资源品价值重估，“新周期”启幕

Core Viewpoint - The market is experiencing structural differentiation, with resource sectors like non-ferrous metals showing strong performance while some growth sectors face volatility [1][3]. Group 1: Market Performance - The Shenyin Wanguo Non-ferrous Metals Index has increased by 82.23% year-to-date as of December 19, 2025, outperforming other sectors including technology [1]. - Gold, silver, and copper prices have reached multiple historical highs within the year [1]. Group 2: Driving Forces Behind Resource Pricing - Three main driving forces are reshaping the pricing logic of resource products: global macro liquidity environment, new industrial demand driven by technological revolutions, and changes in pricing logic due to supply constraints [3][11]. - The Federal Reserve's monetary policy, particularly interest rate cuts, is a significant variable affecting global resource prices [4][5]. Group 3: New Industrial Demand - A new industrial revolution centered on AI and green energy is creating long-term growth opportunities for resource products [7]. - Metals like copper, aluminum, rare earths, lithium, and cobalt are transitioning from ordinary industrial materials to critical strategic resources for future industries [8]. Group 4: Investment Themes - Four main investment themes are emerging in the resource sector: - Precious metals, particularly gold, are benefiting from global liquidity shifts and geopolitical uncertainties [12]. - Industrial metals like copper and aluminum are becoming essential for green transitions [15][16]. - Energy metals and minor metals such as lithium and cobalt are closely tied to the growth of new energy vehicles and advanced industries [18]. - The chemical industry is recovering and upgrading, driven by domestic demand and new material needs [19]. Group 5: Investment Strategies - Investors are encouraged to utilize professional fund management and diversified products to navigate the complex market landscape [20][23]. - ETFs focused on strategic metals and resource sectors are highlighted as effective tools for investors looking to capitalize on specific trends [21].