Production of precious metal alloys Production of precious metal semi-products Production of silver rolled onto base metals Production of gold rolled onto base metals or silver Production of platinum and platinum group metals rolled onto gold, silver or base metals Production of aluminium from alumina Production of aluminium from electrolytic refining of aluminium waste and scrap Production of aluminium alloys Semi-manufacturing of aluminium

Manufacture of metal frameworks or skeletons for construction and parts thereof (towers, masts, trusses, bridges etc.) Manufacture of industrial frameworks in metal (frameworks for blast furnaces, lifting and handling equipment etc.) Manufacture of prefabricated buildings mainly of metal: Site huts, modular exhibition elements etc. Manufacture of metal doors, windows and their frames, shutters and gates Metal room partitions for floor attachment

Plating, anodizing etc. of metals Heat treatment of metals Deburring, sandblasting, tumbling, cleaning of metals Colouring and engraving of metals Non-metallic coating of metals: Plasticizing, enamelling, lacquering etc. Hardening, buffing of metals Boring, turning, milling, eroding, planing, lapping, broaching, levelling, sawing, grinding, sharpening, polishing, welding, splicing etc. of metalwork pieces Cutting of and writing on metals by means of laser beams

全球黄金消费需求反弹强劲，中国黄金消费也顺势上扬；疫情和勘探预算的减少导致全球黄金产量小幅减少，中国依旧稳居黄金生产榜榜首；除黄金ETF外，金饰、金条和金币消费需求均上升明显；利率和通胀风险是影响黄金表现的较重要因素。中国黄金首饰市场增长空间大，Z世代购金意愿强烈；中国传统观念中对佩戴黄金首饰代表“成功”“富贵”的坚实文化基础决定了中国金饰市场的繁荣；金饰消费人群逐渐多元化，并不断推动黄金工艺、计价方式的变革。

Q3业绩延续高增，看好板块高景气度延续。1）锂板块 Q3季度归母净利润预计环比增长16%-37%，新能源产业高景气逻辑继续得以兑现。

针对黄金，美联储提高了加息利率终值目标，叠加美国短期经济韧性强，美元指数走强，22Q3 金价压力仍存，黄金矿企业绩或承压。针对基本金属，经济下行压力叠加货币政策持续收紧，22Q3 铜铝价格及冶炼费等环比均下滑，铜铝板块业绩或承压。

国庆长假影响下，钢材需求显著下降，库存显著累库。短期正值传统旺季，节后需求仍有望重新回升；但后期需求向上的弹性及节奏仍有赖于地产端的改善情况。