铜：算力需求提振，价格强势

Report Summary 1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Report's Core View - The price of copper is strong due to the boost in computing power demand [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main - contract was 105,320 with a daily increase of 3.92%, and the night - session closing price was 104,600 with a decrease of 0.68%. The LME Copper 3M electronic - trading price was 13,255 with a 1.28% increase. The trading volume and open interest of Shanghai Copper Index and LME Copper 3M electronic - trading also changed compared to the previous day [2]. - Inventory Data: The Shanghai Copper inventory was 93,271, an increase of 2,989 compared to the previous day, and the LME Copper inventory was 146,075, an increase of 3,525. The LME Copper注销仓单 ratio was 21.82%, a decrease of 1.08% [2]. - Spread Data: There were changes in various spreads such as LME copper ascension and discount, bonded - area warehouse - receipt premium, etc. For example, the LME copper ascension and discount was 41.98, an increase of 3.38 compared to the previous day [2]. 3.2 Macro and Industry News - Macro News: The Trump administration is discussing plans to acquire Greenland, including military options. NVIDIA CFO said that by the end of 2026, the revenue of data - center chips will "definitely" be higher than the $500 billion predicted in October last year, and Huang Renxun said that the demand from Chinese customers is strong [2]. - Industry News: In November 2025, China's imports of copper ore and concentrates were 2,526,194.63 tons, a month - on - month increase of 3.05% and a year - on - year increase of 13.13%. Chile's government initiated the preliminary mediation process for the labor - contract negotiation of the Mantoverde copper - gold mine. The second - phase expansion project of Julong Copper Mine completed the main - project construction and core - equipment installation and successfully carried out the linkage test run. The Kamoa - Kakula copper smelter produced its first batch of anode copper, with an expected production of 380,000 - 420,000 tons of mineral copper in 2026 (median 400,000 tons). Codelco's copper production in 2025 was 1.332 million tons, slightly higher than in 2024 [2][4]. 3.3 Trend Intensity - The trend intensity of copper is 2, indicating a strong bullish view [4].