---
title: "BUZZ-MS 认为季节性补货将使金属和采矿行业重新成为焦点"
description: "摩根大通强调了一个季节性补货，可能会重新引起对金属和矿业行业的关注，尽管中国钢铁需求令人失望。该公司预计到年底会有适度增长，但指出在没有重大刺激的情况下需求改变有限。关键的矿业股票如安得烈矿业和力拓被评为 “增持”，而安托法加斯塔由于生产风险和高资本支出而被降级为 “减持”。总体而言，该券商对该行业保持谨慎态度，面临价格挑战"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/214681836.md"
published_at: "2024-09-19T10:56:58.000Z"
---

# BUZZ-MS 认为季节性补货将使金属和采矿行业重新成为焦点

> 摩根大通强调了一个季节性补货，可能会重新引起对金属和矿业行业的关注，尽管中国钢铁需求令人失望。该公司预计到年底会有适度增长，但指出在没有重大刺激的情况下需求改变有限。关键的矿业股票如安得烈矿业和力拓被评为 “增持”，而安托法加斯塔由于生产风险和高资本支出而被降级为 “减持”。总体而言，该券商对该行业保持谨慎态度，面临价格挑战

随着中国钢铁需求指标的不佳表现，摩根士丹利表示，季节性补库将使金属和矿业板块重新受到关注

摩根士丹利表示，在缺乏更具决定性刺激措施的情况下，中国需求出现重大转折的前景仍然有限，但预计年底将出现适度和季节性的活动回升

该经纪人表示，像铁矿石和冶金煤这样的炼钢原材料正在贸易成本曲线之内，限制了从当前水平持续价格下跌的前景

矿业股票正在定价进一步的价格下跌，摩根士丹利认为这是不可持续的

该经纪公司最青睐的矿业公司是 Endeavour Mining (EDV.L) , KGHM (KGH.WA) , Metlen (MYTr.AT) , Norsk Hydro (NHY.OL) , Rio Tinto (RIO.L)（全部为 “增持” 评级）

摩根士丹利对 Aurubis (NAFG.DE) , Befesa (BFSA.DE) , First Quantum Minerals (FM.TO) , Fresnillo (FRES.L) , 和 Glencore (GLEN.L) 保持 “中性” 观点

该经纪公司将伦敦上市的智利矿业公司 Antofagasta (ANTO.L) 评级从 “持平” 下调至 “减持”，原因是生产风险、大量资本支出周期和拉伸的暗示铜价

该经纪公司在该行业中最不青睐的股票（“减持” 评级）是 Antofagasta 和 Boliden (BOL.ST) ，后者仍面临运营/项目挫折和不利的冶炼风险

### Related Stocks

- [RIO.US - 力拓](https://longbridge.com/zh-CN/quote/RIO.US.md)

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