，对中方抹黑指责，出台对华芯片出口管制 、暂停对华芯片设计软件销售、宣布撤销中国留学生签证等极端打压措施，严重破坏日内瓦共识，也损害了中方正当权益。中 方对此坚决反对，已提出严正交涉。林剑强调，施压和胁迫不是同中方打交道的正确方式。我们督促美方尊重事实，停止散布 虚假信息，纠正有关错误做法，以实际行动维护双方达成的共识。 2、美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从25%提高至50%，该关税政策自美国东部时间2025年6月4日凌晨00 时01分起生效。美国从英国进口的钢铝关税仍将维持在25%。 有色, 19.98% 煤焦钢矿, 13.29% 金 占 比 -2.50 -2.00 -1.50 -1.00 3、中国5月财新制造业PMI录得48.3，较4月下降2.1个百分点，2024年10月来首次跌至临界点以下。其中生产指数和新订单指数 均从扩张区间降至收缩区间，分别录得2022年12 ...

金十数据整理：每日期货市场要闻速递（6月4日） 1. 2025年05月27日-06月02日全球铁矿石发运总量3431.0万吨，环比增加242.3万吨。澳洲巴西铁矿发运 总量2868.8万吨，环比增加78.8万吨。澳洲发运总量1920.5万吨，环比减少92.7万吨。 2. 6月3日蒙古国ER公司炼焦煤进行线上竞拍，蒙3#精煤A11、V20-28、S0.85、G75、Mt10起拍价750元/ 吨，挂牌数量1.28万吨全部流拍，以上价格均不含税。自4月22日以底价成交1场后，现已连续流拍18 场。 5. 交易商数据显示，印度五月食用油进口量环比增长37%，达到118万吨，为五个月来的最高水平。印 度五月份棕榈油进口环比激增87%，达到60万吨，为六个月来的最高水平。 6. 据央视财经，本次油价调整具体情况如下：从6月3日24时起，国内汽柴油每吨分别上调65元和60元。 全国平均来看，92号汽油、95号汽油和0号柴油每升均上调0.05元。记者算了一笔账，加满一箱50L的92 号汽油将多花2.5元。 7. 据木联数据统计，截至5月30日，全国针叶原木库存总量下降2万方至341万方，较上周减少0.58%， 处于三个半月低 ...

4. 随着国际棕榈油价格大幅回落，我国棕榈油买船增多，预期5-6月我国进口棕榈油量分别在25万吨和 28万吨。考虑到国内棕榈油消费已压缩到20万吨左右刚需水平，后续棕榈油供给预期改善，库存可能有 所回升，价格将逐步走弱。 5. 安德森首席执行官比尔·克鲁格（BillKrueger）表示，如果排除国外原料，预计生柴义务掺混量将在 46~48亿加仑，将远低于此前预期的55~57.5亿加仑。 金十数据整理：每日期货市场要闻速递（5月16日） 1. 贸易追踪机构Vizion公布的数据显示，在美国和中国互降关税之后，在美国下单的从中国到美国的集 装箱运输预订量飙升近300%。Vizion战略业务发展副总裁本·特雷西表示，截至5月5日的七天平均预订 量为5709个标准集装箱，而截至5月14日的七天平均预订量飙升277%至21530个标准集装箱。 2. 据Mysteel，截至5月15日当周，螺纹钢产量、表需由降转增，厂库由增转降，社库连续第十周减少。 螺纹产量226.53万吨，较上周增加3万吨，增幅1.34%；螺纹表需260.29万吨，较上周增加46.39万吨，增 幅21.69%。 3. 巴西马托格罗索州2024/2025 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant increases in revenue and net profit, driven by higher production and sales of aluminum products [1][2]. Financial Performance - Q1 2025 revenue reached 55.784 billion yuan, a year-on-year increase of 13.95% [1] - Net profit attributable to shareholders was 3.538 billion yuan, up 58.78% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 3.444 billion yuan, reflecting a 57.94% increase year-on-year [1] Production and Sales - The company achieved a metallurgical-grade alumina production of 4.48 million tons, a year-on-year increase of 5.41% [2] - Fine alumina production reached 950,000 tons, up 6.74% year-on-year [2] - The company sold 1.68 million tons of self-produced metallurgical alumina, a 12.0% increase year-on-year [2] - Raw aluminum (including aluminum alloys) production was 1.94 million tons, an 8.99% increase year-on-year [2] - The company sold 1.90 million tons of self-produced raw aluminum (including alloys), a 7.95% increase year-on-year [2] - Coal production reached 3.22 million tons, up 11.81% year-on-year [2] Pricing Trends - The average price of A00 aluminum in the Chinese market was 20,429 yuan/ton, a year-on-year increase of 7.39% [2] - The average price of alumina was 4,116 yuan/ton, up 21.83% year-on-year [2] - The average price of bauxite in Guangxi was 510 yuan/ton, reflecting a 30.77% year-on-year increase [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 6.260 billion yuan, a 75.06% increase year-on-year [2] - The asset-liability ratio reached 48.10%, the lowest level in nearly a decade [2] Strategic Developments - The company optimized its industrial chain layout with the commissioning of the Guangxi Huasheng and Inner Mongolia Huayun Phase III projects [3] - In 2024, the company added 73.55 million tons of new resource capacity [3] - The Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project were fully operational [3] Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 227.666 billion, 234.656 billion, and 239.746 billion yuan, respectively [4] - Expected net profits for the same years are 11.347 billion, 11.627 billion, and 12.093 billion yuan, respectively [4] - The current stock price corresponds to a PE ratio of 9.8, 9.6, and 9.2 for the years 2025, 2026, and 2027 [4] Investment Outlook - The company, as a leading player in the domestic aluminum industry, is expected to benefit from high electrolytic aluminum prices, maintaining a "buy" investment rating [5]