上周银行板块涨 0.4%，较大幅度跑输市场。上周市场波动较大，板块 表现主要受较为悲观的基本面预期压制，特别是银行让利实体的大环 境下投资者对今年银行业绩有所担心。上周五公布了一季度社融数据， 大超投资者预期，央行在数据发布后召开新闻发布会就市场关心的重 点问题进行交流。我们将结合货币政策传导机制分析展望后续实体流 动性和银行股的表现。

疫情不改新能源汽车需求增长长期趋势，中国率先从疫情中恢复，随着 国家加大新基建的政策决心，我们认为中国国内新能源汽车的需求增长 非常值得期待，于此同时欧洲国家 1 季度新能源汽车销量也不乏亮眼之 处，显示新能源汽车需求长期增长逻辑稳固，而新能源汽车动力电池核 心部件高端锂电铜箔供给从长期来看供求格局好，尤其是 6μm 铜箔企 业具备良好的中长期配置价值。

 钴盐价格持续回落。本周国内钴盐价格延续前两周的回落节奏，其 中氯化钴（≥24.2%）价格下跌 3 元/千克，跌幅 4.7%；硫酸钴（≥ 20.5%）价格下跌 4 元/千克，跌幅 7.4%；氧化钴（≥72%）价格下 跌 3 元/千克，跌幅 1.5%；四氧化三钴（≥72%）价格下跌 6 元/千 克，跌幅 2.9%。2 月国内四氧化三钴产量约在 3600 吨左右，环比 减少 10%，同比减少 14.29%；硫酸钴产量约为 1200 金属吨，环比 下滑 7.69%，同比下滑 42.85%；四氧化三钴产量约在 3600 吨左右， 环比减少 10%，同比减少 14.29%。受疫情影响，预计 3 月份国内产 量仍将维持当前水平。

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. The market is segmented into grades, end user industry, processing method, and region. Based on grades, it is categorized into series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8. Based on end user, it is classified into transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others (solar panel nanotechnology and aluminum air batteries). The processing method segment is divided into flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar. Based on region, the market is analyzed across North America, Europe, and LAMEA.

尽管当前金价短期向下大幅波动，但从历史类比和逻辑推演 上，黄金趋势仍然值得坚定看好，恐慌下孕育着绝佳的投资机会。

监管肯定了银行利润最终用于支持实体经济，并且提出存款降息的可能性。存款降息若能落地，将有利于稳定银行的息差，修复市场悲观预期。

Mining is the process of extracting coal, metals, minerals, and others from the earth. For these extractions, mining equipment are used for which drill bits are required. Mining drill bits are cutting tools that are used to dig hole of circular area. These drill bits are deployed to remove rock or debris material to create different size of holes. By type, the market is segmented into rotary bits, DTH hammers bits, and others. The others segment is further divided into anchor bits, cross bits, and chisel bits. Whereas, the rotary bits segment is bifurcated into fixed cutter bits and roller cone bits. Based on material, the market is categorized into steel, diamond, and tungsten carbide. The diamond bits segment is further classified into thermally stable diamond bits, PDC, and surface set diamond bits. Bit size analyzed in the report includes up to 150 mm to above 300 mm. By operation segment, the market is bifurcated into underground drilling and surface drilling.

Owing to its properties, such as high bonding capacity, low acidity, low thermal expansion coefficient, high chemical resistance, low wettability by molten metal, and good recyclability, zirconium is extremely suitable for use in foundry and refractories. These properties make zirconium suitable for use as a molding base material for sand casting and investment casting, in addition to its use as mold coating in die-casting and in refractory paints and washes to reduce the wettability of other foundry sands. It is mostly used in the form of sand and flour. Additionally, it is used in a wide range of refractory operations including refractory mortar, firebricks, or refractory linings for glass and metal furnaces, as well as fibers, nozzles, slide gates, valves, and grouts.

Of all the different kinds of metal packages, such as cans, drums, bottles, caps, and closures, cans have been the most popular. Ease of use and availability aided in the adoption of metal cans in several packaging applications over the last century. Additionally, consumer trends, such as a preference for small-size and multi-pack packaging formats, are supporting the volume growth of the global metal cans market (henceforth, referred to as the market studied). An increasing demand for mini-cans has been observed, especially in the Asia-Pacific markets, such as India, China, and Japan. Therefore, most of the beverage companies in the region are offering mini-cans, which generally contain smaller volumes of a products and cost less than the traditional canned products. This trend is resulting in more substantial unit consumption. Furthermore, with the increasing environmental concerns, consumers are demanding metal cans, owing to their low environmental impact. The high recyclability of metal cans is one of the significant drivers for the market studied in some regions, while in other regions, economic conditions and low price of canned goods remain key drivers for the market studied.

The Indian steel industry (henceforth referred to as the market studied) is considered as one of the few bright spots in the global steel industry. The steel industry in the country revived from the demonetization and the goods and services tax (GST) reform and is growing at a rapid pace. The market studied has transformed to a great extent over the past few years. The technological developments, though the adoption rate is low in the sector, have not only improved the delivery times, but also helped the industry in producing accurate designs of steel structures. The ongoing push for infrastructure development, coupled with favorable demographics, is improving the macroeconomic fundamentals, which translate into sustained growth in the steel industry. Projects, such as industrial corridors (connecting existing industrial cities and manufacturing sectors) and Sagarmala (connecting states through waterways), may increase India’s connectivity, reducing logistical costs of transportation across Indian states.