图1：2025年即将走过，谁也没预料到的是：A股领涨行业居然不是势头正盛的TMT相关，反而是被市 场视为传统行业的有色金属！ 图2：科技不断发展，归根仍需资源！行业2025年营收有望实现较好增长，基本面好股价才有底气！ 图3：万物皆周期，2020年全球大宗资源品走过滚动收益率底部，相信历史周期下均值回归的力量！ 图4：放眼全球，海量法币发行量成为全球工业金属价格中枢，关注经济发展根本！ 如何把握当前A股资源领域的投资机会？元素周期表"辣"么复杂，主动权益基金值得关注！ 上银资源精选 A类代码：023448 C类代码：023449 周期叙事逻辑下，把握全球大宗资源品的投资机遇 产品A类份额成立以来累计收益率58.67%，跑赢业绩比较基准 （注：基金业绩数据已经托管行复核，同期业绩比较基准为36.68%，业绩比较基准数据来自Wind，统 计区间2025/03/21-2025/11/14） 图5：回到国内，"反内卷"开启再通胀周期，A股资源品顺周期企业有望在全球大周期与国内小中周期 共振，实现景气修复，2026年的大类资源品，值得关注！ 编辑：林森 （资讯） ...

Core Viewpoint - The article highlights the cautious stance of the Bank of Japan in maintaining interest rates amid global uncertainties and domestic inflation slowdown, signaling readiness to address external fluctuations while monitoring the sustainability of Japan's economic recovery [1] Group 1: Monetary Policy - The Bank of Japan's decision to keep interest rates unchanged reflects a prudent policy approach in the face of increasing global uncertainties and slowing domestic inflation [1] - Analyst Hiroaki Amemiya indicates that the current strategy aims to support the economy in the early stages of a "re-inflation cycle" [1] Group 2: Currency Outlook - As the interest rate differential between Japan and the U.S. narrows, the Japanese yen is expected to strengthen, enhancing Japan's international purchasing power and supporting domestic demand [1] - The USD/JPY pair has shown signs of a bullish rebound, but the potential impact of interest rate differentials may play a significant role [1] Group 3: Industry Preparedness - Japan's industrial, manufacturing, and automotive sectors are well-prepared to face global trade headwinds and are likely to benefit from supply chain restructuring trends [1] - The USD/JPY has been fluctuating within the range of 145.00 to 150.00, having previously broken a long-term downward trend line, but faced rapid selling pressure after brief highs [1]