华泰证券:电解铝利润2026H1料延续走阔 下游低库存支撑铝价中枢上移

财中社
Jan 12

1月12日,华泰证券发布基础材料行业报告,指出电解铝利润中枢有望在2026上半年进一步上移。近期铝价大幅上涨,电解铝下游产业链采购氛围趋于谨慎,基本面数据表现较弱,其中电解铝环节库存累库幅度较大,现货基差走弱,主流铝棒加工费转负。该数据引发不少投资者对铝价是否能够可持续上涨的担忧,但淡季+高价背景下,下游采购意愿较弱属于正常现象,值得关注的是,该现象导致下游原料库存持续偏低,只要电解铝长期供需格局...

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