“铜”心未泯 机构普遍认为有色板块将持续走强

Group 1 - The core viewpoint is that the non-ferrous metal sector is expected to maintain strong performance into 2026, driven by emerging demands from AI, electricity, new energy, and high-end equipment manufacturing, leading to tighter supply and demand for metals like copper [1][2] - The trading volume of copper futures in October reached 5.85 million lots, a year-on-year increase of 86.3%, with a transaction value of 2.5 trillion yuan, up 108.93% year-on-year, indicating strong market optimism [2][3] - Analysts predict that copper prices will range between $10,000 and $12,000 per ton in 2026, supported by liquidity easing and tightening supply, making copper a key investment direction in the metal industry [3] Group 2 - The demand growth for non-ferrous metals is shifting from traditional infrastructure to emerging sectors such as new energy, new materials, AI, and aerospace, highlighting the strategic value of these metals amid geopolitical tensions [4] - The construction of AI data centers is projected to require between $5 trillion and $7 trillion over the next five years, significantly impacting capital markets and increasing demand for copper and other non-ferrous metals [4] - The aluminum market is also showing strong performance, with expectations for price increases supported by rigid supply and high profitability, indicating a long-term positive outlook for aluminum [4][5]