有色金属ETF基金(516650) 涨幅收窄至3.21%，中银国际：一季度为资源品重要配置时点

Core Viewpoint - The non-ferrous metals sector has shown a remarkable annual growth of 94.73% in 2025, driven by a combination of supply-demand restructuring, technological revolution, and monetary changes, establishing itself as a cornerstone for new industries and providing investment value amidst economic fluctuations [1]. Group 1: Market Performance - As of February 25, major indices experienced a pullback, with the non-ferrous metals ETF (516650) narrowing its gains to 3.21%, while stocks such as Yunnan Zhenye, Anning Shares, Youyan New Materials, and Northern Rare Earth reached their daily limit [1]. - The recent performance of non-ferrous metals is influenced by geopolitical uncertainties, particularly the evolving situation between the U.S. and Iran, which significantly impacts oil and precious metal prices [1]. Group 2: Future Outlook - Analysts from Zhongyin International Securities reaffirm the view that the first quarter is a crucial time for resource allocation, with potential catalysts for the current resource market rally stemming from increased overseas uncertainties [1]. - The domestic operational conditions post-Spring Festival and the macroeconomic policies ahead of the Two Sessions are expected to significantly influence the sustainability of the coal and domestic resource market [1]. - Overall, the first quarter is deemed an opportune moment for resource allocation, with the non-ferrous sector anticipated to continue benefiting from the resonance of financial attributes and industrial trends throughout 2026 [1].