【冠通期货研究报告】 沪铜日报：下游把控拿货节奏 发布日期：2026 年 3 月 5 日 【行情分析】 沪铜今日高开高走，午后下挫。2 月 SMM 中国电解铜产量环比减少 3.69 万吨，降幅 为 3.13%，同比上升 7.96%，比预期值低 0.11 万吨。预计 3 月产量环比增长 5.28 万吨， 同比上升 6.51%，由于 1 月份检修企业多在 3 月复产，且新投产冶炼厂有增产，预计 3 月份产量可能创历史新高。由于铜精矿方面趋于短缺，故国内对于废铜需求量预计有增 多，而国内政策扰动废铜产业链，随着需求量的增长，废铜供给缺口预计靠海外进口弥 补。铜价连续上行，下游终端高价抵触情绪严重，铜材端对需求的弱化，目前行业淡季 叠加高铜价，预计下游铜材表现继续承压为主。综合来看，战争增加通货膨胀预期，美 联储降息预期下降，降息日期推迟，有色金属承压，铜价前期的上涨对于下游拿货企业 来说，成本挤占利润，多开始把控拿货备货节奏，铜价上行乏力。 资料来源：同花顺期货通（日线图表） 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【期现行情】 期货方面：沪铜高开高走，午后下挫。 ...

Core Viewpoint - Under the "dual carbon" goals, China Copper Corporation is leveraging the large-scale consumption of recycled copper as a key engine for its green transformation, establishing a sustainable development model of "resource recycling - energy conservation and carbon reduction - green production" [1] Group 1: Green Supply Chain - China Copper has implemented a "1+N" procurement system through its trading platform, Zhong Copper International Trade, forming a strong collaborative network with core suppliers [2] - The establishment of regional recycling centers in Yunnan, Hubei, and Henan has significantly reduced carbon emissions from raw material transportation [2] - The company is actively expanding channels for high-quality recycled copper resources that meet international environmental standards, leading to a notable decrease in unit transportation energy consumption [2] Group 2: Circular Economy and Production Innovation - A unique "customer old material closed-loop recycling" mechanism is in operation, allowing for the recycling of copper scrap from downstream customers, which has significantly reduced raw material costs and resource consumption [3] - Innovations in technology, such as the use of floating magnetic separation to extract valuable metals from smelting waste, are central to driving green circular processes [3] - Collaborative research with academic institutions is ongoing to tackle key technologies in recycled copper purification and dioxin prevention [3] Group 3: Value Addition and Product Development - Recycled copper is being transformed into high-end green products, such as electronic copper strips with low impurity content, which are supplied to leading consumer electronics companies [4] - High-performance alloy materials developed from recycled copper are being produced for use in emerging green industries like electric vehicle charging stations and photovoltaic components [4] - The quality of recycled cathode copper produced meets national standards and is applied in essential sectors like electricity and construction [4] Group 4: Integrated Green Development - The green transformation of China Copper is characterized by collaborative progress across the entire industry chain, optimizing procurement, enhancing smelting efficiency, and innovating product development [5] - Digitalization is injecting new momentum into the green industry chain, enabling real-time tracking of raw material sources, energy consumption, and carbon emissions [5] - Energy-saving measures in copper smelting and processing are expected to significantly reduce carbon emission intensity by 2025 [5] Group 5: Policy Support and Future Goals - The company is leveraging favorable policies, such as "reverse invoicing," to promote the large-scale and standardized development of the recycled copper industry [6] - The annual consumption target for recycled copper set during the 14th Five-Year Plan has been exceeded, leading to substantial savings in mineral resources and reductions in energy consumption and carbon emissions [6] - China Copper aims to continue its focus on green development, maximizing the potential of "urban mines" and contributing to the high-quality transformation of the non-ferrous metal industry [6]