矿业ETF（561330）涨近2%，供需偏紧格局延续，把握年内涨超有色的矿业ETF布局机会

Group 1 - The Federal Reserve shows significant disagreement regarding interest rate cuts in December, with mixed labor market data indicating unexpected growth in non-farm employment but a rise in the unemployment rate to a four-year high, leading to a cautious market sentiment [1] - The spot market is experiencing low trading activity, with high prices suppressing downstream purchasing willingness, while smelters maintain prices but downstream only stock up on essential needs [1] - Supply chain tensions are exacerbated by slow recovery in Myanmar's Wa State, export controls in Indonesia, and mineral bans in Congo, while demand is weak in traditional sectors like consumer electronics, resulting in a dual weakness in supply and demand [1] Group 2 - In the aluminum sector, unclear short-term interest rate cut expectations combined with a seasonal demand slump may lead to price fluctuations, although the rigid supply of electrolytic aluminum provides some support [1] - For precious metals, the CME Fedwatch tool indicates a 71% probability of a rate cut in December, suggesting continued support for precious metal prices [1] - Antimony prices have rebounded after a six-month decline, with low trader inventories and limited sales from smelters, maintaining a tight supply-demand balance [1] Group 3 - The mining ETF (561330) tracks the non-ferrous mining index (931892), selecting securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - As of November 27, 2025, the mining ETF (561330) has outperformed the China Nonferrous Index by over 10%, with a more concentrated focus on leading companies and a higher proportion of gold, copper, and rare earths [1]