JCCL(SH:600362) Zhong Guo Neng Yuan Wang·2025-11-28 00:01Group 1 - Copper prices have been on the rise this year, with multiple domestic and international copper price indicators reaching historical highs, driven by various supporting factors [1][2] - China's annual refined copper consumption is approximately 15 million tons, while domestic copper production is only about 1.8 million tons, leading to a high dependency on imports exceeding 80% [2] - The current copper resource reserves in China have exceeded 40 million tons, showing a growth of over 50% since 2020, and the utilization of recycled copper is expected to account for 28% of total copper consumption by 2024 [2] Group 2 - The rapid development of new industries such as renewable energy and data centers has significantly increased the demand for copper, contributing to the ongoing rise in copper prices [2][3] - The overall copper consumption in China has been growing since the 14th Five-Year Plan, with refined copper consumption projected to reach 14.95 million tons in 2024, a year-on-year increase of 2.75% [3] - The potential for copper to be replaced by lighter and cheaper aluminum in sectors like electric vehicles and household appliances could weaken the growth expectations for downstream demand if raw material prices continue to rise [3]