上银基金：聚焦资源赛道产品已展现穿越周期能力

Core Viewpoint - Nvidia reported a 62% year-on-year revenue growth, reaching $57 billion, highlighting the increasing focus on technology giants while a deeper investment logic centered around resource commodities is emerging as a stable anchor amidst uncertainty [1] Group 1: Market Dynamics - The "seven giants" of the US stock market now account for 47% of the S&P 500 index, with AI-related stocks reaching historical concentration levels [1] - The demand for computing power in the AI sector is expected to increase electricity consumption, prompting significant upgrades to power grid infrastructure and stimulating demand for upstream raw materials like copper [1] Group 2: Investment Logic - The investment logic for resource commodities is characterized by a "triple alpha" appeal: 1. "AI technology cycle" bullish options benefiting directly from electricity, cooling, and hardware demand 2. "Stagflation environment" bearish options that hedge against the decline in fiat currency purchasing power 3. Monetary expansion and energy transition leading to an upward shift in the value center of resource commodities [1] - Products focused on the resource sector have demonstrated the ability to navigate through economic cycles [1] Group 3: Fund Performance - The Shangyin Resource Selected Mixed Fund (Class A code: 023448; Class C code: 023449) has achieved a cumulative return of 58.67% since its inception, outperforming its benchmark of 36.68% as of November 14, 2025 [2]