The fund manager is targeting the direction of the economic upturn.

Since the beginning of 2026, the non-ferrous sector has gained strong momentum and become the "hottest commodity" in the A-share market. Not only have non-ferrous themed ETFs sparked a trend of "fundraising fever", but actively managed equity fund managers such as Zou Lihu from Shenzhen Longcheng Fund and Ye Yong from WanJia Fund, who focus on investing in the non-ferrous sector, have seen a surge in popularity. Based on the portfolio adjustments revealed in the fund quarterly reports of 2025, in the fourth quarter of 2025, the aforementioned fund managers not only adjusted their holdings in the non-ferrous sector, but also made supplementary allocations in sectors such as coal, oil and gas, and transportation, which have relatively more cost-effective valuations, in order to balance their portfolio structure. Recently, there has been heated discussion in the market regarding the valuation of the non-ferrous sector. Some fund managers believe that the current performance of the non-ferrous sector has indeed reflected the high growth trend of the past two years, but in terms of valuation levels, core non-ferrous metals have not enjoyed a significant valuation premium. At the same time, many fund managers are paying attention to the important trend change of the rebound in domestic PPI data in the future. With continued policy enhancement, some believe that the domestic fundamentals may see a moderate recovery in the next six months, and the "anti-internal rotation" policy may accelerate the optimization of the structure of most traditional industries.