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<Research>BOCI China: Financial Attributes, Industry Trends Back Non-ferrous Metals Sector
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As we enter 2026, with the market moving into the second phase of the bull market, characterized by "profit-driven growth phase", the narrative of domestic reflation is strengthened under the drivers of "anti-involution" and domestic demand expansion, according to a research report by BOCI China. The strong cyclical nature of non-ferrous metals is expected to manifest, while financial attributes and industry trends will entail re-rating opportunities to the sector. In terms of allocation, the broker recommended using industrial metals and strategic minor metals as the spear, and precious metals as the shield. For industrial metals, under a medium-term tight supply-demand balance, copper prices are predicted to receive solid support, and the weak USD cycle is also anticipated to enhance the industry trend for copper prices. As for precious metals, the mid-to-long-term price of gold is forecast to remain elevated, with short-term fluctuations providing opportunities for positioning. In terms of stock prices, the results performance certainty of leading companies within the year is relatively strong, aiding in the valuation recovery of the sector. The sector is expected to see both profit and valuation increases in 2026. AASTOCKS Financial News |
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