泉果基金刚登峰：有色产能周期驱动的上行趋势仍然有望延续

Group 1 - The A-share non-ferrous metal sector has performed remarkably well this year, with the Shenwan Non-ferrous Metal Index showing an increase of nearly 77% as of December 11, and several stocks within the sector doubling in price [1] - The strong rise in the sector is driven by multiple sources of capital, including public funds, social security funds, and foreign investments [1] - The core factor behind the price increase in non-ferrous metals is the strong constraints on supply, particularly in copper and electrolytic aluminum, where production has been limited and often disrupted [1] Group 2 - The fundamental outlook for the non-ferrous metal sector is relatively stable, with major commodities remaining within a reasonable valuation range despite short-term volatility [2] - The upward trend driven by the production cycle is expected to continue in the medium to long term until a supply inflection point is reached [2] - The limited new production capacity and increasing demand for electricity, particularly for copper, suggest that the supply-demand gap may continue to widen [1]