Sou Hu Cai Jing·2026-02-02 02:08Group 1 - The core viewpoint of the news highlights a significant decline in the performance of non-ferrous metal stocks, with companies like Shandong Gold and Zhongjin Gold hitting the daily limit down, and Northern Rare Earth dropping over 5% [1] - Mining and non-ferrous related ETFs have also seen a decline of over 5% due to market influences [1] Group 2 - Recent reports indicate that not only precious metals like gold and silver have risen significantly, but industrial metals such as copper and aluminum, as well as energy metals like cobalt and lithium, have also shown good growth, with multiple metals reaching historical or phase highs [2] - The super cycle of non-ferrous metals is attributed to three main factors: the weakening trend of the dollar due to the Federal Reserve's interest rate cuts, supply-demand gaps caused by declining ore grades and rising marginal costs in major mines, and domestic policies aimed at optimizing excess capacity [2]