Recently, China Securities Co., Ltd. (CSC) released a research report indicating that the renewed escalation of geopolitical tensions is disrupting global commodity supplies, driving sustained strength in resource-related assets and extending the ongoing commodity bull market. The report notes that heightened geopolitical risks have increased supply chain uncertainties for key resources such as energy and metals, particularly as tensions intensify in resource-rich regions like the Middle East and Eastern Europe. This has significantly amplified market concerns over potential supply disruptions, pushing up prices not only for traditional energy sources like crude oil and natural gas but also for industrial and new-energy metals such as copper, aluminum, and lithium. Furthermore, rising global inflation expectations, fluctuations in the U.S. dollar, and long-term structural demand driven by the green energy transition collectively support valuation recovery and sustained momentum in the resource sector. CSC recommends investors focus on leading companies with strong resource endowments and cost-control capabilities, balancing cyclical exposure with growth potential to capture structural opportunities within this commodity bull market.
近期，中信建投证券发布研报指出，随着新一轮地缘政治冲突的升级，全球资源品供应面临进一步扰动，推动资源类资产价格持续走强，资源牛市有望延续。报告认为，地缘冲突加剧了能源、金属等关键资源的供应链不确定性，尤其是在中东、东欧等资源富集区域局势紧张的背景下，市场对供给中断的担忧显著升温。这不仅推高了原油、天然气等传统能源价格，也带动了铜、铝、锂等工业金属及新能源金属的上涨。此外，全球通胀预期回升、美元走势波动以及绿色转型带来的长期结构性需求增长，共同支撑资源板块的估值修复与行情延续。中信建投建议投资者关注具备资源禀赋优势、成本控制能力强的龙头企业，并在配置上兼顾周期性与成长性，把握本轮资源牛市中的结构性机会。
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