港股异动 | 铜业股集体走高 中美关税谈判主导宏观情绪 预期积极带动铜价接近高点

智通财经
Oct 27, 2025

智通财经APP获悉,铜业股集体走高,截至发稿,中国大冶有色金属(00661)涨10%,报0.099港元;洛阳钼业(03993)涨7.28%,报17.38港元;江西铜业股份(00358)涨4.29%,报35.04港元;紫金矿业(02899)涨4.29%,报35.04港元。

消息面上,中美在马来西亚吉隆坡举行经贸磋商。李成钢表示,中美就稳妥解决多项重要经贸议题形成初步共识。正信期货发布研报称,中美再度开启谈判,关税压力略有缓和,美国政府仍处停摆状态,就业数据没有公布,尽管鲍威尔仍偏鸽引导了降息预期,但宏观事件扰动的窗口期尚未结束。Grasberg铜矿事件暂无复产消息,矿端扰动偏多,冶炼利润环境恶劣,从铜矿供应偏紧到冶炼产能压减之路并不通畅,下游消费承接是核心变量,目前传统旺季消费不及去年。

招商证券发布研报称,下游对铜价接受度逐步提高,本周下游采购改善。中美第二次90天豁免即将结束,中美关税谈判主导宏观情绪以及铜价。Codelco计划将2026年面向欧洲市场的铜附加费上调至345美元/吨,创下历史新高。表现了市场底对明年铜供应紧张的忧虑。我们维持中长期看好铜价的判断,明年板块估值处于历史较低水平,调整买入。

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