回调原因或已找到！有色ETF华宝（159876）获净申购2160万份，机构：美联储降息通道下，有色还有上涨动力！

Core Viewpoint - The recent decline in initial jobless claims in the U.S. has reduced the probability of a Federal Reserve interest rate cut in January, impacting the performance of the non-ferrous metals sector, which is experiencing a pullback after a period of growth [1][3]. Group 1: Market Performance - The non-ferrous metals sector led the market decline, with the largest non-ferrous ETF, Huabao (159876), seeing a price drop of nearly 2% at one point, currently down 1.14% [1]. - Despite the pullback, Huabao ETF has attracted significant capital inflow, with a net subscription of 21.6 million shares and 9.81 million yuan in inflows yesterday, indicating potential buying opportunities for investors [1]. - Key stocks in the sector, such as Gangyan Gaona and Chujian New Materials, rose over 4%, while Silver and Hunan Silver saw declines exceeding 5%, negatively affecting the index performance [1]. Group 2: Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, below the expected 224,000, indicating a stable labor market [3]. - The recovery in the job market has led to a decreased likelihood of interest rate cuts by the Federal Reserve, which could influence the pricing dynamics of non-ferrous metals [3]. Group 3: Investment Outlook - According to CITIC Securities, as long as the Federal Reserve remains in a rate-cutting cycle, there is potential for further price increases in non-ferrous metals due to supply-demand rigidity and geopolitical factors [3]. - The current non-ferrous metal market is driven by multiple factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations, suggesting a trend that may exceed market expectations [3]. - The Huabao ETF provides comprehensive coverage of various non-ferrous metals, making it a suitable option for investors looking to diversify their portfolios and mitigate risks [4].