Shanghai aluminum fundamental performance is weak. On the one hand, domestic high-cost aluminum enterprises are suspected of large-scale production cuts, and in the context of high domestic stocks, production cuts will not cause supply shortages; on the other hand, downstream consumption is generally pessimistic, that is, real estate completion area and automobile production growth rate continue to decline. Therefore, it is recommended that Shanghai Aluminum Air Order continue to be held. However, we still need to be alert to the actual implementation of the heating season. If the production limit is strict, the aluminum price will rebound upwards.