“反内卷”搭台，有色金属机遇不断；关注PLA相关产业链企业

Group 1: Metal Sector Insights - The domestic anti-involution trend is intensifying, coupled with recent overseas fiscal and monetary easing, leading to a favorable overall performance in the metal sector [1] - The price of polysilicon has successfully continued to recover, boosting market confidence, which has now spilled over into lithium carbonate and alumina [1] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with recent independent factors triggering price increases: lithium due to stricter mining rights reviews, cobalt due to export bans from the Democratic Republic of Congo, and rare earths driven by strategic enhancements and shortage expectations [1] - In the basic metals uptrend, aluminum's focus is on dividends, while copper's focus is on growth potential; additionally, attention is recommended for the processing sector [1] - The trading logic for steel may shift from primarily benefiting from raw material discounts to a combination of supply contraction and raw material price declines improving industry conditions [1] Group 2: 3D Printing and PLA Industry - The consumer-grade desktop 3D printing equipment is rapidly emerging, presenting transformative opportunities for related materials, including PEI for printing devices and commonly used extrusion materials like PLA/PETG [2] - Materials suitable for specific needs, such as TPU/ABS/PA/PPS/carbon fiber composites, as well as resins and photoinitiators for light-curing processes, are expected to see continued development [2] - Attention is recommended for companies within the PLA-related industry chain, while PETG, TPU, nylon, and PPS categories are also anticipated to grow [2] Group 3: Power Generation and Energy Storage - The rapid development of renewable energy necessitates the construction of controllable power sources, primarily coal, hydro, nuclear, and energy storage [3] - Current conditions indicate that safety redundancy capacity is continually decreasing, making the advancement of controllable power source construction urgent [3] - During the 14th Five-Year Plan period, the average annual demand for coal power installed capacity is estimated at 60-80 GW, which significantly differs from the current market expectation of 30-40 GW [3] - The construction of controllable effective capacity is expected to bring performance elasticity to related equipment companies [3]