铝产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-27 目录 01 报告摘要 01 报告摘要 02 多空焦点 02 多空焦点 03 数据分析 03 数据分析 04 后市研判 04 后市研判 | | | 多空焦点 PART 02 多空因素分析（铝） | 多 方 因 素 | 空 方 因 素 | | --- | --- | | 电 解 铝 产 量 总 体 波 动 不 大 | 需 求 表 现 有 走 弱 预 期 | | 美 指 数 走 弱 元 | 货 升 水 落 现 回 | | 交 易 所 库 存 持 续 走 低 | | 地缘政治风险缓和 当地时间6月23日，美国总统特朗普在其社交媒体平台"真实社交"上发文表示，以色列和伊朗已同意全面停火。特朗普发文时间为美国东部时间23 日18时，特朗普称，双方停火将于大约6小时后开始，也就是美国东部时间24日零时。 一名伊朗高级官员证实，伊朗已接受卡塔尔参与调解、美国提 出的与以色列停火方案。当地时间6月24日，以色列总理内塔尼亚胡在内阁会议结束时，要求部长们不要对最近进展，即"特朗普宣布以伊同意全面 停火"发表评 ...

Core Insights - The non-ferrous metal industry in China is experiencing reasonable growth, with fixed asset investment increasing by over 10% [1][5] - In May, the industrial added value of the non-ferrous metal industry grew by 7.7% year-on-year, with a cumulative growth of 7.0% from January to May [1][4] - The production of ten types of non-ferrous metals reached 6.827 million tons in May, marking a 2.9% year-on-year increase [4] Industry Performance - The added value of the non-ferrous metal mining sector grew by 5.1% in May, while the smelting and rolling processing sector saw an 8.1% increase [1] - From January to May, the mining sector's growth was 6.3%, slightly narrowing from the previous month, while the smelting and rolling sector's growth was 7.1%, expanding by 0.2 percentage points [1] Production Data - The production of primary aluminum (electrolytic aluminum) in May was 3.828 million tons, reflecting a 5.0% increase [4] - Cumulatively, from January to May, the production of ten non-ferrous metals reached 33.404 million tons, with a year-on-year growth of 2.8% [4] Investment Trends - Nationally, fixed asset investment in the industrial sector grew by 11.6%, while investment in the non-ferrous metal industry surged by 19.9%, exceeding the national average by 8.3 percentage points [5][6] - Investment in the non-ferrous metal mining sector increased by 44.0%, and the smelting and rolling processing sector saw a 14.3% rise [5]