The gold sector performs well. How to invest in the non-ferrous metals industry in 2026?

Purely Cover

Recently, Southwest Securities Research Institute released the report “Non-Ferrous Metals Industry 2026 Investment Strategy: Resource Super Cycle, Grasping the Full Bull Market of Metals” ( hereinafter referred to as “Non-Ferrous Metals Industry 2026 Investment Strategy” ).

The “Non-Ferrous Metals Industry 2026 Investment Strategy” shows that in 2025, domestic economic data shows signs of a bottoming out, with CPI and PPI both at relatively low levels, new starts and completions in real estate gradually improving month-on-month, the transformation of old and new kinetic energy, the drag from low-end manufacturing and real estate gradually bottoming out, and the momentum of the new economy gradually emerging. In the resource sector, in 2025, the gold sector performed outstandingly, and copper showed strong performance due to regional premium and discount changes. Aluminum prices remained high, and falling costs led to profit expansion. The performance of the processing sector in 2025 was generally expected to be good, supported by early exports, but overall processing unit profits remained relatively low, awaiting further drivers.

The “Non-Ferrous Metals Industry 2026 Investment Strategy” suggests that in 2026, four main lines can be grasped:

Expansion on the denominator side: Gold and silver: The medium- to long-term bullish outlook for gold is relatively consistent, mainly focusing on trading rhythm, bullish on gold and gold stocks. The gold-silver ratio is relatively high, providing strong upward momentum for silver, and silver targets should also be重点关注。

Improvement on the numerator side: Aluminum, copper, tin: In 2025, the decline in alumina led to a significant improvement in the unit profitability of electrolytic aluminum, and the profit per ton of aluminum may continue to stay at a relatively high level, but short-term demand weakness and price declines should also be警惕。

Key advantageous minerals such as rare earths: Focusing on the six strategic metals, the rare earth, antimony, and tungsten sectors may perform better.

Main line one: Expansion on the denominator side: Gold and silver, copper

Main line two: Improvement on the numerator side: Aluminum, tin, tungsten, antimony

Aluminum, tin, tungsten, and antimony sectors.

Main line three: Key advantageous minerals such as rare earths

Rare earth magnetic materials and advanced metal materials.

Main line four: Disruptions caused by anti-involution on the supply side + explosive opportunities in energy storage demand

Energy metals-related targets. ( Southwest Securities Research Institute, Chief of the Non-Ferrous Metals Industry, Huang Tengfei, Securities Investment Consulting Business ( Analyst ) S1250523070010 )

Risk warning: Risks of economic recovery falling short of expectations, industry capacity release being too rapid, and significant declines in metal prices.

( Report published on January 23, 2026 )

( Note: This article is a commercial information published by People’s Daily Online. The content does not represent our views and is for reference only. )