天弘中证工业有色金属主题指数基金经理贺雨轩表示，我们认为市场普遍把工业有色定义为"纯周期"行 业，隐含着对其部分成长性的忽视（19~21年的新能源车发展浪潮，使得纯周期的金属品种锂钴镍成为 了"能源金属"，相关上市公司在那一轮的上行期阶段享受了"成长股"估值），而工业有色金属（铜铝为 主）在这一轮的成长性会在业绩上行持续一段时间之后逐步被市场所认知，相应地，对其的估值也会经 历从"周期资产估值"转向"成长资产估值"，最终大概率迎来"戴维斯双击"（业绩上行，叠加估值扩 张）。基于此，我们对工业有色金属行业整体在2026年、乃至2027年的表现都报有比较强的信心。 数据显示，截至2026年2月25日，中证工业有色金属主题指数（H11059）前十大权重股分别为洛阳钼 业、北方稀土、中国铝业、兴业银锡、厦门钨业、云铝股份、铜陵有色、江西铜业、西部矿业、东阳 光，前十大权重股合计占比54.46%。（以上所列股票仅为指数成份股，无特定推荐之意，历史持仓不 代表现在和未来） 截至2月27日13:43，中证工业有色金属主题指数（H11059）大涨3.72%。天弘中证工业有色金属主题指 数基金（A:017192/C:01719 ...

这不是一次简单的周期性反弹。在利润新高的背后，工业有色金属的底层逻辑正在发生深刻重构—— 从"宏观波动率的买单者"转变为"制造业升级的卖铲人"。天弘中证工业有色金属主题指数基金2025年A类 份额过去一年净值增长率达93.08%，C类份额过去一年达92.60%，同期业绩比较基准涨幅为90.05%，正是 这一逻辑变迁的集中映射。 图一：天弘中证工业有色金属主题指数发起A净值表现 2025年，有色金属行业迎来历史性时刻。中国有色金属工业协会数据显示，规模以上有色金属工业企业利 润总额突破5000亿元大关，达到5284.5亿元，同比增长25.6%，创下历史新高。其中，铝、铜两大品种对行 业利润增长的贡献率分别达35%和20%，成为行业盈利增长的核心支柱。 | 阶段 | 净值增长 率(1) | 净值增长 | 业绩比较 基准收益 | 业绩比较 基准收益 率标准差 | (1)-(3) | (2)-(4) | | --- | --- | --- | --- | --- | --- | --- | | | | 率标准差 | | | | | | | | (2) | 率(3) | (4) | | | | 过去三个月 | 18.4 ...

Group 1 - The Chinese government announced a 100% zero tariff on goods from 53 African countries starting May 1, 2026, which will reduce import tax burdens for domestic non-ferrous metal companies and enhance customs efficiency [1] - Zimbabwe's Ministry of Mines announced a ban on lithium ore exports, which will tighten short-term supply and potentially drive lithium prices significantly higher, as Zimbabwe accounted for 19% of China's lithium ore imports in 2025 [1] - The metal industry is expected to experience increased price volatility due to supply-side disruptions, with cobalt, tin, lithium, copper, and nickel prices anticipated to rise significantly [2] Group 2 - The Tianhong CSI Industrial Nonferrous Metals Theme Index Fund, established on May 30, 2023, aims to track the CSI Industrial Nonferrous Metals Theme Index closely, investing in non-ferrous metal ETFs [2] - The fund manager believes that the market underestimates the growth potential of industrial non-ferrous metals, which may transition from being viewed as "cyclical" to "growth" assets, leading to a potential "Davis Double Play" scenario [3] - As of February 25, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index accounted for 54.46% of the index, with significant representation from companies like Luoyang Molybdenum and Northern Rare Earth [3] Group 3 - The Tianhong CSI Industrial Nonferrous Metals Theme Index Fund had a total scale of 2.308 billion yuan as of December 31, 2025, with A-class and C-class shares at 267 million yuan and 2.041 billion yuan, respectively [3] - The fund's historical performance for 2025 showed impressive returns, with A-class shares at 93.08% and C-class shares at 92.60% [3] - The fund's management and custody fee is set at 0.6%, with a sales service fee of 0.25% for C-class shares, making it suitable for short-term investors [4]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal sector, particularly copper and precious metals, driven by favorable macroeconomic conditions and supply-demand dynamics [1][2] - On December 26, 2025, copper futures prices surged past 98,000 yuan/ton, reaching a historical high, with the Zhongzheng Industrial Non-Ferrous Metals Theme Index rising by 3.54% [1] - The National Development and Reform Commission emphasized the importance of optimizing traditional industries like alumina and copper smelting, which are crucial for the national economy and defense [1] Group 2 - Citic Securities noted that the U.S. November CPI unexpectedly cooled, leading to market adjustments for the Federal Reserve's interest rate cuts in 2026, which, along with abundant liquidity and supply constraints, pushed non-ferrous metal prices to new highs [2] - The strong performance of non-ferrous metals is attributed to a combination of macroeconomic financial policies and structural changes in supply and demand, including the onset of a global rate-cutting cycle and a weakening dollar [2] - The Tianhong Zhongzheng Industrial Non-Ferrous Metals Theme Index closely tracks the performance of 30 major listed companies involved in copper, aluminum, lead, zinc, and rare earth metals, reflecting the overall performance of the sector [2]