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Summary of the Conference Call on the Electrolytic Aluminum Sector Industry Overview - The electrolytic aluminum sector is benefiting from the recovery of the copper-aluminum ratio, with pricing logic shifting towards supply tightness due to frequent production cuts in overseas electrolytic aluminum plants, which is expected to drive a revaluation of the sector as emerging industries like AI develop and developed countries face electricity shortages [1][3][10]. Core Insights and Arguments - The core logic for the valuation recovery in the electrolytic aluminum sector is the transition from a smelting and processing type to a resource-like commodity, with many companies increasing their dividend payout ratios to over 50%, resulting in a significant increase in dividend yield [1][5]. - The current price-to-earnings (PE) ratio is around 8-9 times, with expectations for recovery to 10-15 times over the next 3-5 years [1][5]. - The copper-aluminum ratio is currently at a historical high of 4.1 times, driven by supply-side changes and improvements in industrial demand, with expectations for normalization in the coming years [1][6][8]. - The supply of scrap metal is insufficient to fully address market shortages due to the lack of recycling from buildings and the rapid price increase of scrap compared to primary metals [1][9]. - The implementation of fair competition regulations has led to reduced tax rebates and subsidies from local governments, increasing profitability pressure and production cuts in the aluminum industry [1][9]. Additional Important Points - Global electricity shortages, particularly in developed countries, pose uncertainties for electrolytic aluminum production, with potential reductions affecting approximately 3 million tons of capacity [1][10]. - Industrial metal demand remains resilient, supported by sectors such as new energy vehicles, energy storage, and grid construction, with expectations for a 2-3% growth in the global economy [1][11]. - The aluminum sector currently offers significant investment advantages, including high dividend yields and potential for valuation recovery, with average yields around 4-5% and PE ratios expected to rise [1][12][13]. - Integrated leading companies such as Tianshan, Hongqiao, Hongchuang, and Zhonglv are performing well, with notable dividend yields and growth potential [1][14].