有色金属ETF(512400.SH)涨0.36%，华友钴业涨1.67%

Core Viewpoint - The article highlights the recent performance of the metal sector, particularly the rebound in the communication equipment sector, driven by various economic factors and market dynamics [1] Summary by Sections Market Performance - On November 26, the Shanghai and Shenzhen markets experienced a fluctuating upward trend, with the communication equipment sector leading the gains [1] - The non-ferrous metal ETF (512400.SH) rose by 0.36%, and Huayou Cobalt increased by 1.67% [1] Short-term and Long-term Trends - The short-term pullback in the non-ferrous metal sector is primarily influenced by fluctuating expectations of Federal Reserve interest rate cuts and profit-taking by some investors [1] - However, the demand for industrial metals is supported by the shift in dollar liquidity during the Fed's rate-cutting period and the collaborative fiscal policies of China and the U.S. aimed at boosting manufacturing and new infrastructure [1] Sector Analysis - Precious metals are currently under pressure due to mixed U.S. employment data, but the long-term trend of global central bank gold purchases and the weakening of dollar credit is expected to drive gold prices higher [1] - Industrial metals like copper and aluminum are experiencing destocking trends due to supply constraints and recovering demand [1] - Energy metals such as lithium and cobalt benefit from strong demand in power batteries and energy storage, along with export restrictions on cobalt from the Democratic Republic of Congo, providing upward price momentum [1] Investment Outlook - Overall, the non-ferrous metal sector is supported by rigid supply, expanding new demand, and improving liquidity, with the CSI Shenwan Non-ferrous Metals Index valuation percentile at a near 10-year low, indicating solid long-term investment value [1] - It is recommended to pay attention to the non-ferrous metal ETF (512400.SH) for potential investment opportunities [1]