上银基金卢扬：2026年有色金属板块投资注重估值、结构、稀缺三条主线

Group 1 - The core viewpoint of the articles highlights the strong performance of the metals sector, particularly gold and silver, which have reached new highs, making the sector a market focus since 2025, with a reported increase of over 90% in 2025 and over 12% in early 2026 [1][2] - The valuation of the non-ferrous metals sector is considered reasonable, with most companies trading at a PE ratio of around 10-12 times, which is lower than historical averages compared to other high-valuation sectors [1][2] - The fund managed by the company has achieved a return of over 90% since its inception in March 2025, significantly outperforming its benchmark by 34.47 percentage points [2] Group 2 - The investment outlook for the non-ferrous metals sector is positive, with a focus on metals linked to new demands such as copper, aluminum, and lithium, which are associated with renewable energy, AI computing power, and grid investments [2][3] - The investment strategy will emphasize three key themes: valuation, structure, and scarcity, with a close watch on the valuation levels of listed companies in 2026 and a focus on selecting companies with strong supply dynamics and robust downstream demand [3] - The scarcity of metals is highlighted as a significant factor for sustained price increases, as releasing supply requires substantial capital expenditure and time, making certain metals valuable for long-term investment [3]