Huatai Securities: The copper price dividend is concentrated on the mining end, while aluminum companies rely on cost reductions and structural upgrades for profit improvement.

Huatai Securities Research Report indicates that in the first half of 2026, the average price of LME copper spot YoY increased by 38.7%, and in Q2 of 2026, the average price increased by 3.8% QoQ and 40% YoY. The average price of electrolytic aluminum in 26H1 increased by 18.7% YoY, and in Q2 of 2026, the average price increased by 1% QoQ. Copper prices continue to rise, with high self-sufficiency rate mines benefiting significantly. In addition, smelting companies are also benefiting from the rising prices of by-product sulfuric acid. The aluminum sector benefited from the significant price increase of electrolytic aluminum in 26H1. According to the performance pre-increase announcements of various companies for the first half of 2026, the core reasons for the profit differentiation in the aluminum industry are procurement optimization, production technology transformation, upgrade of high-end product structure, supply chain, and cost control differences.