On July 11th, Guolong News reported that due to concerns about the trend of aluminum prices in the market, China Hongqiao and Aluminum Corporation of China's A-shares and H-shares fell by 6% to 9% yesterday (July 10th). The bank believes that the above stock price adjustments largely reflect the downward risk of alumina's contribution to the two companies in the fiscal year 2025. It is expected that a $10 drop in aluminum prices per ton will cause a 2.5% decline in the company's profits in fiscal year 2025. JPMorgan believes that the actual impact of the drop in aluminum prices may be less than the market's concern, mainly due to the better-than-expected aluminum production, the short-term aluminum price will remain high; the aluminum ore supply is becoming tighter; and the profitability buffer of China Hongqiao and Aluminum Corporation of China's alumina sector is relatively high. JPMorgan also pointed out that the outlook for aluminum prices remains positive, and it believes that Aluminum Corporation of China is still expected to achieve record profits this year and higher dividend performance. At the same time, the bank also recommends investors to absorb them further when Aluminum Corporation of China's H shares further decline. The bank gave Aluminum Corporation of China a "shareholding" rating and a target price of HKD 6.3.