年内涨幅超73%，这一板块冲刺A股年度冠军

Group 1 - The core viewpoint of the articles highlights the remarkable performance of the non-ferrous metal sector in 2025, with significant stock price increases, particularly in companies like Srei New Materials, which saw a 340.01% rise, and several others exceeding 150% [1][2] - A historical analysis indicates that the non-ferrous metal industry has never topped the annual performance rankings since 2000, achieving second place twice but failing to maintain consecutive years in the top five [1][4] - The upcoming 2026 year poses a critical question: whether the non-ferrous metal sector will follow historical patterns of correction or break the "consecutive champion" curse, which has never been achieved [1][5] Group 2 - The 2025 non-ferrous metal market is characterized by a comprehensive boom across precious and industrial metals, driven by factors such as central bank gold purchases, weakened dollar credit systems, and geopolitical risks [2][7] - Precious metals, particularly gold and silver, have seen substantial price increases, with gold rising by 227.71% for companies like Zhaojin Gold, while silver prices have surged over 100% due to supply-demand dynamics [2][3][7] - Industrial metals are experiencing increased demand driven by sectors like new energy vehicles and renewable energy investments, indicating a long-term growth narrative for metals like copper and aluminum [2][3] Group 3 - Data shows that energy metals like cobalt and lithium, along with precious metals, have performed well, while others like zinc and magnesium have lagged behind [3] - The historical volatility of the non-ferrous metal sector is noted, with past performance cycles showing significant fluctuations and a tendency to follow commodity supercycles [4][5] - The high valuation levels of the non-ferrous metal sector present challenges for continued growth into 2026, with the sector index reaching 7499.07 points, a 73.67% increase for the year, yet still 17% below its historical peak [5][6] Group 4 - The divergence between stock price increases and declining company earnings raises concerns about speculative investments, as seen in companies like Tianli Composite and Zhongzhou Special Materials, which reported significant revenue and profit declines despite high stock performance [6] - The outlook for 2026 hinges on the balance of metal prices and demand, with various institutions outlining clear driving logic for different sub-sectors, such as gold's reliance on credit and risk aversion, and copper's supply constraints [6][7]