有色金属行业2026年度投资策略:供应紧约束 有色资源品有望步入长牛

华创证券
Dec 12, 2025

贵金属:看好贵金属长期配置价值(1)黄金:央行购金支撑黄金长期需求,中国央行黄金储备仍有上行空间;降息周期助推投资黄金需求走强。(2)白银:供需持续有缺口&国内低库存支撑,银价上涨弹性强。(3)投资建议:我们看好逆全球化下美元信用走弱带来的贵金属长期配置价值。推荐山金国际、中金黄金、山东黄金、赤峰黄金、兴业银锡,建议关注招金矿业、盛达资源。铜:矿端维持低增速,26 年供应预计出现缺口(1)2025...

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