有色金属再迎一系列政策利好，稀土疯狂涨价，大资金正涌入这些ETF！

Core Viewpoint - The recent "anti-involution" policies in China aim to address chaotic pricing and unhealthy competition in various industries, promoting price stabilization and high-quality transformation [2][6]. Policy Developments - On July 1, the Central Financial Committee emphasized the need to regulate low-price competition and enhance product quality [4]. - The Ministry of Industry and Information Technology announced a new growth plan for ten key industries, including steel and non-ferrous metals, focusing on structural adjustments and eliminating outdated capacity [4]. - The National Development and Reform Commission (NDRC) held discussions to promote the rectification of "involution-style" competition and enhance supply chain cooperation [4]. - A draft amendment to the Price Law was released to improve standards for identifying low-price dumping and regulate market pricing [4]. - The NDRC published an announcement on September 28 to assess industry average costs and strengthen price regulation [4]. Industry Focus: Non-Ferrous Metals - The non-ferrous metals sector is a key area for the "anti-involution" policy, particularly addressing the issue of overcapacity [6][7]. - The "Non-Ferrous Metals Industry Growth Plan (2025-2026)" explicitly opposes "involution-style" competition in copper smelting and calls for rational project layouts [7]. - Key metals such as aluminum, copper, and lithium are central to the "anti-involution" efforts [8]. Investment Opportunities - The long-term value of non-ferrous metals is becoming more evident, with a focus on high-quality development rather than homogeneous competition [10]. - The global recognition of gold has increased, with prices surpassing $4,000 and a significant rise in global gold ETF holdings [8]. - China holds a dominant position in the rare earth market, with over 60% of global production, and recent export controls are expected to drive up prices [9]. ETF Investment Tools - For investors looking to participate in the non-ferrous metals sector, comprehensive ETFs covering aluminum, copper, lithium, and rare earths provide a convenient investment vehicle [11][12]. - The performance of these ETFs has been strong, with some increasing by over 70% since April [15][16]. - The valuation of the non-ferrous metals sector remains reasonable, with the China Non-Ferrous Metals Index PE at 26.4, indicating potential for valuation recovery [18][20]. Rare Earth Market Dynamics - Recent export controls by China on rare earths have created upward pressure on prices, with significant price increases reported by major companies [24]. - The U.S. government's actions to support domestic rare earth production have further opened price opportunities in the global market [24]. Conclusion - The "anti-involution" policies are reshaping the competitive landscape of the non-ferrous metals industry, steering it towards sustainable development and creating investment opportunities through ETFs [28].