铜、铝供需基本面显现支撑，矿业ETF（561330）涨超2%

Group 1 - Recent supply and demand fundamentals for copper and aluminum show support, with a bullish outlook for the non-ferrous metals market [3] - Capstone CopperCorp. announced a strike at its Mantoverde copper mine in Chile, potentially affecting future copper production and exacerbating supply tightness in 2026 [3] - Aluminum prices and industry profits are on the rise, with global aluminum inventories remaining low, indicating strong price support [3] Group 2 - Precious metals are experiencing upward pressure due to weaker-than-expected non-farm payroll data and geopolitical uncertainties, despite increased margin requirements [4] - The World Gold Council reported that global gold ETF inflows are expected to reach a record high in 2025, with North America leading the market [4] - Central banks continue to show strong demand for gold, purchasing 45 tons in November, with Poland leading for two consecutive months [4] Group 3 - The mining ETF (561330) has outperformed other non-ferrous ETFs historically, tracking the China Securities Non-Ferrous Metals Mining Theme Index [5][6] - The index has shown a cumulative increase of 296.64% since its base date, with an annualized return of 12.52%, outperforming similar indices [6] Group 4 - The mining ETF focuses on upstream resource products, providing higher profit elasticity and valuation opportunities during price increases [12] - The mining index has led in performance metrics, with a year-to-date increase of 103.55% [13] Group 5 - Supply constraints in copper and aluminum are expected to drive positive industry trends, with copper prices sensitive to supply disruptions [15] - The aluminum market is facing limited production capacity, while new demand from sectors like renewable energy is expected to support high aluminum prices [15] Group 6 - Lithium demand is projected to increase due to energy storage needs, with a supply-demand balance expected to restore by 2026 [16][17] - China's limited easing of rare earth export controls may enhance profit elasticity and valuation in the sector, given its dominant position in global supply [17] Group 7 - The mining ETF (561330) currently has a scale of 1.844 billion, ranking first among similar indices, and has shown a year-to-date increase of 106.11% [18]