上银基金：资源品的三重阿尔法 长期价值值得关注

Group 1 - The core viewpoint of the articles highlights the increasing concentration of AI-related investments, particularly in the "Big Seven" tech companies, which now account for 47% of the S&P 500 index, indicating a historical high in investment concentration in AI themes [1] - The demand for computing power in the AI sector is expected to significantly increase electricity consumption, with global data center electricity demand projected to exceed 945 TWh by 2030, and China's compound annual growth rate reaching 18% [1] - The surge in electricity demand is driving the need for grid upgrades, which in turn stimulates demand for industrial metals such as copper and aluminum, suggesting that the valuations of related sectors in the A-share market remain relatively low compared to historical levels, indicating potential for recovery [1] Group 2 - The investment logic for resource products is characterized by a "triple alpha" appeal: firstly, benefiting from the AI technology cycle through increased demand for electricity, cooling, and hardware; secondly, providing a hedge against currency depreciation in a stagflation environment; and thirdly, the impact of monetary expansion and energy transition driving up the value of resource products [1] - The focus on resource sectors has shown long-term value potential, as exemplified by the Above Silver Resource Selected Mixed Fund, which has achieved a cumulative return of 58.67% since its inception, outperforming its benchmark [2] - The fund is optimistic about the long-term value of resource products, highlighting opportunities in various sectors such as industrial metals driven by U.S. manufacturing reshoring and China's production reforms, as well as increased demand for gold amid rising recession risks and global conflicts [2]