CICC pointed out that in the short term, the off-season is not weak to support aluminum prices. With the advent of the Q4 peak season, aluminum prices are still expected to rise further. Although July is the traditional off-season, the characteristics of the off-season are not the same. The shortage of electricity disturbs the supply, and the tension of supply and demand continues. With the easing of the epidemic, the torrential rains, the arrival of the Q4 peak season and the domestic RRR cut, overseas demand has further recovered, domestic demand has reopened, and aluminum prices are expected to continue to rise. In the long run, supply-side reforms and carbon neutrality are profoundly reshaping the industry’s production capacity and cost structure, and China’s electrolytic aluminum industry is ushering in a new era. The main characteristics of the “new era” are high aluminum prices, high-ton aluminum profits, and strong continuity of aluminum profits. This is clearly reflected in the quarterly and interim reports of listed companies in the electrolytic aluminum industry that have been disclosed; at the same time, low carbon Aluminum and secondary aluminum production capacity will gain obvious cost advantages and growth.