Can it still be configured?

1、

This year has been a big year for precious metals and non-ferrous metals, with a super bull market already underway.

First, gold surged at the beginning of the year (lasting the whole year), followed by silver taking over, and then copper and aluminum also showed weekly K-line level upward trends.

After the adjustment in mid-October, gold has not broken its previous high and remains in a consolidation trend overall; silver also started adjusting in mid-October but has now broken its previous high, reaching 62 at the time of writing, showing an upward trend.

After reducing our gold positions in mid-October, we were lucky to immediately start positioning in silver, believing that silver would be more elastic than gold, and we happened to catch this silver rally! (Special thanks to Meng for this silver trade—we discussed silver in detail, and she gave me more confidence.)

I believe the long-term trend for gold and silver remains intact, and the logic has been mentioned many times before, so I won’t repeat it here.

Below is a report on silver shared by Lee, a big-name foreign institutional buyer in our circle. Since PDFs can’t be uploaded on public accounts, you can request it via the backend if needed.

Today, let’s mainly talk about copper and aluminum in the non-ferrous metals sector.

In short, as long as AI capital expenditures continue, copper and aluminum won’t perform too poorly.

Copper—Supply is becoming increasingly scarce, with upstream mine growth nearly stagnant. Several key copper mines have faced varying degrees of production cuts or shutdowns this year, and global copper mine production is expected to grow by only 1.4% in 2025.

Copper supply is tightening, while demand is surging. A single NVIDIA GB200 server uses 15-20 kg of copper (3x traditional servers), and data centers require 27-33 tons of copper per megawatt of power. By 2026, global data center electricity consumption will account for 4%-6% of total global electricity use, directly driving a 26% annual increase in copper demand.

Aluminum—Aluminum production also requires massive amounts of power. AI needs huge amounts of electricity, and data centers consume vast amounts of power. Rising electricity prices will significantly increase the production costs of electrolytic aluminum. So, either electrolytic aluminum prices rise, or production stops.

Electrolytic aluminum consumes 13,000-15,000 kWh per ton. The surge in AI data center power demand directly squeezes industrial power supply, leading to rising electricity prices in Europe and the U.S., where power costs are already 1.9x those in China—and likely to rise further.

Besides gold and silver, we also positioned early in copper and aluminum. For aluminum, I mainly focused on the cornerstone of Innovation Industries.

These are just my current views on the future. Of course, the future is unpredictable, and my views aren’t set in stone. What’s important is to go with the flow—views will change as internal and external conditions evolve.

I suddenly remembered the views I wrote about gold in April and May, and the various reactions at the time.

In the process of growth, including on the investment path, as my understanding and perspective continue to expand, I increasingly feel that my past self was often like a fool, and I also increasingly realize that many people around me are the same..

The difference between me now and me in the past is that the old me would pass "righteous judgment" on these foolish people and things, while the current me can tolerate and understand most people and things, seeing through without exposing..

2、

JD Industrial’s grey market closed down -2.62%. Lucky, it just matched my earlier expectations.

It was priced at 14.1, neither too high nor too low—just mid-range pricing, with a clear attitude: a smooth listing is enough. Earlier, I estimated mid-to-lower pricing would see -3% to 8% gains, while mid-range pricing would likely see -3% to 5%.

No need to be too pessimistic about the first day—the greenshoe is highly likely to be effectively exercised.

Then there’s Gouxia Tech and HASHKEY, which are currently in the IPO process. I’ve written about them in the private circle; as usual for public channels, the post will likely go up around 9 p.m.

For me, IPO subscriptions are relatively the easiest, with a very low weight in my investment portfolio. Our circle’s main operations don’t rely on IPO subscriptions, but since this account is still fundamentally about IPO content, I’ll keep writing—just with a slight delay to differentiate. Please understand!

Of course, the more important the information, the later it’s usually posted.