有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工等业务的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等细分领域，以 反映有色金属行业相关上市公司证券的整体表现。该指数成分股覆盖广泛，行业分布较为均衡。 五矿证券指出，铜在绿色脱碳进程中具有不可替代性，电气化作为脱碳主战场，铜作为核心导电金属， 需求将持续增长。预计到2050年全球电力对铜的需求将翻倍以上，电网扩张、新能源发电（风光、储 能）及交通电动化（电动车用铜量为燃油车2.5倍）是主要驱动力。然而，铜供应面临结构性挑战：资 源集中度海外、矿山品位下降、新矿开发周期长，2035年供需缺口或达30%~40%。冶炼环节碳排放占 产业链90%，是脱碳核心矛盾，需加快绿色化转型。再生铜占比目前仅17%，远低于碳中和目标所需的 50%。政策层面，全球推动低碳铜认证标准，国内规划2025年再生铜占比达24%。长期看，铜价中枢有 望稳中上行，低碳铜或具备结构性溢价。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而 ...

Group 1 - The core viewpoint is that the non-ferrous metals industry is expected to perform well in 2025, driven by macro narratives surrounding the weakening of the US dollar and the AI technology revolution [1] - Industrial metals, particularly copper, have seen significant price increases, with COMEX copper rising by 26.8% compared to the end of last year [1] - In 2026, as global narratives converge, non-ferrous metals may shift from forward pricing to a combination of near and far pricing, leading to an increase in real demand pricing power [1] Group 2 - The non-ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering key areas such as copper, gold, aluminum, rare earths, and lithium [1] - The index reflects the overall performance of the non-ferrous metals industry, exhibiting significant cyclical characteristics influenced by economic cycles and the development of the new energy industry [1] - Structural support for the industry may arise from anti-involution policies and export demand driven by industrialization in southern countries [1]

平安证券指出，有色金属行业兼具景气占优和成交活跃度提升的多重优势，行业超额收益有望延续。工 业金属方面，铜、铝等商品价格受全球经济周期和自身供需格局影响，行业指数通常与商品价格共振上 行。有色金属行业盈利预测景气指数相对偏强，分析师盈利预期对股价有一定的领先性。此外，有色金 属行业在公募、外资、两融等资金中均更受欢迎，资金结构对其行情有正反馈作用。展望未来，随着供 给侧"反内卷"与扩大内需政策持续推进，有色金属行业景气有望进一步改善。 （文章来源：每日经济新闻） 有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工的代表性证券作为指数样本，覆盖铜、铝、锂、稀土等细分领域。该指数旨在反映中国 A股市场上有色金属行业的整体表现，行业分布均衡，具有较强的周期性特征。 ...

Group 1 - The core point of the article is that Guocheng Mining (SZ 000688) announced the convening of its 12th Board of Directors meeting to discuss the early redemption of "Guocheng Convertible Bonds" [1] - For the first half of 2025, Guocheng Mining's revenue composition is as follows: chemical manufacturing accounts for 65.64%, non-ferrous metal mining and selection accounts for 34.13%, and others account for 0.23% [1] - As of the report date, Guocheng Mining has a market capitalization of 31.8 billion yuan [1]

有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等细分领域，具有全面 的行业代表性。该指数综合反映了中国A股市场有色金属行业的整体表现，兼具周期性特征和部分消费 属性。 国信证券指出，有色金属行业供需与降息共振，静待盈利与估值双升。工业金属方面，电解铝产能利用 率已达98%的极值，供需紧张态势下铝价年均价逐年抬升，若需求超预期可能突破历史前高；铜价受 Grasberg铜矿停产影响，预计2026年价格重心8.5万元/吨以上，全球短缺幅度约1%。能源金属中，刚果 (金)钴出口配额制严格执行或造成未来两年10%以上供需缺口；锂行业短期供给扰动未消除，但储能需 求超预期（2025年全球出货量预期550Gwh，同比+70%），碳酸锂月度缺口约1万吨，预计2026年供需 趋紧，价格高点或达10-12万元/吨。小金属战略属性提升，钨矿供给增量有限，出口管制放松或带动价 格上行；稀土我国占据全球主导地位，氧化镨钕供需或现短缺；锑资源稀缺，光伏需求快速攀升，出口 管制放松后价格进入上行通道。贵金属方面 ...

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]

Group 1 - The core point of the news is that Shengtun Mining experienced a 5.03% drop in stock price, reaching 12.26 CNY per share, with a trading volume of 1.96 billion CNY and a turnover rate of 5.06%, resulting in a total market capitalization of 37.891 billion CNY [1] - Shengtun Mining, established on January 14, 1997, and listed on May 31, 1996, is located in Xiamen, Fujian Province. The company primarily engages in non-ferrous metal mining and selection, metal industry chain value-added services, and cobalt materials business, with its main business revenue composition being 66.55% from energy metals, 27.88% from basic metals, and 5.56% from metal trading and others [1] Group 2 - From the perspective of fund holdings, Huatai Baoxing Fund has one fund heavily invested in Shengtun Mining. The Huatai Baoxing Jinianli Fund (006642) held 1.2 million shares in the third quarter, accounting for 3.78% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 780,000 CNY [2] - The Huatai Baoxing Jinianli Fund (006642) was established on December 25, 2018, with a latest scale of 327 million CNY. Year-to-date returns are 18.21%, ranking 4657 out of 8222 in its category; the one-year return is 11.03%, ranking 5467 out of 8136; and since inception, the return is 125.75% [2]

Group 1 - The core point of the news is that Baiyin Nonferrous Metals has experienced a significant drop in stock price, falling by 5.02% to 4.92 CNY per share, with a trading volume of 455 million CNY and a turnover rate of 1.22%, resulting in a total market capitalization of 36.431 billion CNY [1] - Baiyin Nonferrous Metals Group Co., Ltd. is located in Baiyin City, Gansu Province, and was established on July 6, 2007. The company was listed on February 15, 2017, and its main business involves the mining, smelting, processing, and trading of various nonferrous metals including copper, lead, zinc, gold, and silver [1] - The revenue composition of Baiyin Nonferrous Metals is as follows: cathode copper 47.65%, gold 18.67%, zinc ingots 7.39%, copper rods 6.90%, others 5.47%, electric silver 4.54%, copper concentrate 4.44%, others (supplement) 2.39%, lead-zinc concentrate 1.52%, sulfuric acid 0.58%, and electric lead 0.46% [1] Group 2 - From the perspective of the top ten circulating shareholders of Baiyin Nonferrous Metals, a fund under Yongying Fund ranks among the top shareholders. The Gold Stock ETF (517520) entered the top ten circulating shareholders in the third quarter, holding 34.0831 million shares, which accounts for 0.46% of the circulating shares. Today's estimated floating loss is approximately 8.8616 million CNY [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 11.669 billion CNY. Year-to-date, it has achieved a return of 79.7%, ranking 51 out of 4212 in its category; over the past year, it has returned 71.83%, ranking 47 out of 3956; and since inception, it has returned 91.45% [2]

Core Viewpoint - Guocheng Mining (000688.SZ) has attracted market attention due to a significant asset restructuring, resulting in a substantial increase in its stock price since its resumption of trading on November 10, with consecutive trading days hitting the daily limit up [2][5] Group 1: Stock Performance - Since resuming trading on November 10, Guocheng Mining's stock price has hit the daily limit up for two consecutive days, followed by a slight pullback but overall showing an upward trend [2] - On November 12, the company announced that its stock price had deviated significantly, with a cumulative increase exceeding 20% over the two days [2] - On November 13, the stock price again hit the daily limit up, closing at 24.39 yuan per share, and on November 14, it rose further to 25.22 yuan per share, an increase of 3.40% [5] Group 2: Asset Restructuring Details - On November 7, Guocheng Mining disclosed a major asset transaction plan to acquire 60% of Inner Mongolia Guocheng Industrial Co., Ltd. from its controlling shareholder for a cash consideration of 3.168 billion yuan, constituting a significant asset restructuring [2][3] - The target company, Guocheng Industrial, was established in 2005 with a registered capital of 1.05 billion yuan, primarily engaged in non-ferrous metal mining, currently operating the Dazujiji Molybdenum Mine in Inner Mongolia [2] Group 3: Financial Performance - Guocheng Industrial is projected to achieve a revenue of 2.185 billion yuan and a net profit of 942 million yuan in 2024, with the first half of 2025 showing a revenue of 1.074 billion yuan and a net profit of 435 million yuan [3] - In contrast, Guocheng Mining is expected to report a net loss of 113 million yuan and a non-recurring net loss of 90 million yuan in 2024, although it recorded a net profit of 450 million yuan in the first three quarters of 2025, a year-on-year increase of 765.89% [3] Group 4: Valuation Insights - The valuation of Guocheng Industrial's 100% equity reached 5.28 billion yuan, significantly up from 2.888 billion yuan over two years ago, indicating a substantial appreciation in asset value [3] - Factors contributing to this valuation increase include rising molybdenum prices, enhanced profitability of Guocheng Industrial, and a more favorable merger and acquisition policy environment [4]

Company Overview - Guocheng Mining (SZ 000688) announced on November 12 that Mr. Yang Shiliang has resigned from his position as Deputy General Manager for personal reasons, but will continue to serve as a director and supervisor in the company's subsidiary [1] Financial Performance - For the first half of 2025, Guocheng Mining's revenue composition is as follows: chemical manufacturing accounts for 65.64%, non-ferrous metal mining and selection accounts for 34.13%, and others account for 0.23% [1] - As of the report date, Guocheng Mining has a market capitalization of 25 billion yuan [1]