有色疯狂新高！跳空大涨4%

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a historical high, with the Huabao Non-Ferrous ETF (159876) rising over 4% and reaching a new historical peak, reflecting a year-on-year increase of over 128% in the index it tracks [1] - The Huabao Non-Ferrous ETF has seen a net subscription of over 78 million units in just 10 minutes, with a total net inflow of nearly 900 million yuan in the last 20 trading days [1] - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance under the super cycle of non-ferrous metals, indicating that this cycle is supported by strong macro narratives [1] Group 2 - Historical experience indicates that each commodity cycle lasts long, typically 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years, suggesting that the current non-ferrous metal cycle is likely to continue for an extended period [2] - Institutions generally agree that the non-ferrous metal sector is expected to maintain a bullish trend, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [2] - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the sector's beta performance [2]