Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. has experienced a stock price increase of 65.50% year-to-date, but recent trading shows a decline in the short term, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Tongling Nonferrous achieved operating revenue of 121.89 billion yuan, representing a year-on-year growth of 14.66%. However, the net profit attributable to shareholders decreased by 35.14% to 1.77 billion yuan [2]. - The company has distributed a total of 7.805 billion yuan in dividends since its A-share listing, with 3.487 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 17, the stock price of Tongling Nonferrous was 5.18 yuan per share, with a market capitalization of 69.461 billion yuan. The stock has seen a trading volume of 631 million yuan and a turnover rate of 1.08% [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 28, where it recorded a net buy of -155 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 269,200, while the average circulating shares per person increased by 13.31% to 41,386 shares [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 270 million shares, an increase of 45.03 million shares from the previous period [3].

Report Industry Investment Rating No relevant information provided. Core Views of the Report Lithium - The short - term supply - demand is expected to increase, but there is no substantial switch. The marginal drive of new demand is limited after entering the off - season. The social inventory is still being depleted, but the digestion speed of warehouse receipts has slowed down recently. Attention should be paid to the possible acceleration of the release of upstream projects at high prices. The short - term sentiment may be adjusted, and the market is expected to fluctuate mainly. Follow - up attention should be paid to the resumption of production of large manufacturers before the end of the year and the marginal changes in downstream demand after entering the off - season [1]. Nickel - The macro - sentiment has improved, but the fundamental improvement is limited. The medium - term supply of nickel remains loose, which restricts the upward space of prices. The short - term driving force is weak. The market is expected to fluctuate weakly, with the main contract reference range of 116,000 - 122,000 yuan/ton. Attention should be paid to changes in macro - expectations and Indonesian industrial policy news [2]. Stainless Steel - Policy and macro - driving forces are insufficient, and the fundamental structure has not improved significantly. There are still pressures on the supply side in terms of steel mill production scheduling and social inventory, and demand improvement is insufficient. The short - term market is expected to continue to fluctuate weakly, with the main contract reference range of 12,300 - 12,700 yuan/ton. Follow - up attention should be paid to steel mill production cuts and nickel - iron prices [4]. Tin - Recently, macro - fluctuations have been large. Considering the strong fundamentals, it is advisable to choose the opportunity to go long at low levels after the market sentiment stabilizes. Follow - up attention should be paid to changes in the macro - end and the supply recovery in Myanmar in the fourth quarter [7]. Industrial Silicon - The spot price of industrial silicon is stable with a slight increase, but the futures price fluctuates downward. There is a risk of inventory accumulation. It is still expected to fluctuate at a low level, with the main price fluctuation range of 8,500 - 9,500 yuan/ton. Attention should be paid to the implementation of organic silicon production cuts [8]. Polysilicon - The spot price of polysilicon is mainly stable, and the futures price fluctuates greatly. The market is still in a situation of both supply and demand decline, and there is an expectation of inventory accumulation in each link. It is expected to fluctuate in a high - level range. Attention should be paid to the support of the spot price [9]. Zinc - The supply - side pressure may be limited in the future. The demand side has no outstanding performance, and the domestic zinc ingot remains at a discount. The LME inventory starts to accumulate, and the risk of a short squeeze eases. The zinc ingot export may boost the domestic zinc price. The short - term market is expected to fluctuate, and the upward or downward breakthrough requires specific conditions [12]. Copper - In the medium - to long - term, the supply - demand contradiction supports the bottom center of copper prices to gradually move up. Follow - up attention should be paid to marginal changes in demand and overseas interest - rate cut expectations, with the main contract focusing on the support around 86,500 yuan/ton [14]. Aluminum - The short - term aluminum price may face downward pressure, with the main contract of Shanghai aluminum referring to the operating range of 21,400 - 22,000 yuan/ton next week. Attention should be paid to overseas monetary policy trends and marginal changes in the domestic fundamentals. The alumina price is expected to continue to fluctuate weakly [16]. Casting Aluminum Alloy - In the short - term, the price of ADC12 will maintain a relatively strong operation, with the main contract reference range of 20,600 - 21,200 yuan/ton. Follow - up attention should be paid to the improvement of scrap aluminum supply, changes in downstream procurement rhythm, and the inventory depletion process [18]. Summary According to Relevant Catalogues Price and Basis - **Lithium**: The average prices of SMM battery - grade and industrial - grade lithium carbonate, and battery - grade and industrial - grade lithium hydroxide all increased slightly. The prices of some lithium raw materials remained unchanged [1]. - **Nickel**: The prices of various nickel products generally decreased, and the cost of some electrolytic nickel production processes changed [2]. - **Stainless Steel**: The prices of 304/2B stainless steel coils decreased slightly, and the prices of some raw materials remained stable or decreased slightly [4]. - **Tin**: The prices of SMM 1 tin and Yangtze 1 tin decreased, and the LME 0 - 3 premium changed [7]. - **Industrial Silicon**: The spot prices of industrial silicon were stable, and the futures price decreased [8]. - **Polysilicon**: The spot price of polysilicon was stable, and the futures price fluctuated greatly [9]. - **Zinc**: The price of SMM 0 zinc ingot decreased, and the import profit and loss and other indicators changed [12]. - **Copper**: The prices of various copper products decreased slightly, and the import profit and loss and other indicators changed [14]. - **Aluminum**: The prices of SMM A00 aluminum and alumina in some regions decreased, and the import profit and loss and other indicators changed [16]. - **Casting Aluminum Alloy**: The spot price of SMM aluminum alloy ADC12 was stable, and the scrap - refined price difference increased [18]. Monthly and Inter - monthly Spreads - **Lithium**: The inter - monthly spreads of lithium contracts changed, showing different trends [1]. - **Nickel**: The inter - monthly spreads of nickel contracts changed [2]. - **Stainless Steel**: The inter - monthly spreads of stainless steel contracts changed [4]. - **Tin**: The inter - monthly spreads of tin contracts changed significantly [7]. - **Industrial Silicon**: The inter - monthly spreads of industrial silicon contracts changed [8]. - **Polysilicon**: The inter - monthly spreads of polysilicon contracts changed [9]. - **Zinc**: The inter - monthly spreads of zinc contracts changed [12]. - **Copper**: The inter - monthly spreads of copper contracts changed [14]. - **Aluminum**: The inter - monthly spreads of aluminum contracts changed [16]. - **Casting Aluminum Alloy**: The inter - monthly spreads of casting aluminum alloy contracts changed [18]. Fundamental Data - **Lithium**: The production and demand of lithium carbonate increased in October, the import decreased in September, and the inventory decreased in October [1]. - **Nickel**: The production of refined nickel in China increased, the import volume increased significantly, and the inventory in various regions changed [2]. - **Stainless Steel**: The production of 300 - series stainless steel in China and Indonesia increased slightly, the import increased, the export decreased, and the inventory changed [4]. - **Tin**: The production of SMM refined tin in October increased, the import of tin ore in September decreased, and the inventory in various regions changed [7]. - **Industrial Silicon**: The production of industrial silicon in some regions changed, the production of some downstream products changed, and the inventory decreased [8]. - **Polysilicon**: The production and inventory of polysilicon and silicon wafers changed, and the import and export volumes also changed [9]. - **Zinc**: The production of refined zinc increased in October, the import decreased in September, the export increased significantly, and the inventory in various regions changed [12]. - **Copper**: The production of electrolytic copper decreased in October, the import increased in September, and the inventory in various regions changed [14]. - **Aluminum**: The production of alumina and electrolytic aluminum increased in October, the import and export volumes changed, and the inventory in various regions changed [16]. - **Casting Aluminum Alloy**: The production of regenerated and primary aluminum alloy ingots changed in October, the import and export volumes changed, and the inventory in various regions changed [18].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Views - The report is optimistic about the continuation of the metal bull market in 2026, particularly for precious metals, industrial metals (copper, aluminum, tin), rare earths, tungsten, and uranium [1][2] - Gold is expected to rise due to increased demand for hedging against dollar credit and policy uncertainties, with a focus on the potential for new highs in gold prices [1][18] - Industrial metals like copper and aluminum are facing supply constraints, while tin demand is on the rise, indicating a favorable outlook for these metals [2][8] Summary by Sections Gold - The report highlights the strengthening of gold prices driven by concerns over U.S. dollar credit and rising geopolitical uncertainties, with gold prices reaching $3999.4 per ounce as of November 7, 2025, a 52% increase from the previous year [17][18] - The Federal Reserve's interest rate cuts are expected to further support gold prices, with a projected decline in the policy rate to 3-3.25% by the end of 2026 [21][22] - Key stocks to watch include Shandong Gold, Shandong International, and China National Gold [1] Copper - The report notes increasing supply constraints in copper mining, with production disruptions leading to a downward revision of copper output forecasts for 2025 [1][2] - Demand for copper is expected to grow significantly due to the rise of electric vehicles and investments in global power grids, with a notable increase in demand from AI data centers [1][2][18] - Key stocks to monitor include Luoyang Molybdenum, Jinchuan Group, and Jiangxi Copper [1] Aluminum - The aluminum market is characterized by tight supply and strong demand, with domestic production nearing capacity limits and a projected price increase to around 21,500 yuan per ton by 2026 [2] - The report anticipates a supply-demand gap in the aluminum market, supporting price increases [2] - Key stocks to consider include Nanshan Aluminum, China Hongqiao, and Yunnan Aluminum [2] Tin - The tin market is expected to see price increases driven by stable supply and rising demand from sectors like semiconductors and consumer electronics, with global refined tin consumption projected to grow by 3.1% in 2026 [8] - Key stocks to watch include Yunnan Tin and Hunan Tin [8] Rare Earths - The report indicates a slowdown in supply quota growth for rare earths, but strong demand from the renewable energy sector is expected to improve the supply-demand balance [8] - The global demand for neodymium-iron-boron is projected to grow significantly, with a compound annual growth rate of 8.83% from 2020 to 2028 [8] - Key stocks to monitor include China Rare Earth and Northern Rare Earth [8] Tungsten - The tungsten market is expected to remain tight, with prices likely to continue rising due to limited supply and stable demand [8] - Key stocks to consider include Xiamen Tungsten and Zhongtung High-tech [8] Cobalt - The cobalt market is facing supply constraints, with a significant drop in imports of cobalt intermediates into China, leading to a tight supply situation [10] - Demand from the electric vehicle sector is expected to support cobalt prices [10] - Key stocks to watch include Luoyang Molybdenum and Huayou Cobalt [10] Uranium - The uranium market is entering a new cycle of growth due to supply constraints and a revival in nuclear power, with a projected supply-demand gap of approximately 7,452 tons by 2030 [11] - Key stocks to monitor include China National Nuclear Corporation [11]

Group 1: Aluminum Market - LME aluminum price increased by 0.52% to $2877.00 per ton, while Shanghai aluminum rose by 0.99% to 21,800 yuan per ton [3] - Domestic electrolytic aluminum ingot inventory recorded at 621,000 tons, a decrease of 6,000 tons compared to earlier in the week [3] - National alumina production capacity stands at 110.32 million tons per year, with operational capacity at 89.56 million tons per year; weekly operating rate decreased by 0.81 percentage points to 81.18% [3] Group 2: Copper Market - LME copper price rose by 1.53% to $10,859.00 per ton, and Shanghai copper increased by 1.12% to 86,900 yuan per ton [2] - Import copper concentrate processing fee index dropped to -$42.21 per ton; national inventory increased by 5,200 tons to 201,100 tons [2] - Domestic waste anode plate production remains high with an operating rate of 73.62%, expected to rise by 2.61 percentage points next week [2] Group 3: Gold Market - COMEX gold price increased by 4.16% to $4,174.50 per ounce; SPDR gold holdings rose by 6.87 tons to 1,048.93 tons [4] - Market influenced by U.S. political dysfunction and geopolitical risks, leading to a strong oscillation pattern [4] Group 4: Rare Earth and Antimony - Praseodymium and neodymium prices decreased by 1.40%; rare earth prices expected to rise due to increased demand following the suspension of control measures [5] - Antimony price increased by 15.5% due to resource scarcity and reduced global supply [5] Group 5: Tin and Lithium - Tin price increased by 3.11% as Indonesia cracks down on illegal mining [6] - Lithium carbonate price rose by 3.14% to 83,200 yuan per ton, with total production at 21,500 tons [6]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [6]. Core Viewpoints - As expectations for interest rate cuts fluctuate, the focus should shift to sectors benefiting from mid-term fiscal policy initiatives [10][13]. - The copper sector is expected to see upward price movement due to supply constraints and increased demand from AI data centers [10][13]. - The lithium carbonate sector is poised for growth as policy improvements enhance the economic viability of energy storage projects [10][14]. - The gold sector is anticipated to experience price stability in the short term, with a bullish outlook for the medium term driven by credit and risk factors [10][15]. Summary by Sections Copper Sector - Supply guidance has been continuously revised downward, with a cumulative reduction exceeding 500,000 tons for 2025, indicating tightening supply conditions [10][13]. - Demand for copper is expected to rise significantly due to the expansion of AI data centers, with projected cumulative usage exceeding 4.3 million tons from 2025 to 2035 [10][13]. Lithium Sector - Recent policy changes have improved the economic feasibility of energy storage, with a notable strategic partnership between Haibo Shichuang and CATL for a significant battery cell procurement order [10][14]. - The demand for lithium is expected to continue its upward trend, supported by favorable policies [10][14]. Steel Sector - Steel production is entering a peak demand season, with slight increases in iron output and a decrease in rebar consumption [10][16][20]. - Overall inventory levels for steel are declining, indicating a tightening market [10][22]. - Profitability for most steel products is recovering, with cost differentiation observed across various steel types [10][26]. New Energy Metals - In October 2025, China's lithium carbonate production surged by 67.28% year-on-year, reflecting strong supply growth [10][41]. - The demand for new energy vehicles remains robust, with significant year-on-year increases in production and sales [10][45]. Price Trends - Prices for lithium and cobalt have shown upward trends, while nickel prices have experienced slight declines [10][50][51]. - The overall steel price index has seen minor fluctuations, with specific products experiencing varied price movements [10][36][37].

Group 1: Banking Sector - The net profit growth rate of commercial banks in the first three quarters of 2025 improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [4] - City commercial banks demonstrated the most significant improvement in net profit growth, with a quarter-on-quarter increase of 2.8 percentage points [4] - The overall interest income is expected to have solid support for the year, alongside a recovery in the capital market, which may sustain the recovery of fee-based income [4] Group 2: Non-Ferrous Metals - In the U.S., electricity supply is tight due to the rapid development of data centers, creating investment opportunities in electrolytic aluminum [5] - The U.S. is projected to generate 4.3 trillion kWh of electricity in 2024, with a consumption of 4.1 trillion kWh, ensuring sufficient power supply [5] - Industrial electricity consumption accounts for 26% of total usage, indicating a significant demand from the industrial sector [5] Group 3: Copper Industry - Refined copper inventory among downstream consumers hit a new low since 2015, indicating ongoing supply tightness [5] - Cable manufacturers' operating rates are recovering amid rising copper prices, and the fourth quarter is expected to benefit from seasonal demand [5] - The supply-demand balance is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Group 4: Petrochemical Industry - The implementation of anti-involution policies is gradually taking shape, with a focus on optimizing market competition in the chemical industry [7] - The Ministry of Industry and Information Technology recently held a meeting on the development of PTA and bottle chips, signaling a commitment to stabilize growth in the chemical sector [7] - The chemical industry is expected to see a valuation recovery due to improved supply-demand dynamics [7] Group 5: Semiconductor Industry - SMIC's Q3 2025 performance exceeded expectations, with revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8% [8] - The increase in wafer shipments by 4.6% quarter-on-quarter and a 3.8% rise in average selling price (ASP) were driven by improved product mix and higher sales of advanced process products [8] - The gross margin for Q3 2025 was 22%, surpassing the company's guidance range and market expectations [8] Group 6: Entertainment Industry - Damai Entertainment reported a revenue of 4.05 billion RMB for FY26H1, reflecting a year-on-year growth of 33% [8] - The company achieved a gross profit of 1.44 billion RMB, with a gross margin of 35.7%, down 7.4 percentage points year-on-year [8] - Adjusted EBITA was 550 million RMB, showing a 14% increase compared to the previous year after excluding one-time gains [8] Group 7: Cosmetics Industry - The company proposed a restricted stock incentive plan to motivate core employees, indicating confidence in long-term development [9] - Sales during the "Double Eleven" shopping festival showed strong growth, with significant year-on-year increases across various platforms [9] - The brand entered the top 20 in the beauty category on Tmall for the first time, ranking 20th, and topped the domestic makeup category on JD.com [9]

Summary of Metal Industry Conference Call Industry Overview - The metal industry is expected to continue its upward cycle in 2026, with industrial metals showing aggressive potential and valuation advantages [1][2] - Copper prices are projected to rise due to domestic consumption stimulation, tariffs, and overseas replenishment demand, supported by trends in AI and a strong US stock market [1][4] Key Insights on Copper - Copper demand is expected to grow by 3% in 2026, driven by new energy vehicles, power infrastructure, and AI data centers, leading to a slight supply-demand gap [1][4] - The Grasberg mine's slow recovery and rising nationalism are limiting global copper supply growth, with an estimated increase of only 400,000 to 500,000 tons in 2026 [4] - The demand structure for copper is shifting significantly, with emerging demands from new energy vehicles and AI data centers becoming major growth drivers [1][6] Valuation and Investment Opportunities - Major leading companies in the copper sector, such as Zijin Mining, Luoyang Molybdenum, and Western Mining, are currently undervalued, with P/E ratios between 15-17 times based on an average copper price of 80,000 RMB/ton in 2025 [1][8] - For 2026, if the average price rises to 85,000 RMB/ton, valuations for some companies could drop to around 10 times, with dividend yields potentially reaching 5% [1][8] - Investors are encouraged to consider companies with high elasticity in the copper and aluminum sectors, while those seeking stability may look at companies like Western Mining and Zijin Mining [5] Aluminum Market Insights - The aluminum market has shown strong performance recently, influenced by seasonal demand and supply constraints due to production halts [12][13] - Future aluminum prices are expected to remain above 22,000 RMB/ton, supported by tight supply-demand balance and low inventory levels [14] - The demand structure for aluminum is diversifying, with significant growth expected in sectors like power, electric grids, and new energy vehicles [17] Lithium Carbonate Market - The lithium carbonate market is anticipated to maintain strong pricing due to robust downstream demand, with a projected increase in demand growth exceeding 20% next year [22] - Current prices are around 85,000 RMB, with potential for further increases, although seasonal demand fluctuations may temper growth [22] Steel Industry Performance - The steel sector has rebounded in 2025, with estimated profits around 20 billion RMB, although overall profitability remains low [25] - High-end manufacturing steel demand is expected to grow, driven by manufacturing upgrades, while exports may slow due to anti-dumping policies [25][26] - Companies focused on high-end steel production, such as Baosteel and CITIC, are recommended for their stable earnings and strong cash flow [25][27] Conclusion - The metal industry is poised for growth, particularly in copper and aluminum, with emerging demands reshaping the market landscape. Investors are advised to focus on undervalued companies with strong growth potential and stable earnings in the high-end manufacturing sector.

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The aluminum price is on an upward trend, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to remain volatile in the short term due to macroeconomic factors, with a potential upward cycle anticipated as supply-demand dynamics shift towards a shortage [5][25] - Lithium demand is exceeding expectations, leading to a reduction in lithium salt inventory and a rebound in lithium prices [5][77] - Cobalt prices are expected to continue rising due to a tight supply situation [5][86] Summary by Sections 1. Industry Overview - China's retail sales in October grew by 2.9%, exceeding expectations [9] - The U.S. government ended its longest shutdown, which is expected to influence market dynamics positively [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.07% [11][12] - The sector's PE_TTM is 25.81, indicating a premium over the broader market [20][23] 3. Industrial Metals - Copper: Prices increased by 0.99% in London and 1.12% in Shanghai, with inventories decreasing [25] - Aluminum: Prices rose by 1.48% in Shanghai, with profitability for aluminum producers increasing by 5.40% [38] - Lead and Zinc: Lead prices increased, while zinc prices saw a slight decline [47] 4. Energy Metals - Lithium: Prices for lithium carbonate rose by 5.91% to 85,150 yuan/ton, with lithium demand remaining strong [77] - Cobalt: Prices for cobalt increased, with domestic prices reaching 397,000 yuan/ton [86]

各位朋友，我是帮主郑重，做了20年财经记者，也陪着大家在中长线投资里摸爬滚打，周五大宗商品那波动静，估计不少关注的朋友都有点懵——油价 蹭蹭往上走，黄金和铜价反倒往下掉，一涨一跌看着矛盾，其实背后全是逻辑，今天咱就像唠家常似的，把这事儿说透。 作为中长线投资者，咱面对这种波动该咋应对呢？首先别被短期消息带偏节奏，地缘政治推涨的油价，往往来得快去得也快，长期还是要看全球经济复 苏、石油供需格局这些核心因素；黄金和铜价的短期回调，也不用慌，只要长期通胀和全球制造业复苏的大逻辑没破，回调反而是捡优质标的的机会。 其次，咱要盯着自己能掌控的变量，比如国内的经济数据、行业需求变化，这些比短期的地缘消息、政策传闻靠谱多了。最后还是老规矩，别追涨杀 跌，中长线投资拼的就是耐心，跟着核心逻辑走，比天天盯着盘面波动踏实多了。 我是帮主郑重，20年财经记者生涯，见多了大宗商品的起起落落，其实不管涨还是跌，只要抓准核心逻辑，波动反而能变成机会。要是你手里有大宗商 品相关的标的，或者想了解某类品种的中长线布局思路，都可以跟我说，我帮你结合行业趋势和基本面捋捋~ 这次油价上涨，说白了就是地缘政治给闹的。乌克兰袭击了俄罗斯的重要石油港口 ...