**[Global Mining Stocks Surge, Potentially Ushering in a New Supercycle]** According to a report by Jinse Finance, as cited by media on the 24th, global mining stocks have been placed at the top of fund managers' must-buy lists. The MSCI Global Metals and Mining Index has soared nearly 90% since early 2025, outperforming popular sectors such as semiconductors, banking stocks, and the "Big Tech Seven," making it one of the best-performing asset classes of the year. Not only has copper surged 50% during the same period, but prices for aluminum, silver, nickel, platinum, and other metals have also risen significantly. Capital flows clearly confirm this trend: a monthly survey by Bank of America shows that European fund managers' net overweight allocation to the mining sector has reached 26%, marking a four-year high. The report highlights that the recent performance of mining stocks stands in stark contrast to the cold reception they faced in previous years. The driving force behind this shift lies in the weakening correlation between commodities like copper and aluminum and economic cycles. These commodities were previously regarded as "short-cycle trading assets" dictated by global economic growth rates, but they are now gradually evolving into "structural investment assets." Beyond traditional industrial demand, new pillars of market demand for key minerals like copper and aluminum have emerged, including AI data centers, the proliferation of electric vehicles, and the expansion of the robotics industry. Investors are allocating metals to participate in long-term themes such as AI, which has led to a surge in buying whenever weak data impacts mining stocks. Wu Dilin, a research strategist at Melbourne-based Pepperstone Group, stated: "Mining stocks have transformed from a dull defensive sector into a strategic anchor point that simultaneously captures changes in monetary policy and geopolitical volatility."