金吾财讯 | 中金公司发研报指，2025年美国关税政策正在加速全球贸易格局重塑，由此带来了全球产业分工和宏观秩序重构，资产波动和经济前景不确定性或将显著提高。大宗商品市场也在变局之中，不仅有传统需求增长动能不足的挑战，也有与地缘博弈和行业革新随之而来的机会。下半年以来，商品市场逐步走出较为悲观的一致预期泥潭，交易重心回归各自基本面，比如石油供给风险、黄金避险和获利了结，以及铜短缺预期等。展望2026年，该机构认为地缘政治博弈、资源安全诉求和新兴需求增长或有望成为全球大宗商品市场进入秩序新章后的三重奏。
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