我们去年11 月发布的2025 年有色展望的标题是《行稳致远》—我们一直以来的观点是,铜铝消费的结构性亮点可以平抑传统需求的周期波动,供给约束下的稳健基本面也足够应对宏观上的不确定性。过去一年,我们看到电力+AI的叙事已深入人心,铜矿短缺预期正在逐渐兑现,铜价也在2025 年四季度创下了历史新高。时近2026 年,在价格新高之后,我们需要重新审视供需两侧的反应。需求依然将决定价格未来的高度,短期...
Source Link我们去年11 月发布的2025 年有色展望的标题是《行稳致远》—我们一直以来的观点是,铜铝消费的结构性亮点可以平抑传统需求的周期波动,供给约束下的稳健基本面也足够应对宏观上的不确定性。过去一年,我们看到电力+AI的叙事已深入人心,铜矿短缺预期正在逐渐兑现,铜价也在2025 年四季度创下了历史新高。时近2026 年,在价格新高之后,我们需要重新审视供需两侧的反应。需求依然将决定价格未来的高度,短期...
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