高盛-中国金属与矿业：解析中国金属需求的韧性增长，前置需求对前景构成压力

4 July 2025 | 12:45PM HKT China Metals & Mining Chinese metal demand - decomposing the resilient growth, front-loaded demand weighs on outlook The strength of Chinese metal demand YTD has been resilient. However, decomposing the growth by downstream sector suggests large contributions to the growth are front loaded in nature, including rush installations of renewables, and sizable stimulatory consumption from Autos and Appliances on the back of the trade-in program. With this, we expect much decelerated gro ...