Core Viewpoint - Recent fluctuations in international gold and silver prices have caused volatility in the A-share cyclical sector, but the fundamental "supply-demand resonance" of the cyclical industry remains unchanged, supported by global power supply constraints, new demand from AI infrastructure and energy storage, and strategic reserve demands driven by national "resource security" policies [1][5] Group 1: Investment Opportunities - The cyclical industry is supported by a complete layout covering upstream resources, midstream chemicals, and downstream agriculture, with four funds from China Europe Fund focusing on the cyclical industry chain [1][3] - The four funds, managed by different fund managers, aim to achieve comprehensive coverage of cyclical investments, with specific focuses on energy metals, industrial metals, natural resources, basic chemicals, and agriculture [3][4] Group 2: Performance Data - As of December 31, 2025, the China Europe Cyclical Preferred Mixed Fund A has achieved a cumulative return of 104.16% since its establishment on November 14, 2023, significantly outperforming its benchmark [4][10] - The China Europe Resource Selection Fund A has a return of 80.46% since its inception, exceeding its performance benchmark by 33.88 percentage points, focusing on core resource varieties like copper and aluminum [4][10] Group 3: Historical Context and Future Outlook - The current third global commodity cycle is characterized by structural adjustments in the global economy, industrial upgrades, and geopolitical changes, with historical cycles providing a reference for understanding the uniqueness and sustainability of this cycle [5][6] - The ongoing global commodity cycle is expected to be prolonged, with major economies emphasizing "resource security," which supports the demand for core commodities like copper and aluminum [6][7] Group 4: 2026 Investment Directions - Fund managers have outlined investment directions for 2026, focusing on commodities such as copper, aluminum, lithium carbonate, gold, and small metals, while also considering opportunities in chemicals and coking coal [8][9] - The cyclical industry is expected to benefit from continued liquidity easing and supply-side constraints, with a focus on price-elastic new energy metals and industries that can increase reserves and production under "resource security" policies [8][9]

2026开年以来，以贵金属、有色金属为代表的周期资源品走出强势行情。1月21日，伦敦现货黄金历史 上首次突破4800美元/盎司；1月14日，现货白银突破90美元/盎司，续创历史新高；国内市场上，铜、 铝、锡亦悄然创下新高，稀土、锂、钴等金属开启了一轮强劲的主升浪行情。 截至1月21日，中证上游资源产业指数年内涨幅已超12%。在刚刚过去的2025年，该指数更是斩获超 56%的涨幅，走势尤为亮眼。本轮行情的背后，既有全球宏观流动性环境转向带来的确定性支撑，也离 不开新一轮技术革命所催生的产业需求，共同为资源品的中长期成长打开了空间。 展望未来，在再通胀预期升温、全球资源安全战略强化以及新兴产业需求扩张的多重因素共振下，资源 品板块的中长期配置逻辑依然清晰。面对这样一个可能延续的"新周期"，投资者应如何把握机遇？ 在众多相关投资工具中，中欧周期优选混合基金凭借其明确的周期赛道布局与突出的主动管理能力，力 争为投资者把握本轮资源行情提供有力抓手。 该基金在去年实现了接近翻倍的投资回报，2025年，中欧周期优选混合A类累计收益98.41%，对应的业 绩比较基准为45.72%，显示出优秀的超额收益获取能力。 历史超额收益 ...

Core Insights - The report indicates a significant trend of capital flowing into high-performing public funds, with many actively managed equity funds experiencing substantial growth in scale during Q4 2025 [1][2] - Fund managers are maintaining high equity positions, with an average stock allocation of 86.78%, reflecting optimistic expectations for the A-share market in 2026 [3] Fund Performance - In Q4 2025, nearly 40 actively managed equity funds reported a quarter-on-quarter increase in scale, with two funds growing over tenfold [2] - The "China Europe Cycle Preferred Mixed Fund" saw its scale increase from 0.36 billion to 15.75 billion, a growth of 4217.93%, correlating with a performance return exceeding 45% in Q4 2025 and over 98% for the year [2] - The "Orient Alpha Technology Selected Mixed Fund," established in September 2025, grew from 0.11 billion to 3.94 billion, a 3478.29% increase, with returns exceeding 34% since inception [2] - The "Huafu New Energy Stock Fund" reported the largest scale increase of 26.49 billion, with returns exceeding 68% for the year [2] Fund Manager Strategies - Fund managers are maintaining high equity positions, with 44% of funds having allocations exceeding 90%, indicating a bullish outlook for the market [3] - Notable funds such as "Changcheng Jiuxiang Mixed A" and "Huafu New Energy Stock Fund" have allocations above 92%, reflecting an increase from Q3 2025 [3] - Four funds reported doubling their net value, with stock allocations ranging from 87.34% to 94.5%, focusing on technology sectors like AI infrastructure [3] Investment Focus - The prevailing strategy among high-performing funds includes increasing investments in AI infrastructure and resource sectors, with significant adjustments in top holdings [3] - The "China Europe Cycle Preferred Mixed Fund" added resource stocks such as "Shengtun Mining" and "Yun Aluminum," with the latter seeing a price increase of over 50% in Q4 [3] - Fund managers are preparing for the 2026 A-share spring market, with consensus on focusing on AI industry chains, resource security, and humanoid robotics [3] Sector Outlook - The manager of the "Orient Alpha Technology Selected Mixed Fund" is optimistic about the storage industry in Q1 2026, citing a continuing upward trend in storage chip prices [4] - The manager of the "China Europe Digital Economy Fund" views the AI sector as entering a phase of emerging bubbles, cautioning against high valuations that reflect overly optimistic growth expectations [4] - The "China Europe Cycle Preferred Mixed Fund" manager is focusing on opportunities in new energy metals, electrolytic aluminum investments, and resource security policies [4] - The "Huafu Technology Momentum Fund" is heavily invested in humanoid robotics, covering various production stages, while also acknowledging the uncertainties in technology development and production scaling [4]