上银基金：A股风格切换期，资源板块配置价值持续提升

Core Insights - In Q3 2025, the A-share growth style significantly outperformed the value style, with the National Growth Index achieving an excess return of 30.27%, marking a historical peak [1] - However, since Q4, market styles have rapidly converged, with value logic regaining dominance [1] - Resource assets, due to their strong cyclical attributes, have become a focal point for capital [1] Resource Sector Analysis - The prices of industrial and precious metals in China have remained stable at high levels since 2020, coupled with a rebound in corporate profits, creating a "price support + demand recovery" scenario [1] - Precious metals, particularly gold, have shown unique hedging value against market volatility, with gold-related companies' stock prices closely aligning with gold prices, consistently outperforming the Wind All A Index [1] - Despite major metal prices being at historical highs, the overall valuation of the resource sector remains attractive, with the CSI Mainland Resource Theme Index's latest PE at 15.73, significantly lower than the Wind All A Index's average of 21.85 [2] Investment Opportunities - The Shangyin Resource Selected Mixed Fund has demonstrated long-term value potential, with its A-class share achieving a cumulative return of 58.67% since its inception on March 21, 2025, outperforming its benchmark [2] - The fund focuses on investment opportunities in non-ferrous metals, coal, precious metals, rare metals, and petrochemicals, indicating a positive outlook on resource products [2] - The fund aims to strategically allocate to specific sub-sectors based on economic cycles, highlighting the demand for industrial metals due to U.S. manufacturing return and China's production reforms, as well as the increasing demand for gold amid rising recession risks and global conflicts [2]