2026年度策略：贵金属牛市的下半场

Industry Overview - The report maintains a strong market rating for the non-ferrous metals sector, with a closing index of 7715.84, a 52-week high of 7846.97, and a low of 4280.14 [1]. Investment Highlights - In 2025, precious metals, particularly gold, were highlighted as the best-performing assets, with gold prices stabilizing above $4000 per ounce and silver outperforming gold due to liquidity factors [4][5]. - The precious metals market in 2025 was characterized by two phases: the first phase involved diversification in asset allocation driven by tariff expectations from the Trump administration, leading to a significant rise in gold prices, while the second phase saw a rally due to anticipated interest rate cuts by the Federal Reserve [5][15]. - The outlook for 2026 suggests that gold prices may continue to rise, supported by weakening dollar credibility, increasing inflation expectations, and continued inflows into gold ETFs [6][37]. Silver Market Analysis - Silver outperformed gold in 2025, particularly after April, due to a recovery in risk appetite and ongoing supply-demand imbalances, with prices reaching historical highs above $60 per ounce by December [39][50]. - The silver market is expected to continue its upward trend in 2026, driven by declining inventories and some countries designating silver as a reserve asset, enhancing its investment appeal [50][51]. Supply and Demand Dynamics - The report indicates a persistent supply-demand imbalance in the silver market, with significant inventory pressures observed in Shanghai and London, and CME market dynamics reflecting speculative trading [43][44]. - The total supply of silver is projected to remain constrained, with mine production and recycling rates showing modest growth, while demand from industrial applications continues to rise [42]. ETF Inflows and Market Trends - In 2025, there was a notable increase in gold ETF holdings, particularly from Western investors, which played a crucial role in driving gold prices above $4000 per ounce [30][33]. - The inflow of ETFs from North America and Europe significantly contributed to the gold market's performance, marking a shift in investment patterns compared to previous years [31][33].