万家工业有色ETF（560860）年内涨幅超90%，规模突破75亿元连创新高

Group 1 - The market enthusiasm for industrial metals is driven by the dual forces of global economic recovery expectations and the AI technology wave, with significant inflows into the Wanji Industrial Nonferrous ETF (560860) totaling 1.147 billion yuan over the past 20 days and 3.024 billion yuan over the past 60 days, reaching a historical high in both share count and scale as of December 22 [1] - The macroeconomic environment is expected to continue with a "dual easing" of U.S. fiscal and monetary policy, with predictions of 2 to 3 interest rate cuts by the Federal Reserve, which, combined with fiscal stimulus, enhances global manufacturing recovery expectations, providing strong support for the physical consumption of industrial metals like copper and aluminum [1] - The International Copper Study Group (ICSG) forecasts a 150,000-ton supply shortage of copper in 2026, the first in three years, due to long-term underinvestment in copper mine capital expenditures and limited new capacity, which is expected to keep copper prices relatively high [1] Group 2 - The Wanji Industrial Nonferrous ETF (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, with the top three sectors being copper (31.06%), aluminum (21.95%), and rare earths (16.13%), collectively accounting for nearly 70% of the index, highlighting its market scarcity and investment value [1] - The current valuation of the CSI Industrial Nonferrous Metals Theme Index remains at historical lows, with a TTM price-to-earnings ratio of 21.97, placing it in the 37.25% valuation percentile over the past decade, indicating a high margin of safety for investors [2] - Investors can conveniently participate through linked funds (Class A: 018489; Class C: 018490) [2]