大摩发表报告，预期激烈的竞争将于明年上半年拖累材料股表示。在有供应方政策的情况下，在下半年偏好水泥、钢铁和铝，而在刺激政策出台后，金属相关股票可能会有较好的表现。
大摩指，近期内地对水泥生产过剩发布了新的供应方管制措施，可能导致20%以上的减产，料明年水泥需求将下降5%，而今年跌幅为10%。钢铁行业亦都预期将出现新的供应侧改革，未来每年的年产量可能会减少一小部分。随着明年新增产能，氧化铝供应紧张的情况可能会得到纾缓。该行看好海螺水泥、中国铝业、中国宏桥及中国神华等。大摩预计，明年下半年铜和锂的表现可能较好，预期电网及电动车相关的绿色基础建设或消费刺激政策将于明年持续，带动铜、铝及锂的需求。倘若下半年宣布额外的财政刺激措施，亦会支持需求及情绪，从而改善铜等较受宏观因素影响的金属。锂方面，由于电动车以旧换新计划带来强劲需求，加上ESS 需求，今年下半年的表现远好过该行预期。该行偏好紫金矿业、五矿资源、洛阳钼业及赣锋锂业。
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