中国宏桥铝周期上行,上调盈利预测

兴业证券
Jan 16

点评:开年以来铝价加速上行,站上2.4万元高位,主要系莫桑比克铝厂停产引发供给端扰动预期,以及铝代铜预期提供叙事基础,共同驱动铝价补涨。海外供给端扰动加剧。非洲第二大电解铝厂莫桑比克Mozal铝冶炼厂,因电费涨价而决定于2026年3月正式关停。海外电解铝厂多设备老化、利润薄,而全球正面临用电能耗压力,海外电解铝产能将长期面临着电力成本走高、地缘政治风险以及设备故障风险。2025年年底以来,海外...

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