“万机之母”工业母机ETF（159667）涨超1.8%，有望充分受益于下游行情发散

Core Insights - The industrial mother machine is crucial for various industries such as automotive, electronics, aerospace, and engineering machinery, and is expected to benefit from downstream market developments [1][2] - The Industrial Mother Machine ETF (159667) is positioned to capture investment opportunities in this sector [2] Group 1: Tungsten - The ETF contains approximately 10% tungsten, with recent price increases: black tungsten concentrate at 279,000 CNY/ton (up 3.3% week-on-week) and APT at 409,000 CNY/ton (up 3.5% week-on-week) [1] - Price increases are driven by tight supply conditions and rising demand, alongside improved overseas tungsten supply chain inventory [1] Group 2: PCB Industry - The ETF has over 30% exposure to PCB equipment, with the PCB industry expected to maintain high growth, as leading manufacturers are just beginning to expand production [1] - Nvidia's decision to use M9 materials in its Rubin project in the second half of 2026 indicates higher equipment requirements and increased wear on drilling needles, benefiting PCB equipment and consumables companies [1] Group 3: Robotics - The ETF includes nearly 40% in humanoid robots, which demand high production efficiency for key components like screws and gears [1] - Domestic and international machine tool manufacturers are launching specialized products for humanoid robot component manufacturers, indicating potential for further growth in this segment [1] Group 4: Policy and Investment Opportunities - The "14th Five-Year Plan" emphasizes the need for technological self-reliance and breakthroughs in key areas such as integrated circuits and industrial mother machines [2] - The Industrial Mother Machine ETF tracks the CSI Machine Tool Index, which includes 50 listed companies involved in machine tool manufacturing, reflecting the overall performance of the mechanical equipment, electronics, new energy, and robotics industries [2]