Equipment Type: Rigid metallic conduit Industry: Wiring device manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Raceways and wire ways, including fittings, metal This industry comprises establishments primarily engaged in mass reproducing computer software. These establishments do not generally develop any software, they mass reproduce data and programs on magnetic media, such as diskettes, tapes, or cartridges. Establishments in this industry mass reproduce products, such as CD-ROMs and game cartridges.

Equipment Type: Stamped metal covers Industry: Wiring device manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Stamped metal outlet boxes Industry: Wiring device manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

截至2023年6月21日，申万有色金属指数年初至今下跌6.36%，同期沪深300指数下跌0.61%。申万二级子行业中，23年H1 涨幅最大的为贵金属板块，涨幅为29%。23年H1商品价格中，黄金、锑、铝、白银、铜价均呈现上涨态势，其中黄金价格涨幅超过9%；镁、钴、镍、氧化镨钕、碳酸锂等新能源相关小金属均呈现下跌趋势。短期来看，在美联储宣布6月暂停加息后，年内加息50bp的预期不断发酵，随着CPI等数据因基数效应逐步回落，美联储或对进一步加息表现得相对谨慎，短期内金价或在美联储进一步加息的预期下承压震荡运行。中期角度，参考2018-19年加息转向降息的历史周期，2023年内结束本轮加息将是大概率事件，同时2024年美国降息的预期将压制实际利率和美元指数，利好黄金价格在震荡后上行。长期维度，各个国家央行通过增加黄金储备来保持本国汇率稳定，央行对黄金需求的持续增加有望抬升金价中枢。同时当前国际区域性冲突不断，避险情绪有望增加黄金配置的性价比。

在2022年度策略《莫愁前路无知己》中，我们从强强与兼具的三维视角寻找隐形冠军;在2023年度策略《国产替代的大时代》中，我们从高端主动式、尖端被动式、低价市场化三种国产替代路径掘金具有高壁垒的新材料产业链。本篇报告，我们从产业周期视角出发复盘新材料龙头山特维克的成长历程，总结其成功经验和范式，挖掘下一个潜在的“山特维克”总览来看山特维克从一个名不经传小型钢企，成长为利润约125亿，市值超过1500亿(2022年)的制造业举天巨壁，在150余年时间，收入和业绩实现约9%的复合增速。其发展历程可分为专业化、多元化和全球化三个阶段。其中第二阶段，山特维克的业绩和市值增速最为靓丽。

根据中国海关总署数据，6月我国碳酸鲤进口量1.28万吨，同比减少54.96%，环比增长 26.49%，其中90.63%来自于智利:1-6月，中国碳酸合计进口量7.32万吨，同比增长2.60%月度平均进口量1.83万吨，高于2022年月度平均1.13万吨的进口水平，高出61.90%，其中89.08%来自于智利。智利海关数据显示，6月智利望盐出口给中国约10551.77吨，环比下降19.48%，同比上升17.83%，占智利总出口量的比例为57.96%，环比下降3.35pct。2023年1-6月，智利共出口鲤盐11.04万吨，同比减少1.92%，其中出口给中国的量为6.47万吨，同比减少2.35%，占比58.62%，较2022年同期减少0.26pct。据乘联会 7月10日发布，6月新能源乘用车批发销量达到 76.1万辆，同比增长33.4%，环比增长 12.1%，其中纯电动批发销量52.8万辆，同比增长17.0%，环比增长9.0%:插电混动销量23.3万辆，同比增长95.7%，环比增长20.1%，新能源车厂商批发渗透率31%，较2022年6月份的21%的渗透率提升10pct，6月车企销量上升明显，下游需求量有所上升。展望后市，新能源车即将进入“金九银十”消费旺季，材料厂或将进入旺季补库阶段，支撑望价短期高位运行。在此推荐大家关注上下游一体化企业，推荐关注提前实现鲤精矿收入。

电解铝行业库存处于十年低位:低库存给子铝价强支撑，下行风险可控周期底部的格局已经初步显现，截止到 2023 年6月底，期货所合计为 58.52万吨; 社会库存自2023年3月2日触及 126.9 万吨新高后拐头向下，去库趋势开启，截止到6月底，相较于最高点库存下降 74.7 万吨，降幅 58.87%。

7月3日，商务部、海关总署发布了关于对镓、锗相关物项实施出口管制的公告。满足相关特性的物项，如镓相关物(金属镓、氮化镓、氧化镓、 磷化镓、砷化镓、铟镓砷、硒化镓、锑化镓)和锗相关物( 金属锗、区熔锗锭、磷锗锌、锗外延生长衬底、二氧化锗、四氯化锗)未经许可不得出口。公告自2023年8月1日起正式实施。