牛市梦碎？大宗商品行情进入新阶段

Core Viewpoint - The current commodity market is experiencing a complex transition from a liquidity-driven, euphoric "fill-the-gap" rally to a new phase characterized by a tug-of-war between narratives and realities, leading to significant differentiation among commodities [18]. Market Performance - The recent market performance indicates that the idea of a "super bull market" where all commodities rise together may be an unrealistic wish [2]. - The rally began in mid-December 2022, driven by simultaneous easing policies from major central banks, including the Federal Reserve and domestic macro policies, which boosted market confidence and liquidity [2]. Market Dynamics - The market is currently facing a "cold reality" of extreme differentiation, where the price of crude oil remains weak, and some commodities, like polysilicon, have seen sharp declines due to high costs that downstream industries cannot absorb [3]. - The market is influenced by a mix of long-term narratives (such as monetary easing, energy transition, and geopolitical tensions) and short-term realities (like demand pressures and policy responses) [4][9]. Historical Context - Historical commodity supercycles have been driven by structural forces and have lasted decades, with five notable cycles identified over the past two centuries, each linked to significant industrialization and geopolitical events [11][12]. - The current market may not be in a full-fledged supercycle but rather in a "strong cycle" or "structural market" driven by specific narratives and supply constraints [14]. Future Outlook - The market is expected to see increased differentiation, with a return to a broad-based rally being unlikely. Different commodities will follow their own fundamentals, with those tied closely to long-term narratives likely to show stronger resilience [15]. - Volatility is anticipated to become the new norm, with market sentiment being highly sensitive to macro data, policy signals, and industry news [15]. - The ability of the market to find upward momentum will depend on whether real consumption and inventory replenishment can meet the high prices, rather than just remaining at a financial level [16]. Investment Considerations - Investors are advised to focus on the driving logic behind commodities rather than trying to predict market tops or bottoms, and to accept that volatility will be a primary characteristic of the market [17]. - Risk management should be prioritized over the pursuit of high returns, especially in a high-volatility environment [17].