不谋而合！多位知名基金经理“锁定”有色，2026顺周期布局路线图曝光

Core Viewpoint - The article highlights a growing interest among fund managers in the cyclical style represented by non-ferrous metals, with significant increases in positions within this sector during the fourth quarter of 2025, driven by macroeconomic recovery and favorable commodity cycles [1][2]. Group 1: Fund Manager Actions - Multiple well-known fund managers have increased their holdings in non-ferrous metal stocks during the fourth quarter of 2025, indicating a strong belief in the sector's potential [2]. - Specific funds, such as Yongying Ruixin Mixed Fund and Ping An Xingyi Growth Fund, have made substantial investments in companies like Zijin Mining and Yun Aluminum, reflecting a strategic focus on resource stocks [2]. - Fund manager Ye Yong has maintained a heavy allocation in industrial and precious metals, with significant purchases in gold and silver stocks, showcasing a commitment to the non-ferrous sector [3]. Group 2: Market Outlook - Fund managers express confidence in the resilience of the resource price cycle, suggesting that the current market is driven by earnings rather than valuation increases, indicating further potential for growth [4][5]. - The article notes that despite significant price increases in 2025, leading non-ferrous metal stocks have not seen substantial valuation rises compared to two years prior, suggesting room for further appreciation [5]. - The outlook for 2026 includes expectations of a recovery in the Producer Price Index (PPI) and a favorable environment for cyclical industries, particularly in chemicals and aluminum [5][6]. Group 3: Strategic Recommendations - Fund managers recommend a strategic allocation towards cyclical styles, focusing on core commodities like copper, aluminum, and lithium carbonate, which are expected to perform well in the coming year [7]. - The article outlines three key investment groups: industrial non-ferrous and small metals, traditional cyclical industries, and sectors benefiting from price increases, such as machinery and consumer goods [8].