中信证券：2026年黄金或达6000美元/盎司

Core Viewpoint - Precious metals are expected to benefit from the continued resonance of monetary attributes and risk aversion, with gold projected to reach $6,000 per ounce by 2026 and silver potentially rising to $120 per ounce due to extreme shortages and high trading activity [2] Group 1: Precious Metals - Gold is forecasted to reach $6,000 per ounce by 2026 due to strong demand and monetary characteristics [2] - Silver is expected to rise to $120 per ounce by 2026, driven by extreme shortages and trading enthusiasm [2] Group 2: Base Metals - Supply constraints, resilient demand, and structurally low inventories are anticipated to support strong pricing for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [2] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [2] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [2] - Nickel prices are expected to rebound to $22,000 per ton by 2026, supported by quota reductions in Indonesia [2] Group 4: Strategic Metals - Prices for rare earths, tungsten, tin, and natural uranium are expected to benefit from supply-demand tightness and strategic metal premiums, with target price ranges of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium [2]