摩根大通將銅視爲長期“大週期”資產，認爲其走勢不應只按普通經濟週期理解。核心原因是供給受限、關稅因素以及長期需求非常強。報告中的圖表進一步顯示，全球銅市場可能從2027年前後開始出現供給缺口，並在2030年代持續擴大；與此同時，大型銅礦發現數量明顯減少，1990年代發現116個，2000年代104個，2010年代降至37個，2020—2025年僅6個。即使勘探投入後來回升，新發現資源也沒有同步恢復，這強化了長期供給偏緊的判斷。（上述觀點來自摩根大通9月9日報告）

Zelenskiy said Ukraine struck targets in Russia's Novorossiysk and Krasnodar regions, including an oil terminal.

With Chinese firms' 2026 interim reports complete, QFII positions are visible: 52 QFIIs appear among the top-10 tradable shareholders of 1,724 A-share companies, holding a combined c.340 billion yuan—up more than 191.7 billion yuan vs. end-Q1. QFIIs newly entered 950 stocks, increased stakes in 379 and cut stakes in 371. Latest flows indicate a clear rebound in overseas investor attention to the Chinese market. Market participants say policy implementation, changes in listed-company earnings and overseas interest rates will drive the timing of foreign allocation; over the medium-to-long term, further market opening and more high-quality assets should increase RMB assets' appeal to long-term offshore capital.