<p>花旗发布了一份报告，指出其近期对锂的看涨观点表现良好，而对铝的看法则不尽如人意。该行分析了自伊朗冲突以来商品与股票之间的表现差异，并调整了其短期偏好排名。总体而言，除了与锂相关的股票外，所有其他矿业股票的表现均不及相应的商品以及美国上市的矿业同行。这可能反映出股市正在定价中国需求放缓的风险。</p>
<p>尽管如此，花旗认为矿业股票最终应该会跟上商品价格的趋势。花旗已将其商品偏好排名调整为：铜 &gt; 铝 &gt; 锂 &gt; LFP 正极材料 &gt; 电池 &gt; 黄金 &gt; 煤 &gt; 钢铁 &gt; 水泥。考虑到铜价目前滞后，并且中东地区的紧张局势可能会缓解，该行已将铜提升至首位。花旗的新推荐股票包括：宁德时代 (03750.HK) -7.000 (-1.065%)  空头头寸 $166.04M; 比率 29.644%，MMG (01208.HK) +0.210 (+2.108%)  空头头寸 $16.60M; 比率 12.527%，CMOC (03993.HK) +0.470 (+2.380%)  空头头寸 $124.88M; 比率 40.816%，铝业公司 (02600.HK) +0.130 (+1.166%)  空头头寸 $3.03M; 比率 2.271%，赣锋锂业 (01772.HK) -2.400 (-2.837%)  空头头寸 $117.19M; 比率 32.105% 和湖南裕能 (301358.SZ) -0.250 (-0.254%) 。(注：香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-12 12:25。)(A 股报价延迟至少 15 分钟。)</p>

宁德时代

赣锋锂业

湖南裕能

<p>花旗调整了其商品偏好排名，将铜置于首位，原因是其价格滞后以及中东紧张局势缓解。该银行的报告强调了锂股票的强劲表现，而铝的表现则不尽如人意。总体而言，矿业股票预计将与商品价格趋势保持一致，尽管目前表现不佳。花旗的新推荐股票包括宁德时代、MMG、CMOC、铝业公司、赣锋锂业和湖南裕能，短期卖空比例和价格变化各不相同</p>

<p>Citi released a report noting that its recent bullish view on lithium has performed well, while its stance on aluminum has not. The bank analyzed the divergence in performance between commodities and equities since the Iran conflict and adjusted its short-term preference ranking. Overall, except for lithium-related stocks, all other mining stocks have underperformed the corresponding commodities as well as US-listed mining peers. This may reflect that the equity market is pricing in the risk of slowing demand in China.</p>
<div class="lb-trans"><p>花旗发布了一份报告，指出其近期对锂的看涨观点表现良好，而对铝的看法则不尽如人意。该行分析了自伊朗冲突以来商品与股票之间的表现差异，并调整了其短期偏好排名。总体而言，除了与锂相关的股票外，所有其他矿业股票的表现均不及相应的商品以及美国上市的矿业同行。这可能反映出股市正在定价中国需求放缓的风险。</p>
</div><p>Nevertheless, Citi believes mining stocks should eventually catch up with commodity price trends. Citi has adjusted its commodity preference ranking to copper &gt; aluminum &gt; lithium &gt; LFP cathode materials &gt; batteries &gt; gold &gt; coal &gt; steel &gt; cement. Considering that copper prices are currently lagging and tensions in the Middle East may ease, the bank has raised copper to the top position. Citis new top picks are: CATL (03750.HK) -7.000 (-1.065%)  Short selling $166.04M; Ratio 29.644%  , MMG (01208.HK) +0.210 (+2.108%)  Short selling $16.60M; Ratio 12.527%  , CMOC (03993.HK) +0.470 (+2.380%)  Short selling $124.88M; Ratio 40.816%  , CHALCO (02600.HK) +0.130 (+1.166%)  Short selling $3.03M; Ratio 2.271%  , GANFENGLITHIUM (01772.HK) -2.400 (-2.837%)  Short selling $117.19M; Ratio 32.105%  and HUNAN YUNENG (301358.SZ) -0.250 (-0.254%)  . (da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-12 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>尽管如此，花旗认为矿业股票最终应该会跟上商品价格的趋势。花旗已将其商品偏好排名调整为：铜 &gt; 铝 &gt; 锂 &gt; LFP 正极材料 &gt; 电池 &gt; 黄金 &gt; 煤 &gt; 钢铁 &gt; 水泥。考虑到铜价目前滞后，并且中东地区的紧张局势可能会缓解，该行已将铜提升至首位。花旗的新推荐股票包括：宁德时代 (03750.HK) -7.000 (-1.065%)  空头头寸 $166.04M; 比率 29.644%，MMG (01208.HK) +0.210 (+2.108%)  空头头寸 $16.60M; 比率 12.527%，CMOC (03993.HK) +0.470 (+2.380%)  空头头寸 $124.88M; 比率 40.816%，铝业公司 (02600.HK) +0.130 (+1.166%)  空头头寸 $3.03M; 比率 2.271%，赣锋锂业 (01772.HK) -2.400 (-2.837%)  空头头寸 $117.19M; 比率 32.105% 和湖南裕能 (301358.SZ) -0.250 (-0.254%) 。(注：香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-12 12:25。)(A 股报价延迟至少 15 分钟。)</p>
</div>

Citi Adjusts Commodity Preference Ranking, Tops Copper; New Top Picks Include CATL , MMG , CMOC , CHALCO , GANFENGLITHIUM

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花旗银行调整了大宗商品的偏好排名，铜被列为首选；新的推荐股票包括宁德时代、五矿资源、洛阳钼业、中国铝业和赣锋锂业