智通财经APP获悉，摩根大通发布研报称，对2026年基础材料板块的偏好顺序为：铜/金>铝>锂>煤>钢铁; 受到供应中断或供应紧张，及进一步并购活动推动下，预计今年MSCI中国材料指数将持续跑赢MSCI中国指数。紫金矿业(02899)仍是小摩今年的首选标的，继续看好洛阳钼业(03993)、中国铝业(02600)及中国宏桥(01378)。
基于小摩对铜的正面看法，将江西铜业股份(00358)评级上调至中性; 又认为中国政策仍是大宗商品价格的主要驱动力，但自2025年第四季起，反内卷政策的后续执行与力度较预期温和。削减过剩产能是一项多年的努力，在没有更大幅度的减产措施下，预计钢铁利润率将维持低位。故将宝钢股份(600019.SH)评级下调至“中性”，鞍钢股份(00347)下调至减持。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.