【券商聚焦】中信建投:铜矿资源稀缺,降息赋予铜价上行动能

金吾财讯
Sep 26

金吾财讯 | 中信建投表示,经济转型发展绕不过电,奠定铜资源珍稀基础。美联储降息前后,铜权益和商品均遭遇兑现,但低价刺激下游买兴,库存得以去化,铜价顺利收复8w关口。全球铜最新库存64.51万吨,但过半锁定在Comex,非美库存并不高。艾芬豪披露KK矿山第二阶段抽水情况,旨在中期目标将铜产量恢复至55万吨,但2026、2027年产量指导目标尚未公布,凸显铜矿供应增长的不确定性。长期视角,绿色能源转型、电气化及人工智能提振用铜需求,但铜供应遭遇投资不足和存量铜矿生产受干扰的挑战,凸显稀缺资源属性。铜矿资源稀缺,降息赋予铜价上行动能,权益标的估值不高,权益标的投资回报可期,建议继续配置。

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