Core Insights - In Q3 2025, the A-share growth style significantly outperformed the value style, with the National Growth Index achieving an excess return of 30.27%, marking a historical peak [1] - However, since Q4, market styles have rapidly converged, with value logic regaining dominance [1] - Resource assets, due to their strong cyclical attributes, have become a focal point for capital [1] Resource Sector Analysis - The prices of industrial and precious metals in China have remained stable at high levels since 2020, coupled with a rebound in corporate profits, creating a "price support + demand recovery" scenario [1] - Precious metals, particularly gold, have shown unique hedging value against market volatility, with gold-related companies' stock prices closely aligning with gold prices, consistently outperforming the Wind All A Index [1] - Despite major metal prices being at historical highs, the overall valuation of the resource sector remains attractive, with the CSI Mainland Resource Theme Index's latest PE at 15.73, significantly lower than the Wind All A Index's average of 21.85 [2] Investment Opportunities - The Shangyin Resource Selected Mixed Fund has demonstrated long-term value potential, with its A-class share achieving a cumulative return of 58.67% since its inception on March 21, 2025, outperforming its benchmark [2] - The fund focuses on investment opportunities in non-ferrous metals, coal, precious metals, rare metals, and petrochemicals, indicating a positive outlook on resource products [2] - The fund aims to strategically allocate to specific sub-sectors based on economic cycles, highlighting the demand for industrial metals due to U.S. manufacturing return and China's production reforms, as well as the increasing demand for gold amid rising recession risks and global conflicts [2]

人工智能领域对于算力的需求将加大电力的用量。国际能源署（IEA）最新模型显示，全球数据中心电 力需求将在2030年突破945TWh，仅中国地区年复合增长率达18%（资料来源：IEA, 2025）。电力需求 激增倒逼电网升级，直接刺激上游铜、铝等工业金属需求。在当前工业金属价格的历史高位下，A股相 关板块估值相较历史仍然偏低，从基本面出发具备一定修复空间。 当前资源品的投资逻辑，正展现"三重阿尔法"魅力：首先，"AI科技周期"看涨期权，直接受益于电力、 散热及硬件需求；其次，"滞胀环境"看跌期权，能对冲法币购买力下降风险。参考1970年代美国滞胀期 历史规律——原油、黄金等资源品走出长牛行情；最后，货币超发与能源转型促使资源品价值中枢上 移。 在这一逻辑下，聚焦资源赛道的产品已展现长期价值潜力。以上银资源精选混合发起式（A类代码： 023448；C类代码：023449）为例，该基金关注有色金属、煤炭、贵金属、稀有金属、石油化工等优质 资源品的投资机会，立足长期价值挖掘，捕捉穿越周期的投资机遇。自2025年3月21日成立以来（截至 2025年11月14日）A类份额累计收益率达58.67%，跑赢业绩比较基准（36. ...

Core Viewpoint - Nvidia reported a 62% year-on-year revenue growth, reaching $57 billion, highlighting the increasing focus on technology giants while a deeper investment logic centered around resource commodities is emerging as a stable anchor amidst uncertainty [1] Group 1: Market Dynamics - The "seven giants" of the US stock market now account for 47% of the S&P 500 index, with AI-related stocks reaching historical concentration levels [1] - The demand for computing power in the AI sector is expected to increase electricity consumption, prompting significant upgrades to power grid infrastructure and stimulating demand for upstream raw materials like copper [1] Group 2: Investment Logic - The investment logic for resource commodities is characterized by a "triple alpha" appeal: 1. "AI technology cycle" bullish options benefiting directly from electricity, cooling, and hardware demand 2. "Stagflation environment" bearish options that hedge against the decline in fiat currency purchasing power 3. Monetary expansion and energy transition leading to an upward shift in the value center of resource commodities [1] - Products focused on the resource sector have demonstrated the ability to navigate through economic cycles [1] Group 3: Fund Performance - The Shangyin Resource Selected Mixed Fund (Class A code: 023448; Class C code: 023449) has achieved a cumulative return of 58.67% since its inception, outperforming its benchmark of 36.68% as of November 14, 2025 [2]

Core Insights - The company, Shangyin Fund, has achieved rapid growth by aligning with national strategic directions and focusing on supporting new productive forces, with total assets under management reaching 288.1 billion yuan and public fund assets at 251.5 billion yuan by Q3 2025 [1] Group 1: Investment Strategy - Shangyin Fund emphasizes a "value" and "growth" dual-track approach in its equity segment, focusing on long-term value preservation and identifying structural investment opportunities in high-dividend assets and strategic resources [3] - The company has established a comprehensive product line that includes fixed income, active equity, quantitative indices, FOF, and overseas investments, aiming to become a "solution service provider" and "quality investment tool provider" [2] Group 2: Product Development - The equity products have been expanded to include thematic funds such as advanced manufacturing and resource selection, as well as high cash flow enterprises and hard technology indices [5] - The fixed income segment has developed a three-tier strategy, focusing on basic income, enhanced returns through flexible allocation, and multi-strategy approaches to capture structural opportunities [4] Group 3: Research and Development - The company has built an integrated research center with specialized teams in macro strategy, industry research, credit evaluation, and quantitative analysis, enhancing decision-making support [6][7] - Continuous optimization of investment strategies and team collaboration is emphasized to improve research efficiency and adapt to market changes [7] Group 4: Market Outlook - Shangyin Fund believes that the Chinese stock market has entered a new phase of high-quality development, with ongoing trends in technology growth and emerging sectors such as low-altitude economy and quantum technology [8] - The company highlights the potential for resource-related assets to provide stable cash flow and long-term value due to geopolitical tensions affecting international supply chains [8]

中证报中证网讯（王珞）近日，中基协发布最新公募基金市场数据，截至2025年7月末，我国公募基金 资产净值已达35.08万亿元，彰显行业稳健发展的良好势头。正值A股上市公司"半年报季"收官，多家公 募基金公司的上半年经营情况通过其股东披露的中期报告陆续曝光。 随着市场持续回暖，多家公募基金公司延续强劲发展态势，展现出出色的盈利能力。据不完全统计，在 已披露上半年经营数据的公募基金公司中，至少有66家，其中57家上半年实现盈利；这57家公司里，25 家净利润同比实现两位数增长，银行系公募在其中占据不小比例。 当前，公募基金费率改革不断推进深化、投资者需求日益多元，行业竞争日趋激烈。在此背景下，如何 拓展投研广度与深度、提升长期投资能力、推动产品更好适配客户多元需求，已成为机构实现突围的关 键。 自成立以来，上银基金立足公募本源，坚守"投资者利益至上"原则，深化"平台化产品中心"与"一体化 投研中心"建设，着力打造高质量发展的精品基金公司。公司紧密围绕"金融五篇大文章"构建多样化、 标准化产品库，产品谱系已全面覆盖固定收益、主动权益、指数量化、FOF及海外投资等主流业务领 域，力争成为满足投资者需求的"解决方案服务 ...