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 due to overseas policy influences and supply-demand mismatches starting from 2025, while the white goods sector is likely to recover quickly in profitability due to a favorable competitive landscape and price adjustments by leading appliance manufacturers [1] Group 1: Copper Market - Copper prices are projected to increase significantly from 2025 due to external policy drivers and supply-demand imbalances [1] - Historical trends indicate that the white goods sector has a strong competitive structure that allows for rapid recovery in profitability [1] Group 2: White Goods Sector - Leading appliance manufacturers are effectively passing on cost pressures through price increases and new product launches [1] - The sector's ability to recover profitability quickly is attributed to its competitive advantages [1] Group 3: Long-term Considerations - Short-term observation is recommended as material substitution is not an immediate process [1] - Long-term focus should be on the practical implementation of "aluminum replacing copper" under the influence of policies and cost catalysts [1]