Core Insights - The strategic value of resource products is increasingly recognized due to factors such as the Federal Reserve's interest rate cuts and changes in supply-demand dynamics [1][2] - The global trade structure is evolving into a three-tier division among consumer countries, resource countries, and producing countries, which is intensifying global wealth disparity and fostering anti-globalization sentiments [1] - Investment in resource stocks is currently favored, with supply being more critical than demand, and beta being more significant than individual stocks [1] Group 1: Resource Products - Resource products are transitioning from "cyclical commodities" to "strategic assets" amid a five-year commodity market rally [1] - Long-term demand drivers for resource products include high growth in emerging sectors such as new energy vehicles, wind power, photovoltaics, and energy storage, alongside increased demand for metals like copper, aluminum, lithium, and cobalt due to advancements in AI and robotics [1][2] - Supply constraints are anticipated due to insufficient capital expenditure, slow growth rates, declining ore grades, and frequent accidents in the resource sector [1] Group 2: Copper Investment - Copper is viewed as a promising investment opportunity due to its close correlation with global economic trends and stable demand growth driven by investments in new energy and power grids [2] - Future copper supply growth is expected to be limited due to a slowdown in capital expenditure and declining ore grades, leading to a supply-demand mismatch and an anticipated rise in copper prices [2] Group 3: Aluminum and Small Metals - Domestic electrolytic aluminum capacity is nearing its peak, resulting in significantly improved cash flow for the industry and the onset of a dividend trend [2] - Small metals are deemed strategically important due to their applications in emerging industries and their irreplaceable nature, thus holding significant strategic value amid anti-globalization trends [2] Group 4: Gold Investment - International gold prices are experiencing upward pressure, with short-term overbought conditions, but medium to long-term favorable factors are strengthening [2] - Key supportive elements for gold include ongoing global economic recovery, geopolitical risks, weakened dollar credibility, and central banks' continued gold purchases, which bolster the gold market [2] - The Fed's interest rate cut cycle reduces the opportunity cost of holding gold, encouraging institutional investors to increase allocations to gold ETFs [2]