2026年度策略 | 有色金属:黄金仍将稳步上行,库存周期将迎主升浪

广发证券研究
Dec 23, 2025

基本金属:美联储降息对需求的改善效应将显现,库存周期将迎来主升浪。预计26年铜的终端供需将延续紧平衡态势,铝价上行弹性不可忽视。贵金属:降息周期延续,金价仍将稳步上行,业绩释放助力板块估值修复。随着金价快速上行且高位运行,26年开始黄金企业业绩将全面释放,板块或迎戴维斯双击行情。新能源金属:重视26年钴价弹性,锂价继续修复。其他小金属:看好稀土价格上涨,钨、钼中枢有望上行。ABSTRACT摘 要...

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