Yunnan Aluminium (SZ:000807) Xin Lang Ji Jin·2025-12-30 06:42Core Viewpoint - The recent performance of the Huabao ETF (159876) indicates strong investor confidence in the non-ferrous metals sector, with significant net subscriptions and notable price increases among key stocks in the industry [1][6]. Group 1: ETF Performance - The Huabao non-ferrous metals ETF saw an intraday increase of 2.27%, currently up by 1.55%, with a real-time net subscription of 28.2 million shares [1]. - The ETF attracted 15.36 million yuan in investments yesterday, reflecting positive market sentiment towards the non-ferrous metals sector [1]. Group 2: Key Stocks Performance - Major stocks such as Yun Aluminum and Tianshan Aluminum reached new highs, while Hai Liang, China Aluminum, and Huayou Cobalt saw increases of over 4% [1][2]. - Other stocks like Yahua Group, Luoyang Molybdenum, and Guocheng Mining also experienced upward movements [1]. Group 3: Industry Insights - The National Development and Reform Commission has encouraged large-scale mergers and restructuring in the aluminum and copper smelting sectors to enhance competitiveness [2]. - The aluminum market is evolving, with aluminum now seen as a core carrier of energy value, potentially leading to independent upward momentum driven by the copper-aluminum ratio and increased demand for aluminum as a substitute for copper [3]. Group 4: Investment Opportunities - The current phase of the non-ferrous metals industry is characterized by a reversal in fundamentals, with traditional cyclical industries showing signs of recovery and long-term investment potential [3]. - The "anti-involution" policy is expected to guide industry development towards more efficient investment strategies, focusing on upgrading and cost reduction rather than inefficient expansion [3]. - The rise of AI is creating new opportunities in the non-ferrous sector, particularly in materials used for advanced packaging and electronic components, which are expected to see increased demand [4]. Group 5: Investment Strategy - A diversified investment approach through the Huabao ETF and its associated funds is recommended to capture the overall beta performance of the non-ferrous metals sector, mitigating risks associated with investing in single metal industries [6].