铜价加速上行，工业有色ETF万家(560860)半日收涨2.48%，连续5天净流入

Group 1 - The industrial non-ferrous metal sector is experiencing significant gains, with the CSI Industrial Non-Ferrous Metal Theme Index (H11059) rising by 3.28% as of January 29, 2026, and individual stocks like Shenghe Resources and Yunnan Copper seeing substantial increases [1] - The Industrial Non-Ferrous ETF Wan Jia (560860) has reached a new high in scale at 16.478 billion yuan and a total of 7.784 billion shares, with a recent net inflow of 696 million yuan over the past five days [1] - Tight copper supply and declining processing fees for copper concentrate, combined with strong long-term demand from AI and power grid construction, are expected to support copper prices, with the State Grid's fixed asset investment projected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [1] Group 2 - The global base metals market is undergoing a structural reshaping due to strong demand from green industries such as electric vehicles, photovoltaics, and wind power, while supply is constrained by insufficient long-term investment and declining resource grades [2] - Despite the strong performance of the non-ferrous sector reflecting high growth over the past two years, core non-ferrous metal varieties have not seen significant valuation premiums, indicating potential for future price increases as domestic fundamentals may experience mild recovery [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Industrial Non-Ferrous Metal Theme Index (H11059) account for 56.18% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]