有色狂奔，不见降速！有色ETF华宝（159876）大涨2.5%再刷历史新高

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a historical high and attracting substantial capital inflow, indicating strong investor interest in this asset class [1][2]. Group 1: Market Performance - On January 14, the non-ferrous metal sector continued to rise, with Huabao Non-Ferrous ETF (159876) increasing by over 2.5% [1]. - The ETF has seen a real-time net subscription of over 44 million units, with a total capital inflow of 387 million yuan in the past 10 days [1]. - As of January 13, the latest scale of Huabao Non-Ferrous ETF (159876) is 1.294 billion yuan, making it the largest ETF tracking the same index in the market [2]. Group 2: Economic Outlook - According to Dongfang Securities, during the Federal Reserve's interest rate cut cycle, physical assets with tight supply and demand can exhibit significant price elasticity, suggesting a potential super cycle for industrial metals like copper and aluminum [1]. - The duration of the non-ferrous metal super cycle is expected to depend on three conditions: the recovery of U.S. dollar credit, the progress of strategic reserves, and the effectiveness of "anti-involution" policies [1]. - Based on these conditions, the non-ferrous metal super cycle is likely to continue until 2026, supported by a weak dollar cycle, policy backing, and industrial upgrades [1].