上半年"算力金属"价格猛涨 产业链格局生变

上半年铝、铜、锡、钽、铟等"算力金属"价格大幅上涨，其中锡、钽、铟的涨幅分别突破40%、158%和60%1。中国有色金属工业协会副会长陈学森指出，"算力金属"是产业与资本市场伴随AI算力产业链发展形成的市场统称1。这一波涨价由全球AI算力基础设施建设加速与资源供给约束共同推动1，在产业链中激发出明显的分化效应。

AI服务器对这些金属的需求量远超传统产品。专门训练AI的高性能服务器用铜量达15至30千克，是普通服务器的3至6倍；单台服务器液冷系统耗铝20至30千克1。磷化铟衬底更是成为涨价的典型，价格从8000元/片上涨至1.8万至2.8万元/片，涨幅超过250%1。

上游矿企由此获利丰厚。数据显示，洛阳钼业2026年上半年同比增长86.27%，云南锗业同比增长148.31%至261.18%1。从产业链角度看，矿山、冶炼、加工环节对行业利润增长的贡献率分别为23.6%、65.5%和11.0%1，中下游制造企业面临原材料成本压力。今年6月实施的《中华人民共和国矿产资源法实施条例》将战略性矿产从24种扩展至36种1。业内认为需加强供需对接、提升产品品质并多元化资源渠道1。

In the first half of 2026, so-called "computing-grade metals" including aluminum, copper, tin, tantalum, and indium experienced significant price increases, driven by accelerating global AI infrastructure construction and constrained resource supply. 1 Three critical small metals led the surge: tin rose over 40%, tantalum jumped 158%, and indium climbed more than 60%. 1 This price movement has created a stark divide within the industry, enriching upstream mining enterprises while placing mounting pressure on downstream manufacturers facing higher raw material costs. 1

The demand surge reflects the intensive material requirements of AI computing hardware. A single high-performance server dedicated to AI training requires 15 to 30 kilograms of copper—three to six times more than conventional servers. 1 Liquid cooling systems in such servers consume an additional 20 to 30 kilograms of aluminum per unit. 1 Indium phosphide substrates, essential components in advanced semiconductor production, saw particularly dramatic increases, rising from 8,000 yuan per unit to 18,000–28,000 yuan, representing a gain exceeding 250 percent. 1

The profitability surge has rippled through the mining sector. Luoyang Molybdenum showed year-over-year growth of 86.27 percent in the first half of 2026, while Yunnan Germanium experienced growth ranging from 148.31 to 261.18 percent. 1 Analysis of profit distribution across the industry supply chain reveals that mining, smelting, and processing contributed 23.6 percent, 65.5 percent, and 11.0 percent to overall industry profit growth respectively. 1

Regulatory adjustments have also marked the period. An updated implementation of China's Mineral Resources Law took effect in June 2026, expanding the list of strategic minerals from 24 to 36 categories. 1 According to Chen Xuesen, vice chairman of the China Nonferrous Metals Industry Association, "computing-grade metals" is a market designation that emerged as both the industry and capital markets developed alongside the AI computing supply chain. 1