中信证券：预计商品仍将作为2026年的投资优选方向

Core Viewpoint - Since 2026, the investment enthusiasm for commodities has been on the rise, despite fluctuations in precious metal prices affecting investor sentiment. Factors such as risk aversion, improvement in fundamentals, and strategic reserves are expected to make commodities a preferred investment direction in 2026 [1] Group 1: Precious Metals and Oil - Precious metals and crude oil are expected to benefit from risk aversion and hedging against dollar risks [1] Group 2: Lithium and Nickel - The improvement trend for lithium carbonate and nickel is clear from a fundamental perspective [1] Group 3: Industrial Metals - The demand for industrial metals like copper and aluminum is under short-term pressure, but the long-term logic remains solid [1] Group 4: Other Industries - Industries such as silicon materials, coal, and steel continue to be influenced by anti-involution policies, with price trends awaiting guidance from policies and fundamentals [1]