Tianfeng Securities released a research report stating that debt-to-equity swaps will significantly reduce the debt burden of local governments, promote the release of more fiscal funds by local governments, and the infrastructure industry chain will be one of the core directions benefiting from debt-to-equity swaps. Industrial metals represented by copper and aluminum, as key raw materials for infrastructure, will directly benefit. Debt-to-equity swaps and stable real estate policies will improve the domestic investment environment, with domestic demand orientation and commodities with high correlation to real estate benefiting more directly. Additionally, commodities priced globally are expected to benefit from both domestic and international demand, which is bullish for the non-ferrous cyclical sector. In terms of direction, in Q4 Tianfeng Securities is bullish on the electrolytic aluminum sector with strong supply constraints. Despite the recent transition from peak season to off-peak season, destocking continues, showing significant fundamental resilience. Coupled with the current favorable macro catalysts, it is expected that aluminum prices will perform well. It is recommended to focus on Chinahongqiao (01378), Aluminum Corporation of China (601600.SH), tianshan aluminum group (002532.SZ), Shandong Nanshan Aluminium (600219.SH) and other targets with high self-sufficiency in alumina. It is advisable to pay close attention to core companies in the sector.