證(zheng)券(quan)(quan)時報(bao)網(wang)訊，東興證(zheng)券(quan)(quan)研報(bao)指出，銅行業(ye)(ye)或(huo)(huo)延續高景(jing)氣周期(qi)。銅市場的(de)供(gong)應缺口或(huo)(huo)仍有趨勢性(xing)(xing)(xing)(xing)放大可能(neng)。全球(qiu)礦(kuang)山產(chan)能(neng)增(zeng)(zeng)速受宏觀周期(qi)、政策(ce)周期(qi)及(ji)(ji)產(chan)業(ye)(ye)周期(qi)共振而呈現(xian)趨勢性(xing)(xing)(xing)(xing)剛性(xing)(xing)(xing)(xing)，而全球(qiu)精銅需(xu)求端則受事件性(xing)(xing)(xing)(xing)擾動、政策(ce)性(xing)(xing)(xing)(xing)刺激及(ji)(ji)流動性(xing)(xing)(xing)(xing)收(shou)縮而經歷了極端壓力(li)測試。上游供(gong)給(gei)的(de)偏剛性(xing)(xing)(xing)(xing)及(ji)(ji)下游需(xu)求的(de)強彈性(xing)(xing)(xing)(xing)或(huo)(huo)令實際銅礦(kuang)供(gong)給(gei)相(xiang)對冶煉需(xu)求仍承壓偏緊(jin)，而中國精煉銅產(chan)量(liang)增(zeng)(zeng)速或(huo)(huo)現(xian)階段性(xing)(xing)(xing)(xing)弱化，這意味(wei)著銅的(de)定(ding)價(jia)(jia)重(zhong)心或(huo)(huo)在基本面偏緊(jin)背景(jing)下仍顯現(xian)易漲難跌，即銅的(de)供(gong)需(xu)屬(shu)性(xing)(xing)(xing)(xing)決定(ding)價(jia)(jia)格韌(ren)性(xing)(xing)(xing)(xing)而金融屬(shu)性(xing)(xing)(xing)(xing)將決定(ding)價(jia)(jia)格彈性(xing)(xing)(xing)(xing)，而易漲難跌的(de)銅價(jia)(jia)也意味(wei)著行業(ye)(ye)景(jing)氣度或(huo)(huo)仍處于偏強周期(qi)。建議(yi)關注：紫(zi)金礦(kuang)業(ye)(ye)、西(xi)部礦(kuang)業(ye)(ye)、江西(xi)銅業(ye)(ye)等。