投资要点铜：国内库存大幅去化，铜价重回震荡。本周伦铜/沪铜/美铜涨跌幅为+1.22%/+1.07%/+3.99%。上半周，在反内卷行情下商品普涨，带动铜价回升，后半周铜价逐步回落。铜冶炼产能过剩，冶炼毛利亏损，或有望受益于反内卷。库存方面，铜关税落地后，伦铜和纽铜库存均开始回升，国内库存大幅去化，伦铜/纽铜/沪铜库存分别为12.8万吨/24.9万短吨/7.3万吨，环比变化+5.2%/+2.4%/-...
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