本周钢价呈现高位震荡走强态势，钢材综合指数最终环比上涨4.59%，进而创年内新高，此外长材与板材指数亦分别上涨4.44%、4.74%。目前，随着季节性因素显现，需求端整体已趋于弱化，钢材社会库存连续第二周累积。

到2020年底，全省压减钢铁产能300万吨以上，产能利用率提高到85%以上，钢铁企业数减少到20家左右的目标。

资增速将有所回落，财政收支比持续创新高及淡季深入抑制地产投资；综合判断，我们认为12 月份需求将大概率收缩。供给方面，现阶段煤焦供应紧张态势不改，叠加入冬后华北地区环保治理压力加大、唐山环保限产持续升级，钢厂检修或焖炉比例进一步提高，整体钢市将呈现供需两弱格局，钢价将围绕成本端波动。

Metal fabrication is a process that involves building metal structures by cutting, bending, and assembling. Metal fabrication is a value-added process that encompasses the construction of machines and other structures from various raw materials. Large fabrication shops may employ a range of value-added processes that include welding, cutting, forming, and machining in a single facility. These large fabrication shops offer additional value to their customers by eliminating the need for multiple vendors for different services. Under ideal circumstances, metal fabrication services usually commence with detailed shop drawings that include precise measurements. Post approval, the next stage is fabrication. This involves fabrication shops that are primarily employed by contractors, original equipment manufacturers (OEMs), and value-added resellers (VARs). Typical orders could include anything from loose parts, structural frames for buildings and heavy equipment, to stairs and hand railings for buildings.

今日钢铁板块小幅跑赢大盘，柳钢再度涨停。虽然在成本推动钢价上涨的情形中，钢铁盈利并不顺畅，叠加估值仍处高位，板块爆发趋势性行情概率较小，但由于年底机构换仓或加速板块轮动，板块因前期表现羸弱而目前涨价、供给侧改革催化而仍有阶段性补涨行情。

2016 年产能过剩并未实质改善，但钢价和股价走势已逐渐趋于一致。2017 年需求预期难以明显好转，但供给侧改革边际效果将增强。2017 年趋势性机会不大，结构性机会仍值得把握，推荐国企改革、需求景气子行业和转型主题相关标的。

出口压力越来越大，今年前10个月，涉及我国钢材出口的反倾销有约40起。未来几年钢材出口很难有明显增长。

Safety goggles and glasses are products that protect the wearer's eyes from potentially hazardous elements, ranging from airborne particles to chemicals. The global safety goggles and glasses market will be driven primarily by the increasing demand from APAC, where international companies are pioneering stringent safety programs in their countries of operation. A few countries in this region, such as Japan, Australia, and New Zealand, also have well-defined government regulations on worker safety that are contributing to market growth.

Indium is a soft, malleable metal with a silvery-white appearance. It is fabricated by the chemical reaction of tin-oxide with indium oxide and is used as a transparent conducting film and has high transmittance in the visible IR region. ITO is used in applications that require a transparent conductive coating on their surfaces. About 75% of the total compound consumed is used in the production of flat panel displays (FPDs) and liquid-crystal displays (LCDs).

拟并购怡力电业，补足上游拼图。通过拟并购怡力电业资产包，公司将电解铝产能由 13.6 万吨扩大至 81.6 万吨，一方面降低了成本，另一方面保证了电解铝的稳定供应，同时还可以享受铝价上涨的红利。怡力电业的资产包盈利能力较强，预计 2016 年利润超过 6 个亿，承诺未来三年利润 18 个亿，将大幅提升公司业绩。