Zhong Guo Zheng Quan Bao·2025-09-17 21:25Core 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][4]. Group 1: Market Performance - Multiple resource-themed funds have shown significant performance this year, with several achieving new net asset value highs [2][3]. - As of September 16, 2023, various gold ETFs have increased by over 70%, while silver-related investments have also seen substantial gains, with some individual stocks rising over 135% [2]. Group 2: Investment Strategies - Fund managers are focusing on a diverse range of resources, including gold, silver, copper, aluminum, and traditional midstream resources like coal and steel [3][5]. - The "anti-involution" policy in China is expected to positively impact upstream and midstream manufacturers in the industrial supply chain, enhancing the supply-demand dynamics in the resource sector [5]. Group 3: Economic Influences - The anticipated Federal Reserve interest rate cuts are expected to benefit resource stocks, with different metals likely to respond at varying paces throughout the rate cut cycle [4][6]. - The current economic environment, characterized by expectations of a soft landing for the U.S. economy, is likely to shift market focus from supply-side constraints to demand recovery and price elasticity [6]. Group 4: Specific Resource Outlook - Fund managers are particularly optimistic about industrial metals like copper and aluminum, citing their robust long-term demand and favorable pricing dynamics [5][6]. - There is a growing interest in "strategic metals" such as tungsten, rare earths, and tin, driven by geopolitical factors and technological advancements [6].