交通运输行业动态报告物流：2025年末铜价震荡上行 2026年炼油、页岩油、天然气领域凸显红利

中信建投证券01-06

核心观点1）2025 年末铜价震荡上行，全年涨幅显著。12 月29 日现货铜价突破10 万元/吨至101053.33 元/吨，31 日报99180 元/吨，较年初上涨34.34%。市场核心逻辑为供需紧平衡叠加宏观影响，短期或高位震荡，长期走势取决于供需格局与宏观环境变化。2）预计2026 年原油步入供应过剩周期，炼油、页岩油、天然气三大领域凸显红利。2026 年全球原油市场将正式进入供应过剩周期，...

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