CITIC SEC's Research Reports indicate that the global electrolytic Aluminum production growth rate is expected to be 3.6%/2.2%/1.7%/0.9% from 2024 to 2027, showing a rapid downward trend. At the same time, our calculations show that the incentive price for overseas electrolytic Aluminum projects could reach up to $3,000/24,000 yuan. Current Aluminum prices cannot stimulate the expansion of overseas capacity. We are Bullish on the potential for price increases of Aluminum and the allocation value of the Aluminum Sector under strong supply constraints. Maintaining an "outperform the market" rating for the Aluminum Sector.