On November 20, Glorious Finance pointed out in a research report that Tianshan Aluminum Group (002532.SZ) has been continuously deepening its layout in the aluminum industry chain since its establishment, forming an integrated upstream and downstream chain from bauxite, alumina to electrolytic aluminum, high-purity aluminum, and aluminum foil research and manufacturing. From an industry perspective, driven by the new energy sector, the demand for industrial aluminum profiles is expected to maintain a high growth rate; after the implementation of domestic policies, the demand for aluminum in infrastructure and real estate sectors is expected to accelerate. Overseas, the re-industrialization in the United States to a certain extent promotes the demand for aluminum use, and it is expected that the global aluminum demand elasticity will gradually be released. On the supply side, the rigidity of domestic and overseas aluminum supply is gradually becoming prominent, and aluminum prices may enter a long-term prosperous cycle. With the improvement of industry prosperity, the company's performance is expected to achieve sustained growth, and an initial 'recommended' rating is given.