Ge Long Hui·2025-11-13 12:13Core Viewpoint - The domestic market is increasingly recognizing the valuation of precious metals and non-ferrous resource stocks, with significant inflows of capital driving a strong upward trend in related assets [1][5]. Group 1: Market Performance - On November 13, 2023, the A-share market saw a comprehensive surge in precious metals and non-ferrous metals, with gold stocks ETF (159562) rising by 3.07% and non-ferrous metals ETF (516650) increasing by 4.06%, significantly outperforming the market [1]. - As of the close on November 13, domestic gold and silver futures rose by 1.56% and 5.48%, respectively, with silver reaching a historical high of 12,588 yuan per kilogram [4]. - The lithium metal sector led the A-share market with a 7.03% increase, while other non-ferrous metals like lead, zinc, nickel, and cobalt also saw gains of over 4% [6]. Group 2: Economic Drivers - The recent bullish trend in resource metals is supported by a favorable international macroeconomic environment, domestic policies, and industry factors, including the ongoing geopolitical tensions and the U.S. trade protectionism [11][12]. - The World Gold Council reported that 95% of surveyed central banks plan to increase their gold holdings in the next 12 months, indicating a strong demand for gold as a "super-sovereign currency" [12]. Group 3: Sector Growth - The lithium battery sector has experienced explosive growth, with domestic sales of new energy vehicles reaching 11.196 million units in the first three quarters of 2025, a year-on-year increase of 34.55% [16]. - The copper market is projected to face a supply shortage, with demand expected to reach 27.29 million tons by 2025, while supply growth lags behind at only 1.1% [17]. - The aluminum sector is characterized by China's dominance, accounting for over 60% of global production and consumption, which provides a significant cost advantage for Chinese aluminum companies [18]. Group 4: Investment Opportunities - The non-ferrous metals ETF (516650) has seen a substantial inflow of funds, with a net inflow of 1.755 billion yuan from August 14 to October 17, 2023, and a year-to-date share increase of 900.76% [24]. - The gold stock ETF (159562) has also performed well, with a year-to-date increase of 86.98%, benefiting from the rising gold prices and favorable tax policies for virtual gold investments [26]. - The overall performance of the non-ferrous metals sector has been outstanding, with 60 out of 90 non-ferrous concept stocks in the A-share market rising over 50% this year [19].