2020-2025年1-10月中国原铝(电解铝)产量统计图 相关报告：智研咨询发布的《2025-2031年中国原铝（电解铝）行业发展战略规划及投资机会预测报 告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市企业：中国铝业（601600）,南山铝业（600219）,云铝股份（000807）,新疆众和（600888）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,东阳光（600673）,天山铝业（002532）,闽发 铝业（002578） 根据国家统计局数据显示：2025年10月中国原铝(电解铝)产量为380万吨，同比增长0.4%；2025年1-10 月中国原铝(电解铝)累计产量为3775.3万吨，累计增长2%。 ...

国家统计局12月18日发布的数据显示，中国11月精炼铜（电解铜）产量为123.6万吨，同比增加11.9%。 1-11月累计产量为1,332.3万吨，同比增长9.8%。 数据来源：国家统计局 中国11月铜材产量为222.6万吨，同比减少0.8%。1-11月累计产量为2,259.3万吨，同比增长4.9%。 金属产量数据如下： | | 11月 | 1-11月 | 当月增速 | 家门培训课 | | --- | --- | --- | --- | --- | | | | | (%) | (96) | | 氧化铝(万吨) | 813.8 | 8.465.70 | 7.60 | 8.40 | | 十种有色金属(万吨) | 699.2 | 7.447.40 | 4.70 | 3.80 | | 精炼铜(电解铜)(万吨) | 123.6 | 1.332.30 | 11.90 | 9.80 | | 铝(万吨) | 70.5 | 702.10 | 7.80 | 2.40 | | 锌(万吨) | 65.4 | 684.20 | 13.30 | 9.50 | | 原铝(电解铝)(万吨) | 379.2 | 4.116.50 | 2.50 ...

根据国家统计局数据显示：2025年9月中国原铝(电解铝)产量为381万吨，同比增长1.8%；2025年1-9月 中国原铝(电解铝)累计产量为3396.8万吨，累计增长2.2%。 上市企业：中国铝业（601600）,南山铝业（600219）,云铝股份（000807）,新疆众和（600888）,神火股 份（000933）,中孚实业（600595）,焦作万方（000612）,东阳光（600673）,天山铝业（002532）,闽发 铝业（002578） 相关报告：智研咨询发布的《2025-2031年中国原铝（电解铝）行业发展战略规划及投资机会预测报 告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国原铝(电解铝)产量统计图 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - The aluminum market is influenced by a combination of factors including macro - economic conditions, supply and demand dynamics, and cost factors. The overall trend of aluminum prices may be affected by the balance of these factors, with potential for high - level fluctuations and support from low - level inventories. [5][28] - The 12 - month interest rate cut expectation has increased, and the long - term broad - money cycle may drive copper and potentially aluminum prices upward. Domestic economic stability is expected, and more growth - stabilizing policies are awaited. [11][14][16] 3. Summary by Directory 3.1后市研判 (Outlook) - Pay attention to the changes in macro sentiment and the position of aluminum prices. [5][6] 3.2行情回顾 (Market Review) - In November, the futures prices of alumina, electrolytic aluminum, and aluminum alloy showed different trends. Alumina futures prices continued to be weak, dropping to a minimum of 2,701 yuan/ton. Electrolytic aluminum and aluminum alloy futures prices first rose and then fell, reaching a maximum of 22,160 yuan/ton and 21,390 yuan/ton respectively. [7][8] 3.3宏观面 (Macroeconomic Situation) 3.3.1 International Situation - The US economic data shows a complex situation. The ISM manufacturing PMI has been in contraction for eight consecutive months in October, while the ISM services PMI reached an eight - month high. The labor market shows signs of slowdown, and inflation has picked up. The market's expectation of an interest rate cut in December has increased to 75%. [14] 3.3.2 Domestic Situation - The domestic economy is running smoothly, with a continued supply - tight pattern in the aluminum market. The government is expected to introduce more growth - stabilizing policies. [16][18] 3.4基本面 (Fundamentals) 3.4.1 Supply Side - **Aluminum Bauxite**: In October, China's domestic aluminum bauxite production decreased, with a continuous decline for three months. Although the supply pressure in Henan has eased, the supply - tight pattern in the country continues. Overseas, the supply of imported aluminum bauxite is expected to increase in November. [19][22] - **Alumina**: In October, China's metallurgical - grade alumina production increased, but the daily average production decreased slightly. The overall operating capacity is still at a high level, but the profit has been compressed, and the price is expected to fluctuate at a low level. [27] - **Primary Aluminum (Electrolytic Aluminum)**: In October, China's primary aluminum production increased slightly year - on - year. The operating capacity remained high and stable, but the increase was limited due to energy consumption indicators and capacity replacement policies. Overseas capacity expansion has fallen short of expectations. [28][31] 3.4.2 Demand Side - **Aluminum Processing Enterprises**: High aluminum prices have put pressure on the start - up of aluminum processing enterprises. The overall start - up rate is 62.0%, with different trends in different product segments. [34] - **Real Estate Market**: The Chinese real estate market is still in the adjustment period, which has suppressed the demand for aluminum in the real estate sector. [36][37] - **New Energy Sector**: The new energy sector continues to be highly prosperous. The production and sales of new energy vehicles have increased significantly, and the new energy power generation industry (photovoltaic and wind power) has also maintained high growth, driving the demand for aluminum. [39][41] - **Home Appliance Market**: The home appliance market is under pressure, with the output of most home appliances showing a downward trend in October. [42][43] 3.4.3 Inventory - **Exchange Inventories**: The LME aluminum inventory has increased significantly, and the SHFE aluminum inventory is at a relatively low level. [46] - **Social Inventories**: As of November 24, the five - location electrolytic aluminum social inventory was 61.2 tons, which continued to be at a low level and supported the aluminum price. [49] 3.4.4 Other Factors - **Copper - Aluminum Ratio**: The copper - aluminum ratio has exceeded 4.0, which is beneficial for aluminum to replace copper, and the aluminum price may have an upward trend. [51] - **Recycled Aluminum Alloy**: In November, the start - up rate of the recycled aluminum alloy industry remained stable. In October, the import of unforged aluminum alloy decreased significantly, while the export increased. The price of recycled aluminum alloy in the spot market has fallen, and the social inventory has increased slightly. [54][55][58]

Core Insights - China's refined copper (electrolytic copper) production in October 2025 reached 1.204 million tons, marking an 8.9% year-on-year increase. Cumulative production from January to October was 12.295 million tons, reflecting a 9.7% year-on-year growth [1][2]. Group 1: Metal Production Data - Alumina production in October was 7.865 million tons, with a year-on-year increase of 5.8% and a cumulative increase of 8.0% for the year [2]. - Non-ferrous metals production totaled 6.954 million tons in October, showing a 2.9% year-on-year increase and a cumulative increase of 3.1% [2]. - Zinc production in October was 0.665 million tons, with a significant year-on-year increase of 15.7% and a cumulative increase of 8.5% [2]. - Aluminum production in October was 0.645 million tons, reflecting a year-on-year decrease of 2.4%, while cumulative production showed a slight increase of 0.3% [2]. - Copper products production was 2.004 million tons in October, down 3.3% year-on-year, but cumulative production increased by 5.9% [2]. - Aluminum alloy production reached 1.682 million tons in October, with a notable year-on-year increase of 17.2% and a cumulative increase of 15.7% [2].

Core Viewpoint - The London Metal Exchange (LME) copper futures declined due to hawkish comments from Federal Reserve officials, leading to widespread market sell-offs [1][5]. Group 1: Market Performance - On November 14, LME three-month copper fell by $104, or 0.95%, closing at $10,852.00 per ton [2]. - Other industrial metals also experienced declines, with three-month aluminum down by $38.00 (1.31%), zinc down by $34.50 (1.13%), lead down by $14.00 (0.67%), and tin down by $445.00 (1.20%) [2]. - Despite the recent drop, LME copper recorded an approximate 1.3% increase for the week, having briefly surpassed the $11,000 mark on Thursday [4]. Group 2: Economic Indicators - The sell-off was driven by reduced expectations for a Federal Reserve rate cut in December, as concerns about "overheating" inflation were expressed by Kansas City Fed President Esther George [5]. - The St. Louis Fed President James Bullard indicated that the current policy stance is closer to "neutral" rather than "mildly restrictive," suggesting limited room for further easing [5]. - The International Monetary Fund (IMF) noted signs of economic weakness in the U.S., with fourth-quarter GDP growth expected to fall below the previously predicted 1.9% due to government shutdown impacts [5]. Group 3: Production Data - In October 2025, China's primary aluminum production was reported at 3.8 million tons, a year-on-year increase of 0.4%, with cumulative production from January to October reaching 37.75 million tons, up 2.0% [5]. - Additionally, China's production of ten non-ferrous metals in October 2025 was 6.95 million tons, reflecting a year-on-year growth of 2.9%, with cumulative production for the first ten months at 68.14 million tons, an increase of 3.1% [5].

Core Insights - China's primary aluminum (electrolytic aluminum) production in October 2025 reached 3.8 million tons, reflecting a year-on-year increase of 0.4% [1] - Cumulative production from January to October 2025 totaled 37.75 million tons, showing a year-on-year growth of 2.0% [1] - In October 2025, the production of ten non-ferrous metals in China was 6.95 million tons, marking a year-on-year increase of 2.9% [1] - Cumulative production for the first ten months of 2025 was 68.14 million tons, with a year-on-year growth of 3.1% [1]

Core Insights - China's primary aluminum (electrolytic aluminum) production in October 2025 reached 3.8 million tons, reflecting a year-on-year increase of 0.4% [1] - Cumulative production from January to October 2025 totaled 37.75 million tons, showing a year-on-year growth of 2.0% [1] - In October 2025, the production of ten non-ferrous metals in China was 6.95 million tons, marking a year-on-year increase of 2.9% [1] - Cumulative production for the first ten months of 2025 was 68.14 million tons, with a year-on-year growth of 3.1% [1]

Core Insights - China's refined copper (electrolytic copper) production in September 2025 reached 1.266 million tons, marking a year-on-year increase of 10.1% [1] - Cumulative production from January to September 2025 totaled 11.125 million tons, also reflecting a year-on-year increase of 10.0% [1] Production Data Summary - **Alumina**: September production was 7.999 million tons, with a cumulative production of 68.56 million tons, showing a year-on-year growth of 8.7% for September and 8.4% cumulatively [2] - **Ten Nonferrous Metals**: September production stood at 6.945 million tons, with a cumulative total of 61.249 million tons, indicating a year-on-year increase of 2.9% for September and 3% cumulatively [2] - **Refined Copper (Electrolytic Copper)**: As previously mentioned, September production was 1.266 million tons, with a cumulative total of 11.125 million tons, both showing a 10.1% and 10% year-on-year increase respectively [2] - **Aluminum (Electrolytic Aluminum)**: September production was 3.809 million tons, with a cumulative total of 33.968 million tons, reflecting a year-on-year growth of 1.8% for September and 2.2% cumulatively [2] - **Copper Products**: September production reached 2.232 million tons, with a cumulative total of 18.575 million tons, showing a year-on-year increase of 5.9% for September and 9.6% cumulatively [2] - **Aluminum Products**: September production was 5.900 million tons, with a cumulative total of 49.768 million tons, indicating a year-on-year decrease of 1.5% for September and no growth cumulatively [2]

Core Insights - The article discusses the production trends and forecasts for China's primary aluminum (electrolytic aluminum) industry, highlighting a slight decline in production for 2025 while showing overall growth in the first eight months of 2025 [1]. Industry Overview - According to the National Bureau of Statistics, China's primary aluminum (electrolytic aluminum) production is projected to be 3.8 million tons in August 2025, representing a year-on-year decrease of 0.5% [1]. - From January to August 2025, the cumulative production of primary aluminum (electrolytic aluminum) reached 30.138 million tons, reflecting a cumulative growth of 2.2% compared to the previous year [1]. Companies Mentioned - Listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Dongyangguang (600673), Tianshan Aluminum (002532), and Minfa Aluminum (002578) [1]. Research Report - The article references a report by Zhiyan Consulting titled "2025-2031 Development Strategy and Investment Opportunity Forecast Report for China's Primary Aluminum (Electrolytic Aluminum) Industry," indicating a focus on strategic planning and investment opportunities within the sector [1].