铜金双轮驱动+AI基建浪潮！高盛向铜矿巨头莫兰铜金(FCX.US)投来看涨研报

智通财经04-03

智通财经APP获悉，全球最大规模之一的上市铜生产商麦克莫兰铜金公司(FCX.US)股价截至周四美股收盘收涨仅0.29%，从盘中的超过2%涨幅显著回落，背后的核心原因无疑是美国总统特朗普的最新讲话削弱了市场对新一轮中东战争将在短期内停息的憧憬，铜和其他工业金属交易价格也都因国际油价大幅上涨之下的滞胀预期压制而下行。不过包括高盛在内的投资机构们普遍认为中东停火后，铜等工业金属将延续2025年下半年以来...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2624692632?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-03 11:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2624692632","market":"fut","top_or_hot":-1,"title":"铜金双轮驱动+AI基建浪潮！高盛向铜矿巨头莫兰铜金(FCX.US)投来看涨研报","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，全球最大规模之一的上市铜生产商麦克莫兰铜金公司(FCX.US)股价截至周四美股收盘收涨仅0.29%，从盘中的超过2%涨幅显著回落，背后的核心原因无疑是美国总统特朗普的最新讲话削弱了市场对新一轮中东战争将在短期内停息的憧憬，铜和其他工业金属交易价格也都因国际油价大幅上涨之下的滞胀预期压制而下行。不过包括高盛在内的投资机构们普遍认为中东停火后，铜等工业金属将延续2025年下半年以来...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1425018.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>铜金双轮驱动+AI基建浪潮！高盛向铜矿巨头莫兰铜金(FCX.US)投来看涨研报</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n铜金双轮驱动+AI基建浪潮！高盛向铜矿巨头莫兰铜金(FCX.US)投来看涨研报\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-03 11:59 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1425018.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，全球最大规模之一的上市铜生产商麦克莫兰铜金公司(FCX.US)股价截至周四美股收盘收涨仅0.29%，从盘中的超过2%涨幅显著回落，背后的核心原因无疑是美国总统特朗普的最新讲话削弱了市场对新一轮中东战争将在短期内停息的憧憬，铜和其他工业金属交易价格也都因国际油价大幅上涨之下的滞胀预期压制而下行。不过包括高盛在内的投资机构们普遍认为中东停火后，铜等工业金属将延续2025年下半年以来...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1425018.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0788109121.HKD","symbol_name":"BGF WORLD MINING \"A2\" (HKDHGD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1425018.html","article_id":"2624692632","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2624692632","pubTimestamp":1775188777,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"据了解，华尔街金融巨头高盛近日首次发布覆盖麦克莫兰铜金的深度研报，给予“买入”股票评级以及70美元目标价。截至周四美股收盘，麦克莫兰铜金股价收于61.38美元，今年以来股价涨超20%，2025年全年的股价涨幅高达40%。在华尔街巨头高盛看来，双方宣布停火更像是短期情绪和估值修复催化剂，真正支撑麦克莫兰铜金股价长期牛市逻辑的，仍是铜的结构性紧平衡与 AI/电气化带来的长期需求重估。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0788109121.HKD":"BGF WORLD MINING \"A2\" (HKDHGD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0278409577.USD":"MANULIFE GLOBAL FUND-GLOBAL RESOURCES FUND \"AA\" (USD) INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0075056555.USD":"贝莱德世界矿业基金A2","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","CPER":"美国铜指数基金","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","ICOP":"iShares Copper and Metals Mining ETF","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","FCX":"麦克莫兰铜金","LU0612318971.USD":"BGF NATURAL RESOURCES \"A5G\" (USD) INC","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","AGIX":"通用人工智能 ETF-AGIX","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","COPP":"Sprott Copper Miners ETF","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4127":"投资银行业与经纪业","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","COPX":"铜矿ETF-Global X","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","GSX":"Tradr 2X Long GS Daily ETF","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","SG9999002521.SGD":"United Global Resources A Acc SGD","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4552":"Archegos爆仓风波概念","BK4516":"特朗普概念","BK4588":"碎股","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","BK4015":"铜","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","BK4504":"桥水持仓","FCXG":"Leverage Shares 2X Long FCX Daily ETF","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","AIPO":"Defiance AI and Power Infrastructure ETF","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H"},"translate_title":"Copper and gold two-wheel drive + AI infrastructure wave! Goldman Sachs throws bullish research report at copper mining giant Moran Copper and Gold (FCX.US)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHAT":1.5,"CPER":1.5,"FCX":1.5,"CPXR":1.5,"GSX":0.6,"ICOP":1.5,"COPX":1.5,"COPJ":1.5,"FCXG":0.6,"COPP":1.5,"AIPO":1.5,"AGIX":1.5},"content_text":"智通财经APP获悉，全球最大规模之一的上市铜生产商麦克莫兰铜金公司(FCX.US)股价截至周四美股收盘收涨仅0.29%，从盘中的超过2%涨幅显著回落，背后的核心原因无疑是美国总统特朗普的最新讲话削弱了市场对新一轮中东战争将在短期内停息的憧憬，铜和其他工业金属交易价格也都因国际油价大幅上涨之下的滞胀预期压制而下行。不过包括高盛在内的投资机构们普遍认为中东停火后，铜等工业金属将延续2025年下半年以来的强劲涨势，主要因全球经济稳健增长预期以及AI数据中心和电气化趋势把铜推成“硬需求”金属。据了解，华尔街金融巨头高盛近日首次发布覆盖麦克莫兰铜金(Freeport-McMoRan，FCX)的深度研报，给予“买入”股票评级以及70美元目标价。截至周四美股收盘，麦克莫兰铜金股价收于61.38美元，今年以来股价涨超20%，2025年全年的股价涨幅高达40%。在华尔街巨头高盛看来，双方宣布停火更像是短期情绪和估值修复催化剂，真正支撑麦克莫兰铜金股价长期牛市逻辑的，仍是铜的结构性紧平衡与 AI/电气化带来的长期需求重估。高盛认为，该金融机构在铜市场结构性短缺中提供了同类中最佳的配置敞口，并辅以这家矿业巨头的黄金矿物敞口，带来比普通黄金类股票和工业金属类股票前景而言更强力的增长空间，而宏观经济局势和地缘政治顺风预计都将继续支撑长期大宗商品价格走高，从而带来盈利能力提升。此外，来自高盛的资深分析师Nick Cash和Cecilia Tang表示，麦克莫兰铜金的产量正处于一个拐点，这将在更高价格环境下进一步放大公司的盈利能力;尽管鉴于Grasberg矿山重启以及铜价上涨，这一观点已被市场广泛接受，但分析师们坚定认为，麦克莫兰铜金的“底层资产层面利润率凸性被低估了”，而这应会推动该公司整体的利润率进一步扩张。因此，分析师们预计，该矿业巨头的实际经营状况将显著改善，这应会带来更高定价水平的自由现金流生成，进而增强麦克莫兰铜金公司资产负债表的灵活性;鉴于该公司过往的历史资本配置分配具体方式，这应会带来对股东们投资回报的强劲提升，同时也能在市场剧烈波动背景下为长期增长计划配置大量资本。麦克莫兰铜金管理层此前在业绩电话会上也说过，铜价自2月底伊朗冲突全线升级后已回落近 10%，但数据中心和电气化带来的需求是更“长期、世俗化”的，不会轻易被打断。铜——或将是驱动矿业巨头们未来利润扩张的最核心资产铜这一至关重要的工业金属之所以自2025年以来需求愈发火热，主要是因为AI数据中心新建设与扩建狂潮本质上不仅仅是在单独采购GPU，还是科技巨头们在竭尽全力打造一整套高功率、高可靠性的超大规模人工智能基础设施。算力集群功率密度越高，类似“星际之门”的超大规模AI数据中心就越需要更多的变压器、开关设备、母排、电缆与散热相关配电系统;而铜凭借高导电性、导热性与加工适配性，几乎贯穿“电网接入—数据中心园区配电—机房供电—服务器内部连接”的每一层。当前全球金融市场可谓无比确信“铜不仅仅是短周期商品，而且还是AI数据中心、输配电、储能与电动车链条的底层生产要素，以及在地缘政治动荡背景之下经济体独立自主发展所必备的战略资源”。标普全球(S&P Global)的一项预测报告显示，预计到2040年，AI数据中心、国防与机器人等新需求将推动全球铜需求较当前水平增长50%;标普全球发布的最新研究报告显示，全球铜供应缺口预计将于2040年扩大至1000万吨，届时需求将升至4200万吨，较当前水平激增50%。更紧迫的是，荷兰国际集团(ING)的一份预测显示，2026年精炼铜短缺量将达60万吨，延续2025年20万吨的供应缺口趋势。更关键的是，铜的核心需求驱动力已经从传统地产和制造周期，升级为“AI电力化 + 能源转型”双重结构性拉动。IEA明确将铜称为一切电力相关技术的“基石”之一，并指出在能源转型情景下，电网线路对铜的需求将较2020年至少翻倍;其数据还显示，电网领域的年度铜需求到2040年将从2020年的500万吨增至750万吨，若能源转型更快则接近1000万吨。换句话说，铜不只是光伏、风电、电动汽车迫切需要，更是把这些电力输送出去、稳定下来、接入AI数据中心和终端负荷所必需的“传导金属”。这也意味着史无前例的AI动能并没有替代能源转型逻辑，反而把原本已经偏紧的电气化铜需求再向上抬升了一层。这也是为什么近期包括矿业巨头必和必拓、Harmony Gold在内的全球大型矿企都在主动提高铜业务敞口，凸显出铜正在从“有吸引力的增长型金属”全面升级为“决定矿企未来利润增速的最核心资产”。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624692632","isCrawlerRequest":true}