Core Viewpoint - The core logic behind the rise in resource stocks has fundamentally changed, shifting from being primarily driven by economic cycles to being driven by "safety" and "shortage" due to supply-side constraints, new demand paradigms, and geopolitical security premiums [1] Group 1: Market Dynamics - The current market trend is expected to be a long-term cycle lasting several years, with a significant differentiation and rotation anticipated starting in 2026 [1] - Among various cyclical industries, non-ferrous metals and chemicals are performing significantly better than real estate, steel, building materials, and construction machinery due to their lower correlation with real estate and infrastructure and smaller supply elasticity [1] Group 2: Investment Perspective - Investors are advised to adopt a long-term perspective to identify structural opportunities within the ongoing long-cycle market [1]
嘉实基金尚可：资源品上涨逻辑发生质变 或开启数年级别的长周期
Zhong Zheng Wang·2026-02-26 13:33