Metals form an important component of many manufacturing and end-user industries.Industries such as the automotive, aerospace,machinery, and consumer appliances use metals such as steel, aluminum, and cast iron as basic components. The process of applying pressure on sheet metal to obtain the desired industry product is known as metal stamping. Metal stamping can be either carried out by punching or pressing the metal sheet. Metal stamping involves different processes. 

3D printing is a technique in which a scanned or digitally designed object is formed into a three-dimensional solid using an additive process. In this process, metal is applied in successive layers with very less wastage. 3D printing products are built from materials that are alternatives to conventional plastic and metals. The global metal-based 3D printing market will grow at a rapid rate during the forecast period.The growth is attributable to the emerging demand from the aerospace and healthcare industry.3D printing metals help in achieving complex geometries, extreme requirements,and weight reduction for the aerospace industry. Fuel nozzles and guide vanes are

being produced using the technique.

Metal coating is a layer of metal applied to the surface of any object for enhancing its appearance, durability, and corrosion and wear resistance, thereby increasing its value. Different metals used for coating are zinc, zinc-aluminum alloy, zinc-silicon alloy,or pure aluminum. This process is usually batch processes, where the metal objects are dipped and taken out from bath to achieve desirable finishing and properties of the particular metal used for coating. Metal coatings are primarily used to prevent corrosion of the metal, which is caused by pollutants, such as sulfur dioxide released during the burning of oil, coal, and chlorides from de-icing salts.

我们统计了 102 家有色金属行业上市公司，2017 年上半年全行业实现营收 6125.6 亿元，较去年同期增长 28%；实现净利润 165.1亿元，同比增涨 91%。有色金属各子板块百花齐放，净利润增幅在60-334%范围。 

生铝是至少经过一次熔铸或加工并经回收和处理所获得的金属铝，与生产等量原铝相比，再 生铝能耗仅为前者 3%-5%，生产 1 吨再生铝可节约 3.4 吨标准煤，14 吨水，减少固体废弃物排放 20 吨，伴随资源日益紧张，环境治理成本提高，再生铝生产优势明显。

在资源供给端，盐湖提锂增量冲击不大，仍旧紧平衡状态下，锂盐加工产能下半年集中投放，叠加原料与新投放产能需要磨合，需要一定的产能释放周期，造成锂盐产品的持续短缺，事实上在中游行业洗牌出清之前，看不到上游锂盐产品的紧张局面的结束，我们认为，2017-2018 年锂盐供给紧张，产品价格持续强势，建议关注积极掌控上游资源、扩张中游锂盐加工环节、布局全产业链的龙头企业。

世界上的主要钴矿有四种类型：1、铜钴矿，以扎伊尔、赞比亚储量为最大，扎伊尔的产钴量占全世界产量的一半以上； 2、镍钴矿，包括硫化矿和氧化矿；3、砷钴矿； 4、含钴黄铁矿。镍钴矿、砷钴矿和含钴黄铁矿的含钴均较低。此外，海底锰结核是钴的重要远景资源，储量估计高达 1 亿吨；从含钴废料中回收钴也日益受到人们的重视。

铝供给侧改革 9 月 15 日停产大限将至，铝价或持续走强；锌持续短缺支 撑锌价创十年新高；稀土企稳维持 48-50 万元/吨，供需仍紧张，成交放 量后将继续涨价；电池产能释放，碳酸锂因供给紧缺涨至 16.05 万元/吨。 核心关注：铝（中国铝业、云铝股份）；锂钴（天齐锂业、赣锋锂业、华
友钴业、寒锐钴业）；稀土（盛和资源、北方稀土）；铅锌（驰宏锌锗、中 金岭南、建新矿业）。

西澳锂矿渐成开发热点，相对盐湖和其他矿山周期较短是其核心优 势。我们认为，西澳锂矿区较为良好的基础设施条件和当地成熟的铁 矿开采经验，澳洲成熟的初期矿业项目融资模式，以及中国与澳大利 亚在资源领域的 FDI 安排，使得当地锂矿在全球来看具备最短的开 采周期（约 3 年），在 2015 年开启的锂资源浪潮中成为最早实现有效 供给的地区。 

钴：淡季结束渐行渐近，涨价愈加值得期待。本周 MB 钴低等级报 27.9（0.1）-29.6（-0.15）美元/磅，高等级报 29.25（+0.4）-30.5（+0.75）美元/ 磅。国内金属钴价格本周维持不变为 42.8 万元/吨。本周，国外供应商已开 始陆续接到更高的询价，并正努力锁定相关订单，mb 高等级钴价格上涨幅 度较大。同时，本周成交量较正常月份仍较低些，报价随机波动幅度增大， mb 低等级钴价格出现小幅下滑。我们继续看好四季度的钴价上涨，维持板 块的买入评级，推荐标的：华友钴业、洛阳钼业。