之所以将铜金比作为2026年铜赔率依据，因为2025年金超涨，超70%的同比涨幅，已是上世纪60年代以 来历史次高点。 新华财经上海12月31日电中信建投证券宏观经济首席分析师周君芝发表观点称，2026年铜或迎来历史级 别上涨。 她认为，供需平衡表能够有效解释并指明铜价趋势，但不能解答赔率问题。2026年铜的赔率答案藏 在"铜金比"之中。虽然今年铜金均创出新高，但铜金比却是历史新低。之所以用铜金比判断2026年铜的 赔率，并非简单地看铜金比朝历史均值方向修复，因为这两年历史经验法失效，例如对全球通胀的判 断，又例如中国地产。 催化今年史诗级别行情的金价上涨，背后三大宏观叙事，恰好成为推升明年铜价的因素。这三大宏观叙 事分别是：牺牲独立性换取的美联储货币宽松、科技催生新产业周期、贸易战全球供应链重塑。预计 2026年同样的宏观叙事会推升铜迎来历史级别上涨。 （文章来源：新华财经） ...

Group 1 - The recent market shows a distinct "high growth narrative" characteristic, with industries or sectors that exhibit high growth performing notably better [2][3] - The A-share market's main line remains focused on growth-oriented assets, with a positive outlook on non-bank financials, A-share real estate chain, Hong Kong real estate sector, overseas computing power chain, innovative pharmaceuticals, domestic computing power, AI infrastructure, and AI edge applications [2][3] Group 2 - Since early April, the A-share market has experienced a significant upward trend, driven by factors such as narrow liquidity easing and the appreciation of the RMB [2] - As of August 27, the micro-cap stock index has surged over 56% this year, outperforming major indices like the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index [3] - The trend of small-cap style dominance continues, supported by the diverse performance of industries, with limited downside risks in the A-share market [3]