Q&A 创新新材 20260227 摘要 3C 消费型材受益于 iPhone 17 销量，预计 2025 年三、四季度及 2026 年维持高景气度，产量、销量与利润端均实现增长，但具体数据受保密 协议限制未披露。 汽车轻量化板块 2025 年减亏，苏州创泰工厂减亏显著，预计 2026 年 盈利；内蒙古项目受宝马车型销量影响亏损，2027 年有望大幅减亏， 产品主要为门槛梁、防撞梁等，加工费在 5,000-6,000 元/吨。 铝杆线缆 2025 年增速低于预期，因铝价上涨影响下游提货，但 2026 年一季度提货良好，预计全年优于 2025 年，加工费数百元/吨，波动不 大，中期增长动力来自电网投资和远距离输电需求。 铝棒板块 2026 年产量预计小幅下降，因山东产能向云南转移，减产约 10 万吨，2025 年下半年已减产；加工费存在结构性差异，光伏用铝棒 约 300 多元/吨，汽车轻量化相关铝棒由 400 元/吨提升至 600 元/吨。 板带箔板块因处置热轧资产，2025 年表现不佳，产量显著下降，但 2026 年一季度已有提升，2 月基本满产，出口退税政策影响预计已消纳， 全年平均加工费大致在 2023 元 ...

期货有限公司 2026年02月26日 铝产业链日度数据跟踪 (3) 据上期所,2月26日期货库存为66174吨,环比-907吨。 (3) 据上期所,2月26日期货库存为349790吨,环比+2390吨。 氧化铝基本面观测指标 图表 1: 国产铝土矿价格 图表 2: 几内亚铝土矿价格 图表 3:氧化铝现货汇总均价 TT 2026 . - 2025 - 2024 - 2023 - 2024 600 6000 120 5500 570 110 5000 540 100 4500 510 4000 480 80 3500 450 3000 420 2500 01/02 02/12 03/24 05/05 06/15 07/26 09/05 10/23 12/03 04/08 05/13 06/14 07/16 08/17 09/18 10/27 11/28 12/3 图表 5:氧化铝-仓单库存 图表 6:氧化铝价差(连一连三) 图表 4:现货基美走势 一、氧化铝 二、电解铝 比+117元/吨;升贴水为-175元/吨,环比+25元/吨。 (2) 据上期所,2月26日期货库存为288287吨,环比+3112吨。 (3) ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report provides daily data tracking of the aluminum industry chain, including prices, inventories, and other indicators for alumina, electrolytic aluminum, and aluminum alloys. 3. Summary by Directory Alumina - On February 12, the domestic ore price was 491 yuan/ton, with no change from the previous day; the Guinea imported ore price was 61 US dollars/dry ton, also unchanged [1]. - The spot price index on February 12 was 2646 yuan/ton, with no change [1]. - The futures inventory on February 12 was 276,825 tons, a decrease of 210 tons from the previous day [1]. Electrolytic Aluminum - On February 12, the spot average price of electrolytic aluminum was 23,991 yuan/ton, an increase of 86 yuan/ton from the previous day; the premium/discount was -160 yuan/ton, an increase of 30 yuan/ton [1]. - The futures inventory on February 12 was 200,654 tons, an increase of 33,088 tons from the previous day [1]. - The aluminum rod processing fee on February 12 was 94 yuan/ton, an increase of 30 yuan/ton [1]. Aluminum Alloy - On February 12, the price of raw aluminum was 17,250 yuan/ton, with no change; the price of cooked aluminum was 17,650 yuan/ton, also unchanged [1]. - The price of ADC12 on February 12 was 23,100 yuan/ton, with no change [1]. - The futures inventory on February 12 was 66,638 tons, a decrease of 210 tons from the previous day [1].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Alumina - On February 10, the domestic ore price was 491 yuan/ton, with a 0 yuan/ton change compared to the previous day; the Guinea imported ore price was 61 US dollars/dry ton, also with a 0 US dollars/dry ton change [1] - On February 10, the spot price index was 2,646 yuan/ton, with no change compared to the previous day [1] - On February 10, the futures inventory was 251,010 tons, a net increase of 8,384 tons compared to the previous day [1] Electrolytic Aluminum - On February 10, the spot average price of electrolytic aluminum was 23,325 yuan/ton, a decrease of 91 yuan/ton compared to the previous day; the premium/discount was -190 yuan/ton, a decrease of 25 yuan/ton compared to the previous day [1] - On February 10, the futures inventory was 166,516 tons, a net increase of 2,004 tons compared to the previous day [1] - On February 10, the aluminum rod processing fee was 54 yuan/ton, an increase of 10 yuan/ton compared to the previous day [1] Aluminum Alloy - On February 10, the price of raw aluminum was 17,250 yuan/ton, with a 0 yuan/ton change compared to the previous day; the price of cooked aluminum was 17,650 yuan/ton, also with a 0 yuan/ton change [1] - On February 10, the ADC12 price was 23,100 yuan/ton, with no change compared to the previous day [1] - On February 10, the futures inventory was 67,300 tons, a net decrease of 1,235 tons compared to the previous day [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2026, before and after the Spring Festival, the non - ferrous metal market showed a differentiated pattern. Macro factors dominated the price direction of non - ferrous metals, while the differences in the fundamentals of each variety led to the differentiation of inventory and consumption performance. The post - festival resumption of work rhythm would be the key variable [4]. 3. Summary According to the Directory Copper - **Pricing and Supply - side Situation**: The pricing of copper is more inclined to the framework of "macro - led direction, supply rigidity provides bottom support". The short - term upward movement of copper prices is often driven by macro factors, and the mid - term support comes from the "rigidity" of the supply side. In January 2026, the copper mine supply was tight, and the spot TC continued to decline, reaching a record low of - 49.84 US dollars per dry ton at the end of the month [12]. - **Refining and Supply**: Near the Spring Festival, the refined copper smelting showed the characteristics of tight raw materials, stable production, and limited impact of maintenance. Although the spot TC of copper concentrate continued to decline, the supply of recycled copper and waste anode plates was loose, supporting the high - level production of smelters. The estimated impact of smelter maintenance on refined copper production in January was about 20,000 tons. It is expected that the Yangshan copper premium will fluctuate within a narrow range, and the net import volume of refined copper will remain relatively stable [16]. - **Downstream Processing**: During the approach of the Spring Festival, the copper processing industry showed a co - existence of seasonal stocking demand and the inhibitory effect of high prices. The starting rate of refined copper rods recovered from 47.82% at the beginning of the month to 69.54% at the end of the month. The finished product inventory increased by 3.91% month - on - month, indicating that the actual digestion ability of the terminal market was still insufficient. The starting rate of copper cables increased slightly at the end of the year, with State Grid orders as the core support. The enameled wire sector was relatively strong, with the starting rate maintained at 79% - 83% [17]. - **Inventory Situation**: As of February 5, 2026, the copper social inventory had reached 335,800 tons, and the pre - festival inventory was at a relatively high level. If the subsequent arrival increases, the downstream resumption of work is slow, or the spot maintains a discount pattern, the peak of inventory accumulation may further rise; otherwise, the window for the decline of high inventory after the festival may appear earlier [18][19]. Lead - **Supply - side Situation**: Before the Spring Festival, the lead concentrate market was in a pattern of tight supply and rising costs. The processing fees were at a low level, and the production cost of smelting enterprises increased. In February, the supply and demand of the lead concentrate industry would enter a weak stage. After the festival, the supply - tight pattern of the lead concentrate market would intensify, and the processing fees would likely continue to run at a low level [20][22]. - **Consumption - side Situation**: The lead market showed the characteristic of "even weaker in the off - season". The consumer market of electric bicycle batteries was weak, and the inventory of dealers was high. The export orders of automobile batteries decreased. The weekly starting rate of lead - battery enterprises dropped to about 69% and continued to decline. After the festival, the resumption of work rhythm would be the key variable, and the actual restocking demand of the downstream would be gradually released after the Lantern Festival [22][23]. - **Inventory Situation**: As of February 5, 2026, the lead ingot social inventory had reached 40,400 tons, and the inventory accumulation started earlier than in previous years. If the subsequent lead concentrate arrival increases, the resumption of work of lead - battery enterprises after the festival is slow, or the spot discount pattern continues, the peak of inventory accumulation may further rise; otherwise, the window for the decline of high inventory after the festival may appear earlier [28][29]. Aluminum - **Price and Market Situation**: After New Year's Day, the price of Shanghai Aluminum's main contract rose by 16%, but the price transmission was blocked, and the downstream consumption was severely suppressed. The spot discount of aluminum ingots widened rapidly, and the aluminum rod entered a negative processing fee. The production of aluminum rods and aluminum sheets and foils decreased significantly [30][32]. - **Inventory Situation**: From December 18, 2025, to early February, the inventory accumulation of aluminum ingots had reached 239,000 tons. It is expected that the peak of inventory accumulation this year may reach 1.4 million tons, and if the aluminum price remains high, the inventory accumulation may reach 1.5 million tons [40]. Zinc - **Price and Market Performance**: After New Year's Day, the zinc ingot price rose by 15%. Although it was in the consumption off - season, the downstream processing enterprises were less sensitive to the absolute price of zinc, and the rigid demand for procurement still existed. The starting rate of downstream consumption remained strong and resilient until the end of January, and entered the off - season in February, which was in line with the seasonal performance in previous years [43]. - **Inventory Situation**: In 2026, the inventory accumulation of zinc started in February, about 15 days before the Chinese New Year, which was not much different from previous years. It is expected that the peak of inventory accumulation during the Spring Festival this year will be less than 250,000 tons, close to 200,000 tons [43][46]. - **Supply - side and Valuation**: The current smelting loss of zinc is at a historical high level. Although the by - product income is high, the comprehensive smelting profit is still partially in a loss state. The zinc price valuation is not high, and there is still a risk of a short squeeze if the inventory is quickly depleted after the festival [54]. Operation Suggestions - For copper, pay attention to the post - festival resumption of work progress and inventory depletion rhythm, and lay out long positions on dips [5]. - For aluminum, be vigilant against high - inventory pressure, and it is recommended to wait and see or short on rallies [5]. - For lead, pay attention to the release of restocking demand after the Lantern Festival, and mainly conduct range operations for the time being [5]. - For zinc, the smelting loss supports the price, it is recommended to go long on dips, and pay attention to the risk of a short squeeze [5].

Report Industry Investment Rating - Aluminum: Weakening in a fluctuating manner [1] - Alumina: Trading in a range [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] Core Viewpoints - The report presents the latest fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interests, spreads, and inventory levels [1]. - It also provides the trend strength of aluminum, alumina, and aluminum alloy, with aluminum and aluminum alloy at 0 (neutral), and alumina at -1 (weakly bearish) [3]. Summary by Directory Futures Market Electrolytic Aluminum - Shanghai Aluminum main contract: The closing price was 23,955, down 1685 from T - 5; trading volume was 451,208, down 485,903 from T - 5; open interest was 224,756, down 138,077 from T - 5 [1]. - LME Aluminum 3M: The closing price was 3059, down 205 from T - 5; trading volume was 24,872, down 22,559 from T - 5; LME注销仓单占比 was 11.01%, up 5.90% from T - 5 [1]. Alumina - Shanghai Alumina main contract: The closing price was 2824, up 13 from T - 5; trading volume was 420,118, down 453,523 from T - 5; open interest was 375,698, down 91,018 from T - 5 [1]. Aluminum Alloy - Aluminum alloy main contract: The closing price was 22,595, down 1190 from T - 5; trading volume was 8206, down 15,184 from T - 5; open interest was 4530, down 4315 from T - 5 [1]. Spot Market Electrolytic Aluminum - The domestic aluminum ingot social inventory was 82.90 million tons, up 3.30 million tons from T - 5; the SHFE aluminum ingot warehouse receipt was 15.03 million tons, up 0.75 million tons from T - 5; the LME aluminum ingot inventory was 49.52 million tons, down 0.48 million tons from T - 5 [1]. - The electrolytic aluminum enterprise profit and loss was 7524.75, up 470.00 from T - 1 [1]. Alumina - The domestic average alumina price was 2646, down 2 from T - 5; the alumina price at Lianyungang's CIF was 330 US dollars/ton, unchanged from T - 5 [1]. Aluminum Alloy - The ADC12 theoretical profit was 380, down 60 from T - 1; the Baotai ADC12 price was 23,200, up 200 from T - 1 [1]. Others - The price of Shaanxi ion - exchange membrane liquid caustic soda (32% converted to 100%) was 2275, down 50 from T - 1 [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - **Copper**: Overseas macro - atmosphere weakened, and copper prices fell from high levels. The recent copper price trend was a typical market driven by macro - sentiment and transmitted through the precious metal market. The sentiment reversed in the second half of last week, likely due to Trump's nomination of "hawkish" Kevin Warsh as a candidate for Fed Chairman, leading to a stronger dollar and a sharp drop in copper prices. In the future, the copper market will present a complex pattern of short - term sentiment fluctuations and medium - to long - term fundamental support [4][58]. - **Aluminum**: Overseas macro - atmosphere weakened, and aluminum prices also fell from high levels. Last week, aluminum prices first rose and then fell. The financial attribute of aluminum is relatively weaker than that of copper, resulting in less price fluctuation. High aluminum prices made downstream buyers generally wait - and - see, and the industrial support may increase as prices drop. Technically, the 24,000 level can be monitored [5][59]. 3. Summary by Directory 3.1 Macro Factors - In the first half of the week, the US dollar index dropped significantly, benefiting the non - ferrous sector. The drop in the US dollar index and the sharp rise in gold reflected the intention of global asset allocation, i.e., "de - dollarization". In the second half of the week, Trump's nomination of Kevin Warsh led to a stronger dollar, which first caused a sharp sell - off in the silver market and then affected the base metal market, causing copper prices to fall from high levels [9]. 3.2 Copper 3.2.1 Quantity and Price Trends - The copper price trend was affected by macro - sentiment. The market was initially optimistic due to the rise of precious metals, but sentiment reversed later, causing copper prices to fall [4]. 3.2.2 Copper Ore Shortage - On January 30, the copper ore port inventory was 523,000 tons, a weekly decrease of 46,000 tons and a year - on - year decrease of 187,000 tons [25]. 3.2.3 Continuous Accumulation of Electrolytic Copper Inventory - On January 29, the Mysteel electrolytic copper social inventory was 335,800 tons, a weekly increase of 600 tons; the COMEX + LME inventory was 751,200 tons, a weekly increase of 23,600 tons. Overseas electrolytic copper inventory continued to accumulate, while the accumulation in China slowed down [27]. 3.2.4 Downstream Initial Processing - According to SMM on January 29, the operating rate of domestic major refined copper rod enterprises from January 23 to January 29 was 69.54%, a month - on - month increase of 1.57 percentage points and a year - on - year increase of 54.9 percentage points [29]. 3.3 Aluminum 3.3.1 Quantity and Price Trends - Last week, aluminum prices first rose and then fell. The main contract once reached the 26,000 level but then dropped rapidly due to the weakening of the commodity market and profit - taking [5][59]. 3.3.2 Upstream Industry Chain - On January 30, the bauxite port inventory was 2,419.07 million tons, a decrease of 309,300 tons from last week and an increase of 649,070 tons compared with the same period in 2025 [42]. 3.3.3 Low Electrolytic Aluminum Inventory - On January 29, the Mysteel electrolytic aluminum social inventory was 800,000 tons, an increase of 32,000 tons from last week; the overseas electrolytic aluminum inventory was 501,900 tons, a decrease of 12,800 tons from last week [46]. 3.3.4 Downstream Initial Processing - Last week, aluminum prices rose, and the processing fees in most regions decreased significantly, reflecting the increasing wait - and - see sentiment of downstream buyers. On January 29, the aluminum rod inventory was 140,500 tons, an increase of 17,200 tons from last week. High aluminum prices may suppress downstream demand, and the inventory accumulation speed can be continuously monitored [52][54].

Group 1 - The core viewpoint of the article is that Xinxu Copper Industry (XXC.US) has increased its planned IPO size, now aiming to issue 3 million shares at a price range of $5 to $6 per share, raising $17 million [1] - The previous IPO application was for 1.5 million shares at a price range of $4 to $5 per share, indicating a 144% increase in expected fundraising based on the revised price range [1] - The company's estimated market capitalization post-IPO is projected to reach $127 million [1] Group 2 - Xinxu Copper Industry, headquartered in Wuhu, China, primarily engages in the research, manufacturing, processing, sales, and distribution of copper and copper alloy products [1] - The company's product offerings include T2 red copper rods, T2 tin-plated copper rods, T2 copper rods, electrolytic copper, and aluminum rods [1] - For the 12 months ending December 31, 2024, the company reported revenue of $123 million [1]

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Copper: With the macro environment improving, copper prices may maintain a high - level and strong - running trend. Last week, copper prices first oscillated around the 100,000 - yuan mark and then rebounded with increased positions on Friday. The weakening US dollar index is beneficial to copper prices, and the improvement in the Greenland incident has boosted short - term market risk appetite. The continuous rise of precious metals has driven the bullish sentiment in the non - ferrous sector. In the industrial aspect, when copper prices dropped to the 100,000 - yuan mark last week, the restocking willingness of some downstream industries increased, and the inventory accumulation of electrolytic copper slowed down. However, as copper prices rebounded, the basis and monthly spread weakened again, and it is expected that the restocking willingness will decline again. Copper prices may maintain a high - level oscillation and wait for industrial follow - up [5]. - Aluminum: With the macro environment improving, aluminum prices may maintain an oscillating trend. Last week, aluminum prices oscillated strongly around the 24,000 - yuan mark. On Friday, the macro environment warmed up, and non - ferrous metals generally rose. The continuous strength of precious metals last week largely drove the non - ferrous sector to stabilize and rebound. However, compared with copper, aluminum has a weaker financial attribute and a stronger industrial attribute, so its increase is limited. In the industrial aspect, the inventory of upstream bauxite has slightly increased, alumina is running weakly, the restocking willingness of downstream industries is weak, electrolytic aluminum inventory continues to accumulate, and the monthly spread also remains weak. Aluminum prices have strong technical support at the 24,000 - yuan mark and are waiting for industrial follow - up [6]. 3. Summary According to the Catalog 3.1 Macro Factors - Last week, the US dollar index dropped significantly, which is beneficial to the non - ferrous sector. The decline of the US dollar index and the sharp rise of gold largely reflect the intention of global asset allocation, that is, "de - dollarization" [10]. 3.2 Copper 3.2.1 Quantity and Price Trends - Last week, copper prices first oscillated around the 100,000 - yuan mark and then rebounded with increased positions on Friday. The weakening US dollar index is beneficial to copper prices, and the continuous rise of precious metals has driven the bullish sentiment in the non - ferrous sector [5]. 3.2.2 Copper Ore Shortage - On January 23, the second - phase project of Tibet Julong Copper Industry was completed and put into operation. The second - phase expansion project was approved, and it is planned to be completed and put into operation by the end of 2025. After reaching full production, the annual ore mining and processing volume will exceed 100 million tons, and the annual copper production will reach 300,000 - 350,000 tons. SMM expects the copper production of Julong Copper Industry to be 165,000 tons in 2025 and 250,000 tons in 2026. Last week, the copper ore port inventory increased slightly, and the TC processing fee decreased slightly [24][26]. 3.2.3 Continuous Accumulation of Electrolytic Copper Inventory - On January 22, the social inventory of electrolytic copper was 335,200 tons, a weekly increase of 7,700 tons; the inventory of COMEX + LME was 727,600 tons, a weekly increase of 47,800 tons. Overseas electrolytic copper inventory continued to accumulate, while the inventory accumulation in China slowed down [27]. 3.2.4 Downstream Primary Industry - On January 23, SMM reported that the operating rate of the refined copper rod industry rebounded by 10.51 percentage points to 67.98% week - on - week. Driven by the Spring Festival stockpiling and the decline of copper prices, downstream orders recovered, leading to the reduction of finished product inventory, and enterprises accelerated production to meet the demand. Looking forward to next week, the stockpiling demand will continue, and SMM expects the operating rate to further increase by 3.23 percentage points to 71.2% [29]. 3.3 Aluminum 3.3.1 Quantity and Price Trends - Last week, aluminum prices oscillated strongly around the 24,000 - yuan mark. On Friday, the macro environment warmed up, and non - ferrous metals generally rose. The continuous strength of precious metals last week largely drove the non - ferrous sector to stabilize and rebound. However, compared with copper, aluminum has a weaker financial attribute and a stronger industrial attribute, so its increase is limited [6]. 3.3.2 Upstream Industrial Chain - On January 23, the bauxite port inventory was 24.5 million tons, an increase of 392,400 tons compared with last week and an increase of 7.17 million tons compared with the same period in 2025 [44]. 3.3.3 Low - level Inventory of Electrolytic Aluminum - On January 22, the social inventory of electrolytic aluminum was 768,000 tons, an increase of 4,000 tons compared with last week; the overseas electrolytic aluminum inventory was 514,700 tons, an increase of 18,300 tons compared with last week [48]. 3.3.4 Downstream Primary Industry - Last week, aluminum prices oscillated around the 24,000 - yuan mark, the restocking willingness of downstream industries increased, and the processing fees of aluminum rods in some areas increased slightly. On January 22, the aluminum rod inventory was 123,300 tons, an increase of 1,700 tons compared with last week. The aluminum rod inventory is about to enter the seasonal inventory accumulation period, but high aluminum prices may suppress downstream demand, and the inventory accumulation speed can be continuously monitored [54][57]. 3.4 Conclusion - Copper: Last week, copper prices rose and then fell, and the trading volume continued to decline, indicating a strong willingness of long - position holders to close their positions. The decline of copper prices was mainly due to the cooling of the macro environment, and the non - ferrous sector and even the commodity market declined. The willingness of short - term funds to close positions continued to increase. In the macro aspect, the overseas US dollar index continued to rebound, and the margin ratio of margin trading in China was raised, increasing the market regulation expectation. In the industrial aspect, the monthly spread of nearby contracts weakened significantly, electrolytic copper inventory continued to accumulate, and the downstream industries were in a wait - and - see mood. As copper prices dropped to the 100,000 - yuan mark, the restocking willingness of some industries increased, which may provide some support for copper prices. The long - short game at the 100,000 - yuan mark can be continuously monitored [60]. - Aluminum: Last week, aluminum prices oscillated strongly around the 24,000 - yuan mark. On Friday, the macro environment warmed up, and non - ferrous metals generally rose. The continuous strength of precious metals last week largely drove the non - ferrous sector to stabilize and rebound. However, compared with copper, aluminum has a weaker financial attribute and a stronger industrial attribute, so its increase is limited. In the industrial aspect, the inventory of upstream bauxite has slightly increased, alumina is running weakly, the restocking willingness of downstream industries is weak, electrolytic aluminum inventory continues to accumulate, and the monthly spread also remains weak. Aluminum prices have strong technical support at the 24,000 - yuan mark and are waiting for industrial follow - up [60].

Report Information - Report Title: Aluminum Industry Weekly Report - Report Date: January 26, 2026 [1] - Author: Chen Naixuan (Z0023138) - Reviewer: Tang Yun (Z0002422) Report's Investment Rating - No investment rating information is provided in the content. Core Views Aluminum - Supply side: No production increase or decrease occurred this week, and the operating capacity remained stable [3]. - Demand side: The theoretical output of aluminum rods and aluminum sheets decreased compared to last week, and the center of the spot aluminum price moved down. Industry profits narrowed, and social inventories may accumulate as downstream enterprises take holidays [3]. - Market situation: Overseas macro - situation and macro factors may continue to support the aluminum price, and the market is currently showing a high - level and strong oscillation [3]. Alumina - Supply side: There were more alumina overhauls this week, and suppliers' sentiment to hold up prices increased. However, the overall alumina supply was still in surplus, and fundamental negative factors remained [4]. - Demand side: The operating capacity of electrolytic aluminum will maintain a pattern of slight growth and overall stability in the short term, and the demand for alumina will continue to be high. The spot trading atmosphere of alumina was okay this week, but the factory inventory continued to increase [4]. - Market situation: There are still short - term supply disturbances, and the short - term price bottom may gradually emerge [4]. Grouped by Content Categories 1. Market Data - **Aluminum Futures and Spot**: Include data such as the closing price and trading volume of Shanghai Aluminum futures main contracts, LME aluminum closing price and position, A00 aluminum spot average price and premium - discount average, etc. [5][6][11][12] - **Alumina Futures and Spot**: Include the closing price and trading volume of alumina futures main contracts, alumina spot price in different regions, alumina price differences, and basis [16][17][19] 2. Upstream Supply - **Bauxite**: China's bauxite national monthly output, import volume, and port inventory have seasonal characteristics, and the monthly output varies by province [21][22] - **Alumina**: China's alumina monthly output, import volume, and national and provincial weekly operating rates are presented seasonally. There are also data on alumina import profit and loss [24][26][27][29] - **Electrolytic Aluminum**: China and global electrolytic aluminum monthly output, China's electrolytic aluminum weekly output, net import volume, and import profit and loss are shown seasonally [31][32][33][40] 3. Downstream Demand - **Aluminum Products Output**: The output of aluminum rods, profiles, rods, plates, foils, and primary aluminum alloy ingots has seasonal characteristics [41] - **Industry Operating Rates**: The weekly and monthly operating rates of various aluminum - related industries such as aluminum profiles, aluminum plates and strips, and aluminum foils are presented seasonally [42][44][50] - **Export Data**: The monthly export volume of unforged aluminum and aluminum products and the export profit of aluminum products are shown seasonally [52][54] - **Related Industries**: Data on real estate (housing start - completion area, fixed - asset investment), automotive (automobile and new - energy vehicle production), and power (grid and power - source project investment, photovoltaic new - installed capacity) are provided [55][58][60][63][66] 4. Inventory - **Bauxite Inventory**: China's bauxite monthly inventory and inventory in Guangxi, Henan, and Shanxi have seasonal characteristics [67][69] - **Alumina Inventory**: Alumina enterprise factory inventory, inventory days, SHFE alumina warehouse receipt volume have seasonal patterns [70][71] - **Aluminum Inventory**: LME aluminum inventory, SHFE aluminum warehouse receipt quantity, China's electrolytic aluminum social inventory, inventory days, aluminum rod and ingot + rod spot inventory have seasonal characteristics [71][72][73] 5. Cost and Profit - **Raw Material Prices**: Include domestic and imported bauxite prices, 32% ion - membrane liquid caustic soda prices, pre - baked anode prices, power coal prices, Dutch natural gas prices, and European electricity prices [75][76] - **Cost and Profit of Products**: The cost and profit of alumina and electrolytic aluminum are presented [75][76]