Group 1 - The core viewpoint is that the market for non-ferrous metals, represented by gold, silver, and copper, will continue to thrive in 2025, with lithium carbonate emerging as a strong contender in 2026. The sustainability of the cyclical market and investment opportunities will be discussed [14][15][20] - The long-term logic behind the performance of precious and industrial metals includes three main factors: fiscal easing and the restructuring of the monetary credit system, relatively low growth rates in supply, and the potential for increased gold reserves in emerging markets. The market is expected to continue in 2026, albeit with some differentiation among products [15][16] - The demand for lithium is projected to increase significantly due to the dual drivers of electric vehicles and energy storage, with demand growth potentially reaching over 30%. This will create a rigid support for prices, while supply may face disruptions [20] Group 2 - The investment landscape for traditional industries, particularly in the chemical sector, is currently characterized by low prices and profits. However, with the implementation of policies aimed at reducing disorderly competition, there is potential for price stabilization and recovery in 2026 [19] - The integration of AI technology is expected to drive demand in traditional cyclical sectors, particularly in the context of resource industries. This includes increased demand for copper and aluminum due to the needs of data centers and other technological advancements [18] - The cyclical market is anticipated to experience structural opportunities due to the constraints on supply and the growth in demand, particularly in the context of the global macroeconomic environment [16][17]
机构前瞻 洞见新机 | 有色行情方兴未艾 基金经理详解周期板块景气密码
Sou Hu Cai Jing·2026-01-13 00:13