今年，山西华阳集团在实现第一季度"开门红"后，紧抓二季度承上启下关键期，乘势而上、真抓实干， 实现"时间过半任务超半"。 各业务多点开花产品产量迎增长 今年上半年，煤炭方面，山西华阳集团原煤产量1993万吨，完成计划的105%，商品煤产量1792.9万 吨，完成全年任务的51%；掘进进尺78519米，完成全年任务的51%；商品煤销量1807.7万吨，完成计划 的103%，同比增加181.5万吨；瓦斯抽采量2.87亿立方米，完成计划的143.5%。 铝业方面，商品铝产量97522吨，超计划3722吨，完成全年任务的56%；铝板带产量60677吨，超计划 8377吨，完成全年任务的59%。 化工方面，化工产品总产量69.11万吨，完成计划的101.2%，同比增长7.66%。其中，电石产量21.42万 吨，完成计划的100.53%，同比增长11.75%；尿素产量20.62万吨，完成计划的101.27%。 钠电方面，钠电产业完成储能直流舱等新产品的开发任务，高性能碳纤维项目高效推进，年产39.4万吨 电解铝项目（一期29.4万吨／年）通过可研评审。 统筹安全与高效赋能高质量发展 山西华阳集团构建了行之有效的安全管理体 ...

中线行情分析 2025.7.7-7.11 电解铝 期货品种周报 趋势判断逻辑 大区间震荡。 中线趋势判断 1 国内支持政策持续发力，产量已经接近瓶颈，年内增量有限，但海外宏观不 确定性较大。 2 新单以高位震荡行情短线交易为宜。 3 中线策略建议 品种交易策略 n 上周策略回顾 未来一周沪铝2508合约波动区间看20300-20900。 未来一周沪铝2508合约波动区间看20300-20800。建议短线 交易为宜。 n 本周策略建议 n 现货企业套期保值建议 可考虑适量逢低配置期货虚拟库存 【总体观点】 | | 2025年7月第1周 | | --- | --- | | 铝土矿市场 | 根据SMM数据，6月（30天）中国铝土矿产量环比减少3.2%，同比增加4.1%，近期受检查工作影响， | | | 国产铝土矿产量有所下降，产量预计在检查工作结束后有所恢复。进口铝土矿方面，前期主流国家 | | | 铝土矿发运仍处于高位，7月国内进口铝土矿到港预计维持高位，但几内亚雨季影响预计逐步显现。 | | 氧化铝市场 | 截至7月3日，中国氧化铝建成产能为11082万吨，运行产能为8863万吨，全国周度开工率为79.97%， ...

Core Viewpoint - Baise is transforming its aluminum industry from a resource-based model to a high-end, intelligent, and green development approach, significantly enhancing its overall strength, quality, efficiency, and competitiveness in the aluminum sector [1]. Industry Development - Baise's aluminum industry achieved an output value of 40.6 billion yuan in Q1 2025, marking a year-on-year growth of 19.6%, laying a solid foundation for high-quality development throughout the year [1]. - The city has established a complete aluminum industry chain, with an aluminum product to electrolytic aluminum production ratio of 1.45:1, making it one of the few cities with a comprehensive aluminum industry chain [1]. Innovation and Technology - Companies in Baise are investing in advanced technologies, such as a self-developed linear annealing device costing over 100 million yuan, which significantly reduces production time from 4-5 days to just over 1 hour [2]. - The annual processing capacity of aluminum alloy plates and strips at Guangxi Runtai Aluminum Co., Ltd. has reached 400,000 tons [2]. - The Baise aluminum industry has signed 81 projects in the past three years, with a total planned investment of 61.4 billion yuan [3]. Smart Manufacturing - Baise has seen a rise in intelligent manufacturing, with 2 recognized benchmark enterprises, 12 smart factories, and 2 digital workshops in the aluminum sector [5]. - The city has invested 500 million yuan in the past three years to support technological upgrades and new production lines for aluminum enterprises [5]. Green Transformation - Baise's recycling of waste aluminum templates into regenerated aluminum has achieved an annual production capacity of over 100,000 tons, with a usage ratio of regenerated aluminum reaching over 70% [6]. - The city has built a centralized renewable energy capacity of 1.875 million kilowatts and distributed photovoltaic capacity of 1.005 million kilowatts, with green electricity consumption in the aluminum industry accounting for 22.3% [6]. - Baise has introduced digital twin technology for the entire lifecycle of electrolytic aluminum, saving 78,000 tons of standard coal annually and reducing carbon dioxide emissions by 184,200 tons [7].

Core Viewpoint - Ming Tai Aluminum reported its aluminum plate, strip, and foil sales volume for the first half of 2025 to be 777,900 tons, with a production volume of 796,600 tons [1] Group 1: Production and Sales Data - The production volume of aluminum plates, strips, and foils for the first half of 2025 was 796,600 tons [1] - The sales volume of aluminum plates, strips, and foils for the first half of 2025 was 777,900 tons [1] - The production volume of aluminum profiles was 9,100 tons, with a sales volume of 8,200 tons, excluding self-used aluminum profiles [1]

1965年7月1日，中铝集团西南铝业（集团）有限责任公司（简称"西南铝"）的前身——原冶金部一一二 厂开工建设。60年砥砺前行，西南铝坚持"以铝报国"，以创新为引领，持续加强技术攻关，书写中国高 端制造的壮丽诗篇。 加速形成完整的铝加工装备体系 1969年11月25日，西南铝熔铸车间2号天然气炉生产出第一块大方铸锭；1970年7月1日，西南铝压延厂 2800毫米热轧机轧制出第一块铝合金板材；1971年5月，1.25万吨卧式挤压机投产；1974年9月，3万吨 模锻压机投产；1987年至1996年，先后建设35吨扁锭熔铸生产线、1850毫米薄板生产线、涂层生产线和 1700毫米铝箔生产线等项目，综合产能跃升至26.3万吨；2000年以来，陆续建成具有世界先进水平的 2100毫米热连轧、2000毫米冷连轧、4300毫米厚板轧机、22万吨新熔铸和1万吨自由锻油压机等项目， 累计形成产能70万吨……60年来，西南铝砥砺奋进，完整的铝加工装备体系加速形成。 当前，西南铝聚焦国家战略需求，以高端化、智能化、绿色化为方向，全力打造宽幅板带、大挤压、高 性能环件、循环经济、中厚板扩能5条生产线，预计2027年建成投产，综合产能 ...

"芯"为精密制造升级，淬炼产业核心动能 在合肥同晶电子有限公司净化车间内，全自动化生产线以每月1亿只的产能稳定输出高频、高稳的微型 封装尺寸频率原件。"手机通信、智能家居都离不开这颗'电路心脏'。"公司相关负责人指着宽敞明亮的 智能化车间说道。 在石英频率行业，这家"小而美"企业，成立时间不长，却拥有国内首条In-Line全自动化生产线，是行业 首批实现全流程自动化生产的开拓者，拥有30余项知识产权，是安徽省专精特新中小企业和行业"蓝点 奖"得主。 但自动化升级与产能扩张，对资金流动性提出更高要求。"高端设备投入大，回款周期与研发节奏需要 更灵活的金融支持。"同晶电子曾为此困扰。九江银行合肥分行深入分析其技术壁垒与市场前景，依托 其稳定的订单流和优质管理体系，量身定制轻资产融资方案，提供300万元流动资金贷款。资金到位 后，同晶电子进一步优化自动化产线效率，加速车规级晶振研发，让这颗"安徽芯"在5G通信、智能汽 车浪潮中跳动得更加稳健有力。 转自：新华财经 近年来，九江银行合肥分行积极响应安徽省科创金融改革领导协调小组《金融支持科创企业"共同成长 计划"实施方案》，精准把握科技型企业成长脉搏，以灵活有效的金融 ...

Core Viewpoint - The rapid development of the new energy vehicle market in China is driving the demand for lightweight materials, particularly aluminum plates, strips, and foils, which are ideal for vehicle bodies due to their lightweight and high-strength characteristics [1][10]. Market Overview - Aluminum plates, strips, and foils are produced through processes such as rolling and casting, and are widely used in construction, automotive manufacturing, electronics, packaging, and aerospace [2][6]. - The demand for aluminum plates and foils in China is projected to reach 11.6042 million tons and 3.8965 million tons respectively by 2024 [1][10]. - The production of aluminum plates and foils in 2024 is expected to be 14.75 million tons, with various applications including packaging, construction, and automotive sectors [1][10]. Market Policies - A series of policies have been implemented to support the aluminum plate and foil industry, encouraging technological innovation and the development of high-precision, high-performance products [5][6]. - Key policies include the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" and various initiatives aimed at promoting recycling and green manufacturing [5][6]. Industry Chain - The upstream of the aluminum plate and foil industry includes bauxite, recycled aluminum, and production equipment, with bauxite being the primary raw material for aluminum production [6][8]. - The midstream involves the processing and manufacturing of aluminum products, while the downstream applications span multiple sectors including construction, automotive, electronics, and packaging [6][8]. Competitive Landscape - Major players in the aluminum plate and foil market include China Aluminum Corporation, Henan Mingtai Aluminum Industry Co., Ltd., and several others, with large companies dominating the market due to their complete industrial chains and significant production capacities [12][14]. - The top companies are recognized for their technological advancements and extensive market reach, contributing to their leading positions in the industry [12][14]. Development Trends - The aluminum plate and foil products are expected to evolve towards higher precision, performance, and added value, with increased investment in R&D for high-end applications in aerospace and new energy vehicles [19]. - The industry is also moving towards green development, with a focus on using renewable energy and enhancing the recycling of aluminum [19].

新能源及有色金属周报 | 2025-06-22 工业硅底部盘整，多晶硅持续探底 工业硅：供应端仍有增量，基本面表现仍偏弱 市场分析 价格：6月20日当周，下游维持刚需采购，现货市场成交一般，期货盘面维持区间震荡，现货价格企稳。据SMM 统计，华东通氧553#硅在8000-8300元/吨，周环比持平，441#硅在8400-8600元/吨，周环比持平，421#硅在8400-9000 元/吨，周环比持平。主力合约2509截至上周五收盘价为7390元/吨，较前一周最后一个交易日上涨1.5%，工业硅期 货总持仓量约为57.70万手。 供应：本周工业硅供应方面仍维持增加。新疆开炉数量增加较多，东北地区开路数量有所降低，西南地区硅厂开 工持稳，总开炉数量增加5台。根据SMM统计样本厂家周度产量达到3.66万吨，较前一周增加1655吨。总体来看， 西北大厂复产较多，西南丰水期部分厂家复产，预计6月产量增加至35万吨左右。 需求：本周市场需求整体表现依旧弱势，多晶硅开工小幅提升，周度产量2.45万吨，环比增加700吨，有机硅本周 行业整体开工率维持在 70.29%，开工率变化不大，周度DMC产量4.9万吨，小幅增长0.14万吨 ...

Core Insights - The aluminum processing industry in China is experiencing significant growth, with a projected comprehensive output of 49 million tons in 2024, representing a year-on-year increase of 4.4% [4] - The demand for aluminum products is being driven by sectors such as new energy vehicles, photovoltaic components, and lithium-ion batteries, which collectively added 106,000 tons to the aluminum material total in 2024 [5] - The aluminum plate and strip segment is crucial, with stable growth in consumption across various industries including aerospace, construction, and electronics [6] Industry Overview - Aluminum is the third most abundant metal in the Earth's crust, primarily sourced from bauxite and other aluminum silicate ores [3] - The industrial production of aluminum involves converting bauxite into alumina and then electrolyzing it to obtain metallic aluminum [3] - Aluminum and its alloys are widely used in manufacturing industries such as aerospace, automotive, and shipbuilding, with a supersonic aircraft comprising about 70% aluminum [4] Production and Export Data - In 2024, industrial aluminum profile production is expected to exceed building profiles for the first time, with industrial profiles increasing by 23.2% to 11.7 million tons, while building profiles decreased by 19.9% to 9.85 million tons [4] - The total export of aluminum materials reached 6.3 million tons in 2024, marking a historical high with a year-on-year growth of 19.3% [4] - The top export destination for Chinese aluminum materials is Mexico, accounting for 10% of total exports [4] Regional Development - An Yi County has transformed from having no aluminum resources to becoming a hub for aluminum materials, driven by a strong commercial culture and strategic investments [8][10] - The establishment of a high-tech industrial park in An Yi County has attracted thousands of entrepreneurs, leading to a significant increase in production capacity and industry scale [8][10] Future Prospects - The demand for aluminum in the aerospace sector is expected to grow, with approximately 60,000 tons needed for the C919 and C909 aircraft programs [10] - The low-altitude economy is emerging as a new market, with aluminum alloys expected to constitute 30%-50% of structural materials in low-altitude equipment [10] - The shipbuilding industry is also seeing a substantial increase, with new orders rising by 58.8% and global market share reaching 74.1% [10]

Core Viewpoint - The company has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, focusing on core business development and enhancing shareholder returns through strategic initiatives and operational improvements [1][2][3]. Group 1: Business Development and Strategy - The company aims to strengthen its competitive edge by implementing a closed-loop production system for aluminum recycling, smelting, and processing, emphasizing high-end, green, and intelligent manufacturing [1]. - Investment will be increased in high-precision aluminum products for sectors such as new energy batteries and automotive lightweighting, alongside technological upgrades to improve product performance and reduce manufacturing costs [1][2]. - The company has been recognized as a "Green Factory" by the Ministry of Industry and Information Technology, integrating ESG principles into its operations and focusing on energy conservation and carbon reduction [2][3]. Group 2: Shareholder Returns - The company has a consistent cash dividend policy, distributing no less than 10 yuan per 1 share since its listing, with a total dividend payout of 1.216 billion yuan by the end of May 2025 [2]. - In 2024, the company achieved growth in both revenue and net profit, proposing a dividend of 1.19 yuan per share for 2024, while allowing the board to determine the 2025 mid-term profit distribution plan based on a maximum of 30% of distributable net profit [2][3]. Group 3: Governance and Transparency - The company is committed to enhancing its governance structure by optimizing the board's composition and ensuring compliance with legal regulations, thereby safeguarding long-term value [3][4]. - A robust communication mechanism with investors will be established to ensure timely and accurate information disclosure, focusing on strategic cooperation and business progress [5]. - The company will conduct regular performance briefings and maintain open channels for investor feedback, ensuring that shareholder concerns are addressed [5][6]. Group 4: Key Personnel and Accountability - The company emphasizes the importance of its key personnel in driving high-quality development, implementing strict performance and accountability measures [6]. - A focus on enhancing the capabilities of the core team will support the execution of the action plan and ensure sustainable growth [6][7].