Aluminum die casting is a metal casting process that involves injecting molten aluminum alloy into a mold, also known as a die, under high pressure. This process allows for the creation of intricate and detailed parts with high precision. Aluminum die casting is widely used across industries due to its ability to produce lightweight yet strong and durable components.

High purity zinc refers to zinc metal that has been refined to a purity level of 99.995% or higher. This high degree of purity is essential for applications requiring precise chemical properties, such as in electronics, semiconductors, pharmaceuticals, and specialty alloys. The absence of impurities in high purity zinc ensures optimal performance in sensitive processes, where even trace contaminants could compromise the desired outcomes.

工业金属行业：产能受限格局优，拥抱高利润电解铝时代－铝深度三

金属及材料行业：可控核聚变关键金属－铍行业深度报告

Products that are flat-rolled using cold and hot rolling techniques, such as coils, sheets, and plates, are referred to as aluminum flat-rolled products (FRPs). The building, construction, automotive, and transportation industries make extensive use of these products.

复盘：铜定价逐步向供需基本面逻辑切换。2025 年铜价定价逻辑从宏观 经济因素主导逐步转向供需基本面的驱动。随着全球主要经济体加息周期 结束，货币政策对大宗商品价格的影响或逐渐淡化，铜价定价框架重新转 向商品供需面逻辑。2024 年上半年铜价受宏观宽松预期、矿端供给扰动 以及需求边际扩张预期的推动而上涨，但下半年随着美联储降息落地后宏 观利好逐步被消化，加之需求端表现平淡，铜价呈现冲高回落趋势。尽管 供应端紧张局面持续，但下游企业对高价铜采购意愿减弱，市场观望情绪 浓厚。未来，铜价走势将受到宏观政策与供需基本面的双重影响，需求改 善信号和政策刺激将成为价格突破的关键。整体来看，2024 年全年铜价 在宏观与基本面因素的交替作用下呈现震荡走势，但进入 2025 年后，随 着供需矛盾的进一步激化，铜价或将更加依赖于基本面的改善。

钢铁行业：限产预期下的钢铁，把握重估与修复－深度报告-长江证券

Copper products are manufactured from copper, which is a reddish-brown, ductile, and malleable metal extracted from mines in the form of ore. Copper is refined from copper concentrates, and it has wide applicability in industries such as electrical and electronics, construction, and telecommunication.

4 月推荐黄金板块标的。2025 年上半年，市场风险偏好在美国关税政策的影响下 逐渐下修，市场逐渐交易美国经济边际走弱，黄金与美债等传统避险资产或将受 益，工业金属、原油等商品价格在需求下修的影响受到抑制。股票市场整体风格 偏保守，或将选择红利与内需板块，黄金股作为典型的防守板块或将出现相对 收益，同时黄金股整体估值被低估，在企业利润逐渐释放下估值有望迎来修复， 我们认为黄金板块标的仍为首选。