Group 1 - The article discusses a report from Morgan Stanley regarding the National Development and Reform Commission's recent article on optimizing traditional industries, specifically focusing on alumina and copper smelting management and encouraging mergers and acquisitions among major enterprises in these sectors [1] - 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. The new policy may restrict the planning of new alumina production capacity, and capacity consolidation is expected to benefit industry leaders such as China Aluminum (02600) and China Hongqiao (01378) [1] - There is a potential for pressure on alumina prices from a significant amount of already approved capacity that may impact prices until 2026 [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. However, stable demand is expected to support copper prices at high levels, benefiting companies such as Zijin Mining (02899), Luoyang Molybdenum (03993), Minmetals Resources (01208), and Jiangxi Copper (00358) [1]