各品种钢材的消费都已经开始进入季节性下滑阶段。各地疫情零星反复，可能会对需求的季节性特征造成扰动。建筑业出现农民工提前返乡情况，需求加速性下滑。焦炭价格大幅上涨，螺纹钢和热轧都已经开始亏损，铁水、五大材合计等各口径的供给都出现了下滑。其中螺纹钢亏损最早，出现了大幅减产，库存已经低于历史同期。板材由于需求较好，成本传导较为顺畅，仅普通热轧出现了小幅亏损，由于亏损刚刚产生，热轧供给尚未出现下滑。

Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, and minimum raw material requirement. Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as they provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capitalintensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.

我们认为工程师红利下，我国制造业正在崛起，对内“进口替代” ，对外“全球竞争力提高，海外份额提升”，因此制造业将是钢铁行业未来需求的核心 驱动，我们的投资建议也是围绕制造业主线而展开，本报告主要分为两大部分：特钢和普钢。

工业金属中，钢和铝是两大典型高耗能、高排放品种。以焦炭作为还原剂的钢铁冶炼，碳排放仅次于火电高居第二，而电解铝因大量耗电，也是隐形高排放的选手。本文通过两个行业格局的对比以及未来产业趋势的展望，发现钢铁行业短期边际变化大，电解铝行业中期格局稳定性强。