2019年1-5月份，受政府财政支出节奏快速前移影响，地产和基建投资回升，钢材市场需求保持较好水平。与需求相匹配，前5个月钢材供给也十分旺盛。全国高炉、电炉开工率位于历史同期较高水平，产能利用率同比上升，粗钢日产水平不断创历史新高。

上半年周期品表现基本符合我们之前的判断，业绩下行期的对冲带来绝对收益但难获得超额收益。但我们筛选出的优质阿尔法组合，依然获得可喜的表现。

本周大盘上涨4.16%，成功收于3000 点上方。周期股整体表现鸡肋，钢铁板块周上涨2.93%，跑输大盘。个股方面，受矿石价格上涨，铁矿石个股表现较好。

The total number of companies operating in Poland’s metallic and non-metallic mining sector was 193 at the end of 2017, excluding companies, employing up to nine persons. The industry is dominated by a handful of large companies. The biggest company in the sector is one the world’s leading copper and silver producers - KGHM Polska Miedz. Other major entities are either foreign-owned (Cemex Polska, Lafarge Group, Nordkalk) or belong to larger domestic groups - ZGH Boleslaw (from steel group Stalprodukt group) or ZA Siarkopol (from chemical group Grupa Azoty).

India liberalised its steel sector in 1992 and at present the private sector has a dominant position, as about 80% of crude steel output in FY2018 came from private companies. The steel sector is going through a phase of consolidation and companies operating in the sector are expected to undertake brownfield investments for expansion. The Indian iron ore segment is highly fragmented, with more than 40 companies performing mining activities. The government’s presence in the sector is significant, at about 35%, as it controls the country’s two largest iron ore mining companies, in terms of production volumes. Unlike that of iron ore, the production of crude steel in India is dominated by the private sector, which controlled 80% of it in FY2018. The six largest companies in the finished steel segment accounted for 54% of total production in FY2018.

Forests cover nearly 30% of the land area in the world. Deforestation activities have exponentially witnessed an increase since the 1990s. As per reports published by the FAO, nearly half of the tropical forests across the world have witnessed a decline. Nearly 18.7 million acres of forests are lost every year according to the World Wildlife Fund reports. In 2016, the overall tree cover loss was approximately 30 million ha (73 million acres). However, in a few regions, the forest area is expected to witness an increase over the next few years. This can be attributed to the different regulations that are being implemented by the government in various countries to curb the deforestation process, thereby maintaining the integrity of the environment.