Sou Hu Cai Jing·2025-12-23 03:29Group 1: Precious Metals - Gold prices have reached a historic high, surpassing $4,465 per ounce, with a significant increase of 2.4% in the previous trading day, marking the largest single-day gain in over a month [1] - The investment demand for gold is expected to drive future price movements, as the negative correlation with long-term U.S. Treasury yields is weakening, indicating a strengthening of gold's status as a safe-haven asset [1] Group 2: Industrial Metals - Industrial metal prices are experiencing a positive trend, with LME copper rising by 2.75% and LME aluminum by 2.80%, while Shanghai tin saw a weekly increase of 6.98% [2] - A supply-demand turning point for refined copper is anticipated around 2026, with optimistic economic growth forecasts for the U.S. and resilient copper demand expected from China [2] - The non-ferrous metals sector has shown strong performance this year, with the Shenwan non-ferrous metals index increasing by 86.57% year-to-date, and the mining ETF (159690) tracking a 96.13% gain [2] Group 3: Financial Performance - The non-ferrous metals industry reported a year-on-year net profit growth of 41.43% in the first three quarters of 2025, with the third quarter showing an even larger increase of 50.81% [2][3] - The average return on equity (ROE) for the non-ferrous mining sector stands at 12.14%, while the Shenwan non-ferrous metals index has an ROE of 10.61% [3] Group 4: Market Movements - On December 23, both precious and industrial metals saw price increases, with Shandong Gold rising over 6%, and other companies like Zhongtung High-tech and Xiamen Tungsten also experiencing gains [4] - The mining ETF (159690) rose by 1.71%, reaching a new high of 1.906 yuan since its listing [4] Group 5: ETF Composition - The mining ETF (159690) closely tracks the non-ferrous mining index, focusing on key metal resources such as copper, gold, rare earths, aluminum, and lithium [5] - The top ten holdings of the ETF include leading companies in the sector, such as Northern Rare Earth, Zijin Mining, and Tianqi Lithium [5]