<p>The central bank's gold purchases and de-dollarization are future medium- to long-term themes</p>

- Recent discussions by He Fangzhou from Wanjia Fund and Shen Haojun from Zheshang Securities focused on the medium to long-term trends in non-ferrous metals, particularly gold.  
- They believe the current market for non-ferrous metals is still in its early stages, with gold's strength driven primarily by the weakening of the US dollar and central bank purchases.  
- Additionally, copper remains undervalued, with its demand expected to rise due to industrial upgrades and the growth of electric power needs, suggesting a continued positive outlook for the sector.

This year's return is 71%. He Fangzhou: The non-ferrous market is far from over, and the timing of gold's rise is difficult to estimate