Group 1 - The article highlights the National Development and Reform Commission's recent emphasis on optimizing the management and layout of the alumina and copper smelting industries, encouraging mergers and acquisitions among major enterprises in these sectors [1] - Morgan Stanley notes that alumina prices are under pressure due to increased supply, with current production capacity at 110 million tons and an utilization rate of 84%, while domestic demand in China has reached its limit [1] - The new policy may restrict the planning of additional alumina production capacity, and capacity consolidation is expected to benefit industry leaders such as China Aluminum (02600) and China Hongqiao (01378) [1] Group 2 - Lower annual copper concentrate processing and refining fees, along with long-term contract concentrate volumes, may lead to a reduction in refined copper production by 2026 [1] - Despite these factors, stable demand is expected to support copper prices at high levels, benefiting companies like Zijin Mining (02899), Luoyang Molybdenum (03993), Minmetals Resources (01208), and Jiangxi Copper (00358) [1]