1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Short - term squeeze risk and anti - involution sentiment have jointly pushed up the aluminum oxide market. In the short term, aluminum oxide is expected to remain strong, but attention should be paid to the rate and scale of warehouse receipt recovery and new supply disruptions in the future [4][5][8] 3. Summary According to the Directory Event Review - Short - term squeeze risk and anti - involution sentiment pushed up the aluminum oxide market. The 07 contract delivery led to a significant outflow of warehouse receipts, leaving only over 6kt of visible warehouse receipts on the exchange, raising squeeze concerns. The July 18th press conference of the Ministry of Industry and Information Technology mentioned two statements affecting aluminum oxide, boosting market sentiment. Whether the new growth - stabilization plan for the non - ferrous metals industry will adjust the supply side of the alumina industry remains to be observed [4][5] Market Outlook - Bauxite inventory accumulates weekly with weak prices. Smelters have sufficient low - cost ore sources, and corporate profits have recovered. Alumina companies' operating capacity has been increasing steadily since late May, reaching 93.85mn t. In June, net exports were 69.7k t, the lowest in nearly a year. The demand side is stable, with the weekly operating capacity of electrolytic aluminum reaching 44.204mn t. The upstream - downstream balance coefficient is 2.12, indicating oversupply. Although inventory data from different sources diverge, both show an inventory accumulation trend, but the absolute inventory level is relatively low [7] - After arbitrage opportunities opened, there was an expectation for new warehouse receipt registration. After the 07 contract delivery, the cancellation of old warehouse receipts led to a tight supply of warehouse receipts. In the short term, sufficient low - cost ore, the recovery of corporate operating capacity, and social inventory alleviated supply concerns. Aluminum oxide is expected to remain strong in the short term. Upstream companies can hedge at high prices, institutions can use straddle option strategies, and those with the means can engage in spot - futures arbitrage [8]