钢铁行业：月度供需回升，制造业用钢有望维持高景气－月报-银河证券

铝 : 产 业供需错配继 续发酵，铝价上涨斜率更趋陡峭 氧化铝阶段性供需错配有望在 2025 年逐步缓解。2024 年资源端风险横跨全年，国产矿安全环保问题及海外矿扰动制 约氧化铝厂产能释放。在行业高利润之下，仍有 39%的氧化铝减产产能因矿石供应不足而难复产;而投资金额大、建 设周期长、缺乏稳定的进口矿来源也制约氧化铝厂投资进口矿产线设备改造。当前国内新投氧化铝项目均使用进口矿， 成本及原料保障新产能兑现。预计 2025 年全球氧化铝产量同比增长 650 万吨，随着海外铝土矿逐渐兑现增量，2025 年氧化铝供应偏紧问题有望缓解，但氧化铝新增产能集中在上半年释放，预计矿原料存在阶段性供需错配。

Magnet Market Research Report Information by Type (Ferrite, Neodymium Iron Boron, Aluminium Nickel Cobalt, Aluminium Nickel Cobalt) By End Use (Electronics, Automotive, Medical, Energy, Industrial, and others) and By Region -Global

1、铜 2024M1-M10 复盘:多因素作用下，铜价创历史新高 宏观、供需多因素作用下，铜价于 5 月创下历史新高。回顾今年铜价 走势，可分为四个阶段:年初-3 月初横盘震荡、3 月初-5 月中旬持续 走高、5 月中旬-8 月初震荡回调、8 月初以来高位震荡。 2、供给端:供给端扰动持续发生，未来铜矿增量有限 铜矿方面，供给扰动持续发生，2024 年 M1-M8 全球铜矿产出约 1487.40 万吨，同比 2023 年同期增长 1.97%(低于 2023 年 10 月份 ICSG 预测 的 3.7%)，增速不及预期。电解铜(原生+再生)方面:原料供应紧张， 粗炼/精炼费下行至 2019 年以来低位，电解铜 2024 年 M1-M8 产量较 上年同期增长 1.73%。展望未来，我们认为矿端增量仍然有限，铜矿 新增项目难以匹配冶炼产能放量，TC/RC 预计仍将位于低位，预计 2024-2025 年铜矿供给增速分别为 1.7%、3.5%。

前三季度收入小幅增长。2024 年前三季度上市有色金属行业企业实现 营业收入 24232.9 亿元，同比增长 1.7%;实现归母净利润 966.5 亿， 同比下降 6.9%。季度层面看，2024Q1、2024Q2 和 2024Q3 上市有色金 属行业总体分别实现收入 7308.3、8749.5 和 8175.1 亿元，同比分别 下降 4.5%、增长 6.3%和增长 3.1%。季度趋势上看，行业总体在经历 2023Q4 和 2024Q1 同比负增长之后，2024Q2 收入同比增速转正，2024Q3 同比增速较二季度则小幅回落。

钢材流通端库存新低。； 钢材生产端和消费端库存也新低；钢材出口仍会维持在高位； 产能大复产迅速；盈利随供给增加起伏

Platinum is a chemical element with the atomic number 78 and the symbol Pt. It is a dense, precious, ductile, malleable, highly unreactive, silverish-white transition metal. Platinum is utilized extensively for making jewelry. Its major usage, however, is in catalytic converters used in trucks, cars, and buses. Platinum is very effective and efficient at converting emissions from the vehicles engine into less harmful waste products. In addition, platinum is utilized in the chemical industry as a catalyst for the manufacturing of silicone, nitric acid, and benzene.

Metal additive manufacturing is the process of manufacturing metal components by laying down layers of metal-based materials based on the shape of the object. Additive manufacturing or 3D printing is a process of making 3D parts by successively laying down layers of materials. Each of these layers is a thinly sliced horizontal cross-section of the final object. The structures and shapes of the objects or components are created with the help of a digital format. The current report discusses metal additive manufacturing equipment and devices.

Aluminum is much lighter than steel and has numerous advantages over other materials, such as flexibility, the automotive sector's largest segment is increasingly focusing on using aluminum rather than steel and iron to produce components and parts using die-casting machinery.