Non-ferrous metals are on the rise, with the aluminum industry leading the way. TF SECURITIES states that "electrolytic aluminum is the perfect blend of resilience and dividends."

TF SECURITIES pointed out that the electrolytic aluminum industry is transforming from a traditional cyclical stock to a dividend asset. In 2024, the sector's dividend yield will reach 6.0%, surpassing major high-dividend industries. On the supply side, domestic capacity has approached the policy red line of 45 million tons, with a capacity utilization rate of 97.5%. On the demand side, structural optimization has led to transportation and electricity accounting for over 43% combined. The peak of industry capital expenditure has passed, free cash flow has significantly improved, ROE stability has increased, and high profitability is expected to be maintained in the long term