华泰证券表示，以变压器为代表的一次设备出海逻辑仍然强势，无论主网、配网，从订单及收入来看仍 然呈现高速增长态势。展望后续，高电压等级电网设备的紧缺更具备持续性。 11月19日，A股三大指数小幅震荡，前期表现强势的电网设备板块阶段回调，截止14:09，全市场唯一的 电网设备ETF（159326）跌幅1.11%，交投依然活跃，成交额达1.54亿元，持仓股华通线缆、特变电 工、金盘科技、远光软件、南网科技等上涨。 消息面催化下，电网设备ETF近期持续获资金关注，近一个月净流入超15亿元，最新规模超19亿元，为 全市场规模最大的电网设备主题ETF。 AI算力爆发，引发全球用电紧张，高盛近期报告明确指出，电力供应已成为AI发展的重大阻碍，到 2030年，全球数据中心的用电需求预计将暴涨160%。而欧美国家电网老化严重，亟待升级。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。 （文章来源：每日经济新闻） ...

Market Drivers - The current copper market is characterized by a coexistence of "macro shocks and fundamental resilience" [1] - Supply shortages are a hard constraint, with recent disruptions, particularly the shutdown of Indonesia's Grasberg copper mine, defined by Goldman Sachs as a "black swan event" impacting supply until 2027 [1] - The demand narrative presents a "now weak" versus "future strong" scenario, with high copper prices suppressing short-term consumption but long-term demand driven by AI data centers, the new energy revolution, and global grid upgrades [1] Price Dynamics - Copper prices experienced a spike, reaching over $11,000 per ton, followed by a significant pullback, with a drop exceeding 5% on October 11 due to trade tensions [3] Supply Side - Global supply is under pressure, with the Grasberg mine's shutdown expected to create a 500,000-ton supply gap, alongside reductions in Chile, Peru, and Canada [4] - The processing fee for imported copper concentrate has fallen to negative values (-$40 per ton) [4] Demand Side - There is a disparity in demand, with downstream processing companies facing high inventory levels and a "high price, low order" dilemma, while sectors like AI data centers and electric vehicles are expected to drive long-term demand [4] - Goldman Sachs has referred to copper as the "new oil" due to its critical role in future technologies [4] Macro and Policy Environment - Mixed factors are influencing the market, with expectations of Federal Reserve rate cuts and a weaker dollar providing support, contrasted by trade tensions from Trump's administration [4] - Domestic policies aimed at stabilizing growth in the non-ferrous metals industry are boosting long-term confidence [4] Inventory and Market Sentiment - There is a notable divergence in inventory levels, with global visible stocks at historically low levels, while COMEX inventories in the U.S. remain high [4] - The market is currently driven by risk-averse sentiment and speculative buying, highlighting the enhanced financial attributes of copper [4]