中信证券：强化共识，铜板块再迎估值提升

Core Viewpoint - The domestic copper mining sector's price-to-earnings (PE) ratio has been consistently running between 10-15x over the past three years, with a recent increase in valuation driven by declining supply growth and strong domestic demand [1] Group 1: Supply and Demand Dynamics - The supply-demand balance is expected to improve further this year, with seasonal effects and macroeconomic support acting as catalysts, leading to a potential copper price surge to $10,500 per ton in Q3-Q4 2025 [1] - The anticipated upward shift in copper prices is expected to enhance corporate profit expectations [1] Group 2: Valuation Outlook - There is a significant valuation disparity between domestic and international sectors due to differing perceptions of supply shortages and demand growth [1] - It is projected that improved recognition of supply-demand dynamics and rising copper prices will drive domestic valuations to increase to 15-20x [1]