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0.93 が過去 5 期の中央値 0.84 より高いのは、海外鉱山の持分法益が営業利益の外にあり、中立の銅価格（今より 24% 高）で厚くなるため。","evidence_url":"/jp-stock/ai-analysis/?t=5714","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5715","asset_id":"fut_copper","name":"古河機械金属","kind":"text_candidate","direction":"未確認","evidence":"世界の銅鉱山の新規開発が加速し、ロックドリルの受注が大きく伸びたら","evidence_url":"/jp-stock/ai-analysis/?t=5715","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5729","asset_id":"fut_copper","name":"日本精鉱","kind":"text_candidate","direction":"未確認","evidence":"金属粉末は、銅の価格と電子部品の需要に左右される。","evidence_url":"/jp-stock/ai-analysis/?t=5729","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5801","asset_id":"fut_copper","name":"古河電気工業","kind":"text_candidate","direction":"未確認","evidence":"メタルソリューション事業は銅価格の構造的な上昇と中国の製錬能力過剰による加工マージンの圧迫が同時進行する領域で、業界全体として薄い利益率が続きやすい。","evidence_url":"/jp-stock/ai-analysis/?t=5801","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5805","asset_id":"fut_copper","name":"ＳＷＣＣ","kind":"text_candidate","direction":"未確認","evidence":"銅価格の変動と建設需要の波が、利益を大きく揺らした。","evidence_url":"/jp-stock/ai-analysis/?t=5805","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5816","asset_id":"fut_copper","name":"オーナンバ","kind":"text_candidate","direction":"未確認","evidence":"家電・産業機器・空調の需要と銅価格で利益が振れるので循環 +0.5%。","evidence_url":"/jp-stock/ai-analysis/?t=5816","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5821","asset_id":"fut_copper","name":"平河ヒューテック","kind":"text_candidate","direction":"未確認","evidence":"循環+0.5%：銅価格の転嫁のずれと太陽光案件の波で利益が振れ、過去 12 年の営業利益率は 4.8〜11.5% を動いた。","evidence_url":"/jp-stock/ai-analysis/?t=5821","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"6230","asset_id":"fut_copper","name":"SANEI","kind":"text_candidate","direction":"未確認","evidence":"銅合金が主材料で、銅の価格が上がれば原価が直撃する。","evidence_url":"/jp-stock/ai-analysis/?t=6230","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6484","asset_id":"fut_copper","name":"KVK","kind":"text_candidate","direction":"未確認","evidence":"住宅着工と銅価格で利益が振れるので循環は +0.25%。","evidence_url":"/jp-stock/ai-analysis/?t=6484","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6485","asset_id":"fut_copper","name":"前澤給装工業","kind":"text_candidate","direction":"未確認","evidence":"景気の影響は住宅着工と銅価格を通じて受けるので、循環は +0.25%。","evidence_url":"/jp-stock/ai-analysis/?t=6485","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6497","asset_id":"fut_copper","name":"ハマイ","kind":"text_candidate","direction":"未確認","evidence":"黄銅の価格と製品値上げの転嫁の状況","evidence_url":"/jp-stock/ai-analysis/?t=6497","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6817","asset_id":"fut_copper","name":"スミダコーポレーション","kind":"text_candidate","direction":"未確認","evidence":"会社の計画によると、2028年までに銅価格が利益を17億円押し下げる。","evidence_url":"/jp-stock/ai-analysis/?t=6817","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"6862","asset_id":"fut_copper","name":"ミナトホールディングス","kind":"text_candidate","direction":"未確認","evidence":"電線は銅価格と国内の設備投資に連動する。","evidence_url":"/jp-stock/ai-analysis/?t=6862","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7236","asset_id":"fut_copper","name":"株式会社ティラド","kind":"text_candidate","direction":"未確認","evidence":"アルミ・銅の価格とスライド条項での転嫁のタイミング","evidence_url":"/jp-stock/ai-analysis/?t=7236","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7637","asset_id":"fut_copper","name":"白銅","kind":"text_candidate","direction":"未確認","evidence":"アルミや銅の価格が下がれば、益は逆に削る側に回る。","evidence_url":"/jp-stock/ai-analysis/?t=7637","updated_at":"2026-11-01T22:46:13+00:00"},{"ticker":"8002","asset_id":"fut_copper","name":"丸紅","kind":"text_candidate","direction":"未確認","evidence":"ここでは電力事業を持分発受電量×卓売電力価格、金属資源を持分銅生産量×銅価格、農業資材をガビロン売却後に残した肥料・貯蔵事業の取扱量×単価、モビリティ・航空機・生活関連を取扱台数相当×単価で積み上げ、株価を出した。","evidence_url":"/jp-stock/ai-analysis/?t=8002","updated_at":"2026-11-01T22:46:13+00:00"},{"ticker":"8031","asset_id":"fut_copper","name":"三井物産","kind":"text_candidate","direction":"未確認","evidence":"銅価格が長期にわたり1万3,000ドル/トンを超えて定着したら","evidence_url":"/jp-stock/ai-analysis/?t=8031","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8053","asset_id":"fut_copper","name":"住友商事","kind":"text_candidate","direction":"未確認","evidence":"現在の銅価格（約1万400ドル/トン）を150円のドル円で万円/トン換算。","evidence_url":"/jp-stock/ai-analysis/?t=8053","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8058","asset_id":"fut_copper","name":"三菱商事","kind":"text_candidate","direction":"未確認","evidence":"資源では、エスコンディダなど世界最大規模の銅鉱山に長期にわたり資本参加し、原料炭ではBHPと折半出資するBMAが世界の海上貿易量の約3割を握るなど、交渉力のある規模の経済を確保している。","evidence_url":"/jp-stock/ai-analysis/?t=8058","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8075","asset_id":"fut_copper","name":"神鋼商事","kind":"text_candidate","direction":"未確認","evidence":"国内の鋼材需要、アルミ・銅の価格、半導体・省人化の設備投資","evidence_url":"/jp-stock/ai-analysis/?t=8075","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"8078","asset_id":"fut_copper","name":"阪和興業","kind":"text_candidate","direction":"未確認","evidence":"金属リサイクルは、アルミや銅の価格に左右される。","evidence_url":"/jp-stock/ai-analysis/?t=8078","updated_at":"2026-11-01T22:46:14+00:00"},{"ticker":"9824","asset_id":"fut_copper","name":"泉州電業","kind":"text_candidate","direction":"未確認","evidence":"直近の利益は銅価格の急騰で膨らんでいる。","evidence_url":"/jp-stock/ai-analysis/?t=9824","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9934","asset_id":"fut_copper","name":"因幡電機産業株式会社","kind":"text_candidate","direction":"未確認","evidence":"足元の営業利益率7%台は過去最高で、2026年3月期の利益の伸びは銅価格と堅い需要に助けられた。","evidence_url":"/jp-stock/ai-analysis/?t=9934","updated_at":"2026-11-01T22:46:16+00:00"}],"exposure_count":29},"macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"}}