历史新高后，再涨1.75%！有色ETF华宝（159876）获资金净申购2880万份！机构：明年有色牛或延续亮眼表现！

Core Viewpoint - The performance of the non-ferrous metals sector is strong, driven by macroeconomic policies and structural changes in supply and demand, with significant interest in the sector from investors [4][14]. Group 1: ETF Performance - The non-ferrous ETF Huabao (159876) opened significantly lower on December 30, dropping over 2%, but quickly rebounded, reaching a high of 2.27% and closing up 1.75%, with an overall daily fluctuation of 4.95% [1][9]. - The ETF saw a net subscription of 28.8 million units, indicating strong investor confidence in the non-ferrous metals sector [1][9]. Group 2: Stock Performance - Key stocks in the non-ferrous metals sector, such as Yun Aluminum and Tianshan Aluminum, reached historical highs, with Yun Aluminum rising by 6.82% and Tianshan Aluminum by 4.99% [2][11]. - Other notable performers included Hailiang Co. with a 5.41% increase and China Aluminum with a 4.72% rise [2][12]. Group 3: Market Influences - The recent decline in gold and silver futures was attributed to two main factors: an increase in margin requirements by the Chicago Mercantile Exchange and the need for international funds to rebalance their positions due to the surge in gold and silver prices [2][12]. - Analysts expect that the passive selling during the 2026 BCOM rebalancing will primarily affect short-term trading patterns without altering the long-term positioning of gold and silver in macro hedging and asset allocation [3][13]. Group 4: Future Outlook - The non-ferrous metals sector is expected to continue its strong performance into 2026, supported by favorable macroeconomic conditions such as loose liquidity, rising inflation, and a weak dollar [4][14]. - The Chinese government is encouraging consolidation and optimization in traditional industries, which may enhance the profitability of the aluminum industry chain, particularly in downstream smelting [3][14].