万家基金贺方舟：三大逻辑推动有色金属板块走强

Core Viewpoint - The recent strong performance of the non-ferrous metals sector is driven by three main factors: the Federal Reserve's interest rate cuts, supply-demand mismatches, and the increasing complexity of international relations [1] Group 1: Federal Reserve's Impact - The Federal Reserve has restarted its interest rate cut cycle, leading to increased global liquidity and benefiting commodity markets with a "dollar dividend" [1] Group 2: Supply-Demand Dynamics - Demand for copper is surging due to the global construction of smart grids - Recovery in demand for aluminum and zinc is observed as the global economy gradually recovers, particularly in the home appliance and construction sectors - On the supply side, the growth rate of global copper mining capacity is slowing, stricter environmental policies are making mining development more challenging, and external risks are increasing, particularly in cobalt mining in the Democratic Republic of Congo and nickel mining in Indonesia [1][1][1] Group 3: International Relations - The complexity of global relations is increasing, elevating the strategic importance of non-ferrous metals as critical resources [1]