Recently, China Securities Co., Ltd. (CSC) released a research report stating that ‘the next big commodity should be copper.’ This view is primarily based on the accelerating global energy transition, ongoing green economic policies, and copper’s critical role in the new energy industry chain. With the rapid development of clean energy technologies such as electric vehicles, photovoltaics, and wind power, demand for copper continues to rise. Copper’s excellent electrical conductivity and recyclability make it an essential raw material in power transmission and energy storage systems. Meanwhile, global copper supply growth remains constrained—new mining projects face long lead times and high capital expenditures, further exacerbated by geopolitical risks, intensifying supply-demand imbalances. CSC believes that under macroeconomic conditions including rising inflation expectations, a weakening U.S. dollar, and a recovering global manufacturing sector, copper prices have strong long-term upside potential. Additionally, China—the world’s largest copper consumer—will continue to support the market through infrastructure investment and expansion of its new energy industries. Therefore, the firm recommends investors consider copper and its related industrial chain as a key allocation in future commodity portfolios.
近期，中信建投发布研究报告指出，‘下一个大宗品种应该是铜’。这一观点主要基于全球能源转型加速、绿色经济政策持续推进以及铜在新能源产业链中的关键地位。随着电动汽车、光伏、风电等清洁能源技术的快速发展，对铜的需求持续攀升。铜因其优异的导电性和可回收性，成为电力传输和储能系统中不可或缺的原材料。与此同时，全球铜矿供应增长受限，新项目投产周期长、资本开支高，叠加地缘政治风险，进一步加剧了供需矛盾。中信建投认为，在通胀预期回升、美元走弱及全球制造业复苏的宏观背景下，铜价具备长期上涨动力。此外，中国作为全球最大铜消费国，其基建投资与新能源产业扩张也将为铜市提供有力支撑。因此，该机构建议投资者关注铜及相关产业链的投资机会，将其视为未来大宗商品配置的重要方向。
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