有色板块利好不断，关注有色60ETF(159881)、矿业ETF（561330）

Core Insights - The macroeconomic environment shows a rebound in risk appetite, driven by lower-than-expected September core CPI data in the U.S., which strengthens expectations for interest rate cuts by the Federal Reserve in the coming months [2] - Positive outcomes from U.S.-China economic discussions are expected to further improve bilateral relations, enhancing market sentiment and benefiting cyclical assets and the non-ferrous metals sector [2] Supply Side Analysis - The supply side for copper is facing challenges, with global copper mine production expected to fall short of projections by 2025 due to frequent disruptions in mining operations [2] - Specific mines such as Chile's El Teniente, Congo's Kamoa-Kakula, and Indonesia's Grasberg are experiencing production interruptions, leading to various negative impacts on supply [2] - SMM forecasts that global copper concentrate production will reach 19.48 million metric tons in 2025, a year-on-year decrease of 220,000 metric tons [2] Demand Side Analysis - Copper demand is anticipated to grow rapidly due to its extensive applications in electric vehicle motors, battery wiring, and power transmission for AI data centers [2] - The ongoing global energy transition and the AI industry revolution are expected to drive significant increases in copper demand [2] - Long-term investments in power grids and the growth of AI data centers, combined with relatively inelastic copper supply, suggest a sustained increase in copper price levels [2] Investment Opportunities - Investors are encouraged to consider the non-ferrous 60 ETF (159881) and the mining ETF (561330) as potential investment vehicles in light of the favorable market conditions for copper [2]