11月19日午后，有色金属板块领涨两市，超85亿主力资金狂涌！揽尽有色金属行业龙头的有色龙头ETF （159876）再度发力上攻，场内涨幅盘中上探3.27%，现涨2.6%，深交所数据显示，该ETF近3日连续 吸金，合计金额1.96亿元，反映大资金看好板块后市，积极进场抢筹！ 成份股方面，黄金龙头领衔上攻，中金黄金涨超8%，赤峰黄金涨逾7%，四川黄金、山东黄金等个股大 幅跟涨。 【展望后市，有色金属还能再涨吗？】 东方证券表示，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。中信建投认为，2026年有色牛市有望再进阶。 中信证券指出，预计供给紧张将望推动铜钴等商品价格继续上行，锂价则受益于储能需求超预期有望上 涨。黄金等贵金属整体看涨思路并未改变，电解铝等年内滞涨品种或将在四季度获得更高关注度。预计 在流动性宽松以及各国加强关键资源获取力度的背景下，大宗商品的投资热度有望延续。 值得关注的是，同类对比来看，有色龙头ETF（159876）标的指数主要有两大优势： 1、遥遥领先！领跑同类：中证有色指数自基日以来累计上涨181.27%，长期收益大幅跑赢有色 ...

Core Viewpoint - The A-share market showed a strong performance on November 13, with major indices rising collectively, led by the new energy sector, particularly battery and energy metal stocks, while the banking sector experienced a decline [2][6]. Market Performance - The Shanghai Composite Index closed at 4017.94 points, up 0.44%, while the Shenzhen Component Index rose by 1.8% and the ChiNext Index increased by 2.68% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.26 trillion yuan, with 3835 stocks rising and 1416 stocks falling [6]. Sector Analysis - The new energy sector saw a significant surge, with the lithium battery electrolyte concept rising over 11%, and various lithium battery-related stocks hitting their daily limit [9][12]. - The energy metal sector also performed strongly, with notable gains in precious metals and industrial metals, as well as a collective rise in the non-ferrous metal sector [15][18]. Notable Stocks - Key stocks in the lithium battery sector included Tianhong Lithium Battery, which surged by 26.37%, and Yesheng Lithium Battery, which rose by 20% [10]. - The market capitalization of CATL reached 1.9234 trillion yuan, with a year-to-date increase of over 60% [12]. Banking Sector - The banking sector faced a noticeable decline, with major banks like Agricultural Bank of China and Industrial and Commercial Bank of China seeing drops of 1.75% and 1.22%, respectively [25][28]. - Overall, the banking stocks were down across the board, indicating a bearish sentiment in this sector [23][24].

Market Overview - The three major A-share indices collectively rose, with the ChiNext Index increasing by 2.68% and the Shanghai Composite Index surpassing 4000 points, closing at 4017.94 points, up 0.44% [1][2] Sector Performance - The new energy sector experienced a significant surge, particularly in battery and energy metal stocks, while the banking sector saw a decline [2][4] - A total of 3835 stocks rose, with 84 hitting the daily limit, while 1416 stocks fell [2] New Energy Sector - The lithium battery electrolyte concept surged over 11%, with various lithium battery-related stocks, including Tianhong Lithium Battery and Huasheng Lithium Battery, hitting their daily limits [4][5] - Notable performers included Ningde Times, which rose 8.18% to a market value of 1.9234 trillion yuan, with a year-to-date increase exceeding 60% [5][6] Energy Metals - The energy metals sector saw strong gains, with companies like Tianhua New Energy and Yahua Group recording significant increases [8][9] - The China Nonferrous Metals Industry Association reported a growth in the recycled nonferrous metals industry, with production expected to exceed 2 million tons by 2025 [10] Banking Sector - The banking sector faced a notable decline, with major banks like Agricultural Bank of China and Industrial and Commercial Bank of China all reporting losses [14][15] - Agricultural Bank of China fell by 1.75%, closing at 8.44 yuan per share, with a market value of 28,704 billion yuan [15][16]

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 [1] - Gold is highlighted as a key area of focus due to its safe-haven properties and support from the monetary easing environment [1] - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects large-cap companies involved in gold mining, smelting, and sales, reflecting the overall performance of the gold industry [1] Group 2 - The index constituents are primarily concentrated in the precious and industrial metals sectors, indicating a high level of industry concentration [1] - The performance of the index and related funds is subject to market fluctuations and does not guarantee future performance [1]

Core Insights - The non-ferrous metals sector is entering a new cycle driven by supply-demand balance, influenced by global monetary easing, enhanced resource strategic positioning, and the resonance of old and new industry transformations [1] - Gold, lithium/rare earths, and copper are highlighted as key areas of focus within the non-ferrous metals industry [1] - Gold is noted for its safe-haven attributes and strategic resource status, performing well amid macroeconomic uncertainties [1] Industry Overview - The non-ferrous metals industry is supported by multiple factors leading to a tightening supply-demand landscape, indicating strong cyclical independence and structural opportunities [1] - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects larger market capitalization companies involved in gold mining, smelting, and sales from the Hong Kong and Shanghai markets [1] - The index reflects the overall performance of publicly listed companies in the gold industry, covering the entire gold production to sales value chain, with a high industry concentration primarily focused on precious and industrial metals [1]