每經AI快訊，華泰證券(quan)研報指出(chu)，需求方面，偏弱的(de)地(di)產(chan)銷售會(hui)抑(yi)制建筑鋁(lv)(lv)型材的(de)消費量從而抑(yi)制鋁(lv)(lv)價的(de)大(da)幅上(shang)(shang)行，但光伏、新(xin)能源(yuan)汽車(che)以及含鋁(lv)(lv)產(chan)品的(de)出(chu)口增(zeng)(zeng)長將提供(gong)(gong)(gong)(gong)鋁(lv)(lv)消費增(zeng)(zeng)長的(de)動力。供(gong)(gong)(gong)(gong)給(gei)(gei)端來看，云南鋁(lv)(lv)復(fu)產(chan)將增(zeng)(zeng)加(jia)供(gong)(gong)(gong)(gong)給(gei)(gei)壓力，但影(ying)響力度(du)可控。同時，雖(sui)然(ran)目前海外停產(chan)鋁(lv)(lv)產(chan)能受到電價下行具備復(fu)產(chan)條(tiao)件，但海外鋁(lv)(lv)復(fu)產(chan)的(de)速度(du)以及意(yi)(yi)愿或意(yi)(yi)味著短期海外新(xin)增(zeng)(zeng)供(gong)(gong)(gong)(gong)給(gei)(gei)或有(you)限。華泰證券(quan)認(ren)為鋁(lv)(lv)行業利潤將在目前水(shui)平波動，大(da)幅上(shang)(shang)下行風險(xian)皆(jie)有(you)限。鋁(lv)(lv)中(zhong)期供(gong)(gong)(gong)(gong)需進一步收緊(jin)，價格(ge)中(zhong)樞或逐步上(shang)(shang)移。