Core Viewpoint - The overall return rate of the non-ferrous metal sector in 2024 is expected to be weaker than the market performance, despite improvements in gross margins for both industrial and precious metals [1] Group 1: Copper Sector Insights - The global copper supply-demand structure remains tight, with long-term TC prices for 2025 dropping significantly by 73.4% to $21.25 per ton, which may compress smelter profit margins and increase the risk of production cuts [1] - The development of new productive forces continues to expand consumption, and the financial properties strengthened by interest rate cuts and balance sheet expansion contribute to the resilience of copper prices, indicating an ongoing optimization of the copper industry's allocation attributes [1] - The fund holding ratio in the industrial metal sector increased from 2.09% in Q4 2023 to 3.79% in Q2 2024, reflecting market recognition of the industry's prosperity [1] Group 2: Industry Concentration and Performance - The revenue concentration ratio (CR10) in the industry is expected to rise to 57% in 2024, indicating a significant strengthening of profitability among leading companies [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which is compiled by China Securities Index Co., Ltd., and reflects the overall performance of listed companies involved in non-ferrous metal mining, smelting, and related processing businesses [1] - The index primarily invests in the non-ferrous metal sector, characterized by strong cyclicality and resource attributes, providing a comprehensive view of the market trends of mining industry chain listed companies [1]