超245亿主力资金狂涌！有色ETF（159876）猛拉4%！“工业牙齿”钨一年暴涨220%，机构：后市还可能接着涨！

Core Viewpoint - The non-ferrous metal sector has seen a significant inflow of over 24.5 billion in main funds, leading the market in capital absorption, with Northern Rare Earth topping the A-share capital absorption list [1][8]. Group 1: Macro Perspective - The U.S. government is utilizing the Pentagon's AI project to establish "reference prices" for critical minerals and build a global metal trading group, indicating a shift in the global metal market from "cost efficiency first" to "safety premium first" [3][10]. - According to Galaxy Securities, the prices of key mineral resources such as copper, tungsten, and rare earths are expected to rise due to the "safety premium" [3][10]. Group 2: Industry Perspective - Spot gold has approached 5,200 USD per ounce, while tungsten, known as the "industrial tooth," has experienced a strong upward trend since last year, with prices increasing over 220% throughout the year [3][10]. - Five Mining Securities believes that China's dominant position in the tungsten industry chain will remain unchallenged for the next 5-10 years [3][10]. - According to CICC, the global tungsten supply-demand gap is expected to continue to widen from 2026 to 2028, supporting a sustained increase in tungsten price levels [3][10]. Group 3: Performance Perspective - The non-ferrous ETF (159876) has seen over half of its constituent stocks disclose performance forecasts, with more than 80% of stocks expecting earnings growth and over 30% anticipating a doubling of earnings [3][10]. - Bank of China Securities suggests that as the market enters the second phase of a bull market—driven by profit growth—there will be opportunities for revaluation in the non-ferrous metal sector, supported by financial attributes and industry trends [3][10]. - The non-ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing for effective exposure to the sector's beta trends [3][10].