供需缺口料将扩大，2026年铜价有望再攀高峰

Group 1: Copper Market Insights - Citic Securities predicts an expanding supply-demand gap in the copper market, with LME copper prices expected to exceed $10,000 per ton due to a projected 50% increase in global refined copper supply gap in 2026 [1] Group 2: Telecommunications Sector Performance - Citic Jiantou reports that the telecommunications sector saw record high institutional holdings in Q3 2025, with public funds and northbound capital's market value share reaching 6.87% and 2.82% respectively, both marking historical peaks [2] - The telecommunications sector's revenue and net profit growth rates improved both year-on-year and quarter-on-quarter, with the current Shenyin Wanguo telecommunications PE-TTM at 43.41, positioned at the 96.53% percentile over the past five years [2] Group 3: Small Modular Reactor Industry Developments - Citic Securities highlights a turning point for the small modular reactor industry in the U.S., driven by AI demand and policy support, with total investment expected to approach $1 trillion over the next 20 years [3] - The construction market is projected to see annual investments exceeding $30 billion, while the fuel market is anticipated to reach $18.3 billion by 2048 [3] - The industry is currently in the pre-commercialization phase, with upstream fuel and raw material supply and midstream equipment manufacturing expected to benefit first [3]