政策赋能供给优化，需求结构持续升级

Group 1: Copper Industry - The copper price has shown a strong upward trend since early 2025, driven by expectations of tight copper supply and resilient demand from the renewable energy sector [6][14][24] - China's refined copper production is expected to maintain a high level due to significant contributions from recycled copper and improvements in smelting technology, although the growth momentum may weaken due to low smelting fees and tightening raw material supply [24][29] - Demand for copper is increasingly driven by the renewable energy sector, with significant growth in electric power electronics and electric vehicles, which are expected to continue to boost copper consumption [35][43] Group 2: Aluminum Industry - The aluminum price has experienced fluctuations, initially rising and then stabilizing, with expectations of strong demand from the renewable energy sector and gradual recovery in the real estate market [54][66] - The supply side of the aluminum industry is expected to remain sufficient, with a focus on the impact of new aluminum ore production and the implementation of the "Aluminum Industry High-Quality Development Implementation Plan" [64][70] - Demand for aluminum is shifting, with strong growth in the automotive and renewable energy sectors, while traditional demand from construction is under pressure [84][91]