每经编辑｜赵云 东方证券指出，在全球货币宽松周期、资源战略地位提升及新旧产业转型共振下，有色金属进入供需紧 平衡驱动的新周期，走势相对独立。 天弘中证工业有色金属主题C（017193）追求紧密跟踪中证工业有色金属主题指数，该指数聚焦30只工 业金属龙头，明确排除了黄金等贵金属，覆盖铜、铝、稀土等战略资源，其走势工业金属价格的联动性 更强，能更直接地反映实体经济的冷热，或是投资者参与布局该板块的优质工具。当前板块估值处于合 理区间，或仍具有较高配置价值。 相关产品可关注天弘中证工业有色金属主题（A:017192；C:017193），上支付宝、天天基金、京东金融 搜索"天弘工业有色"即可了解。 市场有风险，投资需谨慎。指数成分股仅列示，非个股推荐。 11月13日，A股震荡走高，有色板块表现活跃，截至10:50，工业有色指数涨幅达3.59%。其中锂矿概念 震荡拉升，融捷股份涨停，天华新能、大中矿业、盛新锂能、永兴材料、雅化集团涨幅靠前。消息面 上，碳酸锂需求屡创新高，表现强势，自10月14日至11月10日，碳酸锂期货价格持续上涨，区间涨幅已 达20%。另外据了解，近期磷酸铁锂行业生产积极性高涨，头部材料厂多处于满产 ...

Core Viewpoint - The non-ferrous metal mining sector is experiencing a correction, but the mining ETF (561330) has shown a year-to-date increase of over 80%, indicating potential for re-entry after the pullback [1]. Group 1: Copper Market Insights - The copper market is facing supply disruptions, with Antofagasta, a major Chilean copper producer, announcing that its 25-year copper production may only meet the lower guidance limit due to inflation-related capital expenditure cuts [3]. - Several projects, including Kamoa-Kakula and Grasberg, have lowered their medium-term production guidance by nearly 500,000 tons, leading to a significant reduction in copper supply growth compared to last year [3]. - The mid-term copper supply is expected to remain tight, providing upward support for copper prices [3]. Group 2: Gold Market Dynamics - After a rapid increase over the past two months, gold prices are experiencing heightened volatility, but the long-term upward trend remains intact [3]. - Factors such as excessive money supply, fiscal deficit monetization, and global geopolitical instability are driving demand for gold as a safe-haven asset [3]. - The combination of a potential Federal Reserve interest rate cut cycle, increased macroeconomic uncertainty abroad, and a global trend towards de-dollarization is expected to support gold prices in the medium to long term [3]. Group 3: Non-Ferrous Metals Sector Outlook - According to Dongfang Securities, the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, resource strategic importance, and the transformation of old and new industries [4]. - Industrial metals like copper are gaining attention due to improved supply-demand dynamics, while strategic resources such as lithium and rare earths are seeing sustained demand growth amid the energy transition [4]. - Overall, the non-ferrous metals industry is benefiting from structural supply-demand contradictions and the overlapping demands of new and old industries, exhibiting independent operational characteristics [4]. Group 4: Mining ETF (561330) Performance - The mining ETF (561330) has outperformed the CSI Non-Ferrous Index by nearly 10% year-to-date as of October 31, 2025, due to its concentrated holdings in leading companies [5]. - The ETF tracks the CSI Non-Ferrous Metals Mining Theme Index, which consists of 37 components, with the top ten stocks accounting for 7.26% of the index, indicating a more precise capture of market trends compared to the broader index [5]. - The higher concentration of gold, copper, and rare earths in the mining ETF, which makes up 54.9% of the index, enhances its responsiveness to favorable catalysts in these sectors [8].