工业金属利好不断，有色金属ETF国泰（159881）大涨近5%

Group 1 - The core viewpoint of the article highlights the positive momentum in industrial metals, particularly with the significant rise of the Cathay ETF (159881) by nearly 5% on February 25 [1] - According to Dongfang Securities, the recent tariff ruling does not affect steel and aluminum tariffs, meaning industrial product pricing remains anchored to its own supply and demand dynamics [1] - There has been an accumulation of copper and aluminum inventories in the week leading up to the Spring Festival, with decent operating rates during the off-season, indicating a potential increase in downstream acceptance as prices adjust [1] Group 2 - The focus is on the accumulation rate during the Spring Festival and the speed of inventory reduction post-holiday, which will determine the strength of industrial product prices after the holiday [1] - Over the long term, underpinned by domestic and international policy support expectations, there is strong support for industrial products, with increased price elasticity due to low inventory levels amid macroeconomic benefits and supply disruptions [1] - The Cathay ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals, covering multiple sub-industries such as copper, gold, and aluminum [1]