能源金属：看好电动车板块需求乘势而起，建议关注锂钴龙头标的的配置机会。随着国内新能源汽车产销环比显著改善，叠加欧盟减排政策持续加码，全球新能源汽车有望在疫情的阶段性扰动之下重回高增长的通道。

9 月份建材行业单月下跌 7.55%，跑输沪深 300 指数 2.80 个百分点，其 中玻璃表现较为亮眼，单月上涨 6.93%，跑赢沪深 300 指数 11.68 百分 点；其他建材板块和水泥板块分别单月下跌 7.21%和 11.05%，分别跑输 沪深 300 指数 2.46 和 6.30 个百分点。开年至今建材板块实现涨幅 37.32%，跑赢沪深 300 指数 19.19 个百分点，相对收益明显。

钢铁需求节后迅速恢复，钢材库存受国庆假期影响略有回升。本周截至 10 月 10 日（包括 9.28-9.30 三天）每日建材成交均值为 26.14 万吨，较上周 上升 4.32 万吨，同比升 16.77%，建材需求节后迅速恢复，创往年同期最 高水平。我们测算本周钢材表观消费量为 1114.40 万吨，环比上周升 0.78%，保持往年同期最高水平，其中螺纹钢表观消费量 395.72 万吨，较 2016-2019 年平均水平高 13.56%（或 33.27 吨），钢材需求高位震荡，本 周五大品种钢材社会库存及钢厂库存分别为 1548.14、708.91 万吨，环比 分别变化升 5.53%、6.97%。钢材库存受假期影响略有回升，但从建材成 交情况来看，建材需求节后已强势复苏。我们对旺季到来后钢材需求持续 上行的判断有望被下游强势的需求所验证，而产量上升空间十分有限，我 们预期钢材库存在四季度将恢复去化。

我们认为白银的价格会分为三个阶段的演化，从货币属性到投资属性最后到工业+金融属性的结合。白银货币属性的时期已 经过去，目前正处在投资属性的阶段，未来随着光伏银浆等现象级应用的增长带来白银工业属性的大幅提升，白银新一轮牛 市悄然而至。

This report covers the study of global energy efficient windows market. Comprehensive analyses of the market trends, future estimations, and thorough study of the market based on the operating type, glazing type, end user, and region are included in this report. The energy efficient windows market is segmented into operating type, glazing type, components, end user, and region. By operating type, the market is divided into awning, casement, double-hung, fixed, hopper, and sliding. By glazing type, the market is classified into double glazing, triple glazing, and others. By component, it is categorized into frame, glass, and hardware. By end user, it is bifurcated into residential and non-residential. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

提高产品集中度有助于避免过度竞争，提高产品价格，增加利润。以宝钢 和武钢为例，在取向硅钢方面，武钢的市占率高达 48%，宝钢达到 32%， 两家企业占据国内取向硅钢市场的 70%以上，两家企业合并将使得取向硅 钢集中度大大提升，企业产品议价能力提高。我们认为长期而言，提升产 业产品集中度能加强市场协同、统一定价策略，通过行业自律实现市场稳 定、避免钢价大起大落。

欧洲钢铁行业的早期历程：工业革命为钢铁行业的发展带来了契机， 伴随着两次世纪大战，来自军工行业的需求极大的刺激了钢铁行业 在 20 世纪上半叶的发展。二战结束后，百废待兴，经济复苏带动钢 铁行业迎来高速发展。

The global superalloys market was valued at $6,217.3 million in 2019, and is estimated to reach $11,953.9 million by 2027, growing at a CAGR of 8.6% from 2020 to 2027. Superalloys are the group of alloys that consist of nickel, cobalt, and iron as base materials along with other metals to enhance their properties. These alloys are widely used in industries such as aerospace gas turbine engines, nuclear reactors, power generation turbines, petrochemical equipment, rocket engines, and others, owing to their enhanced properties such as high mechanical strength; creep resistance at high temperature; significant surface stability; and corrosion, oxidation, & high-temperature resistance. The global superalloys market is driven by increase in demand for these alloys in range of industries such from industrial gas turbines and automotive. They are widely used in turbine engines, as the thermodynamics efficiency of turbine engines is increased with increasing turbine inlet temperature, which is expected to provide lucrative growth opportunity to the market players. Moreover, increased applications of superalloys in the aerospace and automotive sectors also boosts the market growth. However, high cost of these alloys is anticipated to hamper the market growth during the forecast period.

19 年中国宝武粗钢产能、产量世界第二；20 年中国宝武拟入主重庆钢铁、 兼并太钢集团，粗钢产能有望达 1.15 亿吨，产能有望达世界第一。中国宝 武 19 年兼并马钢集团、20 年拟兼并太钢集团，均打破央、国企界限，可 为后期行业兼并重组起到示范意义，但整合实际效果或有限，例如马钢股 份与宝钢股份仍独立经营，在原料采购、生产、销售上并无协同。另外， 即使 19 年中国宝武产能、产量均接近 1 亿吨，国内占比分别达到 8%、9%， 也无法对国内钢材量、价和技改带来的行业有效产能增加形成有效影响， 因此行业整合对市场秩序的优化仍待观察。

Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, minimum raw material requirement. Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capital-intensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.