| 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 中万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 华锡有色 | 10.01% | | 有色全属 | 小金属 | 其他小金属 | 257亿 | 9.25亿 | | 2 | 西部黄金 | 4.75% | | 有色会属 | 芸金属 | 黄金 | 247亿 | 4.03亿 | | 3 | 锡业股份 | 4.58% | inter | 有色全展 | 小金属 | 其他小金属 | 387亿 | 8.461Z | | 4 | 伊舍黄金 | 4.53% | A | 有色全展 | 芸金属 | 黄金 | 1074亿 | 11.39亿 | | 5 | 创新新材 | 4.51% | | 有色全属 | 工业会属 | 铝 | 165亿 | 2.07亿 | | 6 | 国城矿业 | 4.50% | | 有色全属 | 工业会属 | 铅锌 | 291亿 | 11.69亿 | | 7 | 兴业银锡 | 4.45% | NO CONSULTION ...

今日（11月25日）有色金属板块涨幅居前，揽尽有色金属行业龙头的有色龙头ETF（159876）场内 涨幅一度上探2.7%，现涨1.88%。数据显示，该ETF近10日累计吸金2.13亿元，反映资金看好板块后 市，积极进场抢筹！ 值得一提的是，截至11月24日，有色龙头ETF（159876）最新规模6.76亿元，在全市场3只跟踪同标 的指数的ETF产品中，是规模最大的ETF。 成份股方面，华锡有色涨停，西部黄金、锡业股份(000960)、中金黄金(600489)、创新新材、国城 矿业(000688)、洛阳钼业(603993)等个股涨逾4%，涨幅居前。 图：有色龙头ETF标的指数涨幅前十大成份股 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 米福有色 | 10.01% | Property | 有色金属 | 小金属 | 其他小金属 | 2571Z | 9.25亿 | | 2 | 西部黄金 | 4.75% | | ...

值得一提的是，截至11月24日，有色龙头ETF（159876）最新规模6.76亿元，在全市场3只跟踪同标的指 数的ETF产品中，是规模最大的ETF。 今日（11月25日）有色金属板块涨幅居前，揽尽有色金属行业龙头的有色龙头ETF（159876）场内涨幅 一度上探2.7%，现涨1.88%。数据显示，该ETF近10日累计吸金2.13亿元，反映资金看好板块后市，积 极进场抢筹！ 成份股方面，华锡有色涨停，西部黄金、锡业股份、中金黄金、创新新材、国城矿业、洛阳钼业等个股 涨逾4%，涨幅居前。 展望后市，机构普遍认为，有色金属板块有望延续牛市行情：中泰证券看好有色全面牛市行情，中信建 投认为有色牛市有望再进阶。中信证券认为大宗商品的投资热度有望延续。需重点关注三大主线：一是 供应受限且需求复苏的铜、铝等工业金属；二是受益于储能与动力电池需求爆发的锂、钴等能源金属； 三是具有战略属性的黄金与稀土板块。 【周期风口已至，有色强势领跑】 | 中证有色指数 行业分布 | | | | | | 中证有色指数 前十大权重股 | | | 不同有色金属 主要驱动因素略有分化 | | | --- | --- | --- | --- | - ...

Core Viewpoint - The global market is experiencing volatility due to declining expectations for interest rate cuts by the Federal Reserve and ongoing declines in Japanese government bonds, leading to a sell-off in A-shares, particularly in the non-ferrous metals sector [1][3]. Group 1: Market Performance - On November 21, A-shares saw all three major indices decline, with the non-ferrous metals sector ETF (159876) dropping by 5.62%, with a trading volume exceeding 1 billion yuan [1]. - Despite the market downturn, the non-ferrous metals ETF (159876) attracted a net subscription of 85.2 million units, indicating strong investor interest in the sector [1]. Group 2: Employment Data and Fed Policy - The U.S. Labor Department reported an unexpected increase of 119,000 non-farm jobs in September, significantly above the market expectation of 50,000, which raises the likelihood that the Federal Reserve may not cut interest rates next month [3]. - Even if the Fed pauses a rate cut, as long as it remains in a rate-cutting cycle, there is still upward momentum for non-ferrous metal prices, suggesting that the sector's bullish trend is not over [3]. Group 3: Lithium Market Dynamics - In November, lithium carbonate futures have been on the rise, with prices reaching over 100,000 yuan/ton, marking a 67% increase from the year's low on May 30 [3]. - The market is currently experiencing a supply shortage of approximately 13,000 tons, with demand at 128,000 tons against a supply of 115,000 tons, indicating a continued upward pressure on prices [3]. Group 4: Future Outlook - Institutions generally believe that the non-ferrous metals sector is likely to continue its bullish trend, with various firms expressing optimism about a comprehensive bull market in non-ferrous metals [4]. - Key investment themes include industrial metals like copper and aluminum, energy metals such as lithium and cobalt, and strategic assets like gold and rare earths [4]. - The non-ferrous metals ETF (159876) offers broad exposure across various metals, which can help mitigate risks compared to investing in single metal sectors [4].

Group 1 - The core viewpoint is that the non-ferrous metal sector is expected to enter a comprehensive bull market, driven by macroeconomic factors and fundamental demand recovery [1] - Industrial metals are anticipated to see significant price increases due to unexpected disruptions in major mines, a recovery in traditional demand from global interest rate cuts, and rising demand from new energy and AI [1] - Energy metals, particularly lithium and cobalt, are expected to experience improved supply-demand dynamics, with lithium's oversupply concerns alleviating and cobalt prices rising due to export bans [1] - Precious metals are projected to maintain a long-term bullish trend as the dollar's credit system undergoes restructuring amid ongoing monetary expansion and weakened fiscal discipline [1] Group 2 - The Non-ferrous 60 ETF (159881) tracks the China Non-ferrous Index (930708), which includes companies involved in the extraction, smelting, and processing of non-ferrous metals, covering sectors like copper, gold, aluminum, rare earths, and lithium [2] - The index represents various aspects of China's non-ferrous metal industry, combining cyclical and some consumption attributes [2]