智通财经APP获悉，美银证券发布研报称，2026年是“赤马年”，对中国基本金属市场而言，今年对电气化及AI电力基础设施有利，主要因以下关键因素：美元疲弱及美国降息周期利好金属; 铜和铝供应持续紧张; 今年需求驱动因素包括电网投资(同比增长10%)、电气化(电动车电池增长27%)、储能系统(增长41%)及AI电力需求; 反内卷政策更趋平衡，但近期执行力偏弱。
美银证券就相关荐股而言，首选铝业股(作为投资AI供电的替代标的，预测市盈率介乎8至10倍)，并对黄金、铜、锂(包括电池材料)及钴业股持“买入”看法; 中性看待煤炭; 对太阳能及建筑材料(如钢铁)则看淡，主要因为需求疲软，反内卷政策短期执行力弱及钢铁利润率下降。
该行首选个股有中国铝业(02600)、紫金矿业(02899)、中国宏桥(01378) 、山东黄金(01787) 及赣锋锂业(01772) 。美银证券称，关键跑输大市的股份有通威股份(600438.SH)、信义光能(00968)、鞍钢股份(00347)及华润建材科技(01313) 。
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