矿业ETF（561330）涨超0.9%，工业金属供需格局引关注

Group 1 - Central banks purchased 53 tons of gold in October, a month-on-month increase of 36%, marking the largest single-month net demand since 2025, providing support for gold prices due to central bank buying and investment demand [1] - Silver prices are supported by a continuous supply-demand gap for five years and low inventory, indicating potentially stronger price elasticity [1] - Aluminum prices have reached a new high for the year, with global supply facing production cuts due to power issues, leading to a tightening supply situation that is difficult to refute [1] Group 2 - The LME and domestic aluminum inventory remains low at 1.2 to 1.3 million tons, with overseas projects facing production cuts due to power reductions and slow release of Indonesian supply, suggesting a continued tight balance between supply and demand for the next 2-3 years [1] - The copper-aluminum ratio has risen above 4, compared to the historical average of 3.3 to 3.7, indicating potential for aluminum price increases [1] - The mining ETF (561330) tracks the non-ferrous metals index (931892), selecting listed companies involved in precious metals, industrial metals, and rare metals, focusing on resource extraction and smelting to reflect the overall performance of the non-ferrous metals industry [1]