资金流入方面，工业有色ETF（560860）连续10个交易日净流入，合计34亿元；近60日合计流入超60亿 元。最新规模增至129.65亿元，为当前全市场首只且唯一跟踪中证工业有色金属主题指数的ETF产品。 工业有色ETF（560860）深受机构投资者青睐，2025年中报最新数据显示，该ETF机构投资者从2024年 末的41%升至近60%，只隔了半年时间。 1月15日，沪指突破17连阳后连续整顿。盘面上，半导体、基本金属、钴矿、电子元件等基础工业品走 强。热门ETF——工业有色ETF（560860）上午一度涨近4%再创新高，收盘涨1.49%；成分股华友钴业 涨超7%，中钨高新、驰宏锌锗涨超5%，江西铜业涨近4%。 并且，工业有色ETF（560860）前十大持有人合计占比超48%，其中6位都是险资机构，包含普通保 险、万能险、分红险及险资自有资金，彰显险资长钱对工业有色金属板块在经济复苏周期景气度回升的 持续看好，此外还有券商、资管、银行理财子公司等机构。 | 2022年中设 | | | | | | --- | --- | --- | --- | --- | | 序号 | 持有人名称 | 份额类型 | 糖末持有 ...

2026年1月14日早盘，国内铜、铝期货价格齐涨。 工业有色ETF（560860）紧密跟踪中证工业有色金属主题指数，覆盖铜、铝、稀土等战略资源龙头。该 基金持续吸引资金青睐，前一交易日（1月13日）资金净流入2.5亿，过去5个交易日连续获得资金净流入 合计18.25亿元，近10日"吸金"近27亿。 资金大量涌入，基金规模迅猛增长，于1月6日突破百亿，到1月13日又迅速攀升至123.53亿元。 中证工业有色金属主题指数汇聚沪深市场中30支工业有色金属细分行业龙头标的，至1月9日，指数前三 大金属为铜（34.4%）、铝（21.8%）、稀土（13.6%），合计占比近70%，剔除了能源金属锂，黄金等 贵金属的权重占比低， "工业"属性纯粹。 指数前十大成分股汇聚了各工业金属细分领域的绝对龙头，权重集中。前十大权重股包括洛阳钼业、北 方稀土、中国铝业、云铝股份、江西铜业、兴业银锡、铜陵有色、西部矿业、厦门钨业、天山铝业，合 计占比达56.18%。 工业有色ETF(560860)是市场上唯一跟踪中证工业有色金属主题指数的ETF产品，为投资者提供了布局该 领域的一站式高效解决方案。场外投资者可通过联接（A类：018489； ...

这只产品究竟为何成为资金持续追逐的焦点？ 核心原因在于，跟踪高景气的工业有色金属板块，且具备稀缺的独特定位。 当前，工业有色金属板块正站在多重驱动力的交汇点上：宏观政策的有力托底、全球库存的历史低位， 以及新能源革命的澎湃需求，共同构成了行业景气的坚实底座。 工业有色ETF（560860）是当前全市场唯一跟踪中证工业有色金属主题指数的ETF产品，精准聚焦"工业 金属"，填补了工业有色金属细分领域的配置空白。 指数前三大金属铜（34.4%）、铝（21.8%）、稀土（13.6%）合计占比约70%，不含金、银、锂，制造 属性纯，聚焦工业金属，锐度高。 近期，铜、铝行情备受关注。聚焦工业金属的工业有色ETF（560860）持续吸引资金流入，截至1月12 日，该基金过去5个交易日资金净流入合计18.8亿元，近10日"吸金"25亿，近60日"吸金"54亿。 资金大量涌入的同时，基金规模迅猛攀升，于1月6日突破百亿，随后于1月12日又迅速突破了120亿元。 资金用真金白银投票，彰显市场信心。 指数前十大成分股汇聚了各工业金属细分领域的绝对龙头，权重集中。包括洛阳钼业(13.09%)、北方稀 土(8.75%)、中国铝业(7. ...

□本报记者 魏昭宇 上周A股市场"百花齐放"，多个板块迎来火热行情。ETF市场上，热门产品获得资金持续涌入，多只产 品突破百亿规模。比如，工业有色ETF（560860）、有色金属ETF基金（516650）、卫星ETF （159206）首次跻身百亿ETF"俱乐部"。 公募机构表示，当前行情是典型的岁末年初市场表现，符合A股市场历年常见的春季行情或跨年行情特 征。这一时期机构博弈行为增多，为市场上涨创造了有利窗口。 总体来看，贺方舟看好有色金属板块的中长期走势。他认为，该板块的机遇主要来自三方面：首先，美 联储降息将继续利好以美元定价的有色金属；其次，从供给端来看，此前南美、中非等地铜矿事故频 发，导致供应紧张，全球第二大铜矿印尼Grasberg铜矿矿难进一步加剧供应压力，加上非洲电力紧张等 因素，均对铜价形成支撑；第三，从需求端来看，受能源转型和AI浪潮推动，工业金属需求不断增 加。 谈及近期表现火热的白银，贺方舟表示，从金银比指标修复程度来看，金银比从4月的106回落至85，但 仍高于40-80的历史均值区间，白银补涨弹性充足。若黄金进一步上涨且金银比向均值靠拢，白银理论 上还有较大上行空间。 同时，贺方舟也 ...

Group 1 - The market experienced a slight increase on December 19, with the non-ferrous metals sector leading the gains, including copper, aluminum, and rare earths, with Yun Aluminum rising over 60% [1] - The Industrial Non-Ferrous ETF (560860) saw a trading volume exceeding 3.1 billion, surpassing the total from the previous day, indicating active trading with frequent premiums in the market [1] - The Industrial Non-Ferrous ETF has attracted significant capital, with over 5.8 billion raised in the last 10 days, over 11 billion in the last 20 days, and over 28 billion in the last 60 days, bringing its latest scale to 69.88 billion [1] Group 2 - Internationally, U.S. inflation showed unexpected easing, with the November core CPI rising by 2.6%, the lowest since 2021, providing the Federal Reserve with substantial room to consider interest rate cuts [3] - LME metal futures generally rose, with LME copper increasing by 41 USD to 11,778 USD/ton and LME aluminum rising by 10 USD to 2,916 USD/ton [3] - In the rare earth sector, Chinese authorities have communicated policies to exporters, with some exporters meeting the basic requirements for applying for general licenses, indicating a potential increase in exports [3] Group 3 - According to Guotai Junan Securities, copper is expected to see dual positive catalysts from its financial and commodity attributes, with increased demand and inventory pressures due to insufficient supply [3] - Aluminum is anticipated to break out of its three-year price range due to strong demand and low inventory, entering a phase of significant upward movement driven by demand catalysts [4] - The Industrial Non-Ferrous ETF closely tracks the CSI Industrial Non-Ferrous Metals Theme Index, covering leading strategic resources such as copper, aluminum, and rare earths, providing opportunities for investors to capitalize on cyclical and policy-driven benefits [4]

Group 1 - The core viewpoint of the article emphasizes the orderly promotion of mergers and acquisitions among small financial institutions, indicating a trend towards consolidation in the financial sector, with 2025 potentially marking the beginning of a significant clearing of financial institutions [1][2][7]. - The article highlights various recent cases of consolidation across different financial sectors, including the merger of CICC with Dongxing and Xinda in the securities industry, and the acquisition of Jun Kang Life by Fuze Life initiated by Shandong state-owned assets [5][6]. - It notes that the clearing of small financial institutions is fundamentally due to an oversupply of financial resources, driven by the need to manage risks, leading to a trend where stronger institutions will dominate [7][8]. Group 2 - The article discusses the current state of the private equity industry, noting a lack of new standout private equity firms emerging, as many have faced challenges in maintaining their platforms and sales channels [6]. - It suggests that the long-term outcome of clearing excess homogeneous supply will optimize resource allocation across society, which is beneficial in the mid to long term [8]. - The article advises investors to be cautious about the risks associated with smaller institutions and to seek those with differentiated advantages for sustainable growth [9].

Core Viewpoint - The A-share market experienced fluctuations on December 3, with a notable performance from cross-border ETFs, particularly the Nasdaq Technology ETF, which faced a significant premium in its secondary market price, leading to a temporary suspension of trading [1][2]. Group 1: ETF Performance - On December 3, nine cross-border ETFs ranked among the top ten in terms of gains [2]. - The Industrial Nonferrous ETF (560860) led the A-share ETFs with a gain of 1.91%, followed by other ETFs related to cash flow and transportation [3][4]. - The online consumption ETF recorded the largest decline at -2.74%, with several technology-related ETFs also experiencing significant drops [5]. Group 2: Fund Flows - As the year-end approaches, there is a lack of consensus on investment direction, but the technology sector remains favored, with several technology-related ETFs among the top net inflows on December 2 [6]. - The top net inflows included the Science and Technology Artificial Intelligence ETF and the Robotics ETF, indicating strong interest in technology investments [7]. Group 3: Bond ETFs Activity - Bond-related ETFs showed active trading, with a total trading volume of 354.33 billion yuan on December 3, where eight out of the top ten ETFs by trading volume were bond-related [8]. - The Silver Hua Daily ETF had the highest trading volume at 15.08 billion yuan, reflecting the ongoing interest in bond markets amid market fluctuations [9]. Group 4: Market Outlook - The attractiveness of Hong Kong dividend assets has increased, with expectations of support for the market from domestic growth policies despite uncertainties surrounding the Federal Reserve's interest rate decisions [11]. - Key investment directions in A-shares include technology innovation, consumption upgrades, and high-end manufacturing, aligning with global industrial restructuring trends [11].

Group 1 - The non-ferrous metal sector showed active performance on December 3, with the CSI Industrial Non-Ferrous Metals Theme Index rising by 1.66%, and stocks such as Tianshan Aluminum rising over 5% [1] - The Wanji Fund's Industrial Non-Ferrous ETF (560860) increased by 1.70%, with a trading volume exceeding 75 million yuan, and frequent premium trading observed [1] - The Industrial Non-Ferrous ETF (560860) saw a net inflow of over 280 million yuan on the previous trading day, with a circulating scale reaching 6.167 billion yuan and a circulating share of 4.365 billion shares, both hitting historical highs [1] Group 2 - Since November, copper prices have shown resilience, not significantly declining with macro fluctuations, and reached a historical high at the end of November due to factors such as the Chinese copper raw material negotiation group and expectations of interest rate cuts by the Federal Reserve [2] - Analysts predict a potential supply shortage for copper by 2026, driven by frequent disruptions in copper mine supply, expected easing of refined production capacity pressure, and ongoing interest rate cut trades, indicating the possibility of a super cycle for copper prices [2] - Wanji Fund highlights the rise of passive investment and index-based investment as important choices for asset allocation, with a focus on developing market-required tool-type products, including various ETFs covering broad-based, industry themes, Smart Beta, and bonds [2]

Core Viewpoint - The market experienced a strong opening on October 9, with the Shanghai Composite Index surpassing 3900 points, reaching a ten-year high, driven by significant gains in the rare earth, nuclear fusion, and copper sectors. Group 1: Market Performance - The Shanghai Composite Index broke through 3900 points, marking a ten-year high [1] - The rare earth sector surged by 7.97%, while the copper industry rose by 6.54% [1] - The industrial non-ferrous index saw a daily increase of 8.35% [2] Group 2: Key Indices and Trends - The CSI Industrial Non-Ferrous Metals Theme Index (H11059.CSI) includes significant resources such as copper (31.72%), aluminum (19.23%), and rare earths (18.13%) [2] - The index has recently surpassed previous highs, indicating an upward trend in the market [3] Group 3: Positive Factors for Investment - Demand is expected to rise due to the Federal Reserve's interest rate cuts, which weaken the dollar and boost demand for industrial metals like copper and aluminum [4] - Supply disruptions, particularly from the Grasberg copper mine, are anticipated to create a significant supply gap, with an estimated loss of nearly 600,000 tons of copper by the end of 2026 [6][7] - Recent price increases for copper, with LME prices reaching $10,800 per ton, are attributed to reduced supply from major copper-producing countries [9] - Domestic "anti-involution" policies are expected to limit new capacity and phase out outdated production, potentially improving profit margins in the smelting sector and driving industry value reassessment [11]

Core Viewpoint - The industrial non-ferrous ETF (560860) has seen significant inflows and growth, driven by positive market sentiment and expectations of Federal Reserve interest rate cuts by 2025 [1][2]. Group 1: Market Performance - On September 12, the market experienced a slight rise, with non-ferrous metals and rare earth permanent magnets leading the gains [1]. - The industrial non-ferrous ETF (560860) saw a net inflow of over 77 million, with total inflows exceeding 2.9 billion in the past 10 days and over 16 billion in the last 60 days [1]. - As of September 11, the latest scale of the ETF surpassed 2.4 billion, marking a new high since its launch [1]. Group 2: Economic Indicators - The U.S. Consumer Price Index (CPI) for August was reported at 2.9% year-on-year, matching expectations and showing a slight increase from the previous value of 2.7% [1]. - The month-on-month CPI for August was 0.4%, slightly above the expected 0.3% and up from the previous 0.2% [1]. - The core CPI for August was reported at 3.1% year-on-year and 0.3% month-on-month, both in line with expectations and previous values [1]. Group 3: Industry Outlook - According to Changjiang Securities, the net profit of the basic metals sector is expected to grow by 27% year-on-year in the first half of 2025, with a projected net profit of 37.644 billion in the second quarter of 2025, reflecting a 14% year-on-year increase and a 15% quarter-on-quarter increase [1]. - The anticipated growth in the basic metals sector is attributed to a phase of upward resonance in manufacturing between China and the U.S., along with expectations of interest rate cuts by the Federal Reserve, which are expected to elevate the price center of basic metal commodities in the first half of 2025 [1].