申万宏源证券指出，对于工业金属，铜方面短期铜矿生产扰动较大、非美库存紧张下预计铜价偏 强，基本面支撑扎实，长期电网投资增长、AI数据中心增长等，叠加铜供给相对刚性，价格中枢有望 持续抬高。铝方面，展望后市国内产能天花板限制下供需格局持续趋紧，电解铝价格有望延续长期上行 趋势。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、 稀有金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。 根据wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙 头更集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提 及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未 来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议或承 诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等 级及收益分配 ...

2月27日，有色矿业板块大涨，矿业ETF（561330）盘中涨超3%，工业金属价格中枢有望抬升 每日经济新闻 申万宏源证券指出，对于工业金属，铜方面短期铜矿生产扰动较大、非美库存紧张下预计铜价偏 强，基本面支撑扎实，长期电网投资增长、AI数据中心增长等，叠加铜供给相对刚性，价格中枢有望 持续抬高。铝方面，展望后市，在国内产能天花板限制下供需格局持续趋紧，电解铝价格有望延续长期 上行趋势。 （责任编辑：董萍萍 ） 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、 稀有金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。 根据wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙 头更集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提 及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未 来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环 ...

2月25日，矿业ETF（561330）大涨超4%，工业金属前景向好。 华福证券指出，工业金属行业呈现降息预期博弈，预期震荡。具体来看，铜方面，短期美联储降息预期 仍在，基本面偏紧格局延续支撑铜价；中长期，随美联储降息加深提振投资和消费，同时打开国内货币 政策空间，叠加特朗普政府后续可能宽财政带来的通胀反弹将支撑铜价中枢上移，新能源需求强劲将带 动供需缺口拉大，继续看好铜价。铝方面，短期处于季节性淡季或导致铝价震荡运行；中长期看，国内 天花板+能源不足持续扰动，同时新能源需求仍保持旺盛，紧平衡致铝价易涨难跌。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源Wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提及个股 仅用于行业事件分析，不构成任何个股推荐或投资建 ...

东方证券指出，工业金属方面，本次关税裁决并不影响钢铝关税，而且未来铜等关键金属的关税可能依 据的是232等条款而非IEEPA，因此关税裁决对工业品影响暂时有限，工业品价格仍锚定自身供需。美 国1月SIM制造业PMI大幅回升至52.6，需求托底预期继续增强。国内方面，春节前一周铜铝累库幅度放 缓，加工企业开工率淡季表现尚可，而且跌价后下游接货力度较强。铜铝等工业品现实转强或可期待， 重点关注节后去库力度。拉长时间看，内外政策托底预期下，工业品下方支撑较强，在宏观利好释出， 供给扰动增加背景下，中低库将强化商品的价格弹性。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等 短期涨跌仅供参考，不代表其未来表现，亦不构成对基金 ...

Core Viewpoint - The release of macroeconomic benefits and increased supply disruptions have led to a significant rise in the non-ferrous mining sector, with the mining ETF (561330) surging over 3.5% [1] Group 1: Market Dynamics - The market has largely absorbed the liquidity shock from Trump's nomination of Waller as the next Federal Reserve Chairman, allowing metal pricing to return to fundamentals [1] - Despite a recent accumulation of copper and aluminum inventories, the pace of accumulation has slowed, and the negative feedback from downstream processing has diminished, indicating a decent operating rate during the off-season [1] - As prices adjust in the short term, downstream acceptance has noticeably improved, suggesting a potential for continued performance in commodities with improved supply-demand dynamics [1] Group 2: ETF Performance - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) is projected to have a year-on-year increase of 106.11% in 2025, ranking first among ten ETFs in the non-ferrous sector [2] - The ETF exhibits a concentrated leadership with a higher proportion of "gold, copper, and rare earths," indicating a strong focus on these key commodities [1]

Core Viewpoint - The non-ferrous mining sector is gradually returning to fundamental logic, with the mining ETF (561330) rising over 2% [1] Group 1: Industry Insights - The macro sentiment affecting industrial metals is weakening, allowing copper and aluminum to return to fundamental phases [1] - Industry associations are actively promoting the governance of copper smelting capacity, having halted over 2 million tons of copper smelting projects domestically, effectively curbing the rapid growth of copper smelting capacity [1] - Future efforts will focus on strict control of new copper smelting projects in collaboration with national departments to improve the increasing external procurement ratio [1] Group 2: Resource Management - There will be enhancements to the copper resource reserve system, which includes expanding the national copper strategic reserve scale and exploring a commercial reserve mechanism [1] Group 3: ETF Performance - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining sector [1] - According to Wind data, the mining ETF (561330) ranked third in annual growth among all market ETFs for 2025, and first among non-ferrous ETFs, characterized by a higher concentration of "gold + copper + rare earths" [1]

Core Viewpoint - The non-ferrous metals sector is experiencing a pullback, with the mining ETF (561330) declining over 5%, but the ongoing geopolitical conflicts continue to support the industry's overall prosperity [1] Group 1: Industry Outlook - The non-ferrous metals industry remains robust amid global turmoil, with tightening supply conditions and increased mining difficulties for copper, leading to a long-term price uptrend [1] - Gold is evolving beyond traditional safe-haven assets, becoming a strategic asset to counter systemic risks [1] - Emerging industries such as artificial intelligence, electric vehicles, and renewable energy are driving a qualitative change in demand for upstream materials, positioning many metals as "critical strategic materials" with sustained strong demand [1] Group 2: Market Dynamics - The deepening strategic competition between China and the U.S. is leading to tighter controls on strategic metals, further increasing upward price pressure and creating clear structural allocation opportunities for the sector [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) is projected to rank third in annual growth among all market ETFs in 2025, and first among non-ferrous ETFs, with a higher concentration of "gold, copper, and rare earths" [1]

矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、 稀有金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。 根据Wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙 头更集中，"黄金+铜+稀土"占比更高的特点。 风险提示：数据来源：Wind，矿业ETF在2025年的涨幅为106.11%，在有色板块10只ETF中排名第 一。提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代 表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议 或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风 险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 有色矿业表现强势，2月3日，矿业ETF（561330）收涨近6%，供给端显长期支撑。 西部证券指出，工业金属方面，宏观情绪影响下后半周价格显著回调，但供给扰动对价格形成支 撑。具体来看，铜价在宏观情绪影响下波动，而智利埃 ...

从资金面来看，矿业ETF（561330）连续20日资金净流入超15亿元，规模突破30亿元，截至1月26日， 年初以来涨超28%。 （文章来源：每日经济新闻） 相关机构表示，金属牛市有望延续。铜方面，美国库存短期虹吸或有所减弱，但供给扰动持续，供需紧 张格局不改；锂方面，去库持续，供给侧扰动频发，部分矿停产确定性较高，2026年或由紧平衡转为去 库，支撑锂价上行。镍、锡等小金属在宽松宏观环境、供给端扰动、有色板块情绪支撑下也有望保持强 势。看好逆全球化与新需求共振下的有色板块投资价值。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，"黄金+铜+稀土"占比更高的特点。 ...

Group 1 - The mining ETF (561330) saw an intraday increase of over 2%, with a net inflow of over 800 million yuan in the past 20 days, surpassing a total scale of 2 billion yuan [1] - Western Securities noted that the imbalance in inventory regions and the internal competition in smelting are pushing copper prices higher, with supply disruptions and potential acceleration of "anti-involution" in the smelting sector driving price breakthroughs [1] - In the aluminum industry, there is an oversupply and severe internal competition in the alumina sector, prompting the National Development and Reform Commission to encourage mergers and reorganizations among major alumina enterprises, which will accelerate the integration of the industry chain and improve market supply-demand balance in the long term [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metals index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) ranked third in overall market ETF performance for the year 2025, with a year-to-date increase of 106.11%, making it the top performer among ten ETFs in the non-ferrous sector [2]