CITIC Securities: Supply disruptions are already a reality; patiently wait for demand improvement to drive aluminum prices higher

The reduction in electrolytic aluminum production has become a fact, and we need to wait for consumption to drive a faster destocking of inventories. On the equity side, during the week there was some rotation from high-valuation to low-valuation sectors, with non-ferrous metals attempting a rebound, but a clear trend has not yet formed. More momentum is still needed.