8 月，建筑用钢需求转好，测算螺纹、线材需求同比较前值+9.9pct，预计8 月地产建筑工程投资依然强劲；8 月测算冷板需求增速下行，预计短期乘用车批发端产销不佳。同期，钢价下跌较多，或是供给曲线形态改变、短流程现金成本支撑变弱导致。我们认为地产调控力度趋严，预计地产投资增速缓慢下行；基建方面，今年或提前下达部分2020 年新增地方政府债务限额，更有利于地方投资接续。7 月，汽车月产销量同比增速较前值+5.4/+5.3pct，汽车产销出现修复迹象，我们预计Q4 汽车产销或回升，汽车用钢或受益，推荐特钢龙头大冶特钢及汽车板龙头宝钢股份。

根据《湖南华菱钢铁集团有限责任公司2019 年公开发行公司债券（面向合格投资者）（第二期）募集说明书》，截至2018 年，公司具备年产生铁1773 万吨、粗钢1995 万吨和钢材1984 万吨的生产能力，为国内十大钢铁企业之一（如若华菱钢铁上市公司发行股份购买资产（拟向华菱集团、涟钢集团、衡钢集团、建信金融等9 名交易对方发行股份购买其持有的华菱湘钢13.68%股权、华菱涟钢44.17%股权、华菱钢管43.42%股权，详见2019 年8 月8 日华菱钢铁发布的《发行股份及支付现金购买资产暨关联交易报告书（草案）（修订稿）》）和收购阳春新钢完成（详见2019 年9 月6 日华菱钢铁发布的《关于子公司华菱湘钢现金购买阳春新钢51%股权暨关联交易的公告》），华菱钢铁集团钢铁产能将实现整体上市）。2018 年，公司粗钢产能1995 万吨、排全国第九位，粗钢产量2301 万吨、排全国第八位。产品结构基本保持稳定，长材、板材和管材销量占比约为4:5:1，装备水平国际一流。

Titanium alloys exhibit a unique combination of mechanical and physical properties, which make them desirable for certain critical applications in the aerospace, chemical, medical, and energy industries.  Their high strength-to-density ratio gives them high structural efficiency. The high strength and low density of titanium (approx. 40% lower density than that of same strength steel) have led to its usage in the aerospace sector. For instance, it is used in landing gear of the Boeing 777, Boeing 787, and Airbus A380 aircraft. Titanium alloys have exceptional corrosion resistance and elevated temperature resistance, and are also biocompatible.

The demand for extra luggage space has increased off late. For family trips and weekend trips, the amount of luggage that the family or the person carries has increased over the years. This is also coupled by the amount of accessories that a luggage requires when a person goes on an adventure trips. Increasing luggage would require the owners to add a roof rack to the car to transport extra luggage. Nowadays, people carry more clobber, go on more holidays, and participate in sports that require more bulky kits than just a football or tennis racquet. Even a couple of mountain bikes carried on a rack can contribute to the rising demand for car racks. All such events demand an extra luggage space, which is more than a conventional boot space.

截止8 月中旬，全球交易所库存+国内社会库存共计238.89 万吨，其中LME 库存96.93 万吨，SHFE 库存38.77 万吨，国内社会库存103.2 万吨。目前整体来看，国内交易所库存淡季累库效应尚不明显，目前依然处于去库阶段，但是去库速度从6 月份以后已经大幅放缓。国内社会库存目前依然处于100 万吨上方，且自7 月份以后持续维持在100 万吨以上，去库乏力，但是因为消费淡季尚未累库，随着9 月份消费旺季的来临，预计库存将会有所下降。LME 随着过去多年的持续去库，目前持续维持在100 万吨附近。