和讯投顾华飞凡：能源金属的故事为何还能继续演绎

Core Insights - The narrative of non-ferrous metals, particularly energy metals, will continue to evolve in 2026, driven by a complex interplay of supply-demand balance, liquidity easing, and resource value reassessment [1][4] - The simultaneous rise of copper and gold, traditionally viewed as inversely correlated, is attributed to three main factors: global liquidity easing, inflation-driven appreciation of physical assets, and the core drivers of each metal creating a resonance effect [1][2] Supply and Demand Dynamics - Copper prices are primarily driven by insufficient supply and strong demand from new sectors such as AI computing centers and grid modernization, while gold prices are supported by ongoing central bank purchases and concerns over the credibility of the US dollar [2] - The current supply-demand tightness is expected to persist until at least 2028, with new growth points in demand including energy storage, AI computing, global infrastructure projects, and increased military spending due to geopolitical tensions [2] Potential Investment Directions - Lithium, particularly lithium carbonate, is on the verge of a demand surge due to the expansion of energy storage applications, driven by new pricing policies [3] - Strategic minor metals such as rare earths, tungsten, molybdenum, cobalt, nickel, and tin are expected to see continued value reassessment, influenced by geopolitical factors and supply chain concentration [3] - Gold remains a key asset as a global ultimate currency, with a clear long-term upward trend due to the declining value of the US dollar and ongoing central bank purchases exceeding 1,000 tons annually [3]