瑞信-中国金属与采矿业：上游拥有更高的定价能力-2018.1.16-88页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.16January2018AsiaPacific/ChinaEquityResearchMetals&MiningChinaMetalsandMiningResearchAnalystsYangLuo85221016328yang.luo@credit-suisse.comPeterLi85221016320peter.li@credit-suisse.comINITIATIONUpstreamtohavehigherpricingpowerFigure1:2018outlookforChinametals&miningandpaperSupplyDemandInventoryProfitabilityValuationBauxiteUndersupply2.1%5.9%NormalStable+veAluminaUndersupply3.8%5.0%