China Galaxy Securities research report stated that the State Council has issued the "2024-2025 Energy Saving and Carbon Reduction Action Plan," which focuses on strictly implementing the replacement of electrolytic aluminum production capacity, strictly controlling the new smelting capacity of copper, alumina, and other metals, and rationally arranging new production capacity in industries such as silicon, lithium, and magnesium. Electrolytic aluminum is the key to achieving energy saving and carbon reduction goals in China's nonferrous metal industry. The "2024-2025 Energy Saving and Carbon Reduction Action Plan" will further consolidate the 45 million ton production capacity of domestic electrolytic aluminum and limit the expansion of alumina production capacity. At present, the total operating capacity of domestic electrolytic aluminum has reached 42.62 million tons, close to the production capacity ceiling, with limited subsequent increment. In addition, the country has issued historically significant real estate optimization policies and accelerated the issuance of special national bonds and special bonds, which help improve downstream demand for aluminum. It is expected that the profit of China's electrolytic aluminum industry will maintain a considerable level, and it is recommended to focus on Aluminum Corporation of China, Henan Shenhuo Coal & Power, Tianshan Aluminum Group, and Yunnan Aluminium.