铜业股多数走高，截至发稿，中国有色矿业(01258)涨7.56%，报18.36港元；江西铜业（600362）股份 (00358)涨4.92%，报52.25港元；五矿资源(01208)涨4.39%，报11.65港元。 消息面上，1月29日，沪铜主力合约大涨6%，现报108740元/吨。LME铜日内涨超6%，至每吨13936美 元，再创新高。华源证券指，中长期看，铜矿资本开支不足，供给端扰动频发，铜矿供需格局或将 由"紧平衡"转向"短缺"，同时铜冶炼在"反内卷"背景下利润周期有望见底，叠加美联储进入降息周期， 铜价有望突破上行。银河证券认为，中美宏观定位宽松，铜金比处于绝对低位，铜的金融属性增强，同 时受供应错配的影响，市场从宽松转向紧平衡，预计铜的长期上涨行情延续，重心上移。 ...

每经AI快讯，港股铜业股多数走高，截至发稿，中国有色矿业(01258.HK)涨7.56%，报18.36港元；江西 铜业股份(00358.HK)涨4.92%，报52.25港元；五矿资源(01208.HK)涨4.39%，报11.65港元。 ...

智通财经APP获悉，铜业股多数走高，截至发稿，中国有色矿业(01258)涨7.56%，报18.36港元；江西铜 业股份(00358)涨4.92%，报52.25港元；五矿资源(01208)涨4.39%，报11.65港元。 消息面上，1月29日，沪铜主力合约大涨6%，现报108740元/吨。LME铜日内涨超6%，至每吨13936美 元，再创新高。华源证券指，中长期看，铜矿资本开支不足，供给端扰动频发，铜矿供需格局或将 由"紧平衡"转向"短缺"，同时铜冶炼在"反内卷"背景下利润周期有望见底，叠加美联储进入降息周期， 铜价有望突破上行。银河证券认为，中美宏观定位宽松，铜金比处于绝对低位，铜的金融属性增强，同 时受供应错配的影响，市场从宽松转向紧平衡，预计铜的长期上涨行情延续，重心上移。 ...

Group 1 - The industrial metals sector is expected to enter a golden window in 2026, driven by macroeconomic factors and fundamental demand, with the Federal Reserve's interest rate cuts and domestic policies boosting liquidity and demand [1] - Supply constraints are evident due to insufficient long-term capital expenditure, declining ore grades, and frequent mine production cuts, leading to sustained pressure on copper and aluminum supplies [1][5] - Demand remains resilient in traditional sectors while emerging fields like AI data centers and energy storage are experiencing explosive growth, becoming key drivers of marginal demand [1][2] Group 2 - The copper market is characterized by a structural shortage, with refined copper expected to face a shortfall of 380,000 tons in 2026, leading to an upward price trend [1][5] - The aluminum sector is in a tight balance phase, with domestic production capacity nearing its limit and new capacity additions constrained by high costs and power supply issues in regions like Indonesia [2][5] - Demand for aluminum is significantly improving, particularly in transportation and power electronics, with a projected domestic aluminum shortfall increasing from 150,000 tons in 2025 to 1,070,000 tons by 2027 [2][5] Group 3 - The financial attributes of copper are strengthened by the ongoing interest rate cuts, while its commodity attributes are constrained by supply-side tensions [5] - The demand for copper in data centers is projected to reach 268,000 tons by 2026, driven by the growth of AI and energy storage applications [1][24] - The aluminum demand in data centers is estimated at 78,000 tons globally and 20,000 tons domestically by 2026, with aluminum primarily used in structural and electrical applications [39][40] Group 4 - Investment recommendations focus on companies in the copper sector with sustainable growth, including Zijin Mining, Minmetals Resources, and China Nonferrous Mining, while also highlighting aluminum companies with strong dividend yields and profit elasticity [5][52] - The report emphasizes the importance of monitoring supply chain risks related to bauxite, as the industry remains highly dependent on external sources [5][55]

港股上午盘恒指、国指盘中冲高回落，恒生指数午间收涨0.09%，国企指数跌0.09%，恒生科技指数表 现较弱，最终下跌1.31%。权重技股多数出现下跌行情，尤其是百度跌4%，小米跌超2%，阿里巴巴跌 超1%；地缘政治影响+美元走低，金银价格持续爆发创新高，黄金带领有色金属股上涨，灵宝黄金、山 东黄金、紫金黄金国际等多股持续创新高价，另外铜业股中国有色矿业亦大涨11.5%。另外，军工股、 半导体股、苹果概念股跌幅明显。(格隆汇) ...

每经AI快讯，铜业股午前集体走强，截至发稿，中国有色矿业(01258.HK)涨12.02%，报16.68港元；五 矿资源(01208.HK)涨11.02%，报5.05港元；中国黄金国际(02099.HK)涨7.25%，报233.6港元；紫金矿业 (02899.HK)涨5.05%，报42.46港元；江西铜业股份(00358.HK)涨4.07%，报47.06港元。 ...

智通财经APP获悉，铜业股午前集体走强，截至发稿，中国有色矿业(01258)涨12.02%，报16.68港元； 五矿资源(01208)涨11.02%，报5.05港元；中国黄金国际(02099)涨7.25%，报233.6港元；紫金矿业 (02899)涨5.05%，报42.46港元；江西铜业股份(00358)涨4.07%，报47.06港元。 消息面上，正信期货表示，宏观预期情绪有所降温，但地缘担忧仍存，尽管美国政府持续施压美联储， 但市场对于降息定价较为保守，同时通胀数据暂未超预期，失业率回落，美国自身经济韧性仍存。产业 端来看，虽然远期的供需预期暂难证伪，但近段弱现实特征延续，全球库存进一步增加至100万吨。铜 价在10万关口调整后再度反弹，主要还是受地缘以及金价指引，价格高位震荡为主。 广州期货认为，当下驱动铜价上涨逻辑有所松动，但铜矿供应脆弱+新兴领域带来的刚性需求，以及战 略资源属性愈发强化，铜价底部依旧坚实，调整空间相对有限，倾向于震荡蓄势后延续涨势。 ...

广州期货认为，当下驱动铜价上涨逻辑有所松动，但铜矿供应脆弱+新兴领域带来的刚性需求，以及战 略资源属性愈发强化，铜价底部依旧坚实，调整空间相对有限，倾向于震荡蓄势后延续涨势。 铜业股午前集体走强，截至发稿，中国有色矿业(01258)涨12.02%，报16.68港元；五矿资源(01208)涨 11.02%，报5.05港元；中国黄金（600916）国际(02099)涨7.25%，报233.6港元；紫金矿业（601899） (02899)涨5.05%，报42.46港元；江西铜业（600362）股份(00358)涨4.07%，报47.06港元。 消息面上，正信期货表示，宏观预期情绪有所降温，但地缘担忧仍存，尽管美国政府持续施压美联储， 但市场对于降息定价较为保守，同时通胀数据暂未超预期，失业率回落，美国自身经济韧性仍存。产业 端来看，虽然远期的供需预期暂难证伪，但近段弱现实特征延续，全球库存进一步增加至100万吨。铜 价在10万关口调整后再度反弹，主要还是受地缘以及金价指引，价格高位震荡为主。 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

中新网广州1月23日电(王华 蓝旺)中国电力企业联合会用户生态分会成立大会暨南方电网首届用户生态 合作伙伴大会23日在广州召开。大会现场发布多项创新成果，推动16家生态伙伴集中签约入驻，标志着 我国能源用户生态建设步入规范化、协同化发展的新阶段。 国网征信公司发布电力数据征信产品，探索将电力大数据转化为信用资产，为中小微企业融资、用户能 效服务等领域提供新工具；蚂蚁集团推出的能源智能体，则展现出人工智能在负荷预测、碳电耦合等复 杂场景中的应用潜力。 据悉，由中国电力企业联合会(简称：中电联)联合南方电网公司共同发起成立的中国电力企业联合会用 户生态分会(简称：中电联用户生态分会)，致力于打造开放融合、智慧共赢的能源生态协作平台，填补 了用户生态领域行业组织的空白。 此次大会上，邦道科技、阿里云、蚂蚁区块链、国网征信等16家涵盖数字科技、金融服务、能源投资、 能效管理等关键领域的生态伙伴，集中签约入驻"南网在线"平台。 中电联用户生态分会会长，南方电网公司市场总监、市场营销部总经理李敏虹表示，中电联用户生态分 会旨在推动能源服务实现从"单向供给"到"双向互动"、从"单一服务"到"生态赋能"的跨越升级。 华为技术 ...