<p>滙豐研究發佈報告稱，中國銅庫存未能跟上銅價的急劇上漲。倫敦金屬交易所（LME）銅價在 5 月份大幅上漲，突破每噸 14,000 美元，主要受到供應擔憂的推動。秘魯宣佈了一項緊急能源法令，暗示潛在的減產風險，而中東衝突則擾亂了硫磺貿易流動。</p>
<p>該券商指出，銅的結構性牛市仍然完好，受到電氣化和能源轉型強勁需求的支持。銅在能源安全和人工智能基礎設施競爭中日益重要的角色體現在 COMEX 庫存的持續增加上。中國的需求韌性在國內庫存減少和穩定的陽山銅溢價中顯而易見。</p>
<p>然而，儘管銅價表現強勁且供需基本面良好，中國銅庫存僅錄得適度增長。這主要是由於市場對全球需求可能放緩的擔憂以及資金流向與人工智能相關行業的輪動。該券商認為這些擔憂被誇大，並強調了買入機會（</p>
<p>詳見單獨表格的目標價細節）。</p>
<p>該券商將中國有色礦業（01258.HK）的目標價上調至 18.6 港元，維持其為首選股票，原因是硫酸價格上漲對公司的盈利形成利好，而非成本壓力。它認為市場對 CMOC（03993.HK）硫供應和鈷出口配額的擔憂過於誇張。在覆蓋的公司中，MMG（01208.HK）對銅價的盈利敏感度最高，並且由於按計劃的生產擴張計劃和嚴格的成本控制，能夠從銅價上漲中受益。至於紫金礦業（02899.HK），由於黃金貢獻較高，其對銅價的短期盈利敏感度相對較低，但該券商仍然看好其質量和多元化特徵。</p>
<p>此外，該券商對江西銅業（00358.HK）維持持有評級，理由是其估值不高，並且大部分硫酸銷售是長期合同，限制了其從硫酸價格上漲中受益的能力。（ha/u）（香港股票報價延遲至少 15 分鐘。短線賣空數據截至 2026 年 5 月 15 日 12:25。）</p>

江西銅業股份

中國有色礦業

江西銅業

國泰中證有色金屬礦業主題ETF

國泰中證有色金屬ETF

南方中證申萬有色金屬ETF

<p>滙豐研究報告指出，儘管銅價因供應擔憂大幅上漲，但中國銅股表現不佳。該公司將中國有色礦業的目標價上調至 18.6 港元，理由是需求強勁和基本面良好。它認為當前市場擔憂被誇大，提供了買入機會。MMG 因其收益對銅價的敏感性而受到關注，而紫金礦業的收益因黃金貢獻而對銅價的敏感性較低。由於估值和合同限制，江西銅業維持持有評級</p>

<p>HSBC Research published a report stating that Chinese copper stocks have lagged the sharp rally in copper prices. LME copper prices surged significantly in May, breaking above USD14,000 per tonne, mainly driven by supply concerns. Peru announced an emergency energy decree, signaling potential production cut risks, while Middle East conflicts disrupted sulfur trade flows.</p>
<div class="lb-trans"><p>滙豐研究發佈報告稱，中國銅庫存未能跟上銅價的急劇上漲。倫敦金屬交易所（LME）銅價在 5 月份大幅上漲，突破每噸 14,000 美元，主要受到供應擔憂的推動。秘魯宣佈了一項緊急能源法令，暗示潛在的減產風險，而中東衝突則擾亂了硫磺貿易流動。</p>
</div><p>The broker noted that the structural bull case for copper remains intact, supported by strong demand from electrification and the energy transition. Coppers increasingly strategic role in energy security and AI infrastructure competition is reflected in continued inventory increases on COMEX. Demand resilience in China is evident in domestic inventory drawdowns and stable Yangshan copper premiums.</p>
<div class="lb-trans"><p>該券商指出，銅的結構性牛市仍然完好，受到電氣化和能源轉型強勁需求的支持。銅在能源安全和人工智能基礎設施競爭中日益重要的角色體現在 COMEX 庫存的持續增加上。中國的需求韌性在國內庫存減少和穩定的陽山銅溢價中顯而易見。</p>
</div><p>However, despite strong copper price performance and favorable supply-demand fundamentals, Chinese copper stocks have recorded only moderate gains. This is mainly due to market concerns over a potential global demand slowdown and capital rotation into AI-related sectors. The broker believes these concerns have been overstated and highlight a buying opportunity (</p>
<div class="lb-trans"><p>然而，儘管銅價表現強勁且供需基本面良好，中國銅庫存僅錄得適度增長。這主要是由於市場對全球需求可能放緩的擔憂以及資金流向與人工智能相關行業的輪動。該券商認為這些擔憂被誇大，並強調了買入機會（</p>
</div><p>see separate table for TP details).</p>
<div class="lb-trans"><p>詳見單獨表格的目標價細節）。</p>
</div><p>The broker raised the TP for CHINFMINING (01258.HK) -1.070 (-7.215%)  Short selling $3.77M; Ratio 2.774%  to HKD18.6 and maintained it as its top pick, as higher sulfuric acid prices are an earnings tailwind rather than a cost pressure for the company. It considers market concerns over sulfur supply and cobalt export quotas for CMOC (03993.HK) -1.130 (-5.701%)  Short selling $70.42M; Ratio 13.842%  to be excessive. Among the companies under coverage, MMG (01208.HK) -0.720 (-6.957%)  Short selling $13.79M; Ratio 4.708%  has the highest earnings sensitivity to copper prices and is well positioned to benefit from rising copper prices, supported by on-schedule production expansion plans and strict cost control. As for ZIJIN MINING (02899.HK) -1.380 (-3.708%)  Short selling $169.65M; Ratio 17.760%  , its short-term earnings sensitivity to copper prices is relatively lower due to a higher gold contribution, but the broker continues to favor its quality and diversification profile.</p>
<div class="lb-trans"><p>該券商將中國有色礦業（01258.HK）的目標價上調至 18.6 港元，維持其為首選股票，原因是硫酸價格上漲對公司的盈利形成利好，而非成本壓力。它認為市場對 CMOC（03993.HK）硫供應和鈷出口配額的擔憂過於誇張。在覆蓋的公司中，MMG（01208.HK）對銅價的盈利敏感度最高，並且由於按計劃的生產擴張計劃和嚴格的成本控制，能夠從銅價上漲中受益。至於紫金礦業（02899.HK），由於黃金貢獻較高，其對銅價的短期盈利敏感度相對較低，但該券商仍然看好其質量和多元化特徵。</p>
</div><p>In addition, the broker maintained a Hold rating on JIANGXI COPPER (00358.HK) -1.140 (-2.893%)  Short selling $38.36M; Ratio 13.123%  , citing its undemanding valuation and the fact that most of its sulfuric acid sales are under long-term contracts, limiting its ability to benefit from rising sulfuric acid prices. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 12:25.)</p>
<div class="lb-trans"><p>此外，該券商對江西銅業（00358.HK）維持持有評級，理由是其估值不高，並且大部分硫酸銷售是長期合同，限制了其從硫酸價格上漲中受益的能力。（ha/u）（香港股票報價延遲至少 15 分鐘。短線賣空數據截至 2026 年 5 月 15 日 12:25。）</p>
</div>

滙豐研究指出，中國銅股的表現落後於銅價的上漲，這為投資者提供了買入機會；中國有色礦業的目標價被上調至 18.6 港元