5 月份，新材料行业涨跌互现。受房地产和汽车行业 低迷拖累，特钢、铝材和铝合金产量同比下滑；多个领域钢板产量 同比下滑的情形下高强钢板产量大幅增长，表明钢材行业结构调整 加快；高温合金产量继续大幅增长；多晶硅产量受检修影响同比环 比下降；受新能源汽车“补贴”金额大幅下滑影响，动力电池装机 总电量为 5.68GWh，环比仅增长 5%。进出口方面，受国内需求放缓 影响，光电材料进口同比下滑，出口仍旧疲软；碳纤维进出口均同 比高增长。投

There are several on-going projects in private sector companies, in the end-user segment, such as oil and gas, mining, and construction. As a result, the metal fabrication industry in Canada is not expected to witness a sudden surge, and remain stable over the next few years. The industry is highly fragmented due the presence of a large number of small- and medium-sized companies.  Metal fabrication is expected to have a large scope in end-user segments, such as oil and gas, mining, construction, aerospace, power generation, and ship building.  The reshoring of various manufacturing activities in Canada had a positive impact on the steel fabrication industry in the country. Automotive companies and other manufacturing companies that require fabricated steel products have been outsourcing majority of their businesses to low-cost countries, like China. Government initiatives and increasing labor cost in low-cost countries, in comparison to Canada, have attracted the manufacturers to shift production to Canada.  Majority of the metal fabrication companies in Canada have been adhering to the traditional manufacturing practices, and the adoption of advanced technologies in the industry has been very low.

美国 6 月新增非农就业人数 22.4 万人，大超前值 7.2 万人，非农就业数据强劲表明美国经济暂无衰退风险，同时我们认为这将降低美联储年内两次降息以及7 月降息 50BP 的概率，但 7 月份美联储降息 25BP 仍是大概率事件。

上月有色金属指数上涨 2.33%，跑赢沪深 300 指数 5.38 个百分点。关注子版块会发现，只有黄金和铜板块在上涨。6 月份世界银行下调经济预期数据，美伊局势日渐紧张，中美贸易摩擦持续，多国施行宽松货币政策，多重利好叠加下，黄金价格快速拉升，创 13 年 6 月以来新高。虽然 G20 峰会召开，中美贸易摩擦暂缓，但是世界经济仍然面临较大的下行风险，地缘政治摩擦未见任何缓解迹象，黄金作为避险工具，我们仍然中长期看好。

公司主要从事各类高性能电解铜箔的生产和销售，主要产品为超薄锂电铜箔和极薄锂电铜箔，是锂离子电池的重要基础材料。公司电解铜箔产品覆盖面广泛，主导产品定位于高端锂电池生产企业，是国内目前少数能够实现 6μ m 极薄铜箔规模化量产的企业之一 。

黄金具有信用对冲的天然属性，主要和美国所代表的美元信用呈现负相关的关系。美元指数和美国实际利率分别是经济端和资产端的重要指示指标，殊途同归都代表美国经济相对其他经济体的强弱变化。