请仔细阅读本报告末页声明 Page 1 / 39 证券研究报告 | 行业深度 Table_Main 高温合金：好风凭借力 借势当起飞 Table_Invest 有色金属 评级： 中性 日期： 2021.02.04 Table_Author 分析师 葛军 登记编码： S0950519050002 ： 021-61097705 ： gejunw Table_PicQuote 行业表现 2021/2/4 资料来源： Wind，聚源 Table_DocReport 相关研究 2021年新能源汽车产业链投资策略：溢出 与涌现 (2021/1/19) 锂想系列 12： NIO Day对于上游资源的启 示 (2021/1/10) 锂想系列 11：摆钟向上、资源为王，重视 锂精矿的价格弹性 (2021/1/7) 2021 年有色金属行业投资策略 (2020/12/3) 【五矿证券研究所】新能源汽车产业链 2021 年度投资策略 (2020/12/3) 锂想系列 10：澳矿商 Altura进入破产接管 程序引发锂精矿价格反弹 (2020/11/8) China Lithium Supply (2) the research is based on analysts professional understanding, and accurately reflects his/her views; (3) the analyst has not been placed under any undue influence or intervention from a third party in compiling this report; (4) there is no conflict of interest; (5) in case of ambiguity due to the translation of the report, the original version in Chinese shall prevail. Investment Rating Definitions The rating criteria of investment recommendations The ratings contained herein are classified into company ratings and sector ratings (unless otherwise stated). The rating criteria is the relative market performance betw een 6 and 12 months after the reports date of issue, i.e. based on the range of rise and fall of the companys stock price (or industry index) compared to the benchmark index. Specifically, the CSI 300 Index is the benchmark index of the A- share market. The Hang Seng Index is the benchmark index of the HK market. The NASDAQ Composite Index or the S ACCUMULATE Stock relative performance is expected to range betw een 5% and 20%; HOLD Stock relative performance is expected to range betw een -10% and 5%; SELL Stock return is expected to underperform the benchmark index by more than 10%; NOT RATED No clear view of the stock relative performance over the next 6 months. Sector Ratings POSITIVE Overall sector return is expected to outperform the benchmark index by more than 10%; NEUTRAL Overall sector expected relative performance ranges between -10% and 10%; CAUTIOUS Overall sector return is expected to underperform the benchmark index by more than 10%. General Disclaimer Minmetals Securities Co., Ltd. (or “the company”) is licensed to carry on securities investment advisory business by the China Securities Regulatory Commission. The Company w ill not deem any person as its client notw ithstanding his/her receipt of this report. The report is issued only under permit of relevant law s and regulations, solely for the purpose of providing information. The report should not be used or considered as an offer or the solicitation of an offer to sell, buy or subscribe for securities or other financial instruments. The information presented in the report is under the copyright of the company. Without the w ritten permission of the company, none of the institutions or individuals shall duplicate, copy, or redistribute any part of this report, in any form, to any other institutions or individuals. The party w ho quotes the report should contac t the company directly to request permission, specify the source as Equity Research Department of Minmetals Securities, and should not make any change to the information in a manner contrary to the original intention. The party w ho re-publishes or forwards the research report or part of the report shall indicate the issuer, the date of issue, and the risk of using the report. Otherw ise, the company w ill reserve its right to taking legal ac tion. If any other institution (or “this institution”) redistributes this report, this institution w ill be solely responsible for its redistribution. The information, opinions, and inferences herein only reflect the judgment of the company on the date of issue. Prices, values as well as the returns of securities or the underlying assets herein may fluctuate. At different periods, the company may issue reports with inconsistent information, opinions, and inferences, and does not guarantee the information contained herein is kept up to date. Meanw hile, the information contained herein is subject to change w ithout any prior notice. Investors should pay attention to the updates or modifications. The analyst w rote the report based on principles of independence, objectivity, fairness, and prudence. Information contained herein w as obtained from publicly available sources. How ever, the company makes no w arranty of accuracy or completeness of information, and does not guarantee the information and recommendations contained do not change. The company strives to be objective and fair in the reports content. However, opinions, conclusions, and recommendations herein are only for reference, and do not contain any certain judgments about the changes in the stock price or the market. Under no circumstance shall the information contained or opinions expressed herein form investment recommendations to anyone. The company or analysts have no responsibility for any investment decision based on this report. Neither the company, nor its employees, or affiliates shall guarantee any certain return, shar e any profits with investors, and be liable to any investors for any losses caused by use of the content herein. The company and its analysts, to the extent of their aw areness, have no conflict of interest which is required to be disclosed, or taken restrictive or silent measures by the laws with the stock evaluated or recommended in this report. Minmetals Securities Co. Ltd. 2019. All rights reserved. Special Disclaimer Permitted by law s, Minmetals Securities Co., Ltd. may hold and trade the securities of companies mentioned herein, and may provide or seek to provide investment banking, financial consulting, financial products, and other financial services for these companies. Therefore, investors should be aw are that Minmetals Securities Co., Ltd. or other related parties may have potential conflicts of interest which may affect the objectivity of the report. Investors should not make investment decisions solely based on this report. Contact us Shanghai Shenzhen Beijing Address: Room 2208, 22F, Block A, Eton Place, No.69 Dongfang Road, Pudong New District, Shanghai Address: 48F, Rong Chao Trading Center, No.4028 Jintian Road, Futian District, Shenzhen Address: Room 603, 4F, No.9 Shoutinan Road, Haidian District, Beijing Postcode: 200120 Postcode: 518035 Postcode: 100037