| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 20,715.00 | -55.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 3,069.00 | -115.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | 35.00 251,409.00 | -10.00↓ 主力-连二合约价差:氧化铝(日,元/吨) +3066.00↑ 主力合约持仓量:氧化铝(日,手) | -6.00 228,725.00 | +5.00↑ +34880.00↑ | | | LME铝注销仓单(日,吨) | 13,250.00 | -800.00↓ 库存:氧化铝:合计(周,万吨) | 103,364.00 | +14952.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,622.00 | +29.00↑ LME铝库存（日，吨） | 478,725.00 | -800.00↓ | | | 沪铝前20名净持仓（日 ...

期 货 研 究 2025 年 08 月 26 日 铝：波动收敛 氧化铝：小幅下跌 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 20770 | 140 | 170 | રૂર્ણ | 1185 | | | | 沪铝主力合约夜盘收盘价 | 20740 | l | l | l | l | | | | LME铝3M收盘价 沪铝主力合约成交量 | 2622 146160 | 0 11586 | 34 36794 | 33 43986 | 204 30509 | | | | 沪铝主力合约持仓量 | | | 75348 | | | | | 电解铝 | | 248343 | 11056 | | -20199 | ୧୧୧ ...

文字早评 2025/08/26 星期二 宏观金融类 股指 消息面： 1、国家发改委主任郑栅洁主持召开座谈会，听取"十五五"时期扩内需稳就业意见建议。郑栅洁表示， 希望企业增强信心、抓住机遇，充分利用国内国际两个市场两种资源，有序开展市场竞争，为扩内需、 稳就业多作贡献； 2、相关部门近期将会发放卫星互联网牌照。专家表示，牌照的发放，意味着我国卫星互联网商业运营 迈出第一步; 3、沪指 3900 点在望，两市 ETF 交投火爆，收盘成交额达到 5558.48 亿元。全市场 ETF 规模前一个交易 日已经达到 4.97 万亿，即将突破 5 万亿元； 4、百济神州：RoyaltyPharma 同意在交割时支付 8.85 亿美元 购买单克隆抗体 Imdelltra 在中国以外 地区的特许权使用费。 期指基差比例： IF 当月/下月/当季/隔季：0.12%/0.05%/-0.26%/-0.60%； IC 当月/下月/当季/隔季：-0.61%/-1.08%/-2.40%/-4.07%； IM 当月/下月/当季/隔季：-0.88%/-1.51%/-2.88%/-4.94%； IH 当月/下月/当季/隔季：0.07%/0.1 ...

铝产业链周报 氧 化 铝 ： 短 期 维 持 窄 幅 震 荡 ， 中 期 过 剩 格 局 不 改 电 解 铝 ： 宏 观 扰 动 频 繁 ， 消 费 边 际 改 善 累 库 放 缓 铝 合 金 ： 税 收 政 策 扰 动 供 应 趋 紧 叠 加 进 口 减 量 明 显 ， 周 度 市 场 去 库 周敏波 投资咨询资格：Z0010559 本报告中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明。 2025/08/23 目录 01 行情回顾 02 宏观及终端需求 03 产业供需基本面 2 观点汇总 | 品种 | 主要观点 | 操作建议 | | --- | --- | --- | | 氧化铝 | 本周氧化铝盘面偏弱运行，主因仓单数量自月初6000余吨显著增加至当前7.8万吨。现货市 | 短期运行区间3000-3300，中 期逢高布局空单 | | | 场呈现南北分化：南方报价仍显坚挺，但下游对高价接受度有限；北方地区供应宽松，电 | | | | 解铝生产以刚需采购为主，厂库持续累积，现货价格承压明显。基本面看，几内亚铝土矿 | | | | 受雨季运输效率下降影响，矿端供应存在收紧预期，对成本形成支撑。然而当前氧 ...

. 贵金属有色金属产业日报 2025/08/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

铝类产业日报 2025/8/25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) 主力-连二合约价差:沪铝(日,元/吨) | 20,770.00 45.00 | +140.00↑ 氧化铝期货主力合约收盘价(日,元/吨) -10.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | 3,184.00 -11.00 | +46.00↑ -19.00↓ | | | 主力合约持仓量:沪铝(日,手) | 248,343.00 | +11056.00↑ 主力合约持仓量:氧化铝(日,手) | 193,845.00 | +10870.00↑ | | | LME铝注销仓单(日,吨) | 13,250.00 | -800.00↓ 库存:氧化铝:合计(周,万吨) | 103,364.00 | +14952.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,622.00 | +29.00↑ LME铝库存（日，吨） | 478,725.00 | -800.0 ...

2025-08-25 【产业服务总部 | 有色金属团队】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 铝产业链周报 01 周度观点 ◆ 基本面分析 几内亚散货矿主流成交价格环比上涨0.4美元/干吨至74.5美元/干吨。几内亚雨季到来，铝土矿开采和运输受到影响，铝土矿发运 量已经出现下降趋势，且几内亚某大型矿山复产再遇变数，为矿价提供支撑。氧化铝运行产能周度环比减少25万吨至9570万吨， 全国氧化铝库存周度环比增加4.8万吨至342.3万吨。上半年新增产能逐步进入稳产状态，个别氧化铝企业计划检修，但不影响中期 产量。电解铝运行产能稳中有增，周度环比增加1万吨至4431.9万吨。贵州安顺剩余少量产能复产中，云铝溢鑫置换产能投产中、 贡献3.5万吨产能净增量，百色银海技改项目12万吨产能逐步通电复产。需求方面，国内铝下游加工龙头企业开工率周度环比上升 0.5%至60%。下游需求正处于淡旺季转换期，部分板块出现复苏迹象。库存方面，周内铝锭社会库存累库，铝棒社会库存去化。 再生铸造铝合金方面，市场处于消费淡季，再生铝企业面临需求不足和利润倒挂问题，此 ...

期 货 研 究 2025 年 08 月 25 日 铝：累库放缓 氧化铝：横盘小涨 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价 | 20630 | 40 | -140 | 155 | 1120 | | | 沪铝主力合约夜盘收盘价 | 20755 | ー | ー | l | । | | | LME铝3M收盘价 | 2622 | 29 | 19 | 47 | 214 | | | 沪铝主力合约成交量 | 134574 | 10051 | 38224 | 61325 | -132989 | | | 沪铝主力合约持仓量 | 237287 | 3385 | 43480 | 42829 | 44582 | | 电解铝 | LME铝3M成交量 ...

国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 2025年08月25日 | 国泰君安期货商品研究晨报 | | --- | 观点与策略 | 黄金：JH会议鲍威尔放鸽 | 3 | | --- | --- | | 白银：冲顶前高 | 3 | | 铜：美元回落，价格上涨 | 5 | | 锌：区间震荡 | 7 | | 铅：库存减少，支撑价格 | 9 | | 锡：区间震荡 | 10 | | 铝：累库放缓 | 12 | | 氧化铝：横盘小涨 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：窄幅区间震荡运行 | 14 | | 不锈钢：短线低位震荡 | 14 | | 碳酸锂：宽幅震荡 | 16 | | 工业硅：市场情绪提振 | 18 | | 多晶硅：区间震荡，以逢低做多为主 | 18 | | 铁矿石：短期估值仍有来自宏微观的支撑 | 20 | | 螺纹钢：宽幅震荡 | 22 | | 热轧卷板：宽幅震荡 | 22 | | 硅铁：宽幅震荡 | 24 | | 锰硅：宽幅震荡 | 24 | | 焦炭：宽幅震荡 | 26 | | 焦煤：宽幅震荡 | 26 | | 原木：震荡反复 | 28 | | 对 ...

Group 1: General Information - The report is a daily report on the precious metals and non - ferrous metals industry dated August 22, 2025 [2] Group 2: Precious Metals (Gold and Silver) Investment Rating - Not provided Core View - Fed's September rate - cut expectation and central bank gold purchases support gold prices, but geopolitical situation easing weakens safe - haven demand, and dollar fluctuations limit the upside of gold prices. The market awaits Powell's speech at the global central bank conference. Gold ETFs and long - term structural buying remain the pillars of demand [3] Details - SHFE gold and silver futures prices and related indicators such as COMEX gold prices and gold - silver ratios are presented in graphs [4] - Gold and silver long - term fund holdings and inventories in SHFE and COMEX are shown [12][14][15] Group 3: Copper Investment Rating - Not provided Core View - In the short term, copper prices may continue to fluctuate. The previous support level of 77,000 yuan per ton can be raised to 78,000 yuan per ton. The Fed's meeting minutes next week and Powell's speech may have limited impact on copper prices. The strong support of the dollar index puts pressure on the overall valuation of non - ferrous metals [16] Details - Copper futures and spot data, including prices, price changes, and spreads, are provided. For example, the latest price of Shanghai copper main contract is 78,690 yuan/ton with a daily increase of 0.19% [17][20] - Copper import profit and loss, concentrate processing fees, and warehouse receipts data are also presented [27][31][33] Group 4: Aluminum Investment Rating - Not provided Core View - For aluminum, the US tariff expansion has a certain impact on China's exports, but the impact is weaker than before. Aluminum prices are likely to correct rather than reverse considering the September peak - season expectation and rate - cut expectation. For alumina, the fundamentals are weak, with supply in excess, and the price is expected to fluctuate weakly in the short term. Cast aluminum alloy has good fundamentals, and its futures price generally follows the Shanghai aluminum price [35][36] Details - Aluminum, alumina, and aluminum alloy futures and spot prices, spreads, and inventory data are given. For instance, the latest price of Shanghai aluminum main contract is 20,630 yuan/ton with a daily increase of 0.19% [37][49][55] Group 5: Zinc Investment Rating - Not provided Core View - On the supply side, smelting profit has recovered, and the supply is gradually changing from tight to excessive. The mine supply is loose. On the demand side, the traditional off - season is weak. LME inventory is decreasing with a certain squeeze - out risk. In the short term, zinc prices are expected to fluctuate based on macro - observation [62] Details - Zinc futures and spot prices, spreads, and inventory data are shown. The latest price of Shanghai zinc main contract is 22,275 yuan/ton with a daily increase of 0.16% [63][71][75] Group 6: Nickel Investment Rating - Not provided Core View - Nickel ore is relatively stable, with high domestic arrival inventory. Nickel iron is still relatively firm in the short term. Stainless steel prices are weak, and sulfuric acid nickel prices are stable. Future trends depend on macro - level guidance [78] Details - Nickel and stainless - steel futures prices, trading volume, positions, and inventory data are presented. The latest price of Shanghai nickel main contract is 119,610 yuan/ton [79] Group 7: Tin Investment Rating - Not provided Core View - Macro data from the US is in line with expectations. The repeated delay of Myanmar's tin mine full - resumption of production supports tin prices. In the short term, tin prices may fluctuate [92] Details - Tin futures and spot prices, inventory data, and related indicators such as LME tin spreads are provided. The latest price of Shanghai tin main contract is 265,930 yuan/ton [93][98][102] Group 8: Lithium Carbonate Investment Rating - Not provided Core View - The market's sensitivity to news is decreasing. In the short term, prices may rebound due to supply - side disturbances and enter a wide - range oscillation [107] Details - Lithium carbonate futures and spot prices, spreads, and inventory data are given. The latest price of lithium carbonate futures main contract is 78,960 yuan/ton [108][111][115] Group 9: Silicon Investment Rating - Not provided Core View - The increase in polysilicon production schedules boosts the demand for industrial silicon. In the medium term, the downside space of industrial silicon is limited, and it is expected to fluctuate strongly in the future [117] Details - Industrial silicon futures and spot prices, spreads, and production and inventory data are presented. The latest price of industrial silicon main contract is 8,745 yuan/ton with a daily increase of 1.27% [117][118][132]