Zhong Guo Zheng Quan Bao·2025-09-17 20:19Core Viewpoint - The recent increase in discussions about resource cyclical products on investment social platforms indicates a growing interest in this sector, driven by favorable market conditions and expectations of a new upward trend in resource prices due to the upcoming Federal Reserve interest rate cuts [1][3]. Group 1: Market Performance - Multiple resource-themed funds have shown significant gains this year, with several reaching new net asset value highs recently [1][2]. - Gold-related ETFs have performed exceptionally well, with several increasing over 70% year-to-date as of September 16 [2]. - Silver investments have also gained traction, with the National Investment UBS Silver Futures (LOF) rising over 32% this year [2]. Group 2: Investment Strategies - Fund managers are focusing on a range of resources, including gold, silver, copper, aluminum, and traditional midstream resources like coal and steel [3][4]. - The anticipated Federal Reserve interest rate cuts are expected to benefit resource stocks, with different metals likely to respond at varying paces during the rate cut cycle [3][5]. Group 3: Policy Impact - The deepening of China's "anti-involution" policy is expected to positively impact upstream and midstream manufacturers in the industrial supply chain, leading to a shift in the supply-demand dynamics within the sector [4]. - This policy is seen as a dual approach that enhances domestic production factor prices and encourages capital to return to the domestic market, thereby boosting consumption and investment [4]. Group 4: Specific Resource Opportunities - Fund managers are particularly optimistic about industrial metals like copper and aluminum, citing their robust long-term demand and favorable pricing dynamics [5][6]. - Small metals such as tungsten, rare earths, and tin are also highlighted as promising investment opportunities due to geopolitical factors and technological advancements [6].