金吾财讯 | 华泰证券研报指，美国针对铜的关税落地，对深加工产品征收50%关税、豁免铜原料。该机构认为25H2铜原料可能从美国流向非美地区，非美铜价或面临阶段性回调风险但幅度相对有限；长期坚定看好铜价上行趋势。后续若针对铜冶炼行业高质量发展的政策出台，有望改善铜冶炼供需格局，推荐关注具备以下条件的铜企1）冶炼原料敞口较大且2）冶炼成本较高或有其他业务保护（如26年铜矿增量较大）。
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