五金，后称金、银、铜、铁、锡为五金，亦泛指各种金属。卫浴五金泛指浴室内所用的金属装饰品，卫浴五金挂件品牌、款式、功能不同的产品的价格相去甚远。卫浴五金，一般指水龙头、花洒、地漏、毛巾架、玻璃平台、厕纸架、网篮等在厨房、卫生间中使用的金属建材。卫浴配件由于使用频繁、产品更新很快，属于易耗品，另外，外观看来像精美艺术品，容易吸引消费。水龙头最早出现在 16 世纪，花洒等其他卫浴五金出现较晚，经过漫长的历史演变，其设计、材料、工艺不断改进，最终形成了现在常见的形式并走入千家万户。从产品生命周期分析，水龙头等卫浴五金已经进入成熟期。在这个阶段，产品的生产技术已经成熟，市场上同类产品众多，竞争激烈，令行业销售收入增长缓慢、成本升高，利润额从高点衰退。

中石化官网新闻，国家发改委正式核准了中国石化新疆煤制气外输管道工程项目（新气管道），标志着该项目已经具备开工建设条件。项目总投资1300 多亿元，主要建设内容包括1 条干线和6 条支干线，全长合计约8400公里。其中干线起自新疆昌吉州木垒县，终于广东韶关，设计输量300 亿立方米/年。

2015 年 3 月份，“互联网+”被写入李克强总理政府工作报告，“互联网+”成为国家经济社会发展的重要战略。传统企业如何才能实现互联网化？这已成为业界共同关注的焦点问题。我国金属行业经过多年大规模扩张，在生产能力、消费规模等方面处于世界领先水平，但资源保障率低、产能过剩、产品附加值低、国际话语权小等问题越来越突出。在当前国内外宏观经济下行、金属行业运行低迷等背景下，金属企业如何借助“互联网+”转型升级将是本文要讨论的核心问题。

2016 年是钢铁行业不破不立的转折年，需求下行、亏损扩大的背景下，停产比例将上升，行业配臵时点在大规模产能出清后。板块当前估值接近1.4x P/B，依然偏高，反映了市场对于改革和转型的较高预期，国企改革掘金方向关注资产重组（混改）、兼并重组和业务多元化。子行业关注取向硅钢、油气输送管和核电用管的景气回升；汽车板受困产能释放，景气度有所回落。个股方面，中长期推荐宝钢股份，关注玉龙股份和久立特材。

对于钢铁这样一个成熟的基础行业来说，庞大的收入体量、众多的从业人员以及足够长的产业链，意味着行业数据繁多而复杂。在日常研究中，迷失于各种数据之中而难以快速并正确地做出决策，很常见。其实，研究是一个深入浅出、大道至简的过程，我们无限地去探索纷繁的细节，只是为了能够抽象出有限的一般规律，将复杂问题简单化，以最直观的方式来指导投资、创造价值。本系列投资原理报告正是基于此，力图通过简洁的文字、不长的篇幅，解答曾困扰很多投资人的问题。

“夜阑卧听风吹雨，铁网新材入梦来”。作为万亿产值的钢铁业，在全行业首次全年亏损和全社会消费峰值到来之际，全产业链上的投资机遇风险何在？哪些新的模式和新的材料将会逆势而上？

2016年钢铁行业将迎来“一带一路”沿线基础设施建设所带来的新增需求增长。“一带一路”沿线铁路类预计投资项目约11个，铁路总长超过13,300km，总投资约3764亿美元。港口类预计投资项目约9个，总投资约576亿美元。铁矿石、主要钢材价格仍处下行周期，钢铁行业企业亏损面较大，行业缺乏整体性机会，维持“中性”评级。

仍“黄釐十年”过渡至“成熟収展”，整合&转型是未杢兲键词。受益于政策开放、釐价上涨、消费升级和渠道扩张，我国黄釐珠宝行业刚刚经历“黄釐十年”，中长期也是持续受益消费升级，最具成长性的消费子品类。2013年可以说是行业的转折点，国际釐价的断崖式急跌及后杢几年的持续低迷改变了过去存货升值、高资釐杠杆的经营逻辑，渠道的日趋饱和、消费者需求的升级也意味着品牉企业粗放扩张、跑马圈地时代的结束，行业迚入成熟収展期将更考验企业产品/品牉力和对终端渠道的精细化运营能力。对比海外产业变迁路径，未杢我国珠宝行业走向整合是大势所趋，最终形成数家多品牉、多渠道的珠宝运营集团。

An aluminum rod is a trapezoidal bar-shaped cast form of the liquid metal, which is further reduced to obtain a diameter of 9.6 millimeters up to 32 millimeters by the roller and drawing processes through a series of dies. Aluminum wire rods are used in various applications such as cables and conductors, because of their high electrical conductivity, low weight, and resistance to corrosion.

Welding is a fabrication process to agglutinate metals or thermoplastics using coalescence. The process is economical and it is an efficient method to fuse metal permanently. It finds application in a number of industries such as automotive, transportation, energy, construction, shipbuilding, mining equipment and heavy machinery, and aerospace and defense. The items used in this process are known as welding consumables, and can be broadly categorized as filler metals and flux. The metals that melt with the joining materials, and are consumed in the process are called filler metals. Flux is used to produce a gas shield around the weld pool that prevents oxidation of the hot metal.

Metal fabrication is the process of joining two or more metallic parts to form a product. The major kinds of processes and techniques available to fabricate metals are listed below.

Ferritic stainless steels are promising candidates for IT-SOFC interconnect applications due to their low cost and resistance to oxidation at SOFC operating temperatures. However, steel candidates face several challenges, including long term oxidation under interconnect exposure conditions, which can lead to increased electrical resistance, surface instability, and poisoning of cathodes due to volatilization of Cr. To potentially extend interconnect lifetime and improve performance, a variety of surface treatments were performed on AISI 441 ferritic stainless steel coupons prior to application of a protective spinel coating. The coated coupons were then subjected to oxidation testing at 800 and 850 degrees C in air, and electrical testing at 800 deg C in air. While all of the surface-treatments resulted in improved surface stability (i.e., increased spallation resistance) compared to untreated AISI 441, the greatest degree of improvement (through 20,000 hours of testing at 800 deg C and 14,000 hours of testing at 850 deg C) was achieved by surface blasting.

The research under this project focused on a theoretical and computational modeling of dislocation dynamics of mesoscale deformation of metal single crystals. Specifically, the work aimed to implement a continuum statistical theory of dislocations to understand strain hardening and cell structure formation under monotonic loading. These aspects of crystal deformation are manifestations of the evolution of the underlying dislocation system under mechanical loading. The project had three research tasks: 1) Investigating the statistical characteristics of dislocation systems in deformed crystals. 2) Formulating kinetic equations of dislocations and coupling these kinetics equations and crystal mechanics. 3) Computational solution of coupled crystal mechanics and dislocation kinetics.