Investment Rating - The report maintains a "Buy" recommendation for the aluminum resource sector, indicating a positive outlook due to supply disruptions in bauxite and alumina prices [2][3]. Core Insights - The report highlights that the Guinean government's revocation of multiple bauxite mining rights may lead to a domestic bauxite shortage, potentially supporting bauxite and alumina prices [6][7]. - The report suggests that the acquisition of overseas potassium fertilizer projects by Salt Lake Co. could enhance its global presence and production capacity [6][7]. - The report expresses optimism for the performance of small metals such as tin, cobalt, and antimony in the medium to long term [6][7]. Industry Overview Aluminum Industry - The report notes that as of May 2025, there are 126 listed companies in the aluminum sector with a total market capitalization of approximately 288.51 billion yuan [3]. - The report indicates that Guinea accounts for 26% of global bauxite reserves and 29% of global production, with China importing 110 million tons of Guinean bauxite in 2024, representing 69.4% of total imports [6][7]. - The report emphasizes the potential for a shift from surplus to shortage in domestic bauxite supply, which could lead to price support for bauxite and alumina [6][7]. New Energy Metals and Minor Metals - The report discusses Salt Lake Co.'s intention to invest around 300 million USD in acquiring shares of Highland Resources, positioning it as a major stakeholder and enhancing its control over key potassium projects [6][7]. - The report recommends focusing on companies with clear growth potential in tin and cobalt, such as Xinyi Silver Tin and Luoyang Molybdenum [6][7].