Group 1: Macro Economic Insights - The macroeconomic landscape in 2026 will be characterized by complex differentiation among global central bank policies, with the Federal Reserve facing challenges in balancing inflation, labor market conditions, and recession risks [3] - The European Central Bank will seek policy balance amid energy transition costs, geopolitical fragmentation, and economic stagnation risks [3] - Asian central banks will adopt diverse approaches, with the Bank of Japan potentially raising interest rates cautiously, while the People's Bank of China is expected to maintain flexible liquidity management to support economic structural transformation [3] Group 2: Precious Metals Analysis - The "tide" of central bank policies will significantly impact risk-free interest rates and exchange rates, altering the relative value of major asset classes, with precious metals being particularly sensitive to these changes [4] - Gold's driving logic is shifting from traditional interest rate benchmarks to questioning the structure of the global credit system and long-term hedging against geopolitical risks, supported by ongoing central bank gold purchases and de-dollarization trends [4] - Silver exhibits dual characteristics, benefiting from robust demand in green industries like photovoltaics while showing greater price elasticity than gold in a liquidity-rich environment [4] Group 3: Base Metals Overview - The copper market faces structural contradictions, with demand driven by renewable energy, electric vehicles, and AI data centers, while supply is constrained by declining ore grades and lengthy investment cycles, leading to a tightening supply-demand balance in 2026 [5] - The aluminum market benefits from trends in renewable energy and lightweighting, although domestic production is limited by carbon reduction targets, with demand shifting from traditional construction to fast-growing sectors like photovoltaics and electric vehicles [5] - Nickel's demand is closely tied to battery technology advancements, while zinc's performance is more reliant on traditional infrastructure cycles, with price movements influenced by costs and supply dynamics [5] Group 4: Investment Strategies for 2026 - Investment strategies for 2026 should focus on macroeconomic "tides" and structural positioning, with gold serving as a "ballast" in asset portfolios to hedge against macro uncertainties, while silver can enhance portfolio elasticity [6][7] - A strategic bullish outlook on copper is recommended, considering the long-term supply-demand imbalance, while aluminum investments should target high-value sectors like advanced manufacturing and renewable energy [7] - Investors are advised to construct diversified portfolios through cross-commodity and cross-market strategies, implementing clear stop-loss disciplines to navigate potential shifts in monetary policy [8]