<p>花旗發佈了一份報告，指出其近期對鋰的看漲觀點表現良好，而對鋁的看法則不盡如人意。該行分析了自伊朗衝突以來商品與股票之間的表現差異，並調整了其短期偏好排名。總體而言，除了與鋰相關的股票外，所有其他礦業股票的表現均不及相應的商品以及美國上市的礦業同行。這可能反映出股市正在定價中國需求放緩的風險。</p>
<p>儘管如此，花旗認為礦業股票最終應該會跟上商品價格的趨勢。花旗已將其商品偏好排名調整為：銅 &gt; 鋁 &gt; 鋰 &gt; LFP 正極材料 &gt; 電池 &gt; 黃金 &gt; 煤 &gt; 鋼鐵 &gt; 水泥。考慮到銅價目前滯後，並且中東地區的緊張局勢可能會緩解，該行已將銅提升至首位。花旗的新推薦股票包括：寧德時代 (03750.HK) -7.000 (-1.065%)  空頭頭寸 $166.04M; 比率 29.644%，MMG (01208.HK) +0.210 (+2.108%)  空頭頭寸 $16.60M; 比率 12.527%，CMOC (03993.HK) +0.470 (+2.380%)  空頭頭寸 $124.88M; 比率 40.816%，鋁業公司 (02600.HK) +0.130 (+1.166%)  空頭頭寸 $3.03M; 比率 2.271%，贛鋒鋰業 (01772.HK) -2.400 (-2.837%)  空頭頭寸 $117.19M; 比率 32.105% 和湖南裕能 (301358.SZ) -0.250 (-0.254%) 。(注：香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-12 12:25。)(A 股報價延遲至少 15 分鐘。)</p>

寧德時代

贛鋒鋰業

湖南裕能

<p>花旗調整了其商品偏好排名，將銅置於首位，原因是其價格滯後以及中東緊張局勢緩解。該銀行的報告強調了鋰股票的強勁表現，而鋁的表現則不盡如人意。總體而言，礦業股票預計將與商品價格趨勢保持一致，儘管目前表現不佳。花旗的新推薦股票包括寧德時代、MMG、CMOC、鋁業公司、贛鋒鋰業和湖南裕能，短期賣空比例和價格變化各不相同</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>花旗發佈了一份報告，指出其近期對鋰的看漲觀點表現良好，而對鋁的看法則不盡如人意。該行分析了自伊朗衝突以來商品與股票之間的表現差異，並調整了其短期偏好排名。總體而言，除了與鋰相關的股票外，所有其他礦業股票的表現均不及相應的商品以及美國上市的礦業同行。這可能反映出股市正在定價中國需求放緩的風險。</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>儘管如此，花旗認為礦業股票最終應該會跟上商品價格的趨勢。花旗已將其商品偏好排名調整為：銅 &gt; 鋁 &gt; 鋰 &gt; LFP 正極材料 &gt; 電池 &gt; 黃金 &gt; 煤 &gt; 鋼鐵 &gt; 水泥。考慮到銅價目前滯後，並且中東地區的緊張局勢可能會緩解，該行已將銅提升至首位。花旗的新推薦股票包括：寧德時代 (03750.HK) -7.000 (-1.065%)  空頭頭寸 $166.04M; 比率 29.644%，MMG (01208.HK) +0.210 (+2.108%)  空頭頭寸 $16.60M; 比率 12.527%，CMOC (03993.HK) +0.470 (+2.380%)  空頭頭寸 $124.88M; 比率 40.816%，鋁業公司 (02600.HK) +0.130 (+1.166%)  空頭頭寸 $3.03M; 比率 2.271%，贛鋒鋰業 (01772.HK) -2.400 (-2.837%)  空頭頭寸 $117.19M; 比率 32.105% 和湖南裕能 (301358.SZ) -0.250 (-0.254%) 。(注：香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-12 12:25。)(A 股報價延遲至少 15 分鐘。)</p>
</div>

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

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花旗銀行調整了大宗商品的偏好排名，銅被列為首選；新的推薦股票包括寧德時代、五礦資源、洛陽鉬業、中國鋁業和贛鋒鋰業