矿业ETF（561330）涨超2%，昨日资金净流入超6000万元，铜矿供需格局变化引关注

Group 1 - The core viewpoint is that geopolitical tensions and rising resource nationalism are driving an increase in the price levels of industrial metals, particularly copper, with expectations of a supply-demand turning point around 2026 [1] - Copper ore grades are declining, and price incentives are suppressing supply, leading to a tight supply situation in the medium term, with refined copper expected to become scarce by 2026 [1] - The demand outlook is positive, with the U.S. economy projected to grow well in 2026, and the Federal Reserve's preventive rate cuts supporting a soft landing, while China's copper demand is expected to remain resilient [1] Group 2 - In the first 11 months of 2025, the average spot price of copper in London increased by 7.25% compared to 2024, and the non-ferrous metal industry achieved a net profit of 151.29 billion yuan, a year-on-year increase of 41.55%, with the industrial metal sub-sector's profit growth reaching 32.47% [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in precious and industrial metals to reflect the overall market performance of non-ferrous metal mining and processing enterprises, characterized by strong cyclicality and sensitivity to commodity prices [1]