Guosen Securities research reports state that aluminum alloy material performance is balanced, with a time lag for large-scale application, new application areas continue to be discovered, and its demand potential has been underestimated. We believe that the peak of aluminum demand drag on the real estate industry is over, and it will trend towards stability in the future; the substitution trend of aluminum material for copper, steel, and wood is emerging, with significant potential in per capita aluminum consumption in developing countries, and there is still a large room for growth in aluminum demand. Coincidentally, china's electrolytic aluminum production is expected to peak in the next 1-2 years, highlighting the imminent contradiction of global electrolytic aluminum supply shortage.