电解铝专题:弹性与红利的完美融合——价值重估进行时丨天风金属材料刘奕町团队

町说金属与新材料
Oct 27, 2025

摘要电解铝板块当前的股息率位于全市场什么水平?根据我们的测算,截至2024年底,电解铝板块加权平均股息率6.0%,在市场主要的高股息行业中位于首位,其中中国宏桥股息率高达13.7%。截至2025年9月30日,电解铝板块2025年股息率约为5%,仍处于全市场前列。弹性之外,电解铝板块的红利价值从何而来?红利逻辑1:高盈利—供需趋紧,高利润有望延续。供给端,国内产能接近4500万吨天花板,25年起供应...

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