金吾财讯 | 中信证券表示，展望2026年，海外地缘及政策因素仍将深刻影响关键矿产的定价逻辑，三类传导路径值得关注：1）资源民族主义蔓延，更多资源国收紧对关键矿产的监管政策，或将尤其给供给集中度高的小金属矿产的供给预期带来频繁扰动。2）大国地缘博弈加剧，美欧等资源需求国持续推进关键矿产供应的本土化与多元化战略，或将在需求侧为战略性金属持续注入“安全溢价”。3）全球地缘环境不确定性增强、热点地区冲突频发，或将支撑以黄金为代表的避险资产配置需求，并给部分矿产供给预期带来阶段性扰动。
金吾财讯 | 中信证券表示，展望2026年，海外地缘及政策因素仍将深刻影响关键矿产的定价逻辑，三类传导路径值得关注：1）资源民族主义蔓延，更多资源国收紧对关键矿产的监管政策，或将尤其给供给集中度高的小金属矿产的供给预期带来频繁扰动。2）大国地缘博弈加剧，美欧等资源需求国持续推进关键矿产供应的本土化与多元化战略，或将在需求侧为战略性金属持续注入“安全溢价”。3）全球地缘环境不确定性增强、热点地区冲突频发，或将支撑以黄金为代表的避险资产配置需求，并给部分矿产供给预期带来阶段性扰动。
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