流动性宽松叠加供给约束，金银铜铝价格大涨！矿业ETF（159690）涨2.73%

Group 1 - The A-share non-ferrous metal sector showed strong performance on December 22, with silver reaching its daily limit, and companies like Zhongtung High-tech and Yunnan Zinc Industry seeing significant gains [1] - The mining ETF (159690) increased by 2.73%, indicating positive market sentiment in the sector [1] Group 2 - On December 22, spot gold prices surpassed $4,400 per ounce for the first time, marking a year-to-date increase of over 67%, while New York futures rose over 1% to $4,432 per ounce [3] - The recent surge in gold prices is attributed to expectations of interest rate cuts following a drop in unemployment and lower CPI, alongside the conclusion of the Bank of Japan's rate hike [3] - Industrial metal prices are also performing well, with copper, aluminum, and lead prices increasing by 2.8%, 2.4%, and 0.9% respectively [3] Group 3 - Citic Securities noted that the prices of industrial metals are influenced by both financial and commodity attributes, with the Fed entering a rate-cutting cycle and global copper and aluminum inventories at relatively low levels [4] - The demand for copper and aluminum is expected to improve due to China's economic recovery and the growth of the renewable energy sector [4] - The mining ETF (159690) tracks a diversified index covering various metal sectors, which helps mitigate price volatility risks associated with individual commodities [4]