这一板块，年内涨幅超73%

Core Insights - The non-ferrous metals sector in A-shares has experienced a remarkable rally in 2025, with an annual increase of 73.67%, surpassing the communication sector's 72.97% and ranking first in the market [3][4]. - Notable individual stocks in the non-ferrous metals sector have shown impressive performances, with Srei New Materials (688102.SH) leading with a 340.01% increase, and 26 stocks doubling in value throughout the year [3][5]. - Historically, the non-ferrous metals sector has never topped the annual performance rankings, achieving second place twice but failing to maintain consecutive years in the top five [7][8]. Market Performance - The rally in 2025 encompasses a broad spectrum from precious metals to industrial metals, marking a rare comprehensive explosion in the sector over the past fifteen years [5]. - Precious metals, particularly gold and silver, have been significant drivers, with gold prices rising due to central bank purchases and geopolitical tensions, while silver has seen a surge exceeding 100% due to supply-demand dynamics [5][10]. - Industrial metals are experiencing increased demand driven by sectors such as new energy vehicles and renewable energy investments, indicating a long-term growth narrative for metals like copper and aluminum [5][6]. Historical Context - The non-ferrous metals sector is characterized by its cyclical nature, often linked to commodity supercycles and global monetary easing [7][8]. - Historical data shows that the sector has never achieved consecutive years in the top five for annual performance, with significant downturns following previous peaks [7][8]. - The sector's high valuation levels as of December 16, 2025, pose a challenge for continued growth, with the index reaching 7499.07 points, approximately 17% below its historical peak [8][9]. Future Outlook - The outlook for 2026 remains uncertain, with questions about whether the sector will follow historical patterns of correction or break the "champion curse" [4][8]. - Key factors influencing the valuation of the non-ferrous metals sector in 2026 include price trends and demand dynamics, with various sub-sectors expected to follow distinct drivers [9][10]. - Analysts suggest that gold will be influenced by credit and safe-haven demand, silver by industrial needs, and copper by supply constraints and new energy demands [10].