中信建投证券：资源板块投资应围绕三大主线

Core Viewpoint - The report from CITIC Securities highlights the increasing investment value of strategic mineral resources due to heightened global macroeconomic and geopolitical uncertainties, particularly in the fourth quarter [1] Group 1: Investment Opportunities - Copper is expected to benefit from tight supply at the mining level and increased demand driven by the green economy [1] - Aluminum faces constraints due to domestic capacity limits but will benefit from lightweighting and green electricity demand [1] - Gold possesses unique attributes for hedging against risks and inflation [1] Group 2: Investment Strategies - Investment in the resource sector should focus on three main lines: first, supply rigidity, emphasizing varieties significantly constrained by resource limitations and capacity policies [1] - Second, green demand, capturing structural growth driven by energy transition in sectors like new energy vehicles and photovoltaic wind power [1] - Third, financial attributes, utilizing changes in liquidity expectations to allocate to safe-haven assets [1]