Recently, the rise in the non-ferrous metals sector has indeed been quite rapid. Commodities like gold, silver, copper, platinum, and palladium are all increasing, with each one showing a larger gain than the last. Looking at this trend, the upward cycle of raw material prices may not have fully played out yet.

The key issue is: this continuous increase in commodity prices makes it hard not to reassess next year's inflation pressure. It’s important to note that raw material costs often serve as upstream signals; if all goes as expected, downstream price transmission will gradually become evident. This could have a significant impact on asset allocation strategies and the structure of holdings on the long side. We need to keep a close watch.