--- title: "Morgan Stanley: Expects the trade-in policy to continue benefiting the metal commodity market this year, recommends buying ZIJIN MINING, etc" type: "News" locale: "en" url: "https://longbridge.com/en/news/273169320.md" description: "JP Morgan released a research report stating that China's GDP is expected to grow by 5% year-on-year in 2025, in line with targets, with growth primarily benefiting from consumption stimulation driven by the trade-in policy. The bank believes that the main trends in the commodity market in 2025 will continue into 2026, such as the performance of globally demand-driven metals (like gold, copper, and lithium) continuing to outperform industries driven by domestic demand (like coal and steel). Additionally, supply disruptions and accelerated industry consolidation will also persist throughout the year. Looking ahead, the bank expects the trade-in subsidy policy to continue until 2026, although the incentives will be more targeted and efficiency-focused than in 2025, it will still provide substantial support for overall commodity demand. The bank's preferred order for the basic materials sector in 2026 is gold and copper, followed by aluminum, lithium, coal, and steel, and anticipates that the materials sector will continue to outperform the MSCI China Index in 2026, recommending investors buy ZIJIN MINING (02899) and take advantage of dips to acquire CHALCO (02600) and CHINAHONGQIAO. Meanwhile, CMOC may temporarily consolidate due to the issuance of convertible bonds" datetime: "2026-01-21T03:49:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273169320.md) - [en](https://longbridge.com/en/news/273169320.md) - [zh-HK](https://longbridge.com/zh-HK/news/273169320.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/273169320.md) | [繁體中文](https://longbridge.com/zh-HK/news/273169320.md) # Morgan Stanley: Expects the trade-in policy to continue benefiting the metal commodity market this year, recommends buying ZIJIN MINING, etc According to the Zhitong Finance APP, JP Morgan has released a research report stating that China's GDP is expected to grow by 5% year-on-year in 2025, in line with targets, with growth primarily benefiting from consumption stimulation driven by the trade-in policy. The bank believes that the main trends in the commodity market in 2025 will continue into 2026, with metals driven by global demand (such as gold, copper, and lithium) expected to outperform industries driven by domestic demand (such as coal and steel). Additionally, supply disruptions and accelerated industry consolidation are also expected to continue throughout the year. Looking ahead, the bank anticipates that the trade-in subsidy policy will continue until 2026. Although the incentive measures will be more targeted and efficiency-focused than in 2025, they will still provide substantial support for overall commodity demand. The bank's preferred order for the domestic basic materials industry in 2026 is gold and copper, followed by aluminum, lithium, coal, and steel. It expects the materials sector to continue outperforming the MSCI China Index in 2026 and recommends investors buy ZIJIN MINING (02899, 601899.SH) and take advantage of dips to acquire CHALCO (02600, 601600.SH) and CHINAHONGQIAO (01378). Meanwhile, CMOC (03993) may temporarily consolidate due to the issuance of convertible bonds ### Related Stocks - [China Southern CSI SWS Non-Ferrous Metal ETF (512400.CN)](https://longbridge.com/en/quote/512400.CN.md) - [Guotai CSI Non-Ferrous Metal Kuangye Theme ETF (561330.CN)](https://longbridge.com/en/quote/561330.CN.md) - [Wanjia CSI Industry Non-Ferrous Metal Theme ETF (560860.CN)](https://longbridge.com/en/quote/560860.CN.md) - [Yinhua CSI Non-ferrous Metal ETF (159871.CN)](https://longbridge.com/en/quote/159871.CN.md) - [Hwabao WP CSI Non-ferrous Metal ETF (159876.CN)](https://longbridge.com/en/quote/159876.CN.md) - [CMOC (603993.CN)](https://longbridge.com/en/quote/603993.CN.md) - [ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF (516650.CN)](https://longbridge.com/en/quote/516650.CN.md) - [GF CSI All Share Materials ETF (159944.CN)](https://longbridge.com/en/quote/159944.CN.md) - [Guotai CSI Non-ferrous Metal ETF (159881.CN)](https://longbridge.com/en/quote/159881.CN.md) - [CHALCO (02600.HK)](https://longbridge.com/en/quote/02600.HK.md) - [CHINAHONGQIAO (01378.HK)](https://longbridge.com/en/quote/01378.HK.md) - [ZIJIN MINING (02899.HK)](https://longbridge.com/en/quote/02899.HK.md) - [ChinaAMC CSI New Material Theme ETF (516710.CN)](https://longbridge.com/en/quote/516710.CN.md) - [GTJA Allianz CSI New Material Theme ETF (516480.CN)](https://longbridge.com/en/quote/516480.CN.md) ## Related News & Research - [New Buy Rating for Jiaxin International Resources Investment Limited (3858), the Basic Materials Giant](https://longbridge.com/en/news/281452487.md) - [Jefferies Adjusts Aluminum Corp. of China's Price Target to HK$14.70 From HK$16.40, Keeps at Buy](https://longbridge.com/en/news/280990196.md) - [RUSAL Registers Prospectus for Long-Term Exchange-Traded Bond Programs](https://longbridge.com/en/news/281561700.md) - [Zijin Gold International Company Limited (2259): New Buy Recommendation for This Basic Materials Giant](https://longbridge.com/en/news/281611444.md) - [Jefferies Adjusts Aluminum Corp. of China's Price Target to 15.20 Yuan From 16.20 Yuan, Keeps at Buy](https://longbridge.com/en/news/280990206.md)