节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：9/10
英美资源集团因2025年第四季度铜产量同比骤降14%至17万吨，下调2027年铜产量指引至75万-81万吨（此前预期76万-82万吨），此次修正反映集团在智利等主要产区面临的持续性生产压力，或对全球铜市供需平衡构成进一步影响。铜作为电气化与可再生能源基础设施核心原材料，其供应稳定性正日益受市场关注。
当前正值全球能源转型进程加速关键阶段，铜作为电动汽车、可再生能源系统及电网升级核心原料，供需平衡趋紧。主要生产商持续面临的产出挑战，可能进一步加剧市场对结构性短缺的担忧，并对下游清洁能源及基建行业的成本与产能部署节奏产生连...矿区运营障碍频现、全球矿业资本开支周期延后，头部企业产量波动正成为影响大宗商品定价与能源转型进程的重要变量。
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