21世纪经济报道·2025-12-24 08:28Group 1 - The core viewpoint of the article highlights the significant rise in copper prices, reaching a historical high of $12,159 per ton, with an annual increase of over 37%, potentially marking the largest annual gain since 2009 [1][3] - The recent surge in copper prices is primarily driven by macroeconomic factors, including the cooling of the US CPI in November, which strengthens expectations for interest rate cuts by the Federal Reserve, thereby reducing holding costs for copper and other non-ferrous metals [3] - Geopolitical risks and supply concerns, particularly regarding potential tariffs on copper by the Trump administration, are contributing to the upward pressure on copper prices, with global copper inventories expected to decline to critical low levels [3] Group 2 - The demand for copper is expected to grow significantly due to the AI wave, with data centers becoming a major consumer of copper, projected to consume approximately 50,000 tons by 2025, increasing to 130,000 tons by 2028, representing a compound annual growth rate of 40% [5] - The performance of copper-related stocks has been strong, with an average increase of 8.58% in December, and several stocks, including Jincheng Mining and Baiyin Nonferrous Metals, seeing cumulative gains exceeding 10% [7] - In terms of financial performance, copper sector companies reported a total net profit of 69.005 billion yuan for the first three quarters, reflecting a year-on-year growth of 46.18%, with several companies like Pengxin Resources turning losses into profits [9]