Core Viewpoint - Since 2026, the investment enthusiasm for commodities has been on the rise, despite fluctuations in precious metal prices affecting investor sentiment. Factors such as risk aversion, improvement in fundamentals, and strategic reserves are expected to make commodities a preferred investment direction in 2026 [1] Group 1: Precious Metals and Oil - Precious metals and crude oil are expected to benefit from risk aversion and hedging against dollar risks [1] Group 2: Lithium and Nickel - The improvement trend for lithium carbonate and nickel is clear from a fundamental perspective [1] Group 3: Industrial Metals - The demand for industrial metals like copper and aluminum is under short-term pressure, but the long-term logic remains solid [1] Group 4: Other Industries - Industries such as silicon materials, coal, and steel continue to be influenced by anti-involution policies, with price trends awaiting guidance from policies and fundamentals [1]

Group 1 - The report indicates that the risk assessment for the US and Japan is rising, while the domestic risk assessment in China is steadily declining, making low-risk equity assets like A-shares relatively superior [7][20][30] - Gold and strategic metals within commodities continue to hold investment value, benefiting from the global low-risk characteristics of equity assets [7][20][30] - The report highlights that the trend for risk assets remains strong, with A-shares, commodities, and gold showing robust performance, while US stocks are experiencing overall fluctuations [21][30] Group 2 - In the expectation dimension, domestic supply remains strong while demand is weak, indicating a need for more support for domestic consumption [14][15] - The uncertainty surrounding US policies is increasing, leading to a rise in the risk assessment of dollar-denominated assets [16] - The Bank of Japan has maintained its policy interest rate, but the fiscal outlook is becoming increasingly uncertain due to the dissolution of the House of Representatives [17]