Zheng Quan Shi Bao·2026-01-21 22:50Core Viewpoint - The article highlights a significant shift among fund managers towards increasing allocations in the non-ferrous metals sector, driven by macroeconomic recovery, global commodity cycles, and expectations of interest rate cuts [1][4]. Group 1: Fund Manager Actions - Multiple well-known fund managers have notably increased their positions in resource stocks, particularly in the non-ferrous sector during Q4 2025 [2]. - Specific funds such as Yongying Ruixin Mixed Fund and Ping An Xingyi Growth have made substantial new investments in companies like Minmetals Resources and Yunnan Aluminum [2]. - Fund managers like Ye Yong have maintained a strong focus on industrial and precious metals, continuing to hold significant positions in stocks like Zhongjin Gold and Zijin Mining [3]. Group 2: Market Outlook - Fund managers express strong confidence in the resilience of the resource price cycle, asserting that the current market is driven by performance rather than valuation increases [4]. - Despite significant price increases over the past year, the valuation of leading non-ferrous metal stocks has not seen a substantial rise compared to two years ago, indicating potential for further growth [4]. - The expectation for 2026 includes a gradual recovery in the Producer Price Index (PPI) and a shift towards active inventory replenishment, which could enhance profitability in cyclical industries [5]. Group 3: Strategic Positioning - Fund managers have outlined a strategic roadmap for industry allocation in 2026, emphasizing core commodities like copper, aluminum, and lithium, while also identifying opportunities in cyclical sectors [6]. - The focus is on sectors that could benefit from interest rate cuts and new growth drivers such as energy transition and AI infrastructure [6]. - Three key investment clusters have been identified: industrial non-ferrous and small metals, traditional cyclical industries, and sectors poised for recovery as inflation trends upward [7].