有色金属ETF(512400.SH)涨0.90%，华友钴业涨3.68%

Core Viewpoint - The article highlights the positive outlook for the non-ferrous metal sector, driven by supply-demand dynamics and macroeconomic benefits, with specific attention to various metals like gold, silver, copper, aluminum, tin, and tungsten [1] Summary by Category Non-Ferrous Metals Sector - The non-ferrous metals sector is expected to benefit from clear investment logic, with various metals poised to gain from supply-demand conflicts and favorable macroeconomic conditions [1] - The non-ferrous metal ETF (512400.SH) rose by 0.90%, and Huayou Cobalt increased by 3.68% [1] Precious Metals - The long-term trend of de-dollarization continues, coupled with expectations of interest rate cuts by the Federal Reserve, leading to a stable support for gold and silver [1] - Silver is expected to exhibit higher elasticity due to its financial and commodity attributes [1] Copper - Short-term price fluctuations do not alter the mid-term outlook for copper, with supply adjustments from Freeport intensifying the expected supply-demand tightness by 2026 [1] - Low inventory levels and fiscal stimulus expectations reinforce the value of buying on dips [1] Aluminum - Aluminum prices are benefiting from low inventory resilience and an explosion in energy storage demand, with price elasticity highlighted under supply disruptions [1] Tin - Tin prices are constrained by supply chain disruptions and slow recovery in Myanmar, with interest rate cuts expected to maintain high price levels [1] Tungsten - Tungsten prices are experiencing sustained increases due to upstream raw material shortages and overseas production halts, with short-term supply-demand conflicts remaining unresolved [1] Investment Opportunities - Overall, the non-ferrous metals sector presents significant investment value driven by improved liquidity expectations, rigid supply, and structurally growing demand [1] - The non-ferrous metal ETF (512400.SH) tracks the CSI Shenwan Non-Ferrous Metals Index, which includes 50 stocks with good liquidity and large market capitalization, reflecting the overall performance of the non-ferrous metals industry [1]