【中信证券：把握避险与供给主线 关注能源与材料板块逢低布局机遇】金十数据5月28日讯，中信证券研报称，2025年初以来，能源与材料产业各板块指数表现分化。2025年下半年，在美国关税政策或频繁变动的预期下，预计商品价格走势复杂多变，从需求端难以寻找指引价格走势的清晰逻辑，应聚焦“避险”和“供给扰动”两条主线，建议按照黄金、战略金属、钢铁、工业金属、煤炭、石油的次序进行配置。黄金继续作为首选方向，关注企业的产量增长和成本优化前景；战略金属板块关注稀土、钨、锑和钴；钢铁板块的估值优势和利润再分配预期带来配置良机；建议逢低布局工业金属、煤炭和原油板块。
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