今日（12月24日）早盘，有色金属板块延续强势上攻态势，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 0.52%，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%。 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300万 份。 数据来源：中证指数公司、沪深交易所等，统计区间：2025.4.8-2025.12.23。注：中证有色金属指数近5个完整年度的涨跌幅为： 2020年， 35.84%；2021年，35.89%；2022年，-19.22%；2023年，-10.43%；2024年，2.96%，指数成份股构成根据该指数编制规则适时调整，其回测历 史业绩不预示指数未来表现。 政策面上，有色金属行业"反内卷"迎来政策"强风口"。工信部等八部门联合印发的《有色金属行业稳增长工作方案(2025-2026年)》，提出 2025~2026年，有色金属行业增加值年均增长5%左右，10种有色金属产量年均增长1.5%左右，铜、铝、锂等国内资源开发取得积极进展；对稀 土、稀有金属等战略金属 ...

Core Viewpoint - The A-share market experienced a collective rise on November 13, with the Shanghai Composite Index reaching a 10-year high, driven by significant gains in the energy metals sector, particularly lithium and cobalt stocks [1]. Industry Summary - The President of the China Nonferrous Metals Industry Association, Ge Honglin, stated that the country's recycled nonferrous metals industry is rapidly developing, with production expected to grow from 14.5 million tons at the end of the 13th Five-Year Plan to 19.15 million tons by the end of 2024, reflecting an average annual growth rate of 7.2%. It is anticipated that production will exceed 20 million tons by the end of 2025, addressing resource and environmental bottlenecks in the industry [1]. - According to Dongfang Securities, the nonferrous metals sector is entering a new cycle driven by supply-demand balance amid global monetary easing, enhanced resource strategic positioning, and the resonance of new and old industrial transformations. The sector's performance is expected to be relatively independent, with a focus on gold, lithium, rare metals, tungsten, and copper and aluminum [1].

Group 1 - The core viewpoint is that the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, influenced by global monetary easing, strategic resource positioning, and the transformation of old and new industries, with a focus on gold, lithium/rare earths, and copper [1] - Gold is highlighted for its safe-haven properties and strategic resource status, performing well in a loose monetary environment [1] - The overall non-ferrous metals industry is showing structural opportunities in the new cycle, with an improved supply-demand pattern supporting price resilience [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - The mining ETF (561330) has outperformed the CSI Non-Ferrous Index by nearly 10% this year, indicating a more concentrated leadership with a higher proportion of gold, copper, and rare earths [1]