Group 1 - The rapid development of AI is driving the non-ferrous metals industry from a traditional cycle to a new growth era, with expectations for a strong performance in 2025 and continued activity into 2026 [1][2] - The consensus among institutions is that the non-ferrous metals sector is likely to benefit from a bull market driven by monetary, demand, and supply factors in 2026, with a focus on the "AI leap + century change" super cycle [1][2] - Investment strategies should focus on technology and resources, with a particular emphasis on the non-ferrous sector's performance in 2026, supported by factors such as the onset of a Federal Reserve easing cycle and the rise of resource nationalism amid de-globalization [1][2] Group 2 - The global environment is favorable for non-ferrous resources due to a long-term interest rate decline, and 2026 marks the beginning of China's "14th Five-Year Plan," which is expected to bring continued policy support [2] - Supply constraints for global resources are becoming more pronounced, driven by the spread of resource nationalism, which may significantly increase the cost of acquiring upstream resources and lead to heightened safety stock levels in demand countries [2] - Emerging demand in new sectors is expected to resonate with supply constraints, with these sectors showing a higher price acceptance for commodities than previously anticipated [2] Group 3 - The non-ferrous metals sector encompasses numerous sub-sectors, and utilizing professional public fund research teams to invest in the super cycle may become essential [3] - The manager of the Hui'an Quantitative Pioneer Mixed Fund, Yang Kunhe, has a unique background combining industry and finance, which informs his research-driven investment approach [3] - As of the end of 2025, the Hui'an Quantitative Pioneer Mixed A fund achieved a 67.94% annual return, ranking in the top third among comparable equity mixed funds over the past three years [3] Group 4 - Investors are advised to temper expectations for the non-ferrous sector in 2026, as short-term volatility and corrections are likely, despite the overall sector being in a long-term cycle [4] - The investment logic for non-ferrous metals should not be confined to historical strong cycles but should be viewed in the context of the current era [4]

数据来源：汇安量化先锋混合型基金定期报告，截至2025年9月30日 放眼长期，汇安基金绝对收益组基金经理杨坤河认为，随着全球人口增长、经济发展以及工业化进程的 持续推进，对有色金属的需求将保持稳定增长。同时，随着科技的不断进步和新兴产业的崛起，有色金 属的应用领域将进一步拓展，其价格有望在长期获得支撑。而黄金作为一种稀缺的贵金属，其货币属性 和避险属性将使其在长期中保持稳定的价值。在全球经济格局深刻调整和货币体系面临诸多挑战的背景 下，黄金的配置价值或将进一步凸显。 虽然有色金属板块长期投资价值可期，但杨坤河也提醒投资者关注短期市场波动风险。一方面，美元的 走势和美国利率政策的调整将对黄金价格产生较大影响。另一方面，全球经济增长的不确定性可能导致 有色金属需求预期的调整，进而影响其价格走势。此外，地缘政治冲突的缓解或升级也会对黄金和部分 有色金属价格带来短期扰动。 2025年收官在即。复盘近一年来在A股震荡走牛中，有色金属板块成为市场上靓丽的风景线。数据统 计，截至2025年12月3日收盘，有色金属板块年内涨幅74.90%，位居申万一级行业首位。分析人士认 为，有色金属领涨背后，主要受美联储降息预期升温、地缘 ...