Under the intertwining of the reshaping of the global economic landscape and the wave of industrial transformation, the cyclical sector represented by non-ferrous metals has risen strongly since 2025 and has become a beautiful landscape for the capital market. Towards the end of the year, the global precious metals market once again ushered in a historic market. Gold and silver prices have repeatedly reached new highs, industrial metals such as copper and aluminum are trending strongly, and market sentiment continues to rise. Fund products related to non-ferrous metals are also experiencing a sharp rise. According to Wind data, as of December 28, non-ferrous metals had a cumulative increase of 93.94% during the year, nearly doubling, ranking first among the 31 Shenwan Tier 1 industries. Looking ahead to 2026, the views of many fund managers all point to a consensus: the cyclical sector, especially the non-ferrous metals sector, is entering a new bull market pattern dominated by strong demand for “new quality productivity”, long-term supply restrictions, and diversified drivers.

Under the intertwining of the reshaping of the global economic landscape and the wave of industrial transformation, the cyclical sector represented by non-ferrous metals has risen strongly since 2025 and has become a beautiful landscape for the capital market. Towards the end of the year, the global precious metals market once again ushered in a historic market. Gold and silver prices have repeatedly reached new highs, industrial metals such as copper and aluminum are trending strongly, and market sentiment continues to rise. Fund products related to non-ferrous metals are also experiencing a sharp rise. According to Wind data, as of December 28, non-ferrous metals had a cumulative increase of 93.94% during the year, nearly doubling, ranking first among the 31 Shenwan Tier 1 industries. Looking ahead to 2026, the views of many fund managers all point to a consensus: the cyclical sector, especially the non-ferrous metals sector, is entering a new bull market pattern dominated by strong demand for “new quality productivity”, long-term supply restrictions, and diversified drivers.