投资摘要全球金属行业仍然处于弱供给周期。全球矿端有效供给增量显现刚性化特征,2024年全球矿业上游勘探投入在金属价格整体高位背景下延续第二年回落,2024年全球金属勘探投入已降3%至125亿美元。尽管3年行业矿端平均资本投入周期数据暗示数年后金属行业的供给弹性或有释放空间,如2021-2023全球矿山领域年均勘探投入已升至123.2亿美元(累计上升35.4%),该数据创1997年以来9个周期中第二...
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