中央财经委员会和中共中央政治局两大重磅会议为构建现代化基础设施体系 指明方向，未来以促进基建投资的稳经济政策有望加速推出，改善钢铁边际 需求。长期看需关注进口替代逻辑下的成长型特钢领域。

1.近期行情回顾...............................................................................................................................................................6

2.宏观环境.......................................................................................................................................................................8

2.1 国内环境............................................................................................................................................................8

2.2 国外环境............................................................................................................................................................9

3.下游行业数据...............................................................................................................................................................9

3.1 房地产相关数据................................................................................................................................................9

3.2 基建相关数据..................................................................................................................................................11

3.3 机械相关数据..................................................................................................................................................11

3.4 汽车相关数据..................................................................................................................................................12

3.5 家电相关数据..................................................................................................................................................13

4.钢铁行业数据.............................................................................................................................................................14

4.1 供需..................................................................................................................................................................14

4.2 库存..................................................................................................................................................................16

4.3 进出口..............................................................................................................................................................17

4.4 成本..................................................................................................................................................................18

4.5 钢价..................................................................................................................................................................19

4.6 盈利..................................................................................................................................................................19

5.工业金属行业数据.....................................................................................................................................................20

5.1 铜......................................................................................................................................................................20

5.2 铝......................................................................................................................................................................21

6.贵金属行业数据.........................................................................................................................................................22

7.重要稀有金属行业数据.............................................................................................................................................23

7.1 新能源金属......................................................................................................................................................23

7.2 稀土及小金属..................................................................................................................................................26

8.投资建议.....................................................................................................................................................................27

9.风险提示.....................................................................................................................................................................28