A purported screenshot of views from Wang Baoqing, Chief Analyst at Huafu Securities, recently circulated in the market, outlining bold predictions titled "Top 10 Metal Fantasies for 2026." The content presents an aggressive outlook on the next commodity cycle for non-ferrous metals, including:
1. Gold prices rising by 50%. 2. Silver prices doubling and being included in central bank reserve systems. 3. Platinum prices doubling to parity with gold. 4. Lithium prices exceeding 300,000 yuan/ton, rebounding to highs driven by energy storage demand. 5. Copper and aluminum prices increasing by 50%, fueled by computing power and energy storage growth. 6. Tin prices surpassing 500,000 yuan/ton, supported by computing demand. 7. Nickel prices doubling due to production cuts in Indonesia. 8. The non-ferrous metals sector doubling overall, continuing to lead global capital markets. 9. Copper emerging as the highest-quality asset in computing supply chains, with Zijin Mining’s market cap surpassing BHP to become the world’s largest mining company. 10. Potash stocks multiplying several times under energy storage demand.
The analysis also introduces a macro perspective on a potential "super cycle," noting that wealth creation often aligns with Kondratieff cycles: copper prices surged 4–5x during China’s high-growth period around 2006, while lithium prices jumped ~20x during the 2021 new energy vehicle boom. The report questions whether the current cycle—driven by energy storage and computing—remains in its early stages in 2025, with the major uptrend arriving in 2026.
Wang Baoqing is a veteran analyst specializing in steel, new energy metals, and non-ferrous metals, currently serving as Chief Analyst at Huafu Securities Research Institute.
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