China Galaxy Securities research report stated that the State Council issued the "Action Plan for Energy Saving and Carbon Reduction from 2024-2025" which requires strict implementation of electrolytic aluminum production capacity replacement, strict control of smelting new capacity for copper, alumina and reasonable layout of new capacity for industries such as silicon, lithium, magnesium in the energy-saving and carbon reduction action of nonferrous metal industry. Electrolytic aluminum is the key to achieving energy-saving and carbon-reduction goals in China's non-ferrous metal industry. The "Action Plan for Energy Saving and Carbon Reduction from 2024-2025" will further consolidate the 45 million tons of domestic electrolytic aluminum production capacity and limit the expansion of alumina production capacity. At present, the total operating capacity of domestic electrolytic aluminum has reached 42.62 million tons, approaching the capacity ceiling and the incremental growth is limited. In addition, the state has introduced historically high real estate optimization policies and accelerated the issuance of special national bonds and special bonds, all of which help improve downstream demand for aluminum. It is expected that the domestic electrolytic aluminum industry's profit will maintain a considerable level, and it is recommended to pay attention to Aluminum Corporation of China, Henan Shenhuo Coal & Power, Tianshan Aluminum Group, and Yunnan Aluminium.