Group 1 - The core viewpoint of the article indicates that aluminum prices are currently in a range-bound state, influenced by macroeconomic factors and domestic production dynamics [1] - As of this week, the total production capacity of metallurgical-grade alumina in the country is 110.32 million tons per year, with an operational capacity of 91.79 million tons per year, reflecting a weekly increase in the operating rate by 0.63 percentage points to 83.20% due to the end of maintenance and profit-driven production increases [1] - The operating rate of major domestic aluminum processing enterprises has slightly increased by 0.1 percentage points to 58.7%, while the operating rate for aluminum wire and cable remains stable at 61.8%, supported by demand from power grid orders [1] Group 2 - In July, the total production of aluminum rods was 360,500 tons, a decrease of 29,600 tons from June, with an operating rate of only 53.2%, reflecting a month-on-month decline of 6.89% and a year-on-year decline of 6.7% due to inventory accumulation, weak demand, and high aluminum prices [1] - Since late July, aluminum prices have retreated, and expectations for terminal deliveries have increased for August and September, suggesting that downstream consumption may recover from the off-season, although current inventory levels at aluminum rod manufacturers still need to be addressed [1] - As of August 14, the inventory of electrolytic aluminum ingots in major domestic consumption areas is 588,000 tons, an increase of 1,000 tons from Monday and 24,000 tons from the previous Thursday, indicating a short-term support for aluminum prices from macroeconomic easing expectations [1]