要点我们认为铝行业存在一些机会。冶炼厂应受益于需求改善和原材料价格下跌。然而,由于产能在2025年仍将持续增加,上游的氧化铝价格将进一步回调。我们首次给予云南铝业“跑赢大盘”评级,因其作为纯下游企业利润率不断改善;给予中国铝业“中性”评级,鉴于氧化铝前景平淡。1)上游氧化铝利润将受挤压我们预计一体化铝企将面临压力(例如,鉴于氧化铝价格下跌可能损害中国铝业氧化铝板块的利润,2025年中国铝业的利润将...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.