（来源：经济参考报） 马年春节开市以来，地缘局势波动以及国际油价持续上攻，提升了全球市场避险需求，以石油、稀土、 有色金属、黄金等为代表的资源主题ETF表现突出，多只ETF迎来亿元级资金流入。展望后市，机构对 油气、有色、贵金属等大宗商品板块普遍持"周期重估、结构分化"的看多态度，但同样需警惕短期高位 波动态势。 资源类ETF领跑市场 Wind数据显示，节后至今，多只资源主题ETF涨幅居前。油气方面，汇添富中证油气资源ETF、银华中 证油气资源ETF、博时中证油气资源ETF已涨逾9%；国泰中证油气产业ETF、华泰柏瑞中证油气产业 ETF涨逾8%。稀有金属方面，华富、嘉实、广发、工银基金旗下中证稀有金属主题ETF涨逾8.4%。此 外，泰康、招商、国泰、景顺长城等基金旗下的中证有色金属矿业主题ETF涨逾7.5%。 多只黄金ETF规模大增 贵金属领域方面，自春节假期过后，经历了"过山车"行情的黄金、白银价格恢复涨势。2月25日，国际 金价盘中触及5200美元/盎司；国际白银价格突破90美元/盎司。不过，因获利了结和美元走强，金价随 后迎来压力，市场正等待美国关税计划的明朗化以及地缘政治局势的进展。 与此同时，以油气 ...

摘要 印尼配额政策收紧对煤炭供应产生实质性影响，导致部分企业暂停现货 出口，南方沿海电厂面临采购困境，建议春节前配置煤炭板块，以应对 节后可能出现的用煤紧张局面。 全球煤炭供应偏紧，中国预计负增长，印尼大幅收缩配额，美国减少出 口，澳洲生产不确定性增加，建议春节前积极配置动力煤相关股票，如 兖矿能源、中煤能源、陕西煤业等。 全球不确定性加剧及金价大幅调整后，黄金股估值较低，央行购金提供 需求端稳定器，建议持有黄金股过春节，推荐中金黄金、紫金国际、万 国集团等标的。 钨和稀土受益于自身基本面强势走出独立行情，钨矿供需持续紧张导致 价格加速上涨，推荐中钨高新、厦门钨业、嘉鑫国际资源等龙头企业。 稀土市场氧化镝镧价格持续上涨，受益于冶炼分离指标不足、复产不及 预期及下游企业补库需求，推荐轻稀土龙头北方稀土，以及中国稀土和 中锡有色。 Q&A 在当前市场波动较大的情况下，春节前后哪些资源品种值得投资？ 我们认为在当前市场波动较大的情况下，煤炭、黄金、镍、钨和稀土是值得关 注的投资方向。这些品种目前基本面较好，并且在春节期间和节后有望表现出 色。 具体来看，煤炭和镍的投资逻辑相对接近。近期印尼的配额政策不断发酵， 对这 ...

Core Viewpoint - The investment landscape for resources such as non-ferrous metals, rare earths, and gold is evolving, with these sectors transitioning from niche interests to mainstream investment opportunities, driven by underlying industrial logic and market dynamics [3][14]. Scientific Perspective - The periodic table serves as an industrial map, with 92 naturally occurring metal elements being crucial for current economic and industrial development. Metals are categorized into "ferrous" and "non-ferrous," with the latter being the focus of current investment interest. Rare earth elements, comprising 17 specific elements, and precious metals like gold and silver play significant roles in financial history [4][15]. Explosive Logic - The surge in resource sector interest is attributed to unexpected significant increases in commodity prices, driven by tightening supply and enhanced financial attributes under global liquidity conditions. Three main drivers are identified: the challenge to the dollar credit system, insufficient supply due to low capital expenditure, and the strategic value of rare earths in trade and security [5][16]. Investment Framework - The current supply side is characterized by vulnerabilities, including natural depletion of mining grades and increased resource nationalism. On the demand side, structural growth is supported by global energy transitions and infrastructure upgrades, particularly benefiting basic metals like copper and aluminum. Resources exhibit cyclical characteristics, but their strategic value is becoming more prominent, suggesting a potential for sustained high prices [7][18]. Opportunity Map - Investment opportunities in metals are categorized into four areas: basic metals (copper, aluminum) for electrification, precious metals (gold, silver) as hedges against currency risks, energy metals (lithium, cobalt, nickel) benefiting from energy transitions, and minor metals (tin, tungsten) with specific strategic applications. China's advantages in gold reserves and a complete rare earth supply chain position it favorably in the global market [8][19]. Participation Pathways - Investors are advised to align their investment strategies with their understanding of the resource cycle. Options include actively managed funds for broad exposure or sector-specific ETFs for targeted investments. Disciplined investment strategies, such as dollar-cost averaging, are recommended to mitigate volatility, while direct participation in high-risk products like futures is discouraged [9][20]. From Elements to Assets - The dialogue emphasizes that resource investment transcends simple cyclical trading, influenced by scientific, macroeconomic, and geopolitical factors. Understanding these dynamics is essential for investors to capitalize on emerging opportunities in the resource sector by 2026 [10][21].

Core Viewpoint - The article emphasizes that rare earths and cobalt are significantly undervalued compared to gold and copper, which have become crowded investment options. It suggests that these materials, supported by tightening supply, surging demand, and favorable policies, have the potential to double in value over the next two years. Group 1: Supply Constraints - The supply of rare earths is tightly controlled by the government, with annual quotas for mining and processing set by the Ministry of Industry and Information Technology. By 2025, imported ores will also be included in these controls, leading to a more concentrated supply structure [3] - The supply of cobalt is heavily impacted by export quotas from the Democratic Republic of Congo, which are expected to be significantly reduced by 2026. This creates a challenging environment for increasing supply, despite rising demand forecasts [3] Group 2: Demand Surge - The demand for rare earths is driven by the booming electric vehicle and wind energy sectors, with a reported 38.9% increase in electric vehicle production in April 2025. Additionally, the anticipated production of humanoid robots will further increase the demand for rare earth materials [4] - Cobalt is essential for batteries in smartphones and energy storage systems, with demand expected to rise sharply due to the continuous growth in global electric vehicle sales and energy storage installations. The International Energy Forum predicts explosive growth in demand for critical minerals like cobalt over the next 20 years [4] Group 3: Policy and Valuation Support - Recent policies, such as the "Work Plan for Stable Growth in the Nonferrous Metals Industry (2025-2026)," support the development and technological advancement of strategic resources like rare earths and cobalt, significantly reducing investment risks [5] - The current valuation of rare earths and cobalt is low, with the rare earth industry index trading at a price-to-earnings ratio of just over 60, while the industry is expected to grow at 30%. This mismatch indicates substantial room for valuation recovery [5]

Group 1 - The core viewpoint is that despite increased volatility in tech stocks, the disruptive impact of AI across industries and the positive policy environment for the tech sector remain unchanged, suggesting that technology will continue to be a market focus [1] Group 2 - The investment opportunities in the tech sector are particularly emphasized, with global capital expenditure increasingly focused on AI, which is expected to drive a new phase of rapid GDP growth [2] - Chinese companies are noted for their global competitiveness in terms of application scenarios and user penetration, making them worthy of attention, especially those leveraging AI for cost reduction and business model transformation [2] - The company has established a strict risk control system to optimize fund holding experiences while seizing AI investment opportunities, including limiting AI-related holdings to no more than 50% of the portfolio and avoiding leverage tools [2] Group 3 - Beyond AI, there is significant interest in new consumption and resource sectors, driven by the preferences of younger consumer groups who prioritize products that express individuality and provide enjoyable experiences [3] - The concept of "value for money" is becoming a new competitive core for consumer enterprises, shifting the focus from price competition to delivering appropriate products and services at reasonable prices [3] - The construction of AI data centers and the expansion of power grids are expected to increase demand for key resources such as copper, aluminum, and uranium, presenting structural investment opportunities [3] Group 4 - The company expresses optimism about equity assets in markets like South Korea and Vietnam, noting that AI-related stocks constitute a significant portion of the South Korean market, with valuations generally in a reasonable range [4] - Vietnam's upgrade from "frontier market" to "secondary emerging market" by FTSE Russell is anticipated to enhance institutional ownership and correct mispricing, making it a market worth exploring [4]

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]