有色60ETF（159881）涨超1.5%，工业金属供需格局引关注

Group 1 - The core viewpoint of the article highlights that the aluminum market is expected to maintain a tight balance in supply and demand over the next 2-3 years, supported by low inventory levels and production cuts due to power issues in overseas projects [1] - Aluminum prices experienced a temporary decline after the Federal Reserve's hawkish interest rate cut, but global aluminum inventory has slightly decreased, maintaining levels between 1.2 million to 1.25 million tons, indicating a low safety stock [1] - The copper-aluminum ratio has reached a new high for the year, suggesting that aluminum still has room for price increases, especially if production cuts occur in the U.S. due to electricity shortages [1] Group 2 - The electrolytic aluminum industry is expected to maintain high profit levels, with alumina prices declining, leading to a reduction in aluminum production costs, averaging around 5,500 yuan per ton [1] - Companies in the aluminum sector are experiencing improved cash flow and low capital expenditure intensity, highlighting their dividend attributes [1] - Short-term metal prices may be influenced by the Federal Reserve's policy divergences, but the fundamentals and financial attributes of aluminum support its long-term performance [1] Group 3 - The Nonferrous 60 ETF (159881) tracks the China Securities Nonferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals from the Shanghai and Shenzhen markets [1] - The China Securities Nonferrous Index reflects the overall performance of the nonferrous metal industry in the A-share market, covering various sectors such as copper, gold, aluminum, rare earths, and lithium, with a balanced industry distribution and characteristics of both cyclicality and growth [1]