节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：10/10
AI产业推动钼价上涨，截至6月11日钼精矿报价5095元/吨度，较年初3895元/吨度上涨约30.8%，5月中旬最高触及5265元/吨度。钼在AI芯片、存储芯片及散热领域应用关键，尤其AI芯片制造中，正替代传统钨材料成为下一代金属互连解决方案，三星电子、SK海力士等厂商已探索“以钼代钨”方案。
2026年钼市场需求增长，产能供给滞后，全球供需基本面呈紧平衡。供应端国内东北、中国河南钼矿扩产项目将落地，北美南美铜钼伴生矿有增产计划，但受矿产开采管控、选矿投产滞后及审批难度大制约，1-5月国内钼精矿产量同比仅增2.42%。需求端含钼钢材加速渗透新能源、高端制造等领域，钢铁领域需求预计稳健增长，AI算力等应用领域需求亦提升。
多家矿...000万吨，达产后预计年产钼约2.21万吨，计划2028年形成2.5万-3.5万吨产能。
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