Sou Hu Cai Jing·2025-11-28 03:27Core Viewpoint - The A-share market shows a mixed trend with the non-ferrous sector experiencing upward fluctuations, particularly highlighted by the performance of the Non-Ferrous 50 ETF (159652), which has seen significant inflows and a year-to-date increase of 70.77% [4][6]. Group 1: Market Performance - As of November 28, the Non-Ferrous 50 ETF (159652) rose by 1.64%, with a peak increase of over 2%, attracting net subscriptions of 900,000 units, amounting to over 13 million yuan [1]. - The majority of the constituent stocks of the Non-Ferrous 50 ETF have shown strong performance, with notable increases such as Yahua Group rising over 5% and Huayou Cobalt and Chifeng Jilong Gold increasing over 3% [3][5]. Group 2: Industry Insights - Yahua Group announced a lithium salt production capacity of 99,000 tons, with an additional 30,000 tons production line expected to be operational by the end of 2025 [6]. - The exploration project in Songpan County has identified an additional gold resource of 28.24 tons, bringing the total to 81.06 tons, valued at over 76 billion yuan [6]. Group 3: Investment Outlook - Analysts express a positive outlook for the non-ferrous sector, with Citic Securities indicating that the sector is poised for further advancement [6]. - The financial attributes of metals like gold and copper are expected to strengthen due to declining real interest rates and increasing inflation expectations, making them attractive as inflation hedges [8][11]. - The supply-demand dynamics for copper and aluminum are expected to improve, driven by new demand from sectors like AI and renewable energy, suggesting a bullish trend for these metals [7][13]. Group 4: ETF Characteristics - The Non-Ferrous 50 ETF (159652) has a high concentration of key metals, with copper accounting for 33% and gold for 13%, making it a leading choice in the sector [17]. - The ETF has demonstrated superior performance since 2022, with a cumulative return that outpaces its peers while maintaining a reasonable valuation, as indicated by a PE ratio of 23.74, down 61% from five years ago [19].