金属篇|国联民生研究2026年度策略

国联民生研究
Feb 01

金属行业2026年度策略系列报告之工业金属篇:春潮裂壤,沛然东向回顾2025年:商品价格稳步上行,尽管中间遇到关税扰动,但不改全年上行的趋势,工业金属中枢价格继续抬升,板块股价表现亮眼。展望2026年:美国降息周期延续,流动性宽松继续利好工业金属价格。铜:赤澜东注,川渟岳峙。金融属性:美联储进入降息周期,外部流动性宽松。供给端,成熟矿山减产持续,新建矿山进度减缓。需求端,2026年国内“以旧换新”...

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