万家基金贺方舟：看好有色金属板块中长期走势

Core Viewpoint - The manager of Wanjiay Industrial Nonferrous ETF, He Fangzhou, expresses optimism about the medium to long-term outlook for the nonferrous metals sector, driven by factors such as Federal Reserve interest rate cuts, supply constraints, and increasing demand from energy transition and AI trends [1] Group 1: Opportunities in Nonferrous Metals - The nonferrous metals sector is expected to benefit from continued interest rate cuts by the Federal Reserve, which will favor metals priced in USD [1] - Supply-side constraints are evident, with incidents in South America and Central Africa leading to tight copper supplies, exacerbated by the mining accident at Indonesia's Grasberg copper mine and power shortages in Africa, supporting copper prices [1] - Demand for industrial metals is on the rise, driven by energy transition initiatives and the AI wave, indicating a growing market for these materials [1] Group 2: Investment Risks - The pricing of most nonferrous metals in USD means that fluctuations in the dollar's strength can significantly impact metal prices, necessitating close monitoring of the dollar index and the pace of Federal Reserve rate cuts [1] - Changes in demand from sectors such as real estate and renewable energy could lead to price volatility in nonferrous metals, highlighting the need for investors to stay alert to these market dynamics [1]