Last week, precious metals experienced a breathtaking "high-dive" plunge. On January 30th, silver plummeted intraday, recording its largest single-day drop since 1980; gold also fell over 10% intraday, similarly setting a record for its largest single-day decline in decades. Superficially, the massive volatility in gold and silver appeared linked to former US President Donald Trump's statement on a social platform, indicating his intention to nominate Kevin Warsh, a former Federal Reserve Board member with strong hawkish leanings, as the next Fed Chair. The news triggered an immediate rebound in the US dollar, a rise in US Treasury yields, and intensified expectations for global liquidity tightening. Precious metals, already in an overbought condition after a recent accelerated rally, experienced a sharp retreat within a short timeframe. The author views this as a classic market "knee-jerk reaction": traders are rapidly pricing in a future with more contractionary monetary policy. However, despite the apparent significant shift in asset price trends overnight, for discerning investors, the period after such emotional market sell-offs might precisely present an excellent window to identify high-quality assets and reposition in varieties with strong long-term trends. Taking aluminum as an example—another metal but one possessing unique resilience and a robust growth logic—the scissor gap formed by rigid supply constraints and continuously growing demand is expected to widen further, implying that related secondary market targets, exemplified by CHINAHONGQIAO (01378), will continue to attract capital favor. Furthermore, from a trading perspective, the current adjustment in precious metals, particularly silver, might even prompt speculative capital within that sector to shift towards directions like electrolytic aluminum, which offer stronger long-term growth and certainty. The market's "knee-jerk reaction" suggests electrolytic aluminum will likely remain strong. The nomination of Kevin Warsh to lead the Fed triggered a series of chain reactions. Although global capital markets were clouded temporarily, the more rational approach for investors in such moments is to ignore macroeconomic "noise" and focus more intently on the fundamental industrial dynamics and investment logic from a meso perspective. In the final week of January, alumina prices fell 0.57% to 2,635 yuan per ton; regarding electrolytic aluminum, Shanghai aluminum rose 4.89% to 25,300 yuan per ton, while LME aluminum prices dropped 1.39% to $3,132 per ton. Unlike the "rollercoaster" ride of gold and silver prices, alumina and electrolytic aluminum prices demonstrated relative stability. Admittedly, macroeconomic news disturbances inevitably impact the short-term trends of industrial metals like aluminum. However, concerning the supply-demand relationship—the decisive factor for price equilibrium—the negative impact of such macro disturbances is arguably minimal. On the supply side, domestic China's operating capacity for electrolytic aluminum has long been near its ceiling, while overseas projects under construction are progressing slowly. According to Aladdiny statistics, overseas planned electrolytic aluminum capacity exceeds 20 million tons, with projected new capacities of 640,000 tons and 2.37 million tons for 2025 and 2026, respectively. Indonesia has the largest planned capacity at 12.25 million tons, expecting new capacities of 330,000 tons and 1.32 million tons for 2025 and 2026, accounting for over half of the overseas新增capacity. However, due to power supply limitations, several companies including Rio Tinto, South32, and Century Aluminum have experienced situations in recent years where planned capacities failed to materialize or were delayed. Consequently, uncertainty regarding overseas electrolytic aluminum project commissioning remains extremely high. Turning to demand, a clearer trend is the significantly accelerated progress of "new infrastructure," represented notably by ultra-high voltage power transmission, which is becoming a new growth driver for aluminum consumption. Furthermore, against the backdrop of copper prices continuously hitting record highs, the substitution of aluminum for copper in sectors like home appliances (e.g., air conditioners) might accelerate, injecting new momentum into aluminum demand growth. Additionally, policies promoting the replacement of old consumer goods are expected to continue into 2026, which should also substantially support electrolytic aluminum demand. In summary, considering that downstream aluminum demand has consistently exceeded expectations in recent years while supply remains constrained both domestically and overseas, it is highly probable that the electrolytic aluminum market will maintain a generally tight balance throughout 2026. Consequently, aluminum prices are expected to be more prone to increases than decreases, demonstrating sustained strength. The core asset of the aluminum industry experiences a "bull pullback," creating a golden buying opportunity. A widely circulated adage in the secondary market states: "Bear markets have frequent sharp rallies, bull markets have frequent sharp drops." The author believes this saying profoundly reveals the inherent rhythm within trend movements—a genuine bull market is never a straight line upwards without fluctuations. On the contrary, it continuously undergoes intermittent, violent adjustments to digest short-term profits, solidify the foundation for long-term appreciation, thereby achieving a healthier and more enduring ascent. The current turbulence in the commodity market triggered by macro news, and the subsequent price corrections in related assets, likely represent a significant "watershed moment." Overvalued品种driven primarily by speculation may face a prolonged mean reversion, while varieties with high growth certainty, like electrolytic aluminum, are poised to continue their upward trajectory. Therefore, the recent adjustment in base metals precisely creates a rare "golden pit" for investors to establish positions in core aluminum assets represented by CHINAHONGQIAO. For aluminum enterprises, a full-industry-chain cost advantage is the core competitiveness of electrolytic aluminum companies in the long run. CHINAHONGQIAO's unique development model integrating "aluminum-power-grid" and "upstream-downstream" industrial clusters significantly secures and amplifies its cost advantage. On one hand, CHINAHONGQIAO strategically positioned itself in upstream bauxite as early as 2014 and currently achieves 100% self-sufficiency in alumina. Moreover, the company possesses its own power plants and transmission network, with a power self-sufficiency rate exceeding 50%. This power cost advantage becomes particularly pronounced during periods of declining coal prices. Furthermore, aligning with the green development industrial trend of "shifting aluminum production southward," Hongqiao has progressively relocated and replaced capacity to Yunnan, where "green aluminum" further controls electricity costs. On the other hand, most of Hongqiao's downstream customers are located within a 50-kilometer radius, resulting in a short sales radius and strong pricing power for the company. Simultaneously, responding to the trend towards scale and size in the electrolytic aluminum industry, the company continuously invests in R&D to upgrade aluminum electrolysis cell technology, actively builds a circular economy by developing recycled aluminum, deeply engages in automotive lightweighting development, and cultivates new growth points. The upward trend in the aluminum industry remains intact, while CHINAHONGQIAO's own growth certainty and resilience are highly promising. Considering both factors, the current adjustment hardly signals an exit point. Reaching this point, the conclusion is clear: specifically for CHINAHONGQIAO, the present moment likely offers an opportunity to value the volatility and strategically "board the train." As Warren Buffett famously said, an investor "should not own a stock for 10 minutes that they are not willing to own for 10 years." If an asset possesses long-term investment value, then short-term fluctuations caused by external adjustments naturally become inconsequential.