Group 1 - The core viewpoint is that the copper market is expected to experience a year-end rally, making it a suitable time for investments in the non-ferrous metals sector [1] - Copper prices surged significantly due to Codelco, a Chilean state-owned copper company, offering historical high premiums to U.S. customers, which also boosted prices of gold, silver, and aluminum [1] - The mid-term supply-demand dynamics are tightening, and inflation expectations are rising, indicating that the copper market rally may begin in December [1] Group 2 - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects representative stocks from the non-ferrous metals industry, covering sectors like copper, aluminum, lithium, and rare earths [1] - This index has a broad coverage and cyclical characteristics, making it suitable for investors interested in industrial metals and new energy materials [1]

Group 1 - The core viewpoint is that the non-ferrous metals industry is expected to outperform in 2025, driven by weakening US dollar credit and the AI technology revolution [1] - Non-ferrous metals are anticipated to become the "oil" of a new round of industrial chain transformation, widely used in semiconductors, AI computing infrastructure, and new energy systems [1] - Significant price increases for industrial metals like COMEX copper and LME tin are expected in 2025, although the supply-demand gap is not apparent, indicating financial pricing attributes for future supply-demand relationships [1] Group 2 - By 2026, as global narratives may converge, non-ferrous metals will shift from long-term pricing to a combination of short and long-term pricing, with real demand pricing power increasing [1] - Structural support may arise from "anti-involution" policies and export demand driven by industrialization in southern countries [1] - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects representative stocks from the non-ferrous metals industry, covering sectors like copper, aluminum, lithium, and rare earths [1]

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]

Core Viewpoint - The non-ferrous metals sector is entering a new cycle driven by a tight supply-demand balance, supported by global monetary easing, enhanced resource strategic positioning, and the resonance of old and new industrial transformations [1] Group 1: Industry Overview - The non-ferrous metals industry is characterized by a relatively independent performance due to structural supply-demand contradictions and the overlapping demands of old and new industries [1] - Industrial metals, particularly copper, are gaining attention due to improved supply-demand dynamics [1] - In the small metals sector, strategic resources like lithium and rare earths are experiencing sustained demand growth in the context of the energy transition [1] - Gold maintains its allocation value as a safe-haven asset amid geopolitical uncertainties [1] Group 2: ETF and Index Information - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects 60 listed companies involved in the entire non-ferrous metal industry chain from the Shanghai and Shenzhen markets [1] - The index has a high weight distribution in sub-sectors such as gold, rare earths, and lithium, while also maintaining good industry diversification [1] - The index comprehensively reflects the overall performance of listed companies in China's non-ferrous metals industry [1]

Group 1 - The non-ferrous metals industry is expected to see an optimization in its industrial structure due to the upcoming growth stabilization work plan, which will promote the optimization of supply-side capacity for metals like copper and aluminum, eliminate outdated capacity, and enhance the efficiency of resource, smelting, and demand linkages [1] - Copper prices are anticipated to rise in the medium term due to rigid supply, low inventory levels, and a weakening dollar, while aluminum prices may also see significant elasticity due to supply rigidity and global low inventory levels [1] - The long-term outlook for gold is positive due to ongoing macroeconomic uncertainties overseas and a weakening dollar, which highlights gold's safe-haven attributes [1] Group 2 - The non-ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which is compiled by the China Securities Index Company and reflects the overall performance of representative listed companies in the non-ferrous metals sector, including copper, aluminum, and lead-zinc [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metals ETF Initiated Link A (013218) and Guotai CSI Non-Ferrous Metals ETF Initiated Link C (013219) [1]

Core Viewpoint - The global macro environment remains volatile, with industrial metal prices, particularly copper and aluminum, continuing to fluctuate. However, the introduction of a series of policies in the second half of 2024 is expected to improve domestic macro sentiment and potentially boost upstream industrial metal demand due to recovering terminal demand and supply constraints [1]. Summary by Relevant Sections Industrial Metals - Copper prices are under pressure from fluctuating macro policies, but tightening copper concentrate supply and declining smelting processing fees provide strong medium to long-term price support [1]. - The aluminum supply chain's vulnerability has been highlighted by recent disruptions in Guinea's bauxite supply, indicating that integrated layouts will become a development direction for the industry [1]. Market Indicators - The manufacturing PMI rose by 0.5 percentage points to 49.5% in May, indicating improved market expectations and a potential recovery in terminal demand for industrial metals [1]. - The strategic metal tungsten has reached a historical price high, suggesting a potential revaluation of strategic metals in the context of countries pursuing supply chain autonomy [1]. Investment Products - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Index (930708), which includes representative listed companies in the nonferrous metal industry from the Shanghai and Shenzhen markets, covering various sub-industries such as copper, aluminum, lead, zinc, and rare metals [1]. - The CSI Nonferrous Index reflects the overall performance of the nonferrous metal industry in the A-share market, with its constituent stocks exhibiting significant cyclicality and sensitivity to commodity prices [1].