Huatai Securities: The fundamentals of the electrolytic aluminum sector are strong, and we continue to be optimistic about the profit of the electrolytic aluminum sector in the second half of the year.

Haitong Securities research report states that in the short term, the "anti-inversion" movement has provided a certain boost to the prices of the aluminum industry chain from a macro sentiment perspective. From a fundamental perspective, electrolytic aluminum maintains low inventory, downstream production rebounded last week, fundamentals warmed up, while alumina saw a significant reduction in exchange warehouse receipts last Friday, leading to a squeezing trend, with social inventory still accumulating. Electrolytic aluminum and alumina prices resonate upwards, driving strength in aluminum sector stocks this week. Looking ahead, in the second half of the year, demand for electrolytic aluminum in fields such as photovoltaics may still maintain a relatively high growth rate, and positive fundamentals will support aluminum price increases; meanwhile, the fundamental situation for alumina remains relatively weak, with expected price fluctuations trending downwards. Therefore, continued optimism is maintained for the expansion of profits in the electrolytic aluminum sector in the second half of 2025.