别死磕金铜！2026稀土+钴成低估王，供需政策共振两年有望翻倍 咱们普通人聊投资，总爱盯着黄金、铜这些"老熟人"，菜市场大妈都能念叨两句金价涨跌，朋友圈里也 总有人晒抄底铜期货的操作。 可说实话，2025年这俩热门资源早就没了当初的性价比——黄金跟着美联储政策上蹿下跳，散户稍不留 神就买在高点；铜价虽然被矿山罢工炒得火热，可上海期货交易所的库存却堆成了山，短短一个月涨了 63%还多，下游企业根本接不动货 。 与其在拥挤的赛道里挤破头，不如转头看看那些被市场冷落的"潜力股"，就像家里角落被遗忘的老物 件，说不定哪天就成了香饽饽。今天要聊的稀土和钴，就是这样被严重低估的宝贝，手握供给收紧、需 求爆发、政策护航三重buff，两年翻倍的潜力真藏不住了！ 一、金铜挤破头？这些数据告诉你"追高不如捡漏" 咱们先说说为啥别再死磕金铜。国际能源署（IEA）早就说了，铜价的长期供应缺口预期已经被提前透 支，现在估值都在高位晃悠，再进场就是给别人接盘。黄金更不用说，美联储一加息就跌，一降息就 涨，波动比坐过山车还刺激，普通人根本摸不准节奏。 钴的供应更是"卡得死死的"。刚果（金）是全球钴的主要供应国，2026年的出口配额直接砍了 ...

仰望星空 关注全球价值投资机会 止于至善总经理何理，比较关注全球的价值投资机会。近日，在接受上证报记者采访时，何理认为，尽 管科技股年底波动有所加剧，但AI对各行业的颠覆性影响和科技产业积极的政策环境并未改变，科技 有望继续成为接下来的市场主线。 洞察：AI主线刚刚开始 何理对科技板块的投资机会尤为关注。 止于至善总经理何理： ◎记者 马嘉悦 实习生 姜彧 全局：投资机会远不止AI 值得注意的是，除了AI板块，何理对新消费与资源方向也颇为关注。 他分析称，近年来，90后、00后逐渐成为主力消费群体，他们更愿意为能表达个性、带来愉悦体验的产 品买单。与此同时，"质价比"正在成为消费企业新的竞争核心，即消费企业竞争的本质不再是单纯的高 低价博弈，而是能否在合理的价位上提供恰当的产品与服务体验。因此，从投资角度看，情绪价值、质 价比驱动的新消费板块值得关注。 另外，何理认为，AI数据中心的建设和电网扩容正在推升对铜、铝、铀等关键资源的需求，这些资源 品有望在下一阶段迎来结构性的投资机会。 谈及全球市场的机会，何理对韩国、越南等国家的权益资产较为看好。 他表示，在韩国市场的宽基指数中，与AI相关的标的占比非常高，而且 ...

Core Viewpoint - The Morgan Stanley Resource Select Mixed Securities Investment Fund (LOF) aims to convert the economic value of Chinese resources into sustainable investment returns, focusing on long-term and stable investment returns for its shareholders [3][11]. Fund Overview - The fund is managed by Morgan Stanley Fund Management (China) Co., Ltd. and is custodied by China Everbright Bank Co., Ltd. [2][3]. - The fund was established on September 27, 2005, and its shares were listed on the Shenzhen Stock Exchange on July 5, 2007 [3]. - As of June 30, 2025, the total number of fund shares is 496,274,366.14 [3]. Investment Strategy - The fund employs a "top-down" approach combined with a "bottom-up" investment strategy, focusing on resource-related stocks and adjusting the allocation based on market conditions [3][11]. - The investment strategy includes a focus on high-quality companies in the resource sector, aiming to share in the long-term value appreciation of these resources [3][11]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund achieved a profit of CNY 17,947,197.08 and realized income of CNY 4,806,520.12 [5][11]. - The fund's net asset value at the end of the reporting period was CNY 403,140,050.35, with a share net value of CNY 0.8123 [5][11]. - The fund's share net value growth rate for the period was 4.60%, outperforming the benchmark return of 0.45% [11]. Market Conditions - The A-share market experienced fluctuations in the first half of 2025, with the Shanghai Composite Index rising by 2.76% [10]. - The fund maintained a relatively stable position in its asset allocation, optimizing both industry and individual stock selections based on macroeconomic and sectoral variables [11]. Future Outlook - The fund anticipates that while tariff issues have caused some market disturbances, the overall economic resilience and policy shifts will support investment opportunities, particularly in high-end manufacturing and domestic demand sectors [12][13]. - The fund will continue to focus on value investment principles, seeking companies with strong growth potential and stable earnings [13].

Core Viewpoint - The company intends to invest approximately $300 million in Highfield Resources Limited, aiming to become the largest shareholder and gain control over the company [1] Group 1 - The company has signed a Letter of Intent for project cooperation with Highfield Resources Limited and EMR Capital [1] - The investment will allow the company to implement governance arrangements to achieve actual control over Yancoal Canada Resources Ltd., Highfield Resources, and its subsidiaries, including the Southey potash project and the Muga project [1]