战略金属将“主导未来”？ 有色ETF华宝（159876）盘中上探2.7%续创历史新高！获资金实时净申购5760万份！

Core Viewpoint - The non-ferrous metal sector continues to show strong upward momentum, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a new historical high and attracting significant capital inflow [1][9]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) saw an intraday increase of 2.71%, currently up 0.81%, with a real-time trading volume of 1.06 billion yuan [1][9]. - The ETF has recorded a net subscription of 57.6 million units, accumulating a total of 387 million yuan over the past 10 days [1][9]. - Key stocks in the sector include Hunan Silver, which rose by 9.98%, and Jiangxi Copper, which increased by 6.00% [2][4][13]. Group 2: Technical Analysis - The MACD indicator has formed a golden cross, indicating a continuation of the bullish trend, with the fast line (DIF) consistently above the slow line (DEA) [1][9]. - The short-term market is dominated by bullish sentiment, with no significant signs of a decrease in upward momentum [1][9]. Group 3: Industry Outlook - China Galaxy Securities believes that copper prices have significant upward potential, as historical analysis shows that adjusted for inflation, current copper prices have not reached the heights of previous super cycles [2][10]. - The current global monetary order is being reshaped, weakening the dollar's role as a price anchor, with the copper-to-gold ratio still at historical lows [2][10]. - The industry is expected to enter a bull market driven by monetary, demand, and supply factors by 2026, with institutions generally optimistic about the non-ferrous metal sector's future [5][11]. Group 4: Strategic Insights - The current super copper cycle is influenced by the "AI leap" and "century change," which are expected to have lasting strategic significance [11]. - The demand for strategic metals is anticipated to rise due to new technological revolutions, with elements essential for new productivity becoming increasingly important [11]. - The non-ferrous metal sector's strong performance is attributed to multiple factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macro expectations [11].