Group 1: Gold Market - London spot gold has reached an all-time high of $4500 per ounce, with a cumulative increase of over 70% this year [1][6] - Domestic gold prices in China have also surged, with Shanghai Gold Exchange's Au99.99 price surpassing 1000 yuan per gram [1][6] - Factors driving gold prices include geopolitical tensions, a weakening dollar, and expectations of interest rate cuts by the Federal Reserve [1][6] Group 2: Copper Market - LME copper futures have broken through $12,000 per ton for the first time, reaching a historical high of $12,133 per ton on December 24, with a year-to-date increase of over 38% [1][7] - Citigroup predicts that copper prices could reach $15,000 in a bullish scenario due to a weaker dollar and further interest rate cuts [7] - The copper market is influenced by supply disruptions, industrial demand, and concerns over potential copper tariffs [1][7] Group 3: Broader Non-Ferrous Metals Market - The non-ferrous metals sector is seen as a diversified investment opportunity, encompassing precious metals like gold, strategic metals like lithium and rare earths, and industrial metals like copper and aluminum [7] - Institutions believe that the non-ferrous metals sector will continue its bullish trend, with various firms expressing optimism about the ongoing market conditions [7][8] - The Huabao non-ferrous ETF (159876) has shown positive performance, reflecting investor confidence in the sector, with a daily inflow of 9.81 million yuan [8][10] Group 4: Investment Strategies - A comprehensive investment approach through ETFs covering various non-ferrous metals can help mitigate risks associated with investing in single metals [10] - The Huabao ETF and its linked funds provide exposure to a wide range of metals, making them suitable for portfolio diversification [10]

12月24日，有色金属板块冲高回落，同标的指数规模最大的有色ETF华宝（159876）场内涨幅盘中上探 1.25%，现涨0.1%，拉长时间来看，该ETF自本轮低点（4月8日）以来，累计上涨91.08%。 华创证券指出，工业金属的供给增量受限，需求端则受益于全球新能源转型（铜、铝等工业金属）、高 端制造升级（稀有金属），以及基建投资发力，形成供给偏紧、需求增量的格局，加上库存处于低位， 值得关注的是，昨日有色ETF华宝（159876）放量突破ETF上市以来的高点，或为资金买点信号！截至 发稿，该ETF获资金实时净申购900万份。 | F9 前复权 招级零加 画线 丁具 Φ (?) | 有色ETF华宇 | | 159876 | | --- | --- | --- | --- | | 换4.11% 振1.56% 额2097页 | 960 | | +0.001 +0.10% | | 2025/07/23 2025/12 24(105日) | SZSE CNY 14:23:18 交易中 | | 10 | | | 净值走势 | | 华宝中证有色金属ETF | | | रेस | 85,36% 120日 | 59.34% ...

对于这一轮有色金属价格强势上行的原因，中信建投研报指出，主要是美国11月CPI超预期降温，令市 场对美联储2026年降息幅度有所上修。黄金、白银、铂钯等贵金属价格走强，锡、铜、铝等工业金属亦 表现强势。华龙证券指出，在地缘对抗升级、全球经济增长失速、资源民族主义抬头背景下，有色金属 景气度持续提升，主要金属品种价格持续走高。该行认为金属景气度有望维持。 智通财经APP获悉，有色股小幅高开，截至发稿，中国有色矿业(01258)涨3.18%，报15.27港元；五矿资 源(01208)涨3.11%，报8.94港元；中国白银集团(00815)涨2.82%，报0.73港元；江西铜业股份(00358)涨 1.68%，报37.62港元；招金矿业(01818)涨1.45%，报33.66港元。 消息面上，近期，有色金属牛市持续演绎。贵金属方面，12月24日，现货黄金史上首次站上4500美元/ 盎司，今年累计上涨超70%；现货白银涨则突破70美元/盎司关口，续创历史新高；现货铂金、现货钯 金也涨势强劲。此外，LME铜盘中突破12000美元/吨，为该期货历史首次。 ...

Core Viewpoint - The non-ferrous metal sector is leading the market, with the largest non-ferrous ETF, Huabao (159876), reaching a new high, reflecting a significant upward trend since its low in April 2023, outperforming major indices like the Shanghai Composite and CSI 300 [1][3]. Group 1: Market Performance - The Huabao non-ferrous ETF has increased by 89.68% since its low on April 8, 2023, significantly outperforming the Shanghai Composite's 26.51% and CSI 300's 28.48% during the same period [1]. - The non-ferrous metal index has shown varied performance over the past five years, with annual returns of 35.84% in 2020, 35.89% in 2021, -19.22% in 2022, -10.43% in 2023, and 2.96% in 2024 [3][8]. Group 2: Leading Stocks - Key stocks in the non-ferrous sector include: - Bowei Alloy, up 8.52% - Shandong Gold, up 8.25% - Yunnan Zhenye, up 6.84% - Nanshan Aluminum, up 5.81% - Xiamen Tungsten, up 5.93% - Shengxin Lithium Energy, up 5.08% [4]. Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue its bullish trend, driven by supply constraints and recovering demand for industrial metals like copper and aluminum, as well as the explosive demand for energy metals such as lithium and cobalt [5][6]. - The current gold bull market is supported by central bank purchases, geopolitical uncertainties, and a re-evaluation of gold's value as a non-sovereign ultimate payment method, with predictions of gold prices reaching $4,500 to $4,900 per ounce by 2026 [5].

Core Viewpoint - The non-ferrous metal sector is leading the market, with the largest non-ferrous ETF, Huabao (159876), reaching a new high since its listing, reflecting a significant increase since its low point in April [1][9] Group 1: Market Performance - On December 23, the non-ferrous metal sector saw a rise, with Huabao ETF's price increasing over 2.3% and currently up 1.89% [1][9] - Since its low on April 8, Huabao ETF has accumulated a rise of 89.68%, outperforming major indices like the Shanghai Composite Index (26.51%) and CSI 300 (28.48%) [1][9] Group 2: Index Performance - The China Securities Non-Ferrous Metal Index has shown varied performance over the past five years: 35.84% in 2020, 35.89% in 2021, -19.22% in 2022, -10.43% in 2023, and 2.96% in 2024 [3][11] - Key stocks leading the gains include: - Bowei Alloy and Shandong Gold both up over 8% - Yunnan Zinc Industry up over 6% - Nanshan Aluminum, Xiamen Tungsten, and Shengxin Lithium Energy all up over 5% [3][11] Group 3: Gold Market Insights - Spot gold has surged nearly 68% this year, driven by three main factors: 1. Central banks' continuous gold purchases since 2022 as a strategic reserve 2. Geopolitical uncertainties prompting a shift away from traditional safe-haven assets like the US dollar 3. Market re-evaluation of the Federal Reserve's interest rate cycle and US debt issues [4][12] - Analysts predict that the current gold bull market may be in its "mid-stage," with UBS forecasting gold prices to reach $4,500 per ounce by June 2026, and Goldman Sachs projecting a 14% increase to $4,900 per ounce by December 2026 [5][13] Group 4: Future Outlook for Non-Ferrous Metals - The non-ferrous metal sector is expected to continue its bull market, with institutions like Zhongtai Securities optimistic about a comprehensive bull market, and CITIC Securities highlighting ongoing investment interest in commodities [6][13] - Key areas of focus include: 1. Industrial metals like copper and aluminum with constrained supply and recovering demand 2. Energy metals such as lithium and cobalt benefiting from surging demand for energy storage and power batteries 3. Strategic assets like gold and rare earths [6][13]

中信建投证券指出，美国虹吸非美区域库存，造成非美区域供应紧张的白银、铜，价格不断刷新历史价 格记录；供应持续受到威胁的锡也进入到供应紧张无法被证伪的阶段，价格刷新年内新高；基本面稳扎 稳打的铝价也在尝试更高的价格空间。由供给定价的基本金属牛市正在进行时。东方证券认为，随着后 续商品价格持续新高，市场对金铜铝铁中期价格上行预期有望不断强化，建议积极关注相关板块的投资 机会。 消息面上，12月22日，金银铜等金属品种迎来密集上涨。贵金属方面，现货黄金站上4400美元/盎司再 创新高；现货白银涨破68美元/盎司关口，刷新历史高点；广期所铂期货全部合约触及涨停；工业金属 方面，LME铜价飙升至创纪录高位，逼近每吨12000美元。此外，国内钨等稀有金属价格涨幅显著，据 中钨在线，周一，疯狂钨市继续上演，其中65%黑钨精矿价格报45.4万元/标吨，较年初涨217.5%。 智通财经获悉，有色金属股表现亮眼，截至发稿，中铝国际(02068)涨11.39%，报2.64港元；佳鑫国际资 源(03858)涨13.17%，报48.82港元；中国黄金国际(02099)涨7.26%，报162.6港元；中国有色矿业(01258) 涨6.6 ...

有色金属股表现亮眼，截至发稿，中铝国际(02068)涨11.39%，报2.64港元；佳鑫国际资源(03858)涨 13.17%，报48.82港元；中国黄金国际(02099)涨7.26%，报162.6港元；中国有色矿业(01258)涨6.68%， 报15.33港元；中国白银集团(00815)涨4.35%，报0.72港元。 中信建投证券指出，美国虹吸非美区域库存，造成非美区域供应紧张的白银、铜，价格不断刷新历史价 格记录；供应持续受到威胁的锡也进入到供应紧张无法被证伪的阶段，价格刷新年内新高；基本面稳扎 稳打的铝价也在尝试更高的价格空间。由供给定价的基本金属牛市正在进行时。东方证券认为，随着后 续商品价格持续新高，市场对金铜铝铁中期价格上行预期有望不断强化，建议积极关注相关板块的投资 机会。 消息面上，12月22日，金银铜等金属品种迎来密集上涨。贵金属方面，现货黄金站上4400美元/盎司再 创新高；现货白银涨破68美元/盎司关口，刷新历史高点；广期所铂期货全部合约触及涨停；工业金属 方面，LME铜价飙升至创纪录高位，逼近每吨12000美元。此外，国内钨等稀有金属价格涨幅显著，据 中钨在线，周一，疯狂钨市继续上演， ...

智通财经APP获悉，有色金属股表现亮眼，截至发稿，中铝国际(02068)涨11.39%，报2.64港元；佳鑫国 际资源(03858)涨13.17%，报48.82港元；中国黄金国际(02099)涨7.26%，报162.6港元；中国有色矿业 (01258)涨6.68%，报15.33港元；中国白银集团(00815)涨4.35%，报0.72港元。 中信建投证券指出，美国虹吸非美区域库存，造成非美区域供应紧张的白银、铜，价格不断刷新历史价 格记录；供应持续受到威胁的锡也进入到供应紧张无法被证伪的阶段，价格刷新年内新高；基本面稳扎 稳打的铝价也在尝试更高的价格空间。由供给定价的基本金属牛市正在进行时。东方证券认为，随着后 续商品价格持续新高，市场对金铜铝铁中期价格上行预期有望不断强化，建议积极关注相关板块的投资 机会。 消息面上，12月22日，金银铜等金属品种迎来密集上涨。贵金属方面，现货黄金站上4400美元/盎司再 创新高；现货白银涨破68美元/盎司关口，刷新历史高点；广期所铂期货全部合约触及涨停；工业金属 方面，LME铜价飙升至创纪录高位，逼近每吨12000美元。此外，国内钨等稀有金属价格涨幅显著，据 中钨在线，周一 ...

2025年，沉寂多年的有色金属板块迎来了久违的史诗级行情。截至12月16日，A股有色金属（申万一级行业，下同）年度涨幅高达73.67%，超越通信板块 （72.97%），位居全市场第一。而在上周五，全A涨幅第一是通信行业，可见今年行业涨幅榜竞争激烈程度。 有色金属板块内个股表现更是精彩纷呈。斯瑞新材（688102.SH）以340.01%的涨幅领跑，招金黄金（000506.SZ）、兴业银锡（000426.SZ）、中钨高新 （000657.SZ）、洛阳钼业（603993.SH）等一批耳熟能详的有色龙头，涨幅均超过150%，共计26只股年内翻倍，成为2025年A股最靓丽的风景线。 本文字数：2711，阅读时长大约4分钟 作者 |第一财经魏中原 在一片欢腾与惊叹中，一个几乎被市场遗忘的历史规律正凝视着这场有色盛宴。第一财经记者统计2000年以来的行业涨幅排名数据，有色金属行业两次涨 幅排名全A第二，却从未登顶，也从未实现过连续两年跻身涨幅前五名的壮举。 此刻，有色金属正无限接近打破第一项纪录，其年涨幅领先第二名通信行业0.7个百分点，能否保持领先身位距离，登顶A股年度榜首，距离2025年A股收 官还有12个交易日，这一 ...

Core Viewpoint - The non-ferrous metal sector has experienced a significant rally in 2025, with an annual increase of 73.67%, surpassing the communication sector and leading the market [3][4]. Group 1: Market Performance - The non-ferrous metal sector has seen remarkable individual stock performances, with Srey New Materials (688102.SH) leading with a 340.01% increase, and several other leading companies like Zhaojin Mining (000506.SZ) and Xinyi Silver (000426.SZ) also showing gains over 150% [3][5]. - A total of 26 stocks in the sector have doubled in value this year, marking a vibrant landscape in the A-share market [3]. Group 2: Historical Context - Historically, the non-ferrous metal sector has never topped the annual performance rankings, achieving second place twice since 2000, and has not maintained a position in the top five for consecutive years [8][9]. - The sector's past performance has been characterized by significant volatility, often linked to commodity cycles and global monetary easing [8][11]. Group 3: Future Outlook - The upcoming year, 2026, poses a critical question: will the non-ferrous metal sector follow historical patterns of correction or break the "consecutive ranking" curse? [5][10]. - The sector's high valuation levels present a challenge for continued growth, with the non-ferrous metal index reaching a historical high of 7499.07 points, approximately 17% below the peak of 9030.95 points in 2007 [11][12]. Group 4: Price Dynamics - The rally in 2025 has been broad-based, encompassing precious metals, industrial metals, and new materials, driven by factors such as central bank gold purchases and geopolitical risks [5][6]. - Precious metals like gold and silver have seen substantial price increases, with gold rising 227.71% and silver prices exceeding 100% growth, driven by supply constraints and robust industrial demand [5][13]. Group 5: Sector Drivers - The demand for industrial metals is expected to grow due to investments in new energy vehicles, photovoltaics, and digital infrastructure, which will support long-term demand for copper and aluminum [5][14]. - Analysts predict that the dynamics for 2026 will be influenced by various factors: gold will be driven by credit and safe-haven demand, silver by production elasticity and industrial needs, and copper by supply shortages and new energy trends [12][14].