2016~2020 年锂电池与材料行业景气上行。根据工信部统计，2015 年新能源车产量37.9 万辆，同比增长4 倍，新能源汽车产销量爆发式增长带动锂电池需求同步剧增。我们预计至2020 年新能源车产量将增长3 倍至150 万辆，锂动力电池需求量由16GWh增长3.4 倍至71GWh，年均复合增速35%。

我国宏观经济下行，钢材下游需求持续低迷，产能过剩压力加大将钢铁行业推入“寒冬”：2011 以来，我国钢材价格持续下跌，截止 2015 年 12 月底长材累计下跌约 60%，板材累计下跌 38.84%~ 61.96%，钢铁行业盈利状况持续恶化。供给侧结构性改革推动下，钢铁行业过剩产能将通过“市场化的手段”退出，钢材产品结构将进一步优化，低端过剩产能加速出清，结构性改革和转型升级是未来钢铁行业的两大重要发展方向。

去产能卓有成效，行业供给由过剩逐步走向不足。我们粗略统计了 2014 年、2015 年和 2016年至今，据最保守估计全行业分别淘汰了电解铝产能 50.43 万吨、339.5 万吨（接近 2015年新增产能量 335 万吨）和 76 万吨（指确定关停不再复产产能），对比以往每年不到 30万吨的工信部制定的落后产能淘汰量，行业自发出清的程度远大于市场想象。动态来看， 2016 年相对确定性较高的投产产能约 470 万吨（其中 2016 年上半年仅投产 157 万吨）；此外，考虑到其它高成本产能最终仍将有部分退出，预计 2016 年全年中国产能净增量不会超过 320 万吨，全行业预计截止到 2016 年底的电解铝产能将不超过 4120 万吨，对应有效产量最多为 3502 万吨（85%开工率计算）。

主力合约螺纹（1861，-0.53%），热轧（1961，-0.41%）；矿石（339，0.00%）；申万钢铁（1.59%），排名第九，跑赢上证综指 0.41%；表现前中原特钢（9.98%）、沙钢股份（9.98%）、三钢闽光（7.22%）、柳钢股份（5.08%）、上海钢联（4.99%）。

國內產銷值概況:雖然本產業主要下游如消費性電子及汽車製造業等產業需求尚屬熱絡，惟受到國內經濟不佳、中國模具產品價格競爭等不利因素影響，故估計2015 全年本產業產、銷值較 2014 年呈現小幅衰退。

我们认为，2015 年国内新能源汽车产业链实质性爆发，恰逢全球上游锂资源-锂盐供应弹性缺失，甚至收紧，加上国内碳酸锂的现货现价交易机制，是推升2015 年国内电池级碳酸锂（报价全年走高 193.02%）的主因。

新材料是指新出现的具有优异性能和特殊功能的材料，或是传统材料改进后性能明显提高和产生新功能的材料，主要包括新型功能材料、高新能结构材料和先进复合材料，其范围随着经济发展、科技进步、产业升级不断发生变化。

Metal casting is a manufacturing process in which metal (molten or liquid) is poured into a mold made of sand or ceramic plaster. The mold contains a hollow cavity of the desired shape, to form geometrically complex parts. The most common non-ferrous metals used for casting are aluminum, magnesium, zinc, and copper-based alloys. Metal casting finds application in vehicles; planes; trains; mining, construction, and electrical equipment; oil wells; pipes; toys; space shuttles; wind turbines; and nuclear plants.

The global precious metals market is expected to grow at a rapid pace during the forecast period, driven by increased sales of jewelry, consumer electronics, and automobiles. India dominated the market in 2014, followed by China and the US because the combined seasonal demand and strengthening currency could augment the demand for the precious metal.

A saw is primarily used to cut through materials such as wood, metal, stone, and concrete. It consists of a blade, chain, or toothed edge that enables smooth cutting operation and is termed as saw blade. Some of the commonly used saw blades are stone cutting, circular, band, hand, chain, and straight saw blades. These saw blades have varying designs based on the required strength and type of material to be cut. They are employed in various end-user industries such as lumber, furniture, construction, automotive, and mining to name a few.

Metal recycling is the largest and oldest recycling sector compared to plastic, paper, and wood to name a few. Scrap metal is divided into two types ? ferrous and nonferrous. Ferrous scrap includes iron and steel scrap. This includes scrap from the end of life automobiles, farm equipment, household appliances, construction steel beams, railroad tracks, ships' wrecks, food packaging, and other containers.

Metal recycling is the largest and oldest recycling sector compared to plastic, paper, and wood to name a few. Scrap metal is divided into two types ? ferrous and nonferrous. Ferrous scrap includes iron and steel scrap. This includes scrap from the end of life automobiles, farm equipment, household appliances, construction steel beams, railroad tracks, ships' wrecks, food packaging, and other containers.

Casting is used for making geometrically complex parts using metals and cold setting materials. It is of two types: ferrous and non-ferrous. Aluminum, zinc, magnesium, and copper-based alloys are the most common non-ferrous metals used for casting. The global non-ferrous metal casting market will grow during 2015-2020, posting a CAGR of 5.82%.

Aluminum composite panels are made of three layers. The panel consists of two aluminum sheets and one non-aluminum core in between the two sheets. Non-aluminum core is usually a low density material such as polyethylene (PE). The aluminum composite panels are also known as aluminum composite materials.