Sou Hu Cai Jing·2025-11-17 06:58Core Viewpoint - The news highlights the performance of the non-ferrous metal sector, particularly focusing on the recent trends in the market, including the performance of the Non-Ferrous 50 ETF and the underlying factors affecting metal prices and demand [1][2][3][4]. Group 1: Non-Ferrous 50 ETF Performance - As of November 17, 2025, the Non-Ferrous 50 ETF (159652) decreased by 0.39%, with a latest price of 1.53 yuan [1]. - The ETF has seen a net subscription of 62 million units, with an estimated net subscription amount exceeding 94 million yuan [1]. - The latest scale of the Non-Ferrous 50 ETF reached 2.829 billion yuan, with a significant increase in shares by 13.46 million units over the past three months [2]. Group 2: Market Trends and Demand - The lithium industry is experiencing high growth due to strong demand in the energy storage market, with expectations of over 60% growth next year driven by domestic pricing policies and international demand [2]. - Copper prices are expected to rise in the long term due to supply constraints, with Freeport reducing copper production and ongoing demand recovery in the cable industry [3]. - The aluminum sector faces challenges due to power supply constraints, which may accelerate the exit of high-cost aluminum production and delay new capacity investments [3]. Group 3: Investment Opportunities - The Non-Ferrous 50 ETF is highlighted as a leading investment option due to its high "gold and copper content," with copper accounting for 33% and gold for 13% of the index [4]. - The ETF has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown [5]. - The index's growth is driven by earnings rather than valuation, with a current PE ratio of 23.74, down 61% from five years ago, indicating a favorable valuation [6].