Group 1 - The core viewpoint is that the prices of major minerals such as copper and aluminum are steadily rising, while gold and silver prices continue to increase, indicating a potential stable growth in mining demand in the future [1] - Mining capital expenditure is expected to remain relatively high in the medium to long term, driven by both maintenance and new capital expenditures, with stable production levels supporting maintenance capital expenditure [1] - The rising mining costs and long-term decline in ore grades are contributing to the excess growth of mining machinery, suggesting that mining machinery companies are likely to maintain high prosperity levels [1] Group 2 - The performance of non-ferrous metal prices is superior to that of ferrous metals, with copper and aluminum benefiting from strong demand in the new energy sector and supply constraints, which are expected to support the growth expectations of mining capital expenditure [1] - The Non-ferrous Metal 60 ETF (159881) tracks the China Securities Non-ferrous Index (930708), which selects listed companies related to the non-ferrous metal industry from the Chinese A-share market, covering precious metals and industrial metals [1] - Investors without stock accounts can consider the Guotai China Securities Non-ferrous Metal ETF Initiated Link C (013219) and Guotai China Securities Non-ferrous Metal ETF Initiated Link A (013218) [1]