Barite is the primary, naturally occurring, barium-based mineral. It is a high density and chemical inertness make it an ideal mineral for many applications. The chemical formula for barite is BaSO4. It has a high specific gravity of 4.50 g/cm3. Its Mohs hardness is 3.0 to 3.5. Barite, which may be found in a variety of colors including yellow, brown, white, blue, gray, or even colorless, typically has a vitreous to pearly luster. Barite may be found in conjunction with both metallic and nonmetallic mineral deposits. To be economically viable for extraction, barite usually needs to be the predominant material in a deposit. The types of deposits in which it is normally found include vein, residual, and bedded. Vein and residual deposits are of hydrothermal origin, while bedded deposits are sedimentary.

上游方面，碳酸锂价格继续上涨，我们认为锂的中长期价格上涨趋势已经开启；当前需要重视全球经济回暖对钴价的提振。我们测算了2021 年以来上游锂、钴价格上涨对成本的影响，当电池级碳酸锂价格从5 万/吨上涨到10 万/吨，金属钴价格从30 万/吨上涨到40 万/吨，典型50kwh 三元动力电池成本上升约13%-14%。

疫苗进度超预期，经济加速修复下，工业金属+新能源材料拉动有色板块季度涨幅达27.08%。一方面受益于疫苗进度超预期，各行业景气度持续恢复带来的需求释放，特别是美国大选落地后，工业金属品种在历史低库存情况下，受内部财政政策宽松刺激迎来需求端共振，出现了加速布局行情；另一方面，随着欧洲绿色发展计划与新能源购车补贴的落地，以及国内11部委加码新能源汽车消费政策，促使新能源汽车生产销售数据，环比、同比持续高增长。特别是电车在欧洲的渗透率和注册量远超市场预期，带动新能源板块领跑，2020Q4 单季度SW 有色实现27.08%涨幅，排名第2.

我们认为2021年全球新能源汽车销量增速将达到50%，受此拉动六氟磷酸锂作为电解液核心原料其需求将快速增长，在产能偏紧的背景下产品价格将持续上涨，推荐六氟磷酸锂龙头企业以及提前锁定部分六氟磷酸锂长单的电解液企业，推荐天赐材料、多氟多、天际股份、新宙邦等标的。

2020 年四季度，公募基金煤炭板块重仓持股比例为0.19%，环比提升 0.05 个百分点，当期配置占比历史分位数仅为16.0%，处于底部区域。同期行业标配比例为0.71%，较上季度提升0.05 个百分点；超配比例仅为-0.50%，与上季度基本持平。