The CITIC Securities Research Report pointed out that the scale of reduction in aluminium production in Yunnan Province is expected to reduce Chinese aluminium capacity by 700,000-800,000 mt, which will help ease the pressure on domestic aluminium supply. The contradiction between the production ramp up of aluminium and power supply cannot be resolved in the short term, and the production cut of aluminium in Yunnan may be normalised. CITIC expects that the supply of aluminium will be tighter in 2023, and aluminium prices are expected to be higher than expected.