▍铜铝比值拉阔，板块估值仍处低位，铝价以及估值补涨可期。价格方面，2025年以来（截至11月7日），铜价涨幅达到16.7%，铝价涨幅仅为9.6%。相应的，国内铜铝比由年初的3.69升至3.97，超出过去20年均值加一倍标准差水平（3.84）。复盘过去20年铜铝价格走势，铜铝比共有七次突破均值加一倍标准差水平，期间铝价平均跑赢铜价6-7%。我们认为再创新高的铜铝比有望显著强化铝价上涨弹性。估值方面，...
Source Link▍铜铝比值拉阔，板块估值仍处低位，铝价以及估值补涨可期。价格方面，2025年以来（截至11月7日），铜价涨幅达到16.7%，铝价涨幅仅为9.6%。相应的，国内铜铝比由年初的3.69升至3.97，超出过去20年均值加一倍标准差水平（3.84）。复盘过去20年铜铝价格走势，铜铝比共有七次突破均值加一倍标准差水平，期间铝价平均跑赢铜价6-7%。我们认为再创新高的铜铝比有望显著强化铝价上涨弹性。估值方面，...
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