氧化铝及电解铝月报：多空并存 氧化铝及电解铝震荡

投资咨询业务资格沪证监许可【2015】84号李婷li.t@jyqh.com.cn从业资格号：F0297587投资咨询号：Z0011509黄蕾huang.lei@jyqh.com.cn从业资格号：F0307990投资咨询号：Z0011692高慧gao.h@jyqh.com.cn从业资格号：F03099478投资咨询号：Z0017785王工建wang.gj@jyqh.com.cn从业资格号：F3084165投资咨询号：Z0016301赵凯熙zhao.kx@jygh.com.cn从业资格号：F031122984投资咨询号：Z00210404 敬请参阅最后一页免责声明核心观点及策略 目录一、行情回顾..........................................................5二、宏观...............................................................61、海外............................................................................................................................62、国内............................................................................................................................7二、氧化铝市场分析....................................................81、铝土矿........................................................................................................................82、氧化铝供应................................................................................................................83、氧化铝库存及现货....................................................................................................94、氧化铝成本利润........................................................................................................95、氧化铝观点................................................................................................................9三、电解铝市场分析...................................................111、电解铝供应..............................................................................................................112、电解铝库存..............................................................................................................123、电解铝现货..............................................................................................................124、电解铝成本利润......................................................................................................12四、消费分析..........................................................151、铝加工.......................................................................................................................152、国内终端消费...........................................................................................................153、铝材出口...................................................................................................................16五、行情展望..........................................................17 3/19图表目录图表1氧化铝期货价格走势...........................................................................................................5图表2氧化铝期货月差...................................................................................................................5图表3国内外期铝价格...................................................................................................................6图表4沪伦铝比...............................................................................................................................6图表5欧、美、日GDP增速.........................................................................................................7图表6中国GDP增速.....................................................................................................................7图表7全球主要国家制造业表现...................................................................................................8图表8欧美CPI当月同比...............................................................................................................8图表9国产铝土矿价格.................................................................................................................10图表10进口铝土矿价格...............................................................................................................10图表11中国铝土矿进口季节性表现...........................................................................................10图表12国内外氧化铝现货价格...................................................................................................10图表13氧化铝现货均价升贴水...................................................................................................10图表14国产氧化铝产能产量.......................................................................................................10图表15氧化铝进口季节性表现...................................................................................................11图表16氧化铝出口.......................................................................................................................11图表17氧化铝成本利润...............................................................................................................11图表18氧化铝库存.......................................................................................................................11图表19中国电解铝产量...............................................................................................................13图表20国内铝水比例...................................................................................................................13图表21电解铝进口季节性图.......................................................................................................13图表22全球（除中国）电解铝产量.......................................