全球实际利率回落，黄金步入上行通道。随着全球步入衰退式宽松，美联储进入降息周期，美国实际利率中枢随之回落，坚定看好长周期维度的黄金价格上行。中国黄金行业集中度高，四大集团龙头优势凸显。作为世界第一产金国，中国黄金企业竞争力不断增强，形成以四大集团为首的竞争格局。

Aluminum extrusion is a technique used to transform aluminum alloy into objects with a definitive cross-sectional profile, for a wide range of applications. The extrusion process makes the most of aluminum’s unique combination of physical characteristics. For instance, its malleability allows it to be easily machined and cast. However, aluminum is one-third the density and stiffness of steel, and the resulting products offer strength and stability, particularly when alloyed with other metals.  With the growing focus toward reducing exhaust emissions, and to meet the fuel economy standards, the demand for aluminum and aluminum-extrusion has been increasing, as aluminum extrusion aids automobile manufacturers in reducing vehicle weight, while accommodating additional safety and convenience.  The extruded aluminum content in the vehicles has been continually increasing over the past few years, and the new vehicle launches over the years have validated that growth outlook.