天风证券：铜价上涨 家电行业材料替代并非一蹴而就

Core Viewpoint - Copper prices are expected to rise significantly from 2025 onwards due to overseas policy influences and supply-demand mismatches, while the white goods sector is likely to see a quick recovery in profitability due to a favorable competitive landscape and price adjustments by leading appliance manufacturers [1] Group 1: Copper Market - Copper prices are anticipated to increase significantly starting in 2025, driven by overseas policies and supply-demand imbalances [1] - Historical trends indicate that the white goods sector has a strong competitive structure, which aids in rapid profitability recovery [1] Group 2: White Goods Sector - Leading appliance manufacturers are implementing price increases and introducing new products to pass on cost pressures, contributing to the swift recovery of profitability in the white goods sector [1] - The transition to material substitution, specifically "aluminum replacing copper," is not expected to happen overnight, indicating a need for ongoing observation [1]