金属、非金属与采矿:降息预期反复 碳酸锂短期波动不改长期看好

长江证券
Nov 24, 2025

能源金属&金属:2026年碳酸锂权益先行,拐点之年。1)锂,供给拐点+需求新周期,短期波动不改长期看好,重视回调加仓机遇。锂行业至暗时刻已过,供需基本面改善趋势愈益明确。需求端:国内动力需求稳步增长叠加储能需求持续亮眼,2026 年终端增速大幅上修,并且固态电池的产业化进程加速进一步强化中长期行业景气预期。供给端:海外资源开发不确定性加剧叠加低锂价弱盈利背景下,行业资本开支已于2024-2025 ...

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