Core Insights - The mining ETF (561330) experienced a 10cm limit down on January 30, but saw a net inflow of over 2.2 billion yuan in the past 20 days, indicating strong capital interest in the sector [1] - Factors such as interest rate cut expectations, the crisis of Federal Reserve independence, rising geopolitical tensions, and potential sell-off of U.S. Treasuries are driving the precious metals market [1] - The demand for gold from central banks continues to provide strong support for gold prices, while silver's industrial and financial attributes enhance its price elasticity [1] Industry Analysis - The aluminum market is entering a short-term consumption lull, but the long-term fundamentals and macro narrative remain unchanged, providing strong support for aluminum prices [1] - Supply rigidity is evident in the coming years, with expectations of production cuts due to power disruptions and slow release of new projects; meanwhile, new demand areas such as aluminum replacing copper and energy storage are emerging [1] - The copper-aluminum ratio is at a historical high, indicating significant potential for aluminum price increases [1] - Global aluminum inventories are generally low, further supporting aluminum prices [1] ETF Performance - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes companies involved in the development of copper, aluminum, lead, zinc, and rare metals [1] - According to Wind data, the mining ETF (561330) is projected to have a year-to-date increase of 106.11% in 2025, ranking first among 10 ETFs in the non-ferrous sector [2]