According to statistics, the performance of non-ferrous metals has been eye-catching this year. At the end of September, compared with the closing price at the end of last year, the closing price of March futures of London Metal Exchange (lead) nonferrous metals all rose, except tin, among which aluminum, lead and zinc all rose by more than 20%.
Nonferrous metals are typical industries with strong cycle. The "14th Five-Year Plan" shows that China still maintains a medium-high growth rate, and the world's largest demander of non-ferrous metals will maintain a good growth rate, which will inject a shot in the arm into the overall performance of non-ferrous metals.
Judging from the sub-sector valuation of non-ferrous metals industry, the P/E ratios of copper, aluminum, gold and lithium industries are all at historical lows. From the horizontal comparison between sub-industries, due to the high scarcity of gold resources, the price-earnings ratio of gold plate is higher than that of copper and aluminum plate when all industries have profits. Due to the broad prospects of new energy vehicles, lithium is highly valued by the market without profit in the lithium industry.
According to the classification standard of southwest industries, the non-ferrous metal industry belongs to one of the 28 first-class industries in southwest China. * * Listed companies 127, among which the non-ferrous metal industry reached its peak in 20 17, and * * * listed companies 13. At present, the market value of non-ferrous metals industry accounts for 2.52% of the total market value of all A shares, and the total market value of non-ferrous metals industry accounts for 2.27% of the total market value of all A shares.
Because non-ferrous metals are at the upstream resource end of the industrial chain, many important industries (real estate, construction, automobiles, home appliances, power equipment, etc. ) is downstream in the national economy, which makes the operation of non-ferrous metals industry closely related to the whole national economy, showing a strong periodicity.
In addition, non-ferrous metals, like oil, are commodities, which are widely used in international trade and priced in US dollars, which endows non-ferrous metals with commodity attributes and financial attributes.
The supply concentration of nonferrous metal mineral resources is large, and the supply place is often not the demand place, so the supply of nonferrous metal industry shows obvious characteristics of separation of supply and demand. In addition, pollution, control of strategic resources, micro-monopoly and other factors have caused supply risks.