行业回顾：受需求转弱、成本上移以及产量回落影响，年内钢价回落，行业盈利持续低迷。1-10 月黑色金属冶炼和压延加工业实现营业收入73045.5 亿元，同比下降9.7%；实现利润总额296.8 亿元，同比下降92.7%。

Precision Tubes is expanded the diameter of the pipe to finish the process that is the thermal expansion of the pipe production. These pipes are used in various application industry like oil and gas, automotive, shipbuilding, power plants, sugar mills and distilleries, cement and construction industries etc. Precision steel tube can be divided into thick wall precision steel tube and thin wall precision steel tube according to the wall thickness and outer diameter. Thin wall precision steel tubing is a tube with small diameter, called capillary steel tubing sometimes. The thin wall precision tubes covers a wide range of materials, such as: Austenitic stainless steels, Duplex stainless steels and Nickel alloys.

Although the 3rd wave of COVID-19 with new variants started in January 2022, it had been far less severe than the prior waves. Following the preventive measures of the government including microlevel restrictions, the contact-intensive services are temporarily impacted, industrial activity remains robust, supported by government spending and healthy global demand.

我们在2022年中期策略提出，钢铝供给依旧受限，但疫情打乱了需求的节奏，需求的复苏情况或将主导下半年的投资机会。我们认为2023年需求仍是钢铝投资机会的主要抓手，尤其是地产领域需求变化较为关键，房地产新开工面积与竣工面积的恢复速度将决定钢铁和电解铝板块行情的弹性大小。

12 月15 日，澳洲锂矿供应商Pilbara Minerals (PLS)公告称，12 月14 日下午公司通过其BMX 完成了第十二次拍卖，共出售了两批货物，合计10000 干吨的锂精矿，最终平均成交价为7552 美元/干吨（SC5.5， 黑德兰港离岸价），按氧化锂含量等比例调整并加上运费后价格为8299 美元/吨（SC6.0，中国到岸价）。

钢材：“底部”已现，需求复苏支撑钢企利润回暖。伴随着“三支箭”齐发， 房企融资环境改善的拐点确认，房地产需求2023 年有望复苏，进而支撑2023 年钢材需求边际改善预期增强；而钢材原料端废钢、焦煤等供给弹性有望回升， 价格表现或将弱于成材，进而助力钢厂冶炼端利润修复。

加拿大政府在ICA 法案基础上发布新政策，收紧对于外国企业投资该国关键矿产的安全审查，随后要求三家中国企业剥离对该国相关锂矿商的投资。