2025年行业涨幅王诞生！节前如何瞄准有色牛中“最锋利的矛”？

Core Viewpoint - The article emphasizes the strong performance of the non-ferrous metals sector in 2025, highlighting its significant price increases and suggesting that investors should focus on this sector for potential gains as the market approaches the new year [1]. Group 1: Market Performance - The non-ferrous metals sector has achieved a remarkable year-to-date increase of 92.64%, leading all industries [2]. - The non-ferrous mining index (931892.CSI) is the only index among six in the A-share market to have more than doubled its value this year, with a growth of over 102% [2][3]. - The non-ferrous mining ETF (159690) has seen continuous net buying for five consecutive trading days, indicating strong market interest [3]. Group 2: Sector Composition - The non-ferrous mining index includes key commodities such as copper (28.22%), gold (15.86%), aluminum (11.07%), lithium (9.3%), and rare earths (9.29%), providing a balanced exposure to essential metals [4]. - The index's focus on upstream mining allows it to capture price fluctuations effectively, benefiting from profit distribution among its constituent stocks [4]. Group 3: Future Outlook for Copper - There is an increasing consensus that copper prices may experience significant growth in 2026 due to three main factors: global supply chain restructuring, demand from new technologies, and supportive policies [6]. - The anticipated global shortage of refined copper from 2026 to 2028 is expected to widen, further driving up prices [6]. - The current market environment, characterized by a weak dollar and tight copper inventories, is likely to enhance the upward potential for copper prices [6].