光大证券:“反内卷”主题有望助力铜冶炼资产价值重估

智通财经网
Jul 25, 2025

智通财经APP获悉,光大证券发布研报称,2025年6月SMM中国电解铜产量113.5万吨,冶炼开工率为86%;按6月产量和开工率计算,6月产能年化的中国电解铜产能为1588万吨/年。SMM预计仍有297.5万吨/年铜精炼产能待投产,2025、2026年分别投产约92.5、75万吨/年,投产时间尚不明确的产能约130万吨/年。若在铜行业推行“反内卷”相关政策,或对新增铜冶炼产能做出限制、加速中小冶炼...

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