CITIC Securities: It is expected that commodities will continue to be a preferred investment direction for 2026.

Citic Securities stated that since 2026, the investment enthusiasm for commodities has been continuously increasing. Although there was a decrease in investment sentiment caused by the drastic fluctuation in precious metal prices, we still expect commodities to be the preferred investment direction for 2026 due to factors such as risk aversion, fundamental improvement, and strategic reserves. From the perspective of risk aversion and hedging against US dollar risks, precious metals and crude oil are expected to benefit; from a fundamental perspective, there is a clear improvement trend for lithium carbonate and nickel; industrial metals such as copper and aluminum are facing pressure on demand in the short term, but the long-term logic remains solid. The silicon material, coal, and steel industries continue to be affected by anti-insulation policies, and price trends await policy and fundamental guidance.