Market Overview - A-shares experienced a collective pullback on October 10, with the ChiNext and STAR Market showing larger adjustments compared to other indices [1] - High-dividend stocks, such as the S&P Dividend ETF, rose by 1.2%, while sectors like batteries, semiconductors, and non-ferrous metals faced declines [1][2] Sector Performance - The agricultural sector, particularly the first agricultural ETF, saw a maximum intraday increase of 1.5% and closed up by 0.8%, indicating potential turning points in the pig cycle [1][4] - The technology sector faced significant declines, with the AI-focused STAR Market ETF dropping by 4.75%, suggesting a potential short-term impact on investor sentiment [1][3] Investment Insights - Analysts suggest that the coal sector may see a rebound due to increased winter heating demand, with potential price increases if supply constraints are enforced [3] - The agricultural sector is viewed positively due to recent policy signals aimed at reducing production capacity, which could lead to long-term price increases for pork [6][8] ETF Highlights - The agricultural ETF (159275) recorded a net subscription of 52 million units, reflecting strong investor interest [4] - The Hong Kong Internet ETF (513770) experienced a price drop of 3.41%, but maintained a premium, indicating active buying interest despite market volatility [9][14] Geopolitical and Economic Factors - The easing of geopolitical tensions, such as the approval of a ceasefire in Gaza, has led to a decrease in safe-haven demand, impacting gold prices negatively [2][11] - The market is also influenced by the Federal Reserve's cautious stance on interest rate adjustments, contributing to short-term uncertainties [12][13] Future Outlook - Analysts expect the pig farming industry to undergo capacity reduction, which could enhance long-term profitability for leading companies in the sector [7][8] - The overall sentiment in the market remains cautious, with expectations of continued volatility but potential for recovery in the long term [12][13]

今日（10月10日）市场盘整，揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格收 跌3.33%，全天成交额1.72亿元，成交额再创历史新高！ 值得关注的是，资金逢跌抢筹！有色龙头ETF（159876）全天获资金净申购1.16亿份！深交所数据显 示，该ETF昨天单日吸金1.17亿元，拉长时间来看，近20日累计吸金2.1亿元。数据显示，截至10月9 日，有色龙头ETF（159876）最新规模4.93亿元，再创历史新高！ 成份股方面，"铜博士"依然坚挺，白银有色逆市涨停，江西铜业涨逾7%，云南铜业涨超1%，铝业个股 亦有亮眼表现，神火股份涨超2%，南山铝业涨逾1%。另一方面，寒锐钴业、西部黄金跌超9%，华友钴 业、华锡有色、天齐锂业跌逾7%，跌幅居前，拖累指数表现。 资金为何积极抢筹有色龙头ETF？从细分方向来看： 1、黄金方面，以色列与哈马斯达成停火协议，受地缘冲突缓和影响，金价冲高回落。黄金后市怎么 看？美银表示，今年以来，黄金已上涨近50%，创下自1979年以来的最佳年度涨幅。今年的反弹可能是 黄金牛市的信号，黄金的牛市或将持续到2026年。 业内人士指出，历史上黄金大牛市前，往往会出现 ...

今日（10月10日）市场盘整，揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格现 跌3.55%，实时成交额1.42亿元，交投火热！ 值得关注的是，资金逢跌抢筹！截至发稿，有色龙头ETF（159876）获资金实时净申购1.02亿份！深交 所数据显示，该ETF昨天单日吸金1.17亿元，拉长时间来看，近20日累计吸金2.1亿元。数据显示，截至 10月9日，有色龙头ETF（159876）最新规模4.93亿元，再创历史新高！ 成份股方面，"铜博士"依然坚挺，白银有色逆市涨停，江西铜业涨逾6%，云南铜业涨超3%。另一方 面，西部黄金跌超8%，华友钴业、寒锐钴业跌逾7%，跌幅居前，拖累指数表现。 多家券商研报数据均显示，有色金属是10月券商金股中权重增加最为明显的板块。以国信证券数据为例 来看，相较今年9月，10月券商金股增加最多的行业为有色金属，增幅为2.71%。 为何机构如此青睐有色金属板块？ 从有色龙头ETF（159876）成份股来看，同区间，洛阳钼业累计上涨279%，兴业银锡累计上涨203%， 赣锋锂业累计上涨197%，紫金矿业累计上涨158%，山东黄金累计上涨149%，涨幅居前。 3、从细分 ...

来源：市场资讯 （来源：有色龙头159876） 10月10日，截至9时26分，有色龙头ETF盘中表现平稳，场内价格现涨0.1%，成交额为873.91万元，基 金最新规模为4.88亿元。 成份股方面，白银有色以6.06%的涨幅领涨，立中集团和北方稀土紧随其后，涨幅分别为3.64%和 2.96%。另一方面，赤峰黄金和西部黄金表现较弱，跌幅分别达到4.64%和4.23%，华友钴业也表现不 佳，下跌3.26%。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异 ...

Investment Rating - The report indicates a positive investment outlook for the lithium battery and certain cyclical sectors, with prices recovering to levels seen in the same period of 2024 [1]. Core Insights - The manufacturing PMI for July 2025 shows a slight decline to 49.3%, indicating a contraction in manufacturing activity, while non-manufacturing sectors remain above the threshold but show marginal slowdown [2][9]. - The report highlights a recovery in prices for raw materials and finished goods, driven by anti-involution policies aimed at improving market conditions [5]. - Various industrial sectors are experiencing different levels of growth, with high-performing sectors including non-ferrous metals and machinery, while pharmaceuticals and textiles face challenges [4][5]. Summary by Sections Manufacturing Sector - The manufacturing sector's PMI has decreased, reflecting a contraction in production and new orders, with the production index at 50.5 and new orders at 49.4 [9]. - The consumer confidence index has shown a positive year-on-year recovery, although retail sales growth is expected to slow down in the coming months [4]. High-Frequency Indicators - Revenue, industrial added value, and PPI growth rates are analyzed across various sectors, with non-ferrous metals and machinery showing high growth, while pharmaceuticals and textiles are underperforming [4][7]. - The supply side indicates low growth in finished goods inventory and a decrease in fixed asset investment growth, suggesting reduced long-term supply pressure in certain sectors [4][8]. Advanced Manufacturing - The report notes that anti-involution measures have led to price recovery in the photovoltaic and lithium battery supply chains, although demand-side constraints remain [5]. - The machinery sector is experiencing stable growth in excavator and heavy truck sales, while new shipbuilding prices and orders have turned negative [5]. Financial Sector - Insurance premium income has increased by 5.3% year-on-year in the first half of 2025, with a positive outlook for the second half as interest rates are expected to decline [5]. Real Estate and Construction - Real estate investment and sales continue to slow, with a notable decline in cement prices, while building materials and home retail sales are accelerating [5]. - The report highlights a decrease in new construction starts and ongoing projects, impacting construction investment [5]. Energy and Commodities - The report discusses the impact of high temperatures on coal and steel prices, with a recovery in oil prices driven by improved economic resilience [5]. - The prices of industrial metals are influenced by U.S. economic conditions and tariff expectations, with copper prices experiencing volatility [5].