2026年电解铝行业或将延续高利润格局

粤开证券财富管理
Nov 14, 2025

01行业当前格局:供需紧平衡+价格上行预期当前市场处于风格切换窗口期,红利资产关注度提升,电解铝板块同步受益。截至2025年11月,沪铝主力合约价格已突破21880元/吨(年内新高),价格上行预期持续强化。供给端扰动是核心催化因素之一:海外方面,冰岛世纪铝业因电气设备故障暂停一条电解槽生产线,影响约20万吨电解铝产能,叠加海外电力供应紧张的长期风险,全球电解铝供给端约束持续;国内方面,产能受限政策...

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