UBS cut its global aluminum price forecasts to $1.50/lb for 2026 and $1.42/lb for 2027. After factoring SHFE-LME discounts, UBS lowered its China aluminum price forecasts to RMB23,000/ton for 2026 and RMB22,500/ton for 2027. UBS cut 2024 earnings estimates for Aluminum Corporation of China (Chalco) (02600.HK) and China Hongqiao Group (01378.HK) by 15% and 13% respectively, and cut 2025 estimates by 31% and 24%. UBS reduced Chalco H-share PT to HK$14.2 from HK$17.5 and Hongqiao PT to HK$36.8 from

【股指期货早盘开盘】沪深300股指期货（IF）主力合约跌0.29%，上证50股指期货（IH）主力合约跌0.10%，中证500股指期货（IC）主力合约跌0.42%，中证1000股指期货（IM）主力合约跌0.34%。

Rutte, who became NATO secretary-general in 2024, told the Wall Street Journal that the immediate challenge has shifted from securing pledges to delivering weapons and combat-ready forces as hundreds of billions of dollars flow into European militaries. A year ago it was about commitments to raise spending, he said; this year the key is delivery. He said roughly $300 billion of equipment has been ordered from US firms and warned NATO is essentially hitting its absorption limit. Governments face two bottlenecks: industrial capacity — strained by restocking after the Ukraine conflict and heavy ammunition use by the US and allies in the war with Iran — and the ability to recruit and train personnel to expand operational forces.