【期货热点追踪】氧化铝期货继续下跌，过剩预期仍存，机构分析表示，目前运行产能处于历史高位偏过剩状态，政策预期驱动大幅冲高后需警惕回调风险。

Core Viewpoint - The aluminum oxide futures continue to decline due to persistent oversupply expectations, with current operating capacity at historically high levels indicating a state of excess [1] Group 1 - The market is experiencing a significant oversupply situation, which is reflected in the ongoing decrease in aluminum oxide futures [1] - Institutional analysis suggests that after a substantial price increase driven by policy expectations, there is a need to be cautious of potential price corrections [1]