Metal fabrication is a process that involves building metal structures by cutting, bending, and assembling. Metal fabrication is a value-added process that encompasses the construction of machines and other structures from various raw materials. Large fabrication shops may employ a range of value-added processes that include welding, cutting, forming, and machining in a single facility. These large fabrication shops offer additional value to their customers by eliminating the need for multiple vendors for different services. Under ideal circumstances, metal fabrication services usually commence with detailed shop drawings that include precise measurements. Post approval, the next stage is fabrication. This involves fabrication shops that are primarily employed by contractors, original equipment manufacturers (OEMs), and value-added resellers (VARs). Typical orders could include anything from loose parts, structural frames for buildings and heavy equipment, to stairs and hand railings for buildings.

随着下游需求的小幅回暖， 10 月，十种有色金属冶炼产品产量增速回升；主要有色金属市场价格继续上涨；随着价格的上涨、供给侧改革的推动、去产能取得初步成效，有色金属工业企业利润增长继续呈回升态势。但固定资产投资下行压力持续释放，内生增长动力还在衰减，采矿业及冶炼业投资继续下滑；世界外贸形势依然低迷，有色金属产品进出口环比均呈下滑态势。

铜价进入短中期上涨通道将使得铜企利润对估值产生更大弹性。一斱面来自自产铜精矿的利润加成，一斱面来自外购铜冶炼加工后未套保部分铜在生产时间过程中形成的价差。

2009-2015 年国内铝土矿的表观消费量的年均复合增速为 11%，产量的年均复合增速为 7%，进口量的年均复合增速为 19%，所以，总体而言国内铝土矿产量增速不能满足消费需求增速，进口量保持着相对的高速增长。国际市场上，铝土矿的供应较为充足，各铝土矿生产国之间的市场竞争也较为充分。 

供需共振，奠定基本金属向好大基调。 供给收缩是 2016 年金属涨价的主要逻辑，这种局面有望在 2017 年得以延续，同时需求出现向好迹象， 中美发力基建以及宏观经济复苏为基本金属价格持续上涨奠定主基调。商品价格的上涨将逐步转化为企业盈利，同时有助于企业改善财务结构， 降低负债及财务费用，增强企业竞争力。

当前供需处于敏感平衡状态：2016 年供给侧改革普遍推升金属价格，细微的供给端变化推动了轰轰烈烈的价格上涨行情，足见长期价格低迷后，上游资本开支放缓，供需已处极敏感的平衡状态。从草根调研情况看，产业升级和利润为核心的经营思路不断推进，这是供给侧改革持续深化推进的重要微观基础。

2016 年是供给侧改革元年，有色商品与股票均表现较好。《有色金属工业发展规划（2016-2020 年）》提出“十三五” 将继续推进供给侧改革，将严控铜、铝、铅锌等新建冶炼项目，主动压减过剩低效产能；同时推动产业转型升级，着力发展高性能轻合金材料、稀有金属深加工材料等领域高端产品。往后看，我们依然看好新周期领域（供给侧改革） +新经济（新兴产业）。

A steel casting is a method where liquefied steel is poured into a mold, made of sand or ceramic plaster, to create a desired shape. The mold contains a hollow cavity of the required shape. After pouring the liquefied steel cools, solidifies, and is removed for cleaning. The product formed is subjected to heat treatment and further finishing. Heat treatment enhances the properties of the cast formed. Steel castings are preferred for applications requiring high strength, weldability, corrosion resistance, abrasion resistance, and serviceability under low and high temperatures. For instance, steel castings are used for making important components in the mining, construction, military, railroad, truck, and oil and gas industries.

小金属中涨幅最大的锑，价格较年初上涨44.2%，电解锰、钼、镁价格涨幅超过30%。跌幅居前的包括铀、锗、铟、海绵锆等，铀价较年初下跌38.5%，锗锭价格较年初下跌26.2%。

以史为鉴，长周期价格全梳理。在《有色板块投资框架系列 II》，我们囊括了金、银、铂、钯、铑等 5 种贵金属，铜、铝、铅、锌、锡、镍等 6 种基本金属，锂、钴、镁、锆、钛、钼、稀土、锑、钨、铌、钽、铟、锗、锰、铼、铬、铀等 17种小金属品种，梳理其长周期价格走势。