大宗周期-有色金属行业主题报告 20251216 摘要 2026 年黄金价格预计将受益于美元信用走弱，美联储降息预期、鲍威 尔卸任后可能出现的政策不确定性，以及美国财政和政治问题，将共同 推动金价上涨，全球央行购金也将形成支撑。 铜市场方面，海外铜矿项目面临资源禀赋降低、政策约束强化等问题， 限制了产能释放。同时，AI 硬件和算力基础设施建设将显著拉动铜需求， 预计铜价仍将处于中枢上行趋势。 电解铝市场，国内产能接近天花板，海外高电价加剧了产能运行的不确 定性。尽管如此，新能源汽车需求的强劲增长以及国内外电解铝库存处 于历史低位，预示着电解铝价格弹性有望进一步放大。 锡市场供应端面临印尼打击非法采矿、缅甸复产缓慢以及刚果（金）战 乱等多重扰动，导致全球锡供应紧张。国内锡矿加工费已触及近五年低 位，AI 产业增长将带动锡焊料需求，预计价格中枢将开启长周期上行趋 势。 碳酸锂市场在 2026 年将延续强劲势头，国内云母矿供应波动风险依然 存在，海外锂资源扩张周期进入中后段。新能源汽车和储能需求的快速 增长将为碳酸锂提供支撑，储能有望成为新的增长极。 Q&A 展望 2026 年，有色金属板块的投资逻辑主要集中在三条 ...

Copper - Overnight copper prices showed narrow fluctuations, with domestic refined copper imports maintaining losses. The macroeconomic environment indicates a cooling job market in the U.S., with November non-farm payrolls adding 64,000 jobs, exceeding expectations, but the unemployment rate rose to 4.6%, the highest since 2021. This data confirms a cooling job market, but its impact on the Federal Reserve's view on potential rate cuts in January remains uncertain. The probability of a rate cut in January has increased again [3][11] - The U.S. December Markit Composite PMI preliminary value is 53, below expectations of 53.9 and the previous value of 54.2, indicating a slowdown in order growth and rising price indices. Domestically, the Central Financial Office emphasizes expanding domestic demand as a top priority for next year, continuing a moderately loose monetary policy [3][11] - Inventory levels show LME copper stocks at 165,875 tons, COMEX copper warehouse receipts increased by 1,652 tons to 412,444 tons, SHFE copper warehouse receipts increased by 3,558 tons to 45,784 tons, and BC copper increased by 1,012 tons to 6,977 tons. The upcoming Bank of Japan meeting may introduce macroeconomic disturbances, leading to cautious sentiment in overseas financial markets [3][11] Nickel & Stainless Steel - Overnight LME nickel fell by 0.28% to $14,255 per ton, while SHFE nickel dropped by 0.66% to 111,890 yuan per ton. LME nickel inventory increased by 360 tons to 253,392 tons, and SHFE warehouse receipts rose by 2,622 tons to 37,872 tons. The LME 0-3 month spread remains negative, and the import nickel spread is stable at 400 yuan per ton [12] - Nickel iron prices remain stable, and the stainless steel spot market shows improved transaction sentiment, with total social inventory of stainless steel at 1.0636 million tons, a week-on-week decrease of 1.55%. However, the raw material prices are under pressure due to falling nickel prices and weakening demand [12] - The domestic inventory of primary nickel is increasing again, and the basic fundamentals are dragging nickel prices into a weak oscillation. Attention should be paid to overseas industrial policies and macroeconomic sentiment [12] Alumina & Aluminum - Overnight alumina prices showed a slight increase, with AO2601 closing at 2,553 yuan per ton, up 0.75%. SHFE aluminum also showed a slight increase, with AL2602 closing at 21,825 yuan per ton, up 0.14%. Aluminum alloy prices increased slightly, with AD2602 closing at 20,925 yuan per ton, up 0.05% [13][14] - The SMM alumina price has fallen to 2,787 yuan per ton, and aluminum ingot spot discounts have expanded to 100 yuan per ton. The market is currently negotiating new quarterly order prices for alumina, with companies showing a strong willingness to maintain production despite losses [13][14] - Domestic mining recovery is low, and external mining prices have shown slight declines. The market is gradually adjusting to a new trend of weak supply and strong demand for aluminum prices, with expectations of continued high prices [13][14] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight decline, with the main contract closing at 8,365 yuan per ton, down 0.59%. The reference price for industrial silicon is stable at 9,580 yuan per ton. Polysilicon prices showed a slight increase, with the main contract closing at 58,600 yuan per ton, up 1.48% [15] - The market is currently focused on hedging contracts or undelivered previous orders, with industrial silicon showing no clear trend and continuing to oscillate. The exchange has implemented measures to ease volatility in polysilicon [15] - The market is experiencing a disconnect between spot oversupply and warehouse shortages, with no upward driving force for the spot market. However, the lack of significant warehouse registration provides some support for the futures market [15] Lithium Carbonate - Lithium carbonate futures for the 2605 contract rose by 1.4% to 101,060 yuan per ton. The average price of battery-grade lithium carbonate increased by 650 yuan per ton to 95,150 yuan per ton, while industrial-grade lithium carbonate also rose by 650 yuan per ton to 92,650 yuan per ton [16] - The weekly production of lithium carbonate increased by 59 tons to 21,998 tons, with spodumene lithium production rising by 260 tons to 13,744 tons. December lithium carbonate production is expected to increase by 3% month-on-month to 98,210 tons [16] - The market is experiencing resource supply disturbances, with expectations of production recovery weakening, leading to price increases. Even in the off-season, prices may weaken, but downstream stocking intentions are expected to remain strong [16]

Core Viewpoint - The "White Paper on the Development and Innovation of China's ESG Investment (2025)" indicates that by 2025, China's ESG ecosystem will transition from advocacy to a new phase characterized by "policy support, corporate leadership, and capital empowerment" [1] Group 1: Policy Framework - 2025 marks a watershed year for China's ESG policy system, showcasing features such as "standard unification, coverage expansion, mandatory implementation, and institutional empowerment" [2] - The "Green Finance Support Project Directory (2025 Edition)" achieves cross-departmental standard unification [2] - The national carbon market will expand to include industries like steel, cement, and electrolytic aluminum, covering over 60% of emissions [2] - The sustainable disclosure system is expected to be largely established by 2030, with ongoing releases of corporate sustainability disclosure standards by the Ministry of Finance [2] - New regulations will institutionalize the participation of institutional investors in corporate governance [2] Group 2: Corporate Transformation - Companies are shifting their view of ESG from a cost burden to a strategic engine for cost reduction and efficiency enhancement, with over 63% planning to maintain or increase future emissions reduction investments [3][5] - Economic benefits are becoming the primary driver for increased emissions reduction investments, with 81% of companies citing "lowering energy or raw material costs" as a key motivation [5] - The example of Sinopec's Qingdao Refining and Chemical Company illustrates that an investment of 170 million yuan in energy efficiency improvements is expected to yield annual savings of approximately 30.72 million yuan [5] Group 3: Market Dynamics - 54% of surveyed companies prioritize low-carbon suppliers, and 38% have required suppliers to take carbon reduction actions, particularly in the automotive and electronics sectors [7] - 30% of companies view attracting green financing as a motivation for emissions reduction, with green loans reaching 4.351 trillion yuan and green bond issuance at 840.2 billion yuan by September 2025 [7] - Companies with overseas operations are more likely to increase emissions reduction investments due to downstream customer demands, with 55% of such companies responding positively compared to only 10% of those without overseas operations [7] Group 4: Capital Engagement - Institutional investors, represented by public funds, are evolving from mere capital providers to active participants in corporate governance and value creation [9] - The new Company Law lowers the threshold for shareholder proposals from 3% to 1%, facilitating greater participation from institutional investors [10] - 84% of listed companies recognize that institutional investors primarily focus on financial health, with a significant portion of rejected proposals related to related-party transactions, indicating institutional shareholders' vigilance in governance [10] Group 5: Industry Leadership - 华夏基金 is one of the earliest public funds to engage in ESG investment in China, having signed the UN Principles for Responsible Investment in 2017 [11] - The company has actively participated in over 170 ESG communications with more than 70 listed companies and has established a digital platform for proxy voting [11] - 紫顶股东服务 is a leader in voting rights management services in China, providing professional voting recommendations to institutional investors [11]

Copper - Overnight copper prices fluctuated and then retreated, with domestic refined copper imports maintaining losses. The New York Federal Reserve reported a significant drop in the general business conditions index by about 23 points to -3.9, indicating a contraction in manufacturing, although the outlook for the next six months improved significantly, with the outlook index rising 16.6 points to its highest level since the beginning of the year, reflecting increased optimism about orders and shipments [3][9] - Domestic economic data for November showed resilient exports but weak domestic demand, with consumption declining rapidly month-on-month and fixed asset and real estate investments under pressure, highlighting the need for policy intervention [3][9] - LME copper inventory decreased by 25 tons to 165,875 tons, while COMEX copper warehouse receipts increased by 1,995 tons to 410,792 tons, and SHFE copper warehouse receipts rose by 9,663 tons to 42,226 tons [3][9] Nickel & Stainless Steel - LME nickel fell by 2.22% to $14,295 per ton, while SHFE nickel dropped by 2.15% to 112,530 yuan per ton. LME inventory increased by 360 tons to 253,392 tons, and SHFE warehouse receipts rose by 2,622 tons to 37,872 tons [10] - The stainless steel market showed improved transaction sentiment, with total social inventory of stainless steel in major markets decreasing by 1.55% week-on-week to 1,063,600 tons [10] - The nickel price is under pressure due to weak demand and inventory accumulation, with attention on overseas industrial policies and macroeconomic sentiment [10] Alumina & Aluminum - Overnight alumina prices showed a slight decline, with AO2601 settling at 2,527 yuan per ton, down 0.75%. SHFE aluminum also experienced a slight decline, with AL2602 closing at 21,865 yuan per ton, down 0.11% [11] - The market is currently negotiating new quarterly order prices for alumina, with companies showing a strong willingness to maintain production despite losses [11] - The aluminum price is expected to continue to run at high levels due to supply constraints and the impact of the Federal Reserve's interest rate decisions [11] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight increase, with the main contract settling at 8,350 yuan per ton, up 1.15%. Polysilicon prices also increased, with the main contract at 58,030 yuan per ton, up 3.61% [13] - The market is currently experiencing a disconnect between spot and futures prices due to excess supply in crystalline silicon and a shortage of warehouse receipts [13] - The trading environment remains cautious, with a focus on the dynamics of production capacity and market responses to recent production cuts [13] Lithium Carbonate - Lithium carbonate futures rose by 1.4% to 101,060 yuan per ton, with both battery-grade and industrial-grade lithium carbonate prices increasing by 650 yuan per ton [14] - Weekly production increased by 59 tons to 21,998 tons, with expectations for a 3% increase in December production [14] - The market is experiencing a reduction in inventory levels, with social inventory continuing to decline, indicating strong demand despite potential seasonal price weaknesses [14]

Group 1: Market Dynamics - The price of aluminum futures has entered a high-level oscillation pattern after reaching a peak of 22,395 yuan/ton on December 5, with market dynamics influenced by macroeconomic expectations and industrial realities [1] - The aluminum market is characterized by a balance of supply and demand, with prices currently in a tug-of-war as the market awaits new driving factors to break the deadlock [1] Group 2: Production and Supply - In November, China's electrolytic aluminum production was 3.6366 million tons, a slight year-on-year increase of 1.47% but a month-on-month decrease of 2.82% [2] - The aluminum water ratio decreased slightly to 77.3%, with expectations for a further decline to 76.6% in December due to marginal weakening of downstream demand [2] - Domestic electrolytic aluminum inventory remained at a relatively low level of 596,000 tons as of December 15, supported by stable demand despite the traditional off-season [4] Group 3: Cost and Profitability - In November, the average cost of the domestic electrolytic aluminum industry decreased slightly by 0.14% to 16,057 yuan/ton, while profits surged by 10.7% to approximately 5,433.03 yuan/ton [5] - By December 12, the immediate profit for domestic electrolytic aluminum had risen to 5,715.47 yuan/ton, reflecting a significant year-on-year increase [5] Group 4: Import Trends - From January to October, China imported approximately 2.211 million tons of primary aluminum, a year-on-year increase of 21.2%, with October imports reaching 248,400 tons, a substantial increase of 42.08% year-on-year [3] - The concentration of import sources remains high, with Russia as the largest supplier and Indonesia showing rapid growth [3] Group 5: Automotive Industry Performance - The Chinese automotive industry showed steady growth in November, with production and sales reaching 3.532 million and 3.429 million units, respectively, marking a year-on-year increase of 2.8% and 3.4% [6] - New energy vehicles (NEVs) performed particularly well, with production and sales exceeding 1.88 million units, representing a year-on-year growth of over 20% [6] Group 6: Economic Outlook - The overall domestic economy is showing signs of recovery, but structural issues such as insufficient effective demand remain prominent [8] - The aluminum market is characterized by stable supply, resilient demand, and weakening cost support, with expectations for continued high-level oscillation in prices [8]

Liquidity - M1 and M2 growth rate difference reached a nearly 56-month high in September, followed by a decline for two consecutive months [4] - The BCI small and medium enterprise financing environment index for November 2025 is 52.50, up 0.17% month-on-month [4] - The M1 and M2 growth rate difference in November 2025 is -3.1 percentage points, down 1.10 percentage points month-on-month [4] - Current London gold spot price is $4,299 per ounce [4] Infrastructure and Real Estate Chain - The national blast furnace capacity utilization rate has been below the same period last year for two consecutive weeks [5] - Price changes this week include rebar down 0.61%, cement price index up 0.86%, rubber up 1.71%, coke down 3.29%, coking coal down 0.71%, and iron ore down 0.63% [5] - National capacity utilization rates for blast furnaces, cement, and asphalt are down 1.16 percentage points, down 0.30 percentage points, and up 0.3 percentage points respectively [5] Real Estate Completion Chain - Titanium dioxide gross profit is at a low level, with a gross profit of -1,679 yuan per ton [6] - Prices for titanium dioxide and glass remain unchanged week-on-week [6] - Flat glass operating rate this week is 73.82% [6] Industrial Products Chain - The semi-steel tire operating rate is at the median level for the past five years [7] - Major commodity price performance this week includes cold-rolled steel unchanged, copper up 2.59%, and aluminum down 0.36% [8] - National semi-steel tire operating rate is 71.57%, up 0.65 percentage points week-on-week [8] Subcategories - Prebaked anode prices are at the highest level since April 2023 [9] - Graphite electrode price is 19,000 yuan per ton, unchanged, with a gross profit of 3,128.56 yuan per ton, up 55.87% [9] - Electrolytic aluminum price is 22,070 yuan per ton, down 0.36%, with estimated profit of 4,759 yuan per ton (excluding tax), up 0.19% [9] - Electrolytic copper price is 93,970 yuan per ton, up 2.59% [9] - Tungsten concentrate price is 374,000 yuan per ton, up 5.65% week-on-week [9] Price Comparison Relationships - The price ratio of London spot gold to silver reached a new low since July 2021 [10] - The price ratio of rebar to iron ore this week is 4.07 [10] - The price difference between hot-rolled and rebar steel is 0 yuan per ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 490 yuan per ton, down 40 yuan per ton week-on-week [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 190 yuan per ton, up 11.76% week-on-week [10] - The price difference between medium-thick plates and rebar is 30 yuan per ton [10] Export Chain - The China Export Container Freight Index (CCFI) composite index this week is 1,118.07 points, up 0.29% [11] - The U.S. crude steel capacity utilization rate is 75.70%, down 0.10 percentage points [11] - In November 2025, China's PMI new export orders are at 47.60%, up 1.7 percentage points month-on-month [11] - Starting January 1, 2026, China will implement export license management for certain steel products, which is expected to further regulate steel product exports [11] Valuation Percentiles - This week, the CSI 300 index is down 0.08%, with the best-performing cyclical sector being engineering machinery, up 0.30% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB ratio of the Shanghai and Shenzhen markets is 34.35% and 96.70% respectively [12] - The PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is currently 0.51, with the highest value since 2013 being 0.82 (reached in August 2017) [12]

Core Viewpoint - The article highlights the detrimental effects of "involution" competition across various industries, leading to price wars, reduced profit margins, and increased quality and safety risks. It emphasizes the need for a unified national market to promote high-quality development in enterprises and industries [1][3][7]. Group 1: Industry Challenges - The washing detergent industry is facing severe competition from low-quality products with less than 5% active ingredient content, which are capturing market share through low pricing, putting quality products at a disadvantage [1]. - "Involution" competition is characterized by irrational competition due to market mechanism failures, where companies resort to price wars instead of leveraging differentiation or technological advantages, resulting in "increased production without increased revenue" [2]. - Various industries, including steel, photovoltaics, automotive, and catering, are experiencing similar challenges due to intense price competition, leading to a consensus among over 20 industry associations to advocate for "anti-involution" measures [3]. Group 2: Solutions and Strategies - To enhance market efficiency, it is essential to eliminate barriers to fair competition, which is a key aspect of building a unified national market. This will help stabilize the commercial ecosystem and address supply-demand imbalances [3]. - Companies are encouraged to abandon the outdated "scale-first" mentality and focus on creating value through quality products and strong brands. For instance, China Resources Beer closed 40 factories and reduced over 5 million tons of redundant capacity to focus on value creation [3]. - Innovation is crucial for traditional manufacturing to break free from path dependence and scale bottlenecks. Companies like Weiqiao Venture Group are collaborating with research institutions and adopting new technologies to transform their business models [4]. Group 3: Brand and Market Positioning - In a market characterized by information asymmetry, low-quality products often mislead consumers, necessitating a shift towards rebuilding trust in "quality for price" mechanisms and enhancing user experience and brand value [5]. - The home appliance industry has maintained a relatively rational approach due to years of system development, with a shift in market power from companies to consumers, who now seek personalized and emotionally resonant experiences [5]. - Companies like Hisense are witnessing a reversal in consumer behavior, with domestic brands gaining recognition for quality, indicating a shift towards "Chinese manufacturing" being associated with technological premium [5]. Group 4: Global Expansion - The construction of a unified national market is not a closed "internal cycle" but an open market that encourages both domestic and international engagement. Companies are urged to expand globally to alleviate domestic competition pressures and enhance competitiveness [6]. - Jack Technology has entered a global leadership phase, establishing production bases tailored to regional markets, while Miniso emphasizes cultural integration in its global strategy, showcasing the importance of local insights in international expansion [6]. Group 5: Future Outlook - Building a unified national market aims to create fairer, more efficient, and more valuable competition. Companies must focus on innovation, brand strength, and global presence to escape internal strife and contribute to China's high-quality economic development [7].

Group 1 - The core viewpoint is that the reduction of carbon emissions in steel production is significant, with each ton of steel produced reducing carbon emissions by 1.6 tons, and the utilization of scrap steel leading to a reduction of approximately 420 million tons of CO2 [1] - The Ministry of Industry and Information Technology (MIIT) highlighted that by 2024, the utilization of recycled resources such as scrap steel and scrap copper and aluminum will exceed 400 million tons, showcasing the effectiveness of source reduction in carbon emissions [1] - The renewable energy usage in the electrolytic aluminum industry has surpassed the planned target of 25%, and 246 national green data centers have achieved over 50% green electricity utilization [1] Group 2 - The green manufacturing system in China has become more comprehensive, with 6,430 green factories, 491 green industrial parks, and 727 green supply chains established at the national level [2] - The output value of green factories has increased from 9% of total manufacturing output in 2020 to 20%, indicating a significant growth in the green manufacturing sector [2] - Green industrial parks have demonstrated energy and water consumption per unit of industrial added value at only two-thirds and one-fourth of the national average, respectively, with an average solid waste disposal utilization rate exceeding 95% [2]

Industry Analysis and Outlook for the Electrolytic Aluminum Sector Industry Overview - The domestic electrolytic aluminum industry is expected to maintain a favorable outlook and profit levels in 2026, benefiting from supply-side reforms and dual carbon policies, with room for growth in the domestic market despite slow overseas project launches [1][3] - The price of aluminum in Shanghai reached nearly 22,500 RMB/ton in late November to early December, with significant upward adjustments and total positions hitting a historical high [1][5] Key Insights and Arguments - **Profit Performance**: In November, the profit in the electrolytic aluminum industry exceeded 5,000 RMB, marking a new high for the year, with an average profit of approximately 3,850 RMB for the first eleven months, the highest in recent years, driven by rising aluminum prices and decreasing energy and electricity costs [1][10] - **Alumina Price Trends**: Alumina prices have been declining, currently below 2,400 RMB, primarily due to ample ore supply and an increase in imported ore proportions [1][11] - **Future Profit Expectations**: The industry is projected to see profits and market conditions in 2026 surpass those of 2025, with price levels expected to be higher [3][24] - **Anode Price Forecast**: Anode prices are expected to rebound slightly due to a decrease in petroleum coke inventory and price increases, with potential supply tightness from electrolytic cell upgrades [4][13] Overseas Market Dynamics - **Impact of Overseas Supply**: Recent supply disruptions, such as Century Aluminum's reduction of 200,000 tons, have had limited impact on the overall market, with domestic supply elasticity being insufficient [6][35] - **Cautious Outlook on New Projects**: A conservative stance is held regarding new overseas projects, with many facing uncertainties due to issues like import quotas and power construction [7][32] Capacity and Production Expectations - **Projected Capacity Growth**: An estimated 600,000 to 700,000 tons of new electrolytic aluminum capacity is expected in 2026, with total production growth also around 700,000 tons [4][17] - **Potential Capacity Ceiling**: If all projects are initiated and maintain high operating rates, the capacity ceiling may be between 45.5 million to 46 million tons [17][29] Policy and Market Influences - **Regulatory Changes**: The industry is influenced by various policies, including supply-side reforms and energy consumption controls, which are driving a transition towards high-quality development [18] - **Electricity Price Trends**: Electricity prices are expected to stabilize or decrease slightly in 2026 due to increased use of green electricity, despite fluctuations in coal prices [14] Market Inventory and Demand - **Current Inventory Levels**: The market currently has relatively low aluminum ingot inventories, while raw material and finished product inventories for primary processing enterprises have increased [19] - **Recycling Aluminum Growth**: The development of recycled aluminum is projected to be significant, with targets of 11.5 million tons in 2025 and 18 million tons by 2030, reducing the need for new primary aluminum production [20] Future Risks and Considerations - **Price Risks**: The current high domestic aluminum prices may lead to concentrated reductions in positions, with potential price corrections if inventory levels exceed expectations and demand recovery is insufficient [35] - **Global Economic Factors**: The aluminum price is closely tied to macroeconomic conditions and supply-side factors, particularly influenced by dual carbon policies and the need for increased aluminum alloying ratios [15][16] Conclusion The electrolytic aluminum industry is poised for growth in 2026, supported by favorable domestic conditions and ongoing policy reforms. However, careful monitoring of overseas supply dynamics and potential risks related to inventory and demand is essential for stakeholders in the sector.

Core Viewpoint - The article highlights the significant role of youth innovation teams within the China Aluminum Group, emphasizing their contributions to high-quality development through technological advancements and digital transformation in various sectors of the company [1][6]. Group 1: AI and Digital Innovation - At China Aluminum Capital, a youth team has developed an industrial big data platform that enhances futures brokerage services through algorithmic analysis, generating over 300,000 yuan in direct economic benefits within six months [2]. - The team has created four AI application scenarios, including a risk warning assistant, which advanced to the semifinals of the first "Kun'an Cup" AI application innovation competition [2]. Group 2: Transformation of Traditional Industries - In Baotou Aluminum, a youth team has implemented a "smart" approach to revitalize a 60-year-old electrolytic aluminum plant, achieving a cumulative economic benefit of 97.25 million yuan through automation and digitalization [3]. - The team consists of 39 highly educated members, with a focus on practical and efficient project management, leading to significant energy savings and operational improvements [3]. Group 3: Technological Breakthroughs in Mining - In Ningxia, a youth innovation team has developed a dual-directional monorail system for underground transport, improving efficiency by 30% and reducing costs by 25%, with a U.S. patent granted for the technology [4]. - In Shanxi, a youth innovation group has increased bauxite extraction rates from 50% to 70% through a new "filling mining" technique, generating nearly 40 million yuan in economic benefits [5]. Group 4: Youth Innovation Ecosystem - The rapid development of youth teams is supported by a structured innovation model within China Aluminum Group, which includes competitions and direct support from senior experts to foster practical skills and innovation [6][7]. - Initiatives like the "Youth Technology Arena" provide a platform for young engineers to showcase their work, enhancing their visibility and engagement in the industry [6].