CITIC Construction Investment pointed out that since the fourth quarter, global macroeconomic and geopolitical uncertainty has intensified, highlighting the investment value of strategic mineral resources in terms of security and price flexibility. Based on the current supply and demand pattern, policy orientation and industry trends, the medium- to long-term allocation logic for the three types of copper, aluminum, and gold is clear. Copper benefits from tight supply and demand from the green economy at the mine side; aluminum is limited by domestic production capacity ceilings and benefits from lightweight and green electricity demand; and gold has unique properties to hedge against risk and inflation. Investment should focus on three main lines: first, supply rigidity, focusing on varieties with significant resource constraints and capacity policy restrictions; second, green demand to grasp the structural growth brought about by energy transformation in fields such as new energy vehicles, photovoltaics, wind power, etc.; and third, financial attributes, using changes in liquidity expectations to allocate safe-haven assets.

CITIC Construction Investment pointed out that since the fourth quarter, global macroeconomic and geopolitical uncertainty has intensified, highlighting the investment value of strategic mineral resources in terms of security and price flexibility. Based on the current supply and demand pattern, policy orientation and industry trends, the medium- to long-term allocation logic for the three types of copper, aluminum, and gold is clear. Copper benefits from tight supply and demand from the green economy at the mine side; aluminum is limited by domestic production capacity ceilings and benefits from lightweight and green electricity demand; and gold has unique properties to hedge against risk and inflation. Investment should focus on three main lines: first, supply rigidity, focusing on varieties with significant resource constraints and capacity policy restrictions; second, green demand to grasp the structural growth brought about by energy transformation in fields such as new energy vehicles, photovoltaics, wind power, etc.; and third, financial attributes, using changes in liquidity expectations to allocate safe-haven assets.