Group 1: Report Industry Investment Rating - No investment rating is provided in the report. Group 2: Report's Core View - The view on finished products is that they will operate in a state of shock consolidation, with the price center moving down and showing weak operation [1][3]. - The view on aluminum ingots is that the price is expected to undergo short - term shock adjustment, and it is necessary to pay attention to macro - sentiment and mining - end news. In the short term, it is expected to maintain high - level shock, and then pay attention to the inventory - consumption trend [4]. Group 3: Summary by Relevant Catalogs Finished Products - In the Yunnan - Guizhou region, short - process construction steel enterprises' shutdown and maintenance during the Spring Festival are mostly from mid - January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on the total construction steel output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills started to shut down on January 5, and most of the rest will shut down around mid - January, with a daily impact on output of about 16,200 tons during the shutdown [3]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) 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 [3]. - The finished products continued to decline in shock yesterday, reaching a new low recently. In the pattern of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, with weak price support [3]. - Later, it is necessary to pay attention to macro - policies and downstream demand [3]. Aluminum Ingots - In September, the domestic electrolytic aluminum production increased by 1.14% year - on - year and decreased by 3.18% month - on - month. In October, the overall performance of the aluminum processing industry was in line with seasonal characteristics but showed obvious internal differentiation [3]. - The aluminum cable and wire production rate declined, but the orders from the power grid and photovoltaic sectors were still strong. The aluminum profile production rate decreased slightly, with the new orders for construction profiles being weak. The aluminum plate and strip production rate decreased to 68.0%, and the aluminum foil production rate decreased slightly [3]. - On October 13, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 650,000 tons, an increase of 1000 tons from last Thursday and 58,000 tons from last Monday [3]. - Later, it is necessary to pay attention to changes in macro - expectations, the development of geopolitical crises, the resumption of production at the mining end, and the release of consumption [4].