2025年，是中国公募基金迈向高质量发展的关键之年——公募基金规模突破37万亿元大关，权益市场回 暖，投资者对多元配置的需求高涨，行业更加聚焦于以投研能力为核心的高质量发展路径。面对这一深 刻变革，上银基金迈出坚定步伐：积极把握科技与周期共振的机遇，稳步打磨固收底座，在投研一体化 平台上持续兑现长期承诺，并以更贴近用户的陪伴方式，传递理性投资的价值。 辨光 | 把握时代主线，权益布局精准落子 2025年的A股市场并非普涨行情，而是围绕新质生产力展开的结构性机会。上银基金敏锐捕捉到这一特 征，在半导体、资源、高端制造等关键赛道提前卡位，不断丰富产品矩阵。 不逐浮光掠影，锚定长期价值之光，在多元配置的新阶段，与投资者共赴一场理性而温暖的财富远征。 成果不断显现：3月成立的上银资源精选A①，精准把握有色金属板块上涨机会，收益率达99.32%，大 幅跑赢基准（60.27%）；5月成立的上银中证半导体指数A②，亦斩获91.52%的回报，超越业绩比较基 准（85.93%）。（数据截至2026年1月23日） 这些并非偶然——背后是公司对中观产业的深度跟踪、动态更新的主题库，以及"以产品为中心"的团队 作战机制。主题库锚定国 ...

Group 1: Core Insights - The current rally in the non-ferrous metals sector is driven by "supply scarcity, structural differentiation, and reasonable valuation," indicating significant medium to long-term investment value [1] - Gold is viewed not only as a safe-haven asset but also as a stabilizing force for currency credit, reflecting long-term concerns over sovereign credit, particularly the US dollar [2] - The investment logic for copper has shifted from being a traditional cyclical commodity to a strategic growth asset, with supply constraints likely to maintain high prices over the long term [3] Group 2: Market Dynamics - The overall health of the non-ferrous metals sector remains intact, with current valuations not being inflated, as most companies in the sector have a price-to-earnings ratio (PE) around 10-12 times, which is relatively low compared to other high-valuation sectors [4] - The investment perspective has evolved, with investors now focusing on long-term growth rather than short-term cyclical fluctuations, enhancing the sustainability of profits for copper companies [3][4] - The ability of upstream price increases to be transmitted downstream is crucial for the sustainability of the current market trend, with potential risks if downstream sectors cannot adjust to price changes [5] Group 3: Future Strategies - Investors are advised to adopt a "bottom-up" stock selection strategy, focusing on varieties with tight supply-demand dynamics and structural shortages, such as copper, aluminum, and lithium, which benefit from trends in new energy and AI infrastructure [4] - The non-ferrous metals sector is expected to experience a phase of differentiation in performance, moving away from broad market rallies to more selective opportunities [4][5] - The fundamental support for the metal market's continuation lies in the rigid scarcity of supply, emphasizing the importance of maintaining focus on quality assets amid market volatility [5]