1. Report Industry Investment Rating - No information provided. 2. Core Views Aluminum - Supply side: No production increase or decrease this week, and the operating capacity remained stable [3]. - Demand side: The theoretical output of aluminum rods and aluminum plates decreased compared to last week, and the center of the spot aluminum price moved down. Industry profits narrowed, and social inventories accumulated as downstream enterprises went on holiday. Short - term fluctuations were large due to overseas macro - situations and macro - aspects, and the market was currently in a high - level shock [3]. -利多 factors: Clear policy restrictions on domestic electrolytic aluminum production capacity and insufficient global supply elasticity; the inventory of the entire industrial chain was still low [4]. -利空 factors: Some electrolytic aluminum enterprises were still in the process of commissioning, and the theoretical operating capacity of the industry increased slightly; there was some production reduction in the downstream, and the procurement willingness of processing enterprises was low approaching the Spring Festival [4]. Alumina - Supply side: Some enterprises will end maintenance and resume normal production, while some are promoting the production reduction process. Overall, the alumina supply was still in surplus, and there were still fundamental negative factors [5]. - Demand side: The operating capacity of electrolytic aluminum will maintain a pattern of small - scale growth and overall stability in the short term, and the demand for alumina will continue to be high. The spot price of alumina was stable this week, and the factory inventory continued to increase. There were still short - term supply disturbances, and the short - term price bottom might gradually emerge [5]. -利多 factors: Some enterprises were promoting production reduction, causing short - term supply disturbances; downstream demand remained high [6]. -利空 factors: The overall supply reduction was limited, and the supply was still in surplus; the growth rate of downstream electrolytic aluminum slowed down, suppressing the demand for alumina [9]. 3. Summary by Relevant Catalogs Upstream Supply - **Bauxite**: The report shows the national monthly production seasonality, provincial monthly production, monthly import volume seasonality, and port inventory seasonality of Chinese bauxite [21][22]. - **Alumina**: It includes the national weekly operating rate, provincial weekly operating rate, monthly import volume seasonality, import profit and loss, monthly production seasonality, and production in major producing areas [25][28][33]. - **Electrolytic Aluminum**: The monthly production seasonality, weekly production seasonality, monthly net import seasonality, and spot import profit and loss of Chinese electrolytic aluminum are presented [31][34][38]. Downstream Demand - **Product Output**: It shows the weekly production seasonality of aluminum rods, and the monthly production seasonality of aluminum profiles, aluminum rods, aluminum plates, aluminum foils, and primary aluminum alloy ingots [39]. - **Operating Rate**: The weekly and monthly operating rate seasonality of various aluminum products such as aluminum profiles, aluminum rods, aluminum plates, aluminum foils, and primary aluminum alloys are provided [43][52]. - **Export**: The monthly export volume seasonality of unforged aluminum and aluminum products and the export profit of Chinese aluminum products are presented [54][56]. - **Related Industries**: The cumulative year - on - year of housing start - up and completion area and fixed - asset investment completion, as well as the monthly values of automobile production, new energy vehicle production, power grid project investment, new 220 - kV and above line length, solar power project investment, and photovoltaic new - installed capacity are shown [57][59][62][66]. Inventory - **Bauxite**: The monthly inventory seasonality of Chinese bauxite and its inventory seasonality in Guangxi, Henan, and Shanxi are presented [67][68]. - **Alumina**: The factory inventory seasonality, inventory days seasonality, and SHFE alumina warehouse receipt total seasonality of alumina enterprises are shown [69][70]. - **Aluminum**: The LME aluminum inventory seasonality, SHFE aluminum warehouse receipt quantity seasonality, Chinese electrolytic aluminum social inventory seasonality, inventory days seasonality, aluminum rod spot inventory seasonality, and aluminum ingot + aluminum rod spot inventory seasonality are presented [70][73]. Cost and Profit - **Raw Material Prices**: The prices of domestic bauxite, imported bauxite, 32% ion - exchange membrane caustic soda, pre - baked anodes, power coal, Dutch natural gas TTF, and European electricity prices are shown [75][76]. - **Cost and Profit of Aluminum Products**: The cost and profit of Chinese electrolytic aluminum are presented [76].