Aluminum is an electronegative metal, which possesses strong affinity for oxygen. It is the sixth most ductile and second most malleable metal present on earth. It is exceptionally light having 2.7g/ccm density is resistant to dust, possesses high degree of conductivity, and exhibits significant strength when alloyed. It is widely used in food & packaging and pharmaceutical industries, as it is nontoxic in nature, preserves food for prolonged times, and inhibits growth of microorganisms. It is a good electrical conductor and thus is used frequently in electrical transmission lines. In addition, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of aluminum, which makes it a favorable choice for various industrial applications.

兼并重组提高产业集中度，一定程度加速去产能进程。案例复盘，兼并重组有助钢企管理、生产、营销水平提升，最终实现协同共赢。

据工信部、国统局、中钢协数据，（1）去产能：2016-2018 年3 年全国去产能1.5 亿吨，提前完成“十三五”去产能上限目标。（2）去杠杆：3年减负债5517 亿元至38202 亿元、资产负债率降4.18PCT 至62.52%，债转股、债务重组及盈利改善是主因。

矿石价格暴涨；钢厂盈利受挤压的担忧又起。13年铁矿石供给大增，14-18年属于典型的过剩周期，18年下半年铁矿石明显有走出过剩重建供需平衡之迹，这种担忧固然值得重视。

春节前，先是煤矿的安全检查提前使得产业利润进入均衡状态，给短期的产业煤焦钢价格上涨带来支撑。然后淡水河谷矿难事件使得铁矿价格明显上涨，进一步对钢价形成成本端支撑。在历史复盘中，每一轮钢价的上涨均会带动一轮钢铁板块较为明显的相对收益，而在本轮钢价上涨可以分为两部分：前期由成本端上涨带来的拉动，后期钢铁基本面转好带来的价格自我驱动。中间的时间节点我们预计在3月初。短期铁矿受到淡水河谷尾矿难的影响将持续偏强，支撑钢价上涨。