A股有色金属行业2024Q4基金持仓分析：基金大幅减持有色行业，仓位降至较低水平

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1]. Core Viewpoints - In Q4 2024, active equity public funds significantly reduced their holdings in the A-share non-ferrous metals industry, with the proportion of heavy holdings dropping to 1.76%, down from 2.80% in Q3 2024, marking the largest quarterly reduction since 2010 [3]. - The report suggests that after the substantial reduction in holdings, the current allocation to the non-ferrous metals industry is at a low level not seen since Q3 2021, indicating potential for future increases as economic recovery policies are implemented [3]. - The report highlights investment opportunities in the aluminum industry chain and the gold sector, recommending specific companies such as Yun Aluminum Co., Shenhuo Co., Zijin Mining, and Zhongjin Gold [3]. Summary by Sections Fund Holdings Analysis - In Q4 2024, the heavy holdings in the non-ferrous metals sector were concentrated in copper, aluminum, and gold, with respective proportions of 0.67%, 0.29%, and 0.25% of total fund investments [3]. - The concentration of heavy holdings in the top 10 non-ferrous metals stocks decreased to 70.23%, down 3.56 percentage points from the previous quarter [3]. Investment Recommendations - The report recommends focusing on the redistribution of profits within the aluminum industry and the potential for valuation recovery in the gold sector, particularly for companies that are currently at valuation lows [3]. - Specific stocks to watch include Yun Aluminum Co., Shenhuo Co., Zijin Mining, Zhongjin Gold, Chifeng Gold, and Shanjin International [3].