The capital markets of 2025 have indeed surprised many investors. Among the most impressive is the surge in the non-ferrous metals sector. The entire non-ferrous metals index has risen over 100% in the past year, and the funds tracking this sector have soared from just over 4.3 billion at the beginning of the year to over 20 billion by the end of the year, doubling in size. This figure reflects the market’s genuine recognition of this sector.

Interestingly, the driving logic behind this rally is worth pondering. Since mid-2024, several geopolitical events have occurred frequently—such as political fluctuations in resource-rich countries—prompting a reassessment of the old topic of "resource nationalism." Simply put, resource countries are strengthening their control over domestic mineral resources, directly impacting the global supply chain landscape.

The remarkable rise of non-ferrous metals is, to some extent, a product of this background. Key metals like copper, lithium, and nickel are essential for energy transition and are also significantly influenced by geopolitical factors. Will this logic continue to ferment into 2026? That’s a question investors face.

It’s also worth comparing this to the performance of AI chips. Many fund managers, by betting on niche segments of the AI industry chain such as optical modules and PCBs, achieved considerable returns last year. Looking at the top-performing active funds from last year’s rankings reveals that these areas were indeed hot spots with heavy investments. Comparing the two, non-ferrous metals and AI chip industry chains each told their own stories in 2025.

At this point in time, the question arises: after a spectacular rally, which of these two sectors offers more promising opportunities in the new year? Will there be further allocation opportunities in non-ferrous metals after this wave? Investors need to weigh these options based on their own judgment and risk preferences.