[SMM Analysis: Review of Domestic Aluminum Prices in H1 2025: "Unexpected Events" Frequently Occur, Aluminum Prices Remain Resilient]Under the influence of frequent "unexpected events" in both macro and fundamental aspects, aluminum prices fluctuated more severely in the first half of 2025. In Q1, the domestic fundamental situation was better than the off-season performance in previous years, providing support for aluminum futures and spot prices. In Q2, the Sino-US tariff battle intensified, causing aluminum futures and spot prices to plummet. However, upon reviewing the trend, it can be seen that after the market sentiment was digested, aluminum prices rebounded rapidly, demonstrating resilience. Additionally, the social inventory of aluminum ingots in the off-season from May to June decreased unexpectedly, leading aluminum futures and spot prices to rise strongly during the off-season, with outstanding performance. Overall, the center of aluminum prices in H1 2025 showed a trend of oscillating upward. The average spot aluminum price in H1 2025 was around 20,318 yuan/mt, up 2.6% from H1 2024.