According to the CITIC Securities Research Report, the ongoing supply and demand gap pattern and EGA supply disturbance news have driven alumina prices to surpass expectations to a record high of 4,800 yuan, ranking first among basic metal futures types in terms of increase since the beginning of the year. The resumption of production in Jinyu was suspended and shipments in Guinea were limited during the rainy season, and the tight supply situation of bauxite in China continued. Furthermore, since April, China's alumina changed from net imports to a net export pattern, increasing supply pressure. We believe that it will be difficult to substantially reduce the alumina supply and demand gap before the second quarter of 2025, and prices will remain strong, driving the profits of aluminum companies with high self-sufficiency rates to exceed expectations. There are frequent favorable policies, and fundamentals continue to be strong. We continue to be optimistic about the investment value of the aluminum industry driven by the four dimensions of supply, profit, dividend, and valuation, and maintain the aluminum sector's “better than the market” rating.

According to the CITIC Securities Research Report, the ongoing supply and demand gap pattern and EGA supply disturbance news have driven alumina prices to surpass expectations to a record high of 4,800 yuan, ranking first among basic metal futures types in terms of increase since the beginning of the year. The resumption of production in Jinyu was suspended and shipments in Guinea were limited during the rainy season, and the tight supply situation of bauxite in China continued. Furthermore, since April, China's alumina changed from net imports to a net export pattern, increasing supply pressure. We believe that it will be difficult to substantially reduce the alumina supply and demand gap before the second quarter of 2025, and prices will remain strong, driving the profits of aluminum companies with high self-sufficiency rates to exceed expectations. There are frequent favorable policies, and fundamentals continue to be strong. We continue to be optimistic about the investment value of the aluminum industry driven by the four dimensions of supply, profit, dividend, and valuation, and maintain the aluminum sector's “better than the market” rating.