报告导读： AI 的尽头是电力。我们借用了现行网络上极热门的一句话，用以刻画当前在 AI 席卷全球的汹涌浪潮 之下，和能源相关联的商品及其产业与 AI 行业的命运共系共生的格局。有色金属作为在新旧能源更迭的时 代备受瞩目的商品板块，2020 年 4 季度伴随前任美国总统拜登胜选而引发的"有色拜登交易"仍令市场记 忆犹新，彼时清洁能源领域增长带来的消费增量深刻重塑了传统有色金属的需求版图。5 年之后，当全球 光伏新增装机的增速开始式微，远超过传统消费行业增长斜率的 AI 需求是否再次重构有色板块的需求侧， 成为撬动未来供需平衡的下一个重要支点，这是当下有色市场投资人极为关注的问题。 一方面，随着 AI 行业从"算法经济"走向"产业融合"，AI 正从基础层、技术层和应用层等多维度 重塑有色金属需求结构。过去十年 AI 的发展以算法革新和模型突破为主，但随着大模型多模态化、推理需 求爆发式增长，行业重心正从软件优化转向算力、能源、硬件与供应链的全面升级。AI 基础设施投资快速 增长，计算从集中式训练向行业级、场景化的分布式推理延伸，推动 AI 从互联网行业的"应用创新"向制 造、交通、能源等实体部门的"系统性渗透" ...

每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 王晓波） 2025年1至6月份，湖南黄金的营业收入构成为：外购非标金业务占比90.72%，有色金属开采占比 6.67%，有色金属冶炼占比2.18%，贸易行业占比0.43%。 截至发稿，湖南黄金市值为319亿元。 每经AI快讯，湖南黄金（SZ 002155，收盘价：20.42元）10月27日晚间发布公告称，公司第七届第十四 次董事会会议于2025年10月27日在长沙召开。会议审议了《关于补选部分董事会专门委员会委员的议 案》等文件。 ...

Core Insights - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1][2][3][4][5]. Group 1: Industry Growth and Development - The plan anticipates an average annual growth of approximately 5% in the added value of the non-ferrous metals industry from 2025 to 2026 [1]. - Production of ten non-ferrous metals is expected to grow by about 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1][2]. - The production of recycled metals is projected to exceed 20 million tons, enhancing the supply capacity of high-end products [1][2]. Group 2: Financial and Policy Support - The plan includes utilizing long-term special government bonds and other funding channels to support resource development, high-end material research, energy conservation, and digital transformation [2]. - It emphasizes the importance of expanding important non-ferrous metal futures trading varieties and financial derivatives [2]. Group 3: Project Management and Infrastructure - The plan advocates for a scientific and reasonable layout of projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [3]. - It aims to accelerate the approval processes for mineral resource development projects through the establishment of green channels [3]. Group 4: Innovation and High-End Product Development - The initiative promotes innovation in high-end products, focusing on the needs of key industries such as new-generation information technology and new energy vehicles [4]. - It encourages breakthroughs in high-quality raw materials and advanced rare earth materials, enhancing the performance of aluminum and magnesium alloys [4][5]. Group 5: Application of Rare Metals - The plan aims to elevate the application levels of rare metals in emerging industries such as integrated circuits, industrial mother machines, and artificial intelligence [5]. - It promotes the validation of high-end products like high-purity gallium and tungsten hard alloys, as well as the innovative application of frontier materials [5].