Report Industry Investment Rating No information provided Core Views - The price of finished products is expected to move downward with a weak trend, and it will operate in a volatile and consolidating manner, with the price center of gravity shifting downward [1][2] - The aluminum price is expected to fluctuate weakly in the short term and operate within a range, with low inventory providing some support [2][3] Summary by Relevant Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month, affecting 741,000 tons of total construction steel production [1] - Six short - process steel mills in Anhui, one stopped on January 5, most will stop around mid - January, and the daily output affected during the shutdown is about 16,200 tons [2] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - The price of finished products continued to decline yesterday, reaching a new low recently. In the pattern of weak supply and demand, the market sentiment is pessimistic, and winter storage is sluggish, with little price support [2] Aluminum - As of Thursday, the national metallurgical alumina's total built - in production capacity is 109.22 million tons/year, the total operating capacity is 87.02 million tons/year, and the weekly operating rate decreased by 0.07 percentage points to 79.67% [2] - Before the festival, the domestic aluminum downstream processing leading enterprises' operating rate decreased by 0.9 percentage points to 61.6% week - on - week and 2.8 percentage points year - on - year. Except for the aluminum cable operating rate rising, other sectors decreased [2] - On May 8, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 620,000 tons, a decrease of 16,000 tons from Tuesday and an increase of 6,000 tons from April 30 [2] - The domestic aluminum ingot inventory performance during the May Day holiday was better than expected, and the inventory accumulation was controllable. The inventory continued to decline after the festival, indicating strong consumption resilience [2]