Galaxy Securities: The current core targets of some A-share copper mines have a high safety margin in terms of valuation for 2026, and the value of allocation is highlighted.

Guosen Securities believes that the construction of the domestic copper resource reserve system is aimed at enhancing the resilience and security level of the domestic copper supply chain. In the context of the global hundred-year changes, the key minerals for controlling their own resource supply security and constructing an independent supply chain system will lead to an expansion of the global copper supply gap, and copper prices will rise due to a "security premium". In the short term, the copper price is affected by mistaken expectations of the Federal Reserve policy, but it has some recovery power, with downstream demand picking up to solidify the fundamental support. At present, some core copper mining targets in the A-share market have a high safety margin for valuation in 2026, and their allocation value is prominent. Optimistic about the future rise in copper prices.