有色板块高位震荡 资金持续加仓ETF

Core Viewpoint - The recent strong performance of the non-ferrous metal sector in A-shares is attributed to the resonance of global macroeconomic and industrial trends, with a focus on long-term benefits rather than short-term price fluctuations [1][2]. Group 1: Market Performance - The non-ferrous metal sector has become one of the most prominent sectors in A-shares since 2026, with related ETFs recording significant gains, most exceeding 25% [2]. - On January 26, 2026, several ETFs, including the China Securities Non-ferrous Metal Mining Theme ETF, saw increases of over 6% [2]. - Despite some fluctuations on January 27, the sector did not experience significant declines that would erase previous gains [2]. Group 2: Driving Factors - Two main factors are driving the strength of the non-ferrous sector: a recovery in manufacturing and a long-term demand reshaping due to green and technological trends [2][3]. - The recovery in manufacturing, particularly in the U.S. and emerging economies, has led to increased demand for traditional industrial metals, while low inventory levels have amplified price elasticity [2]. - The demand for metals like copper and aluminum is being supported by stable needs from sectors such as electric vehicles, photovoltaics, and wind power, alongside new growth opportunities from AI infrastructure [3]. Group 3: Investment Strategy - Investors are advised to view industrial non-ferrous metals as strategic resource assets benefiting from global liquidity easing and future electrification and digitalization, rather than merely as cyclical commodities [4]. - Fund managers have identified key metals for 2026, including copper, aluminum, lithium carbonate, gold, and minor metals like tungsten, while also considering opportunities in sectors like chemicals and steel [4]. - Adjustments in portfolio allocations are being made based on industry conditions, with a focus on maintaining high positions in precious metals and copper while reducing exposure to overvalued sectors [4]. Group 4: Supply and Demand Dynamics - The current tight supply-demand balance in the non-ferrous sector necessitates close attention to the supply-demand balance sheet and macroeconomic influences on metal prices, including monetary policy and geopolitical factors [5].