今日（2026年1月6日）有色金属市场迎来政策与资金的双重催化，铜价创历史新高、锂矿板块批量涨 停，行情分化格局下，绿色消费政策成为引爆产业的核心引擎。商务部等9部门昨日发布的绿色消费推 进行动通知，从绿色产品供给、循环回收等七大维度构建政策体系，为铜、稀土、锂等新能源相关金属 打开成长空间，而铝等品种则面临供需过剩的压力考验。政策红利精准滴灌，再生金属成最大赢家。此 次9部门通知明确提出推动废旧物品回收再利用、构建资源循环体系，与八部门此前提出的"2025-2026 年再生金属产量突破2000万吨"目标形成协同。业内预测，2025年资源循环利用产业年产值将达5万亿 元，再生铜、再生铝等品种将直接受益于废旧家电、汽车以旧换新带来的原材料供给增量。西部金属材 料今日披露的9.16亿元关联交易预案，正是瞄准产业链协同布局，其关联企业西部超导2025年前三季度 7.37亿元净利润，印证了高端金属材料领域的高景气度。 行情分化下，铜锂领涨逻辑清晰。铜价昨夜内外盘联袂走高，LME铜创历史新高，核心驱动在于新能 源汽车、光伏电站的刚性需求与供给短缺的矛盾。数据显示，新能源汽车用铜量是传统燃油车的3-4 倍，光伏电站每GW ...

Group 1 - The core viewpoint of the news is that the rise in non-ferrous metals is driven by multiple factors including macroeconomic environment, industry fundamentals, capital allocation, and geopolitical issues, rather than a single cause [1] - As of January 5, 2026, the non-ferrous metal industry index (399395) increased by 0.90%, with notable gains in stocks such as China Aluminum (up 5.40%) and Platinum New Materials (up 5.19%) [1] - Precious metals like silver and gold saw significant price increases, with silver rising nearly 5% to $76.358 per ounce and gold surpassing $4400, reflecting a broader trend in the precious metals market [1] Group 2 - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index, which includes 50 prominent securities in the non-ferrous metal sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 51.65% of the index, with companies like Zijin Mining and China Aluminum among the leaders [2]

作为重要的基础原材料，铜及铜合金板带广泛应用于电力、电子、新能源等领域，是发展战略性新兴产 业的关键支撑。近年来，金川集团瞄准"专、精、特、新"方向，加快培育和发展新质生产力，提升产业 创新能力，加快构建自主可控的铜（铜基）高端产业链。 自2019年启动高精铜带项目以来，企业分三期推进产能建设。目前，前两期已全面达产达标。 【四中全会精神在基层】 【科技新跃升】 0.05毫米锻出产业新"厚度" ——金川集团以精密制造驱动铜产业链延伸 新甘肃·甘肃日报记者 张富贵 谢晓玲 李永萍 走进金川集团三厂区金川镍都实业有限公司高精铜带事业部，机器轰鸣，一派繁忙的生产景象。 大型辊轧机稳定运转，泛着金属光泽的超薄纯铜带材如金色绸缎般缓缓下线。 "这款仅为0.05毫米的带材，厚度不到A4纸的一半。"高精铜带事业部副总经理王军年拿起一块带材介 绍，"超薄化不仅是对生产工艺的极大挑战，更意味着其产业价值的倍增，目前我们的生产工艺已达到 国内领先水平。"该带材的稳定量产，标志着金川集团正式跨入高端电子铜带领域，企业在铜产业结构 调整和产业链延伸方面取得了重大突破。 "这一快速增长，离不开持续的技术积累、人机磨合与工艺固化。与此同 ...

Core Viewpoint - The non-ferrous metals sector has shown remarkable performance in 2025, with significant gains in leading companies and ETFs, indicating strong market confidence and potential for continued growth [1][3][5]. Group 1: Market Performance - On December 31, 2025, the non-ferrous metals sector continued its strong performance, with Jiangxi Copper hitting the daily limit, Yunnan Copper rising over 5%, and Zijin Mining increasing by more than 3% [1][9]. - The non-ferrous ETF Huabao (159876) saw a price increase of over 2.5% during the day and closed up 1.01%, reaching a new high since its listing [1][9]. - The Huabao ETF received a net subscription of 3 million units on the same day, reflecting strong investor interest in the non-ferrous metals sector [1][9]. Group 2: Annual Performance Review - The non-ferrous metals sector topped the industry performance rankings in 2025, with the Huabao ETF's index rising 91.67%, significantly outperforming the Shanghai Composite Index (18.41%) and the CSI 300 (17.66%) [3][10]. - Several key stocks doubled in price over the year, with Zijin Mining up 133.09%, Luoyang Molybdenum up 210.27%, and Jiangxi Copper up 176.92% [3][10]. Group 3: Macroeconomic Factors - The Federal Reserve's decision to lower interest rates is expected to benefit non-ferrous metals, as a weaker dollar typically boosts metal prices and reduces holding costs [5][12]. - Zijin Mining announced an expected net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62%, driven by rising prices and volumes of core mineral products [5][12]. - The strong performance of the non-ferrous metals sector is attributed to multiple factors, including global capital expenditure cycles, manufacturing recovery, enhanced monetary attributes, and improved domestic macroeconomic expectations [5][12]. Group 4: Investment Strategy - Different non-ferrous metals exhibit varying degrees of market conditions and drivers, suggesting a diversified investment approach through the Huabao ETF and its associated funds could be beneficial [6][12].

Group 1 - Platinum prices reached a peak of $1987 per ounce on December 19, marking the highest level since late July 2008, with an annual increase of over 110% [1] - Silver prices surged above $67.49 per ounce, setting a new historical high [1] - The SHFE gold price hit 987 yuan per gram [1] Group 2 - The China Nonferrous Metals Industry Index (399395) rose by 0.96% as of December 22, 2025, with notable increases in stocks such as Yahua Group (002497) up 1.90%, and China Aluminum (601600) up 1.84% [1] - The Nonferrous Metals ETF (159880) increased by 0.77%, with the latest price at 1.84 yuan [1] - The top ten weighted stocks in the Nonferrous Metals Industry Index account for 52.34% of the index, including Zijin Mining (601899) and China Aluminum (601600) [2]

Core Viewpoint - The non-ferrous metals industry is expected to enter a new upward cycle, driven by macroeconomic recovery, supply chain disruptions, and liquidity easing from the Federal Reserve's interest rate cuts, which will enhance metal prices and industry performance [1]. Group 1: Market Performance - As of December 16, 2025, the non-ferrous metals industry index (399395) showed mixed performance among its constituent stocks, with Zhongtung High-tech (000657) leading the gains at 3.05%, followed by Yahua Group (002497) at 2.25%, and Xiamen Tungsten (600549) at 0.59% [1]. - The overall market is experiencing a pullback, but funds are strategically positioning in the non-ferrous sector [1]. Group 2: Future Outlook - According to China Galaxy Securities, the industry is expected to stabilize in 2024, with macroeconomic expectations improving in 2025, alongside supply chain disruptions due to resource control policies in other countries [1]. - The anticipated liquidity easing from the Federal Reserve's rate cuts is expected to drive up non-ferrous metal prices and enhance the profitability of non-ferrous metal companies, continuing the upward trend in the industry [1]. - The narrative around copper supply remains positive, and cobalt prices are expected to rise under policy adjustments in the Democratic Republic of Congo [1]. - The strategic value of rare earths is increasing, with a favorable supply-demand balance [1]. Group 3: ETF and Index Information - The non-ferrous ETF (159880) closely tracks the non-ferrous metals industry index, which includes 50 prominent securities in the sector, reflecting the overall performance of listed companies in the non-ferrous metals industry [2]. - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metals industry index accounted for 52.34% of the index, including companies like Zijin Mining (601899) and China Aluminum (601600) [2].

December 15, 2025 09:01 PM GMT China Materials | Asia Pacific 2026 Outlook – Equity Implications: Traditional Materials For 2026, we prefer gold, copper and aluminum, with macro and micro factors supporting prices. Demand for copper and aluminium from Energy Storage Systems (ESS) looks bullish, after strong growth in 2025 that we expect to continue in 2026. Suppliers across the supply chain are receiving 50% or higher demand growth from customers for 2026. For every 100GWH produced ESS consumes about 60kt o ...

Core Viewpoint - The A-share market is experiencing a correction, with the major indices in the red, while the leading ETF in the non-ferrous metals sector has seen a decline of 1.32%. However, it has attracted a net inflow of 203 million yuan over the past 20 days, indicating positive sentiment towards the non-ferrous metals sector's future performance [1]. Group 1: Non-Ferrous Metals Sector Performance - The leading ETF in the non-ferrous metals sector (159876) has seen a price drop of 1.32% in the market, reflecting a broader market correction [1]. - Notable stocks within the ETF include Xiamen Tungsten, Luoyang Molybdenum, and Jiangxi Copper, which have shown gains, while companies like Western Superconducting and Chuangjiang New Material have experienced declines exceeding 4% [1]. Group 2: Investment Sentiment and Market Analysis - Analysts suggest that the positive investment sentiment in the non-ferrous metals sector is driven by China's ambition to transition from a manufacturing power to a manufacturing stronghold, with non-ferrous companies emerging as key players [2]. - China is the world's largest producer and consumer of gold, holding an 11% share of global gold production, with leading companies like Zijin Mining and Shandong Gold forming a competitive industry structure [2]. - In copper, Chinese companies have established a complete industrial chain, with a projected refined copper output of 13.64 million tons in 2024, accounting for 50% of global production [3]. - The aluminum sector benefits from low-cost electricity and a complete industrial chain, with China's electrolytic aluminum capacity reaching 44 million tons, representing 57% of global supply [3]. Group 3: Future Outlook - Institutions generally expect the non-ferrous metals sector to continue its bullish trend, with firms like Zhongtai Securities and CITIC Securities expressing optimism about the ongoing bull market in non-ferrous metals [3]. - The non-ferrous metals ETF (159876) and its associated funds provide comprehensive coverage across various metals, allowing for risk diversification and making it suitable for inclusion in investment portfolios [4].

A股开盘，三大指数小幅低开，沪指低开0.14%报3908.46点，深证成指低开0.13%，创业板指低开 0.04%。盘面上，AI手机概念盘初活跃，黄金、有色金属板块低开。 ...

Market Overview - The market experienced a strong upward movement in early trading on December 1, with the Shenzhen Component Index and ChiNext Index both rising over 1%, while the Shanghai Composite Index returned above 3900 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.23 trillion yuan, an increase of 250.4 billion yuan compared to the previous trading day [1] - More than 3600 stocks in the market saw gains, indicating broad market participation [1] Sector Performance - The consumer electronics sector saw significant gains, with companies like ZTE Corporation, Tianyin Holdings, and Daoming Optics hitting the daily limit [1] - The non-ferrous metals sector was also active, with Silver Nonferrous and Minfa Aluminum reaching the daily limit [1] - The commercial aerospace concept continued its strong performance, with Aerospace Development achieving 8 limit-ups in 12 days [1] - Conversely, the wind power sector showed weakness, with Sany Renewable Energy dropping over 6% [1] Closing Summary - At the close of trading, the Shanghai Composite Index rose by 0.42%, the Shenzhen Component Index increased by 0.95%, and the ChiNext Index gained 0.9% [1]