Zhi Tong Cai Jing·2025-12-01 02:55Group 1 - Copper stocks have collectively strengthened, with notable increases in share prices for companies such as Jiangxi Copper (up 7.69% to HKD 33.04), China Daye Nonferrous Metals (up 7.53% to HKD 0.1), and others [1] - The London Metal Exchange (LME) copper futures surged over 4% last Friday, breaking the USD 11,200 mark, reaching a new historical high after four weeks [1] - Guosheng Securities forecasts a copper supply shortage in 2026, with an expected increase of only 630,000 tons, insufficient to meet the growing demand [1] Group 2 - Dongfang Securities anticipates that the ongoing supply tightness will continue to drive up copper prices, with smelting capacity control expected to improve midstream profitability [2] - The Chilean National Copper Corporation has significantly raised long-term contract prices for 2026, indicating a supply tightness in the copper market [2] - The construction wave of AI data centers, spurred by a new initiative from Trump, is expected to further increase copper demand, thereby pushing copper prices higher [2]