Core Viewpoint - The industrial non-ferrous metals sector is experiencing a favorable investment environment, driven by supply constraints and increasing demand from the AI industry, which is expected to enhance the long-term performance of upstream resources [2][3]. Group 1: Market Performance - As of February 6, 2026, the Tianhong Non-Ferrous Metals ETF (159157) recorded a turnover of 9.91% with a transaction volume of 99.59 million yuan, and the underlying index, the CSI Industrial Non-Ferrous Metals Theme Index (H11059), increased by 0.37% [1]. - The Tianhong Non-Ferrous Metals ETF has seen a net subscription of 116 million shares, ranking first among similar products in the Shenzhen market [1]. Group 2: Industry Insights - The industrial non-ferrous metals sector is concentrated, with the top three industries being copper (31.1%), aluminum (21.9%), and rare earths (16.1%), collectively accounting for approximately 70% of the index [2]. - The rapid development of the AI industry is expected to drive up electricity demand, which will ultimately benefit the industrial non-ferrous metals sector, especially given the anticipated limited supply growth in the coming years [2]. Group 3: Price Trends - The commodity price index in China reached a three-and-a-half-year high in January 2026, with the non-ferrous metals price index rising by 9.9% month-on-month and 26.6% year-on-year [4]. - Among 50 monitored commodities, 33 saw price increases in January, with lithium carbonate, refined tin, and refined nickel leading the gains at 48.4%, 20.2%, and 19.5% respectively [4]. Group 4: Institutional Perspectives - CITIC Securities indicates that after a significant price increase in 2025, the momentum for non-ferrous metal prices and stocks remains strong, supported by supply disruptions and high demand in certain sectors [4]. - The firm expresses optimism regarding the investment value in precious metals, industrial metals, battery metals, and strategic metals due to favorable market conditions [4].

有时候，撑着并不等于蠢。是为了留下那一点点可能性。因为一旦全砍断了，将来连想都别想。我们现在还保着，是在为未来守底线。 是留条活路。真不值钱的东西，资本早清仓了。偏偏国家一直守着钢铁，不为别的，就为不能没有。 钢铁，是那种你越往上走越觉得离不开的东西。做芯片？用钢的设备。搞航天？钢是关键。连你吃饭的刀叉、用的水管，都离不开。如 果说科技是树冠，那钢铁就是根。树根坏了，树能活？ 现实有时候就是这么打脸。你以为自己是掌控者，结果才发现，是个依赖者。中国不是没被卡过脖子。芯片就是活生生的例子。所以在 能自主的领域，尤其是那些牵一发动全身的，我们宁可赔钱，也绝不轻易放手。说白了，不是我们非要死守，而是别人不给我们退路。 赔钱也要干下去的行业，能有几个？钢铁就是其中之一。不挣钱？那是账面上的事。真把钢铁砍了，连哭的机会都没有。 很多人疑惑，中国为啥不干脆关掉那些年年亏损的钢厂？省心省事。但问题是，这玩意儿根本不能停。它不是普通的产业，是底子，是 命根子。一个国家，只要还有工业野心，就不可能放弃钢铁。你说高铁、核电、航母、飞机，哪样不是靠钢铁撑着？真指望进口？你拿 什么保证人家不卡你脖子？ 这不是危言耸听。欧洲、美国当年 ...