指数终于上涨了！工业金属与贵金属共振，跨年行情布局正当时

Market Analysis - The market is experiencing a significant downturn, with over 90% of trading days showing more than 4,000 stocks declining, indicating a stampede phenomenon [2] - There is a lack of clear support from major funds, and small-cap stocks are showing notably weaker performance [2] - The upcoming annual report disclosures are raising caution, particularly for ST stocks and underperforming stocks [2] Industry Insights - The introduction of national policies is positively impacting the non-ferrous metals industry, with the "Non-Ferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aimed at promoting high-quality development and enhancing supply chain resilience [2] - The second half of the year remains in a loose monetary cycle, with some metal fundamentals trending positively, suggesting a potential rise in non-ferrous metal prices [2] - The focus for next year will shift from interest rate cuts to growth in industrial demand, providing a fundamental support for the sector [2] Stock Performance - The three major indices opened mixed, with over 3,000 stocks declining at the start of trading [3] - The tungsten market is experiencing a rapid price increase, with tungsten concentrate prices exceeding 400,000 yuan per ton and APT prices surpassing 600,000 yuan per ton [3] AI and Nuclear Fusion Sectors - The AI healthcare sector is seeing significant activity, with companies like Meian Health reaching a trading limit, indicating strong market interest [4] - The nuclear fusion sector is also gaining traction, with multiple projects announced, totaling over 2.4 billion yuan in contracts [4] Market Predictions - The Shanghai Composite Index appears to have halted its decline, but the trading volume remains low, indicating a weak market sentiment [6] - The ChiNext Index is stabilizing near the 20-day moving average, with a critical support level at 3,080 points [6] - Without protective measures or significant recovery in external markets, the likelihood of further index declines is high [6] Investment Opportunities - Foreign institutions are optimistic about China's assets for 2026, citing profit growth and innovation as key drivers for a rebound [13] - Long-term foreign capital has shown a positive inflow into the Chinese stock market, contrasting with previous outflows [13] - The non-ferrous metals sector is expected to benefit from structural opportunities, particularly in copper and aluminum, driven by industrial demand [13] Economic Context - The Federal Reserve's recent interest rate cut and plans to purchase short-term government bonds have led to a decline in the dollar index, positively affecting non-ferrous metal prices [14] - The ongoing bull market for base metals is supported by supply constraints and rising prices for metals like silver and copper [14] Strategic Focus - The non-ferrous metals industry is positioned as a key area for investment, particularly in the context of technological advancements and the "anti-involution" policy [15] - The sector is characterized by stable demand across various industries, making it less susceptible to economic cycles [15] - Investing in undervalued non-ferrous metal companies can provide significant upside potential, especially during inflationary periods [15]