目 录
一、行业增长拐点显现...............................................................................................................................................................1
二、钢价见顶宣告景气周期结束...............................................................................................................................................2
（一）建筑钢材价格跌幅最大...........................................................................................................................................3
（二）机械行业用钢分析...................................................................................................................................................5
（三）汽车行业用钢分析...................................................................................................................................................6
（四）家电行业用钢分析...................................................................................................................................................7
（五）其它下游行业用钢预测...........................................................................................................................................9
三、利润下降，仍有估值压力。.............................................................................................................................................10
四、细分行业中的投资机会.....................................................................................................................................................11
（一）硅钢（电工钢）.....................................................................................................................................................12
（二）石油管道用钢.........................................................................................................................................................13
（三）铁路用钢.................................................................................................................................................................14
五、重要事件与市场催化剂.....................................................................................................................................................15
六、主要风险因素.....................................................................................................................................................................16
七、主要关注公司.....................................................................................................................................................................16
宝钢股份（600019）: 中国钢铁工业的旗舰...................................................................................................................16
插图目录.....................................................................................................................................................................................21
表格目录.....................................................................................................................................................................................22