Aluminum extrusion is a technique used to transform aluminum alloy into objects with a definitive cross-sectional profile, for a wide range of applications. The extrusion process makes the most of aluminum’s unique combination of physical characteristics. For instance, its malleability allows it to be easily machined and cast. However, aluminum is one-third the density and stiffness of steel, and the resulting products offer strength and stability, particularly when alloyed with other metals.  With the growing focus toward reducing exhaust emissions, and to meet the fuel economy standards, the demand for aluminum and aluminum-extrusion has been increasing, as aluminum extrusion aids automobile manufacturers in reducing vehicle weight, while accommodating additional safety and convenience.  The extruded aluminum content in the vehicles has been continually increasing over the past few years, and the new vehicle launches over the years have validated that growth outlook.

The global titanium alloy market (henceforth, referred to as the market studied, unless specified otherwise) registered a volume of 196.39 kilo ton, in 2017. The market is expected to reach a volume of 237.75 kilo ton million by 2024, registering a CAGR of 3.28%, during the forecast period (2019-2024), (henceforth referred to as the forecast period). The growth is majorly driven, due to its excellent mechanical and physical properties and extensive usage in a wide range of industrial applications. However, the premium pricing of titanium alloys is expected to act as a restraint for the market.

全球实际利率回落，黄金步入上行通道。随着全球步入衰退式宽松，美联储进入降息周期，美国实际利率中枢随之回落，坚定看好长周期维度的黄金价格上行。中国黄金行业集中度高，四大集团龙头优势凸显。作为世界第一产金国，中国黄金企业竞争力不断增强，形成以四大集团为首的竞争格局。

不锈钢是我国最大的特钢品种，用途广泛。200、300、400 系列是目前市场上最主流的不锈钢种类，也是应用最为广泛的不锈钢品种。2018 年我国不锈钢粗钢总产量为2670.68 万吨，其中200 系产量占比30.9%，300系产量占比48.0%，400 系产量占比20.5%。不锈钢产业链清晰，生产工艺流程相对普钢更为复杂；不锈钢成本与原材料价格高度相关，镍、铬等合金价格变动直接关联不锈钢成本的变化。

8 月，唐山、邯郸等地高炉限产持续，但力度较7 月略有放松， 9 月，限产安排进一步减弱，政策对于钢材产量的影响不断弱化。但在行业亏损面积增大的背景下，长流程企业检修意愿增加，短流程亏损企业主动停产，使得全市场钢材产量自发下降，市场化调节作用显现。我们认为，市场能够对于钢材产量进行有效调节的先决条件是短流程成本高于长流程钢厂。当前时点，行业盈利回暖，要警惕产量再度上涨。