机构：铜价牛市有望加速 铝价有望迎来上行周期

Group 1: Copper Industry - The Shandong Provincial Industry and Information Technology Department aims for a 5% year-on-year growth in the added value of the copper industry by 2026, with cathode copper production targeted at approximately 1.7 million tons, a 3% increase [1] - The copper processing product output is expected to reach around 600,000 tons, reflecting a 4% year-on-year growth, while the total output value of the copper industry is projected to exceed 200 billion yuan [1] - High copper prices are currently suppressing short-term demand, with weekly operating rates for electrolytic copper rods at 48.83%, down 11.90% month-on-month; however, long-term supply disruptions may lead to a shift from a tight balance to a shortage [1][3] Group 2: Aluminum Industry - The aluminum industry is experiencing upward adjustments in demand expectations, with aluminum prices reaching new highs; the demand for electrolytic aluminum is anticipated to increase due to the "aluminum replacing copper" trend in the home appliance sector [2] - The supply side of alumina is currently in an oversupply situation, with rising inventories leading to weak spot prices; ongoing monitoring of alumina cost profits and operational capacity is necessary [2] - Concerns over supply due to data centers "grabbing electricity" may tighten the global aluminum supply-demand balance by 2026, with domestic supply potentially hitting capacity ceilings [3]