A：The Shanghai Composite Index fell by 0.45% last week, the Shenzhen Component Index rose by 1.14%, and the ChiNext Index rose by 1%. The average daily turnover of the two stock markets in Shanghai and Shenzhen reached 3.4651 trillion yuan, a significant increase from before. Industries that performed well include computers, electronics, media, and non-ferrous metals. Two hot topics worth paying attention to are: First, the central bank has introduced multiple policies to support high-quality economic development, including lowering the re-lending and re-discount interest rates, increasing agricultural re-lending quotas, supporting technology innovation and upgrades in small and medium-sized private enterprises, adjusting the down payment ratio for commercial real estate loans, and indicating that there is still room for reserve requirement ratio and interest rate cuts this year; Second, the Shanghai and Shenzhen Stock Exchanges have adjusted the financing margin ratio from 80% to 100%, aiming to appropriately reduce the market leverage ratio, protect investor rights, and promote long-term stable development of the capital market.

A：Overall, last week the market traded sideways with slight adjustments, while trading volume remained high. It is expected that the spring market will continue before and after the Spring Festival, and it is recommended to pay attention to growth stocks that are at low levels for a rebound. In the short term, overseas risks have eased, with the main focus shifting to domestic issues. Investors can focus on growth themes with catalytic industrial trends and moderate previous gains. As A-share listed companies continue to disclose their earnings reports, industries with improved or better-than-expected performance will be the focus of the next investment.

A：In the current macroeconomic situation, monetary policy (domestic and foreign monetary easing or tightening), fiscal policy (investment in infrastructure projects, etc.), supply and demand relationships (mine production interruptions, progress in new mine development, development of manufacturing and new energy industries, etc.), and international factors (USD exchange rate) will all affect the trend of the non-ferrous metal market. In addition, the support of national policies for the development of non-ferrous metal mining, as well as the deterioration of resource endowments and the decline in ore grades globally, will also affect the distribution of profits in the non-ferrous metal industry chain and the level of industry prosperity.

A：The driving forces behind the super-cycle rally in the global non-ferrous metals market this round mainly include global economic recovery, accelerated transition to new energy, and the resonating effects of supply chain restructuring. At the same time, China has been issuing policies intensively to promote industry development, such as increasing resource output and the supply of recycled resources, which will further drive the transfer of industry chain profits upstream, intensify supply-demand contradictions, especially regarding copper, aluminum, and other varieties facing rigid demand growth and insufficient supply elasticity.

A：On the demand side, the proportion of aluminum used in construction decreased from 35% in 2019 to 28% in 2025, while with the rise of new energy industries, energy storage, and other emerging fields, its proportion increased to 15%, bringing better growth quality and longer prosperity cycles.

A：Lead and zinc, as traditional industrial metals, have shown new vitality in the global economic recovery and industrial upgrading. On the supply side, inventory clearance has reached a 10-year low, with LME warehouse stocks dropping to just 24,000 tons by late October 2025. On the demand side, the application scenarios for lead are expanding, such as the increasing demand in new energy vehicles, photovoltaic support structures, etc.; zinc is benefiting from the higher zinc usage per vehicle in new energy vehicles compared to traditional fuel vehicles, as well as the stable demand in areas such as data centers.

A：The Fed's rate cut cycle has shifted the focus of domestic policy towards stabilizing growth, which will continue to boost the prices of non-ferrous metal commodities and industry performance, establishing a new cycle for the non-ferrous metal industry. In the future, as liquidity loosens and trade tensions between China and the US ease, economic recovery will drive non-ferrous metal prices and corporate profitability further upward.

A：The strong gold price is due to multiple positive factors stacking up, including increased global policy uncertainty and frequent geopolitical conflicts leading to a rise in risk aversion. Since the beginning of 2025, the price of gold has risen by more than 50%. During times of heightened uncertainty, gold as a safe haven asset is sought after. Currently, global economic conditions are changing, and factors such as expectations of interest rate cuts by the Federal Reserve are supporting the high gold price trend, with the possibility of maintaining a strong trend in the future.

A：The main driving factors for the increase in gold prices in 2025 include the Federal Reserve's implementation of interest rate cuts, heightened market concerns about US debt and credit, an increase in global geopolitical risks, and an increase in gold allocation in investment portfolios. In addition, increased global policy and economic uncertainty, frequent geopolitical conflicts, all reinforce market expectations of rising gold prices.

A：The transition to new energy sources has brought significant opportunities. The rapid development of new energy vehicles and energy storage industries has greatly increased the demand for rare metals such as lithium, cobalt, and nickel, driving up the prices of relevant non-ferrous metals. However, this also brings short-term challenges. Due to the rapid growth in demand for certain rare metals, the supply cannot keep up, leading to tight supply and rapid price increases. At the same time, with technological advances, new alternative materials may emerge, affecting the demand for certain non-ferrous metal markets.

A：Ordinary investors do not need to focus on researching individual stocks. They can invest in the stocks of leading companies in the non-ferrous metal sector. Additionally, for investors who do not have enough time to research, they can focus on actively managed funds or ETFs with a theme of investing in non-ferrous metals. Especially tracking indices related to the non-ferrous metal sector (such as the CSI Nonferrous Metal Index) ETF, which covers the entire non-ferrous metal industry chain, can better reflect the overall performance of non-ferrous metal listed companies, and have a higher concentration and flexibility in the layout of enterprises in the upstream, midstream, and downstream of the industry chain.

A：Of course. The component stocks of the CSI Nonferrous Metals Index are mainly distributed in industries such as copper, aluminum, gold, rare earths, lithium, etc. From an industry logic perspective, this distribution covers the entire nonferrous metals industry chain, reflecting the overall operating situation of the industry and diversifying risks by being affected by different factors at different stages. For example, the mining industry focuses on resource endowment and extraction costs, while the smelting and processing industry pays more attention to smelting technology and market demand.

A：Investors need to pay attention to the characteristics of non-ferrous metals as a cyclical industry, as their demand is highly correlated with global economic growth. For example, copper and aluminum are widely used materials in industry, and their demand will fluctuate with changes in global economic growth rates. In addition, global fund flows, shifts in US Federal Reserve monetary policy, interest rate cuts, and changes in the US dollar exchange rate can also affect non-ferrous metal prices. Investors can monitor indicators of important economies such as the US, China, and CPI, as well as changes in the balance sheets of major global central banks. Changes in supply and demand fundamentals, industry policies such as capacity adjustments and supply chain constraints, and market sentiment can also deeply impact non-ferrous metal investments.

A：When the US dollar continues to weaken, the prices of colored metals such as copper and gold, priced in US dollars, will change. Furthermore, during a rate cut cycle, the downward trend in interest rates will increase the allocation value of interest-free assets like gold, potentially driving a premium in the colored metal sector.

A：Dollar-cost averaging is a long-term investment method suitable for ordinary investors. It can diversify market volatility risks, reduce overall investment costs, overcome human weaknesses, and avoid emotional operations. By regularly purchasing ETF shares at a fixed amount, it can lower the holding cost when the market rises and increase the holding shares when it falls, thereby achieving low-cost investment.

A：When bullish on a particular market sector or industry theme, it is recommended to first use a core-satellite strategy for asset allocation.

A：The advantage of the core satellite strategy lies in enhancing the flexibility of returns while controlling risks, making it suitable for investors who seek a balance between stability and opportunity. The "core assets" aim for long-term stable returns by investing in high-quality assets such as broad-based indexes and dividend indexes; while the "satellite assets" target short-term opportunities, such as industry thematic growth tracks, striving to capture excess returns in the short term. The combination of the two can avoid aggressive high volatility from being fully invested and reduce the risk of missing investment opportunities due to a conservative full position.

A：Conservative investors can increase the proportion of core assets, such as broad-based indices and dividend assets, to 60% or 70%.

A：Aggressive investors can appropriately adjust the proportion of core assets, such as reducing it to 40%, 50%, and increasing the proportion of satellite assets. It is recommended that conservative investors choose large-cap broad-based products as core assets, such as A50, A500, and other products that track Chinese core assets. Aggressive investors can choose satellite assets with stage and theme attributes, such as non-ferrous metal ETFs, science and technology board artificial intelligence ETFs, Hong Kong science and technology ETFs, or innovative drug ETFs, to balance the risk-return ratio of the portfolio.

A：When the market is experiencing repeated fluctuations, you can use the ETF grid trading strategy. This strategy is based on setting buying and selling points based on market price fluctuations, and through buying and selling in batches, buying more at low levels during declines and selling less at high levels during rallies, enhancing returns by taking advantage of market fluctuations and achieving a profitable pattern of buying low and selling high.

A：For the buying strategy, buy a larger position at low prices and a smaller position at high prices; for the selling strategy, sell a larger position at high prices and a smaller position at low prices. In simple terms, buy more as the price drops and sell more as the price rises. By setting rules for buying and selling in batches, try to average the cost as much as possible and lock in profits.