全球新增銅礦產能來源:百川盈孚,東吳證券研究所-行業數據

全球新增銅礦產能來源:百川盈孚,東吳證券研究所
圖片屬性
圖片格式:PNG 圖片大?。?15KB 圖片尺寸:2852*1102
同報告圖片
 / 35
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第1頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第2頁
fCDml6XmnJ8gfCDmiL/lsYvnq6Plt6XpnaLnp6/ntK/orqHlkIzmr5QgfCDmiL/lsYvmlrDlvIDlt6XpnaLnp6/ntK/orqHlkIzmr5QgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE3LTA2IHwgMTAuMCB8IDEwLjAgfAp8IDIwMTctMTEgfCA1LjAgfCA3LjAgfAp8IDIwMTgtMDUgfCAxMC4wIHwgMTAuMCB8CnwgMjAxOC0xMCB8IDIwLjAgfCAxNS4wIHwKfCAyMDE5LTA0IHwgMTAuMCB8IDEwLjAgfAp8IDIwMTktMDkgfCAxMC4wIHwgMTAuMCB8CnwgMjAyMC0wMyB8IC0yNS4wIHwgLTUwLjAgfAp8IDIwMjAtMDggfCA1LjAgfCA1LjAgfAp8IDIwMjEtMDIgfCAxMTAuMCB8IDE4MC4wIHwKfCAyMDIxLTA3IHwgMjAuMCB8IDIwLjAgfAp8IDIwMjEtMTIgfCAtMjAuMCB8IC0xMC4wIHwKfCAyMDIyLTA2IHwgLTMwLjAgfCAtNDAuMCB8CnwgMjAyMi0xMSB8IC0zMC4wIHwgLTMwLjAgfAoK6LWE5paZ5p2l5rqQ77yaSWZpbmTvvIzkuJzlkLTor4HliLjnoJTnqbbmiYA=
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第3頁
fCDml6XmnJ8gfCDnjq/muKTmtbfliqjlipvnhaTnu7zlkIjlubPlnYfku7fmoLwoNTUwMEspIOWFgy/lkKggfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDEwLTEwLTIwIHwgNzgwIHwKfCAyMDEyLTEwLTI0IHwgNjIwIHwKfCAyMDE0LTExLTE5IHwgNTEwIHwKfCAyMDE2LTExLTE2IHwgNTkwIHwKfCAyMDE4LTEyLTA1IHwgNTgwIHwKfCAyMDIwLTEyLTIzIHwgNjcwIHwKfCAyMDIzLTAxLTA0IHwgNzMwIHwKCui1hOaWmeadpea6kO+8mldpbmTvvIzkuJzlkLTor4HliLjnoJTnqbbmiYA=
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第4頁
fCDml6XmnJ8gfCDnlLXop6Ppk53mr5vliKnvvIjlhYMv5ZCo77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18CnwgMjAxMi8xIHwgMjAwMCB8CnwgMjAxNC8xIHwgMTAwMCB8CnwgMjAxNi8xIHwgMzAwMCB8CnwgMjAxOC8xIHwgMjAwMCB8CnwgMjAyMC8xIHwgNTAwMCB8CnwgMjAyMi8xIHwgNzAwMCB8CgrotYTmlpnmnaXmupDvvJpXaW5k77yM5Lic5ZC06K+B5Yi456CU56m25omA
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第5頁
fCDpoobln58gICB8IOWNoOavlCAgfAp8LS0tLS0tfC0tLS0tLXwKfCDnlLXlipsgICB8IDUzJSAgfAp8IOepuuiwg+WutueUtSB8IDE1JSAgfAp8IOS6pOi/kCAgIHwgOSUgICB8Cnwg55S15a2QICAgfCA4JSAgIHwKfCDlu7rnrZEgICB8IDclICAgfAp8IOWFtuWugyAgIHwgOCUgICB8CgrotYTmlpnmnaXmupDvvJrnmb7lt53nm4jlrZrvvIzkuJzlkLTor4HliLjnoJTnqbbmiYA=
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第6頁
fCDlnLDljLogICB8IOWNoOavlCAgfAp8LS0tLS0tLS18LS0tLS0tLXwKfCDmmbrliKkgICB8IDIzJSAgIHwKfCDnp5jpsoEgICB8IDEwJSAgIHwKfCDmvrPlpKfliKnkupogfCAxMCUgICB8Cnwg5L+E572X5pavICB8IDclICAgIHwKfCDljbDlsLwgICB8IDYlICAgIHwKfCDloqjopb/lk6UgIHwgNiUgICAgfAp8IOe+juWbvSAgIHwgNiUgICAgfAp8IOS4reWbvSAgIHwgMyUgICAgfAp8IOWImuaenOmHkSAgfCAzJSAgICB8Cnwg6LWe5q+U5LqaICB8IDIlICAgIHwKfCDlhbblroMgICB8IDI1JSAgIHwKCui1hOaWmeadpea6kO+8mueZvuW3neebiOWtmu+8jOS4nOWQtOivgeWIuOeglOeptuaJgA==
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第7頁
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第8頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第9頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第10頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第11頁
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第12頁
fCDnoYXpkqLnmoTliIbnsbsgfCDnsbvlnosgfCDlupTnlKjlnLrmma8gfAp8LS0tLS0tLS18LS0tLS0tfC0tLS0tLS0tLS18Cnwg54Ot6L2n56GF6ZKiIHwg54Ot6L2n6auY56GF6ZKiIHwg5a6255So55S15py65ZKM5b6u55S15py6IHwKfCDng63ovafnoYXpkqIgfCDng63ovafkvY7noYXpkqIgfCDlj5jljovlmaggfAp8IOWGt+i9p+ehhemSoiB8IOWPluWQkeehhemSoiB8IOS4gOiIrOWPluWQkeehhemSou+8iENHT++8iSB8Cnwg5Ya36L2n56GF6ZKiIHwg5Y+W5ZCR56GF6ZKiIHwg6auY56OB5oSf5Y+W5ZCR56GF6ZKi77yISGlC77yJIHwKfCDlhrfovafnoYXpkqIgfCDml6Dlj5blkJHnoYXpkqIgfCDnlLXmnLrjgIHlj5HnlLXmnLogfAp8IOWGt+i9p+ehhemSoiB8IOaXoOWPluWQkeehhemSoiB8IOWPmOWOi+WZqO+8iOmTgeiKr++8ieeahOeUn+S6p+OAgeWkp+Wei+eUteacuu+8iOmjjueUteOAgeawtOeUte+8iSB8CgrotYTmlpnmnaXmupDvvJrmi5vogqHor7TmmI7kuabvvIzkuJzlkLTor4HliLjnoJTnqbbmiYA=
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第13頁
fCDlubTku70gfCDplIDph4/vvIjlkKjvvIkgfCDkuqfph4/vvIjlkKjvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCAyMDE2IHwgMzAsMDAwICAgfCAyOCwwMDAgICB8CnwgMjAxNyB8IDM1LDAwMCAgIHwgMzMsMDAwICAgfAp8IDIwMTggfCA0MCwwMDAgICB8IDQyLDAwMCAgIHwKfCAyMDE5IHwgMzYsMDAwICAgfCAzOCwwMDAgICB8CnwgMjAyMCB8IDQzLDAwMCAgIHwgNDIsMDAwICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5Lic5ZC06K+B5Yi456CU56m25omA
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第14頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第15頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第16頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第17頁
5oqx5q2J77yM5oiR5peg5rOV5o+Q5Y+W5Zu+54mH5Lit55qE5pWw5o2u5oiW55Sf5oiQ6KGo5qC844CC5aaC5p6c5L2g6ZyA6KaB5biu5Yqp77yM6K+35ZGK6K+J5oiR5YW35L2T55qE6Zeu6aKY5oiW5pWw5o2u77yM5oiR5Lya5bC95Yqb5o+Q5L6b5biu5Yqp44CC
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第18頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第19頁
fCDml7bpl7QgICAgICAgfCDnvo7lm706R0RQOuS4jeWPmOS7tzrmipjlubTmlbDlkIzmr5QoJSkgfCDmrKflhYPljLoxMuWbvTpHRFA65LiN5Y+Y5Lu3OuW9k+Wto+WQjOavlCglKSB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDA1LTAzICAgIHwgNS4wICAgICAgICAgICAgICAgICAgICAgICAgIHwgNC4wICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMDctMDMgICAgfCA0LjAgICAgICAgICAgICAgICAgICAgICAgICAgfCAzLjAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAwOS0wMyAgICB8IC01LjAgICAgICAgICAgICAgICAgICAgICAgICB8IC02LjAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCAyMDExLTAzICAgIHwgMi4wICAgICAgICAgICAgICAgICAgICAgICAgIHwgMS4wICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMTMtMDMgICAgfCAyLjAgICAgICAgICAgICAgICAgICAgICAgICAgfCAxLjAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAxNS0wMyAgICB8IDQuMCAgICAgICAgICAgICAgICAgICAgICAgICB8IDMuMCAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCAyMDE3LTAzICAgIHwgMi4wICAgICAgICAgICAgICAgICAgICAgICAgIHwgMi4wICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8IDIwMTktMDMgICAgfCAzLjAgICAgICAgICAgICAgICAgICAgICAgICAgfCAxLjAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAyMS0wMyAgICB8IDYuMCAgICAgICAgICAgICAgICAgICAgICAgICB8IDUuMCAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8mldpbmTvvIzkuJzlkLTor4HliLjnoJTnqbbmiYA=
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第20頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第21頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第22頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第23頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第24頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第25頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第26頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第27頁
5aW955qE77yM5Lul5LiL5piv5oKo5o+Q5L6b55qE6KGo5qC85pWw5o2u5ZKM6LWE5paZ5p2l5rqQ77yaCgp8IOWFqOeQg+mTnOS+m+e7memHj++8iOS4h+WQqO+8iSB8IDIwMTlBIHwgMjAyMEEgfCAyMDIxQSB8IDIwMjJFIHwgMjAyM0UgfCAyMDI0RSB8IDIwMjVFIHwKfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS18LS0tLS0tLXwtLS0tLS0tfC0tLS0tLS18LS0tLS0tLXwKfCAgICAgICAgICAgICAgICAgICAgICB8IDIzOTUgIHwgMjQ0MiAgfCAyNDgxICB8IDI1MzUgIHwgMjU4MCAgfCAyNjY1ICB8IDI2OTUgIHwKfCBZT1kgICAgICAgICAgICAgICAgICB8ICAgICAgIHwgMi4wJSAgfCAxLjYlICB8IDIuMiUgIHwgMS44JSAgfCAzLjMlICB8IDEuMSUgIHwKfCDlhbbkuK3vvJrnn7/lsbHpk5wgICAgICAgICAgfCAxOTg3ICB8IDIwNTUgIHwgMjA3MSAgfCAyMTEwICB8IDIxNTAgIHwgMjIzMCAgfCAyMjU1ICB8CnwgWU9ZICAgICAgICAgICAgICAgICAgfCAgICAgICB8IDMlICAgIHwgMSUgICAgfCAyJSAgICB8IDIlICAgIHwgNCUgICAgfCAxJSAgICB8Cnwg5YaN55Sf6ZOcICAgICAgICAgICAgICAgIHwgNDA4ICAgfCAzODggICB8IDQxMCAgIHwgNDI1ICAgfCA0MzAgICB8IDQzNSAgIHwgNDQwICAgfAp8IFlPWSAgICAgICAgICAgICAgICAgIHwgICAgICAgfCAtNSUgICB8IDYlICAgIHwgNCUgICAgfCAxJSAgICB8IDElICAgIHwgMSUgICAgfAp8IOWFqOeQg+mTnOa2iOiAl+mHj++8iOS4h+WQqO+8iSAgfCAyNDM1ICB8IDI0OTggIHwgMjUyNiAgfCAyNTQyICB8IDI1NzcgIHwgMjY2NiAgfCAyNzg1ICB8CnwgWU9ZICAgICAgICAgICAgICAgICAgfCAgICAgICB8IDMlICAgIHwgMSUgICAgfCAxJSAgICB8IDElICAgIHwgMyUgICAgfCA0JSAgICB8Cnwg5YW25Lit77ya5Lyg57uf6ZyA5rGCICAgICAgICB8IDIzMjMgIHwgMjM0OSAgfCAyMzEyICB8IDIyNjYgIHwgMjI0MyAgfCAyMjIxICB8IDIxOTkgIHwKfCBZT1kgICAgICAgICAgICAgICAgICB8ICAgICAgIHwgMSUgICAgfCAtMiUgICB8IC0yJSAgIHwgLTElICAgfCAtMSUgICB8IC0xJSAgIHwKfCDmlrDog73mupDpnIDmsYLvvIjlhYnkvI8r5paw6IO95rqQ6L2mK+mjjueUte+8iSB8IDExMiAgIHwgMTQ5ICAgfCAyMTMgICB8IDI3NiAgIHwgMzM0ICAgfCA0NDYgICB8IDU4NiAgIHwKfCBZT1kgICAgICAgICAgICAgICAgICB8ICAgICAgIHwgMzMlICAgfCA0MyUgICB8IDI5JSAgIHwgMjElICAgfCAzMyUgICB8IDMyJSAgIHwKfCDnvLrlj6PvvIjkvpvnu5kt6ZyA5rGC77yJICAgICB8IC00MCAgIHwgLTUgICAgfCAtNDUgICB8IC03ICAgIHwgMyAgICAgfCAtMSAgICB8IC05MCAgIHwKCui1hOaWmeadpea6kO+8mueZvuW3neebiOWtmu+8jOS4nOWQtOivgeWIuOeglOeptuaJgA==
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第28頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第29頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第30頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第31頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第32頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第33頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第34頁
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
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第35頁
全球新增銅礦產能來源:百川盈孚,東吳證券研究所_第36頁
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
所屬報告: 有色金屬行業年度策略:黃金長?;騿~鋁靜待復蘇-230112(34頁).pdf
打包全文圖表

相關數據

最新數據

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站