中信建投证券：地缘冲突再起 资源牛市延续

Group 1 - The core viewpoint of the article highlights the impact of the U.S. military action against Venezuela on global markets, particularly driving safe-haven investments into gold and reinforcing a bullish trend in precious metals [1] - The report from CITIC Securities indicates that the recent military action has led to strong international condemnation, increasing tensions in the global geopolitical landscape [1] - In the base metals sector, the beginning of the new year has seen supply issues, particularly with copper due to worker strikes, exacerbating existing supply constraints [1] Group 2 - The report notes that the supply side for electrolytic aluminum is facing potential production cuts, which has allowed London aluminum prices to break above key price levels [1] - Indonesian nickel miners have proposed reducing nickel ore quotas, and Vale's Indonesian operations have paused mining due to delays in production plans approved for 2026, supporting a rebound in nickel prices [1]