资源重估周期下，如何在资源板块里做结构性投资？

Core Viewpoint - Resource commodities are emerging as a core investment direction due to macroeconomic changes and asset price revaluation, driven by U.S. fiscal expansion and a shift towards looser monetary policy, alongside domestic demand for key metals like copper, aluminum, and lithium [1][3][4] Global Macro Perspective - The combination of U.S. fiscal expansion and low interest rates is expected to drive global funds to reprice major assets, with a renewed focus on precious metals like gold due to increased demand from central banks and institutional investors [3] - The restructuring of global manufacturing, including the return of manufacturing to the U.S. and increased focus on energy security in Europe, is enhancing the underlying demand for resource commodities [3][4] Domestic Demand Dynamics - The new productive forces in China are creating a new demand structure for resource commodities, particularly in sectors like electric vehicles and energy storage, where lithium shows strong demand elasticity [4] - The inventory cycle is shifting from passive destocking to active restocking, indicating a structural change in demand for raw materials and midstream products [4] Investment Framework - The resource commodities are categorized into defensive assets like gold and certain energy resources, and offensive assets like industrial metals (copper, aluminum) and rare resources, emphasizing a balanced "attack and defense" strategy [5][6] - Gold is highlighted as a defensive asset, gaining strategic value amid global conflicts and serving as a hedge against uncertainty [5] - Energy companies with resource control and cost advantages are positioned to provide sustainable cash returns and risk mitigation [6] Rare Metals and Strategic Assets - Rare metals like tungsten and antimony are gaining attention due to their high demand in AI infrastructure, aerospace, and defense sectors, with their scarcity providing pricing power amid supply chain disruptions [7] - The investment logic for these rare resources aligns with a "strategic asset" approach, suggesting potential for price revaluation in the medium to long term [7] Investment Strategy and Performance - The investment strategy emphasizes a high equity position in resource-related companies, focusing on mining and manufacturing sectors, with a significant allocation to upstream resources [8] - The performance of the fund, achieving a total return of 83.05% within less than a year, demonstrates the effectiveness of a forward-looking investment approach [9] Research and Risk Management - The investment discipline emphasizes long-term performance and compliance, integrating macroeconomic analysis with industry trends and individual stock fundamentals [11][12] - A systematic research framework is employed to assess macroeconomic conditions, industry phases, and individual stock evaluations, enhancing the sustainability of investment strategies [11][12]