Group 1 - The core viewpoint is that industrial metal prices are expected to rise due to delayed tariff negotiations and increased expectations of interest rate cuts by the Federal Reserve, alongside the upcoming peak consumption season in China [1] - For copper, the operating rate of refined copper rod enterprises has increased to 70.61%, supported by State Grid orders, which boosts downstream cable consumption, and the enhanced substitution of refined copper rods for scrap copper rods as some production-reduced enterprises resume operations [1] - In the aluminum sector, domestic electrolytic aluminum operating capacity remains high, with industry operating rates recovering, and there are expectations that the peak season will drive consumption [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals to reflect the overall performance of the non-ferrous metal mining sector [1] - The index constituents exhibit significant cyclical characteristics, closely related to global economic conditions and fluctuations in commodity prices, with industry allocation covering basic metals, precious metals, and rare metals [1] - The non-ferrous 60 ETF (159881) tracks the China Securities Non-Ferrous Index (930708), selecting representative companies from the A-share market in the non-ferrous metal industry, covering multiple sub-industries including precious metals, industrial metals, and rare metals [2]

Group 1 - The core viewpoint is that policies are expected to optimize the production capacity structure of non-ferrous metals such as copper and aluminum, with profits from copper smelting and alumina production gradually recovering [1] - The non-ferrous metals steady growth work plan is about to be implemented, focusing on high-quality development in the copper, aluminum, and gold industries, emphasizing stability in growth and transformation [1] - Supply-side policies are likely to accelerate the exit of outdated production capacity, enhancing the efficiency and pricing power of high-quality production capacity [1] Group 2 - Demand-side supporting plans are expected to optimize the downstream structure, promoting optimistic growth in demand in sectors like new energy, thereby boosting the long-term demand growth for non-ferrous metals [1] - The structural contradictions in the industrial metals sector need to be resolved, and under policy guidance, the supply-demand pattern is expected to improve, benefiting companies with high-quality production capacity through price increases and comparative advantages [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals to reflect the overall performance of these sectors [1]

Group 1 - The core viewpoint indicates that the rebound of the US June CPI to +2.7% and a month-on-month increase of +0.6% in retail data demonstrate consumer resilience, which supports industrial metal prices amid inflation and demand expectations [1] - The expectation of a Federal Reserve interest rate cut has increased, with the market anticipating a 50.8% probability of a rate cut in September, alongside the ongoing "anti-involution" policies in China, suggesting limited pressure on prices during the off-season [1] - Looking ahead to the second half of the year, a loose domestic and international policy environment is expected to lead to a strong performance of industrial metal prices, with a potential boost from the peak season starting in mid-August and the anticipated interest rate cuts [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous mining index (931892), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the development of metal resources such as copper, aluminum, and lead-zinc from the Shanghai and Shenzhen markets [1] - The Non-Ferrous 60 ETF (159881) tracks the China Securities Non-Ferrous Index (930708), which also reflects the overall performance of listed companies in the non-ferrous metal sector, showcasing significant industry concentration and cyclical characteristics [1]

Group 1 - China has implemented export controls on key minerals such as gallium, germanium, antimony, tungsten, and rare earths in response to U.S. restrictions on high-tech exports to China, significantly impacting U.S.-China trade policies [1] - The export control on rare earths is particularly influential, as it has become a critical negotiation point in U.S.-China trade talks, leading to the U.S. lifting some export restrictions on products like H20 and AMD after China eased rare earth export controls [1] - If China continues to strengthen its rare earth controls, overseas rare earth prices, especially for medium and heavy rare earths, are likely to remain high, while domestic rare earth prices are expected to rise, indicating a positive outlook for the rare earth industry [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous metal index (931892), which reflects the overall performance of listed companies in China's non-ferrous metal industry, focusing on sectors such as mining, smelting, and processing [1] - The Non-ferrous Metal 60 ETF (159881) tracks the China Non-ferrous Metal Index (930708), providing investors with a tool to measure the development status of the non-ferrous metal industry, characterized by its cyclical nature [2] - Investors without stock accounts can consider various linked ETFs related to non-ferrous metals, which offer exposure to the industry while reflecting its cyclical characteristics [2]

Core Viewpoint - The mining ETF (561330) has risen over 1.2%, supported by favorable domestic and international policies that bolster industrial metal prices [1] Economic Indicators - The U.S. June CPI rebounded to 2.7%, alongside a 0.6% month-on-month increase in retail data, indicating persistent consumer resilience and supporting inflation expectations for industrial metal prices [1] - The market anticipates a 50.8% probability of an interest rate cut by the Federal Reserve in September [1] - China's GDP growth for the first half of the year was 5.3%, with cumulative export growth of 5.9% [1] Policy Environment - The ongoing "anti-involution" policies are continuously releasing support, and with a generally warm policy tone both domestically and internationally, the pressure on prices during the off-season is limited [1] - It is expected that the peak season and interest rate cut expectations will boost industrial metal prices after mid-August [1] - The industrial metal prices are likely to operate on a strong trend in the second half of the year under a backdrop of domestic and international policy easing [1] ETF and Index Information - The mining ETF (561330) tracks the non-ferrous metal mining index (931892), which is compiled by China Securities Index Co., Ltd. This index selects listed companies involved in the mining, smelting, and processing of non-ferrous metals from the A-share market to reflect the overall performance of related listed companies [1] - The index exhibits strong cyclicality and resource attributes, effectively reflecting market trends in the non-ferrous metal industry chain [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]

Group 1 - The mining ETF (561330) increased by 1.0%, supported by favorable domestic and international policies that bolster the resilience of industrial metal prices during the off-season [1] - The U.S. June CPI rebounded to +2.7%, along with retail data showing a month-on-month increase of +0.6%, indicating consumer resilience and providing support for industrial metal prices [1] - Market expectations indicate a 50.8% probability of a Federal Reserve rate cut in September, alongside ongoing domestic "anti-involution" policies, which may lead to a new round of price boosts for industrial metals as the peak season approaches in mid-August [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metal mining index (931892), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering various metal sectors such as gold, copper, and aluminum [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]

Group 1 - The core viewpoint indicates that the global industrial metal market is expected to remain in a loose cycle in the second half of the year, supporting price increases for industrial metals [1] - Domestic policy-driven demand is anticipated to gradually improve, leading to a release of demand elasticity for metals [1] - Supply constraints for metals like copper and aluminum are expected to continue, with a tightening supply-demand situation likely to further develop [1] Group 2 - For copper, the trend of shrinking supply elasticity is becoming evident, with processing fees continuing to decline and smelting profits under pressure, suggesting limited global copper supply growth in the second half [1] - In the aluminum sector, domestic electrolytic aluminum production capacity is nearing its ceiling, with minimal production elasticity, while strong resilience in the new energy sector is expected to maintain demand [1] - The mining ETF tracks a non-ferrous metal mining index, reflecting the overall performance of listed companies in the non-ferrous metal industry chain, which is closely related to commodity price fluctuations [1]

Group 1 - The core viewpoint is that supply-side rigidity and stable overseas trade policies are expected to drive demand elasticity, leading to a positive outlook for industrial metal prices [1] Group 2 - In the copper sector, domestic copper inventory has shown a trend of accumulation since May, but overall remains stable; LME de-stocking momentum indicates resilient downstream demand [1] - The upstream copper smelting sector is experiencing deepening losses, with production suspension expectations rising, opening up mid-term upward space for copper prices [1] Group 3 - In the aluminum sector, the revocation of mining rights for bauxite companies in Guinea since May involves a capacity of approximately 40 million tons per year, causing disruptions in the raw material supply and pushing up alumina prices [1] - Domestic demand for electrolytic aluminum is expected to grow under policy support, combined with expectations of fiscal easing in Europe, which may lead to an upward shift in aluminum price levels in the second quarter [1] Group 4 - The mining ETF (code: 561330) tracks the non-ferrous mining index (code: 931892), which is compiled by China Securities Index Co., Ltd., reflecting the overall performance of major listed companies in the non-ferrous metal mining sector in the A-share market [1] - This index exhibits strong cyclicality and sensitivity to commodity prices, making it suitable for investors focusing on resource sectors to allocate and track [1] Group 5 - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]