金属行业2026年度投资策略:降息周期叠加供给扰动,金属板块多点开花

开源证券
Nov 07, 2025

(以下内容从开源证券《金属行业2026年度投资策略:降息周期叠加供给扰动,金属板块多点开花》研报附件原文摘录)核心观点1.工业金属:供给约束驱动铜价上行,电解铝红利属性逐步显现铜:供给端,海外多数矿企仍面临品位、回收率下降的问题,且干扰因素仍存在(艾芬豪KK铜矿、Codelco的ElTeniente铜矿),国内企业虽增量但整体有限,乐观假设下,2026-2027年全球供给增速或不足2%。需求端,...

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