1. At present, the valuation of non-ferrous metal plate is reasonable, and it is still at the bottom.
Judging from the operation of nonferrous metals industry in China, the operating income of nonferrous metals mining and dressing industry increased by -4.6% and -3. 1% respectively in 20 19 and the first three quarters of 2020, and the total profit increased by -28.8% and 5.9% respectively. The operating income of nonferrous metal smelting and rolling processing industry increased by 7.2% and 65,438+0.5% respectively, and the total profit increased by 65,438+0.2% and 2.65,438+0% respectively. Although the non-ferrous plate was affected by the epidemic, there was a negative growth in the first and second quarters. However, with the gradual improvement of the epidemic, the inhibitory effect of the epidemic on the economy will soon pass. At present, the domestic economy has entered the recovery stage ahead of schedule, and investment, consumption and exports have all improved significantly.
2. In the case of monetary and fiscal easing, the pace of industry recovery will accelerate.
As a strong cyclical plate, colored plate is related to macro-policies. At present, in order to cope with the impact of the epidemic on the economy, countries are still adopting active monetary and fiscal policies. Sino-Thai research also believes that the easing of 202 1 may continue, which will accelerate the pace of global economic recovery.
3. Under the background of low inventory and high demand, the price of non-ferrous metals may rise again.
Under the background of economic recovery, the reduction of mining capital expenditure and low inventory level may lay the foundation for triggering a new cycle. Lower capital expenditure means that new production capacity will slow down in the next 2-3 years. At present, industrial metal stocks are at a historical low level, especially copper and aluminum stocks are at the lowest level in recent years.
On the demand side, the economy is on the rise and the demand is increasing. New energy vehicles have become a new bright spot in the increment.
With the improvement of energy conservation and emission reduction requirements, and the rapid development of new energy vehicles, the pace of automobile lightweight is accelerated, and the amount of aluminum used in automobiles will further increase, becoming a new growth point of aluminum consumption. At the same time, the accelerated construction of new infrastructure in China has also increased the demand for aluminum. For non-ferrous metals such as lithium, nickel, cobalt and platinum, the demand for new energy vehicles has increased.
Tips:
1. The above instructions are for reference only and do not make any suggestions.
2. There are risks in entering the market, so investment needs to be cautious.
Reply time: 2020- 12-28. Please refer to the latest business changes announced by Ping An Bank in official website.
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