Investment Rating - The report maintains an "Increase" rating for the non-ferrous metals sector [5]. Core Insights - In Q4 2025, the holdings of non-ferrous metal stocks by active equity funds increased significantly, with lithium and aluminum showing notable increases [1]. - The total market value of non-ferrous metal stocks held by active equity funds reached approximately 151.9 billion yuan, accounting for 7.83% of the total holdings, an increase of 2.11 percentage points from Q3 2025 [1]. - The top ten stocks by market value in the non-ferrous metal sector are concentrated in copper, gold, lithium, and aluminum, with Zijin Mining remaining the largest holding [1]. Summary by Sections Fund Holdings - In Q4 2025, the non-ferrous metal sector's holdings accounted for 7.83% of total fund holdings, up from 5.72% in Q3 2025 [1]. - The top ten stocks by market value include Zijin Mining (38.12 billion yuan), Luoyang Molybdenum (10.57 billion yuan), and Zhongjin Gold (5.95 billion yuan) [1]. Stock Increases and Decreases - Significant increases in holdings were observed in lithium and aluminum stocks, with the largest increases in Yongxing Materials (lithium) and Shengxin Lithium Energy (lithium) [2]. - Decreases were primarily in silver and certain processing stocks, with Jiangnan New Materials (copper processing) showing the largest reduction [2]. Investment Recommendations - Copper prices are expected to rise due to tight supply, with recommendations for Zijin Mining, Luoyang Molybdenum, and Western Mining [3]. - Aluminum supply is projected to remain constrained, with a recommendation for Yun Aluminum [3]. - Gold and silver are expected to benefit from a weakening dollar and a potential interest rate cut cycle, with a positive outlook on gold prices [3]. - Cobalt prices are anticipated to rise due to supply constraints, with a recommendation for Huayou Cobalt [3].