Indium is a soft, malleable metal with a silvery-white appearance. It is fabricated by the chemical reaction of tin-oxide with indium oxide and is used as a transparent conducting film and has high transmittance in the visible IR region. ITO is used in applications that require a transparent conductive coating on their surfaces. About 75% of the total compound consumed is used in the production of flat panel displays (FPDs) and liquid-crystal displays (LCDs).

Safety goggles and glasses are products that protect the wearer's eyes from potentially hazardous elements, ranging from airborne particles to chemicals. The global safety goggles and glasses market will be driven primarily by the increasing demand from APAC, where international companies are pioneering stringent safety programs in their countries of operation. A few countries in this region, such as Japan, Australia, and New Zealand, also have well-defined government regulations on worker safety that are contributing to market growth.

2016 年产能过剩并未实质改善，但钢价和股价走势已逐渐趋于一致。2017 年需求预期难以明显好转，但供给侧改革边际效果将增强。2017 年趋势性机会不大，结构性机会仍值得把握，推荐国企改革、需求景气子行业和转型主题相关标的。

拟并购怡力电业，补足上游拼图。通过拟并购怡力电业资产包，公司将电解铝产能由 13.6 万吨扩大至 81.6 万吨，一方面降低了成本，另一方面保证了电解铝的稳定供应，同时还可以享受铝价上涨的红利。怡力电业的资产包盈利能力较强，预计 2016 年利润超过 6 个亿，承诺未来三年利润 18 个亿，将大幅提升公司业绩。

出口压力越来越大，今年前10个月，涉及我国钢材出口的反倾销有约40起。未来几年钢材出口很难有明显增长。

今日钢铁板块小幅跑赢大盘，柳钢再度涨停。虽然在成本推动钢价上涨的情形中，钢铁盈利并不顺畅，叠加估值仍处高位，板块爆发趋势性行情概率较小，但由于年底机构换仓或加速板块轮动，板块因前期表现羸弱而目前涨价、供给侧改革催化而仍有阶段性补涨行情。