Studs Metal.Classification of metallic materials

Studs Metal.Classification of metallic materials. "Metal materials and heat treatment" is the technical basis of most mechanical majors, mainly the relationship between the composition, microstructure and properties of metal materials, as well as heat treatment technology, etc., to learn metal materials and heat treatment well. it can lay a good foundation for the study of follow-up professional knowledge.

Mechanical properties and testing of metals, crystal structure of metals, crystallization of metals, phase diagram of iron-carbon alloys, heat treatment of non-alloy steels, plastic deformation and recrystallization of metals, low alloy steels and alloy steels, cast iron, non-ferrous metals and their alloys. There is a unit summary and optional comprehensive training at the end of each unit, so as to facilitate readers to master and understand knowledge and improve their ability to solve practical problems; at the same time, the form of "Internet +" is used to embed QR codes in important knowledge points. it is convenient for readers to understand relevant knowledge and learn more deeply.

Metal resource products are all strong cycle varieties, but they all have growth at the same time, but the growth process is relatively tortuous and long. Therefore, for the investment of metal resources, it is more important to grasp the law of periodic operation, but at the same time, we also need to know the growth stage of specific varieties. In this metal cycle, lithium is undoubtedly the brightest performance. the core reason is that lithium is currently in the stage of rapid growth from small gold to industrial metals, so it is feasible to look at the investment opportunities of this round of lithium from a cyclical perspective or a growth perspective. It's all possible, but you just need to go your own way.

By reviewing and summarizing several large cycles of metal resources in history, we think that after the start of each cycle, there are generally three relatively clear investment opportunities: the expected period of metal price rise (metal prices have experienced a long-term decline or low operation in the early stage, hit the cost line and capacity begins to clear. The market begins to expect the price to hit bottom and reverse), the cashing stage of the rise in metal prices (the metal prices actually begin to rise to accelerate the rise, the market expects a substantial increase in corporate performance at current prices), and the explosive growth stage of the performance of high-level transportation enterprises in metal prices (when metal prices rise to high levels, they generally undergo a pullback and then stabilize, and enterprises begin to cash in on their performance.

The most typical performance in this cycle is lithium, which has entered the third stage. We believe that the prices of non-ferrous metals, including lithium, will generally remain high in 2022-2025, and corporate performance will continue to jump.

Looking back at the history of A shares of non-ferrous metals, the most comparable is the 10-year cycle of 2002-2012 (taking into account the capital expenditure cycle, excluding the extreme market impact of 2008). Take copper as an example, copper prices entered the upward cycle in 2002 and began to pull back after peaking in May 2006. the pullback ended in January 2007 and stabilized and rebounded, regardless of the short-term decline in 2008. copper prices are equivalent to rising for five years from 2002-2006 and running high for about five years from 2008-2012. The capital expenditure of the global copper resources exploration and development link accelerated from 2005-2006 to the peak in 2012, while the accelerated growth of copper production began in 2012, which is equivalent to the transformation cycle of the front-end capital expenditure of copper resources in at least five years, which is also the basic support for the high copper price for five years.