Zheng Quan Shi Bao·2026-01-21 21:52Core Viewpoint - The cyclical style represented by non-ferrous metals is becoming increasingly favored by fund managers, with significant allocations made in the fourth quarter of 2025 due to macroeconomic recovery, global commodity cycles, and interest rate cut expectations [1][4]. Group 1: Fund Manager Actions - Multiple well-known fund managers have increased their positions in non-ferrous metal stocks during Q4 2025, including significant investments in companies like Minmetals Resources and Zijin Mining [2][3]. - Fund managers such as Ye Yong and Jiao Wei have maintained heavy positions in industrial and precious metals, indicating a strong belief in the sector's potential [3][4]. Group 2: Market Conditions and Outlook - Fund managers express confidence in the resilience of the resource price cycle, asserting that the current market is driven by earnings rather than valuation increases, suggesting that the price cycle is far from over [4][6]. - The macroeconomic environment, including policies aimed at demand recovery and the potential for PPI to rise, is expected to positively impact the profitability of cyclical industries [5][6]. Group 3: Strategic Positioning for 2026 - Looking ahead to 2026, fund managers are optimistic about core commodities such as copper, aluminum, and lithium, while also identifying opportunities in traditional cyclical industries like chemicals and steel [7][8]. - The strategic focus includes sectors with strong growth potential and those that can benefit from a recovering macroeconomic landscape, emphasizing the importance of positioning in response to potential changes in price trends [7][8].