投资要点:近期国家有关部门一系列宏观调控政策的推出对整个有色金属行业产生了较大的负面影响。受宏观调控、美元升值加息等因素影响,国内外有色金属产品的价格近期都出现了较大幅度的调整。此次宏观调控将加剧有色金属行业内的分化,其中受固定资产投资影响较大的行业如电解铝、镍等短期内将受到较大负面影响。传闻中的关于取消电解铝出口退税的政策如果实施将较大地限制国内电解铝的出口。 Investment Highlights: The recent introduction of a series of macro-control policies by the relevant state departments has had a large negative impact on the non-ferrous metal industry as a whole. Affected by such factors as macroeconomic control and the appreciation of the U.S. dollar, the prices of non-ferrous metal products both at home and abroad have seen relatively large changes recently. The macro-control will exacerbate the non-ferrous metals industry differentiation, of which industries such as electrolytic aluminum and nickel, which are greatly affected by the investment in fixed assets, will be greatly adversely affected in the short term. Rumors of the cancellation of aluminum export tax rebate policy if implemented will greatly restrict the domestic electrolytic aluminum exports.