宏观减弱，但供需逻辑坚实，工业有色ETF鹏华(159162)今日成交额超1亿

Group 1 - The recent adjustment in non-ferrous metals is primarily driven by the strengthening of the US dollar, influenced by market expectations regarding the new Federal Reserve Chairman Kevin Walsh, who advocates for a "strong dollar, loose regulation, and favorable credit" [1] - Concerns surrounding the US-Iran crisis have eased, but the future trajectory remains uncertain and requires time and policy validation [1] - There has been a phase of inventory accumulation and changes in funding behavior, with some metals experiencing a noticeable rebound in inventory after price increases, while previously accumulated long positions were liquidated amid changing macroeconomic conditions [1] Group 2 - As of January 30, 2026, the China Securities Industrial Non-Ferrous Metals Theme Index (H11059) saw significant declines in major stocks, with Nanshan Aluminum down 10.05% and Tongling Nonferrous Metals down 10.01% [2] - The Industrial Non-Ferrous ETF Penghua (159162) reported an active trading session with a turnover of 16.29% and a transaction volume of 1.03 billion yuan, indicating a vibrant market [2] - The top ten weighted stocks in the China Securities Industrial Non-Ferrous Metals Theme Index, which includes companies like Luoyang Molybdenum and Northern Rare Earth, account for 56.18% of the index [2]