中国银河证券：看好铜价后市继续上涨

Core Viewpoint - China Galaxy Securities indicates that the domestic initiative to build a copper resource reserve system aims to enhance the resilience and security of the domestic copper supply chain. The ongoing global geopolitical shifts and major power competition will lead to an expanded global copper deficit, resulting in an upward trend in copper prices due to a "security premium" [1] Group 1: Copper Supply Chain and Market Dynamics - The construction of a copper resource reserve system in China is intended to improve the resilience and security of the domestic copper supply chain [1] - Global geopolitical changes are prompting countries to secure key minerals for resource supply safety and to build independent supply chains, which will exacerbate the global copper deficit [1] Group 2: Price Trends and Investment Opportunities - Short-term copper prices are influenced by expectations surrounding Federal Reserve policies, but there is potential for recovery due to improving downstream demand, which supports the fundamental outlook [1] - Current valuations of certain core copper mining stocks in the A-share market show a high margin of safety for 2026, highlighting their investment value [1] - The outlook for copper prices is positive, with expectations for continued increases in the future [1]