中信证券敖翀：有色牛市还很长，阶段性回调就是进场机会

Core Viewpoint - The long-term trend in the non-ferrous metals industry is not over, but short-term risks are rapidly accumulating, suggesting a cautious investment strategy of "holding but not blindly chasing highs" [1] Investment Strategy - Investors are advised to consider reducing positions if prices rise too quickly, as adjustments may present better entry opportunities [1] - Stock selection should align with market phases: during established trends, leading companies show the strongest certainty; risk-tolerant investors may focus on growth companies with a "volume increase and price rise" logic [1] Trading Opportunities - Attention should be given to "divergent" trading opportunities, where commodity prices continue to rise while stock prices do not, indicating potential phase-based layout windows [1]