Core Viewpoint - The non-ferrous metal sector is becoming a focal point for institutional investment, with a significant increase in the number of themed funds and net subscriptions for ETFs in this category over the past year [1][2]. Group 1: Fund Activity - In the past week, seven non-ferrous metal themed funds have been reported, with several more in the pipeline for issuance [1]. - Over the past year, non-ferrous metal themed ETFs (excluding gold) have seen net subscriptions exceeding 51 billion yuan, with 15 ETFs currently having a total scale of nearly 80 billion yuan [1][2]. - As of January 1, 2025, the total scale of non-ferrous metal themed ETFs was approximately 8.08 billion yuan, which increased to 78.81 billion yuan by January 13, 2026 [2]. Group 2: Index Characteristics - There are multiple non-ferrous metal themed indices, each with different focuses, requiring investors to carefully select ETFs based on their characteristics [1]. - The CSI Shenwan Non-Ferrous Metal Index selects 50 listed companies from the non-ferrous metal and non-metal materials sectors [1]. - The CSI Industrial Non-Ferrous Metal Index focuses on 30 larger market cap companies involved in copper, aluminum, lead-zinc, and rare metals [1]. - The CSI Non-Ferrous Metal Mining Index selects 40 companies with non-ferrous metal mineral resource reserves [1]. Group 3: Market Trends and Drivers - The recent surge in the non-ferrous metal sector is attributed to various factors, including global monetary easing and increased demand from AI data centers for copper, silver, and rare metals [2]. - Supply constraints and regional imbalances in supply and demand, along with frequent mining accidents, contribute to uncertainties in the supply side [2]. - Long-term macroeconomic logic for non-ferrous metals remains intact, with a strategy of accumulating during market adjustments recommended [2]. Group 4: Future Outlook - The current demand for non-ferrous metals is driven by emerging fields such as AI computing and robotics, which have a higher price acceptance for commodities than previously expected [3]. - Despite the strong performance of the non-ferrous sector in 2025, expectations should be moderated for 2026, although the long-term resource cycle is still ongoing [3].

* [10] M. C. ETF 市场回顾 从一级市场资金流动情况来看，上周（2026.01.05-2026.01.09）已上市 ETF 资金净流入合计-472.00 亿元，其中跨境 ETF 资金净流入 139.63 亿元，商品型 ETF 资金净流入 68.77 亿元，股票型 ETF 资金净流出 14.72 亿元，债券型 ETF 资 金净流出 665.68 亿元。 在沪深 300 增强指数型基金中，富荣沪深 300 增强 A(004788.OF)上周表现最佳，相对基准的超额收益率为 1.48%。在 中证500增强指数型基金中，天弘中证500指数增强A(001556.OF)上周表现出色，相对业绩基准的超额收益率为0.07%。 在中证 1000 增强指数型基金中，华安中证 1000 指数增强 A(015148.OF)上周取得了 1.12%的超额收益率。在国证 2000 增强指数型基金中，鑫元国证 2000 指数增强 A(018579.OF)表现最优，取得了 1.10%的超额收益率。 风险提示 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险；基金历史业绩不 代表未来；ETF ...

2026年有色金属延续2025年的飙涨行情，当前位置到底高不高？ "未来，越来越多的美国白领月收入，可能还比不上一吨铜的价值。"这是国金证券首席策略官牟一凌于 1月9日在2026博时基金投资策略会上提到的。 无独有偶，看好有色金属长期走势的还有平安基金基金经理王华，他于7日在平安基金2026年投资策略 会上抛出观点，今年的电解铝，就是2022年的煤炭。 中信建投期货有色首席分析师江露近日也公开表示，海内外宏观宽松共振叠加供需缺口持续，2026年仍 是商品大年，有色板块或持续上涨趋势。 然而，在市场热度节节攀升的同时，当前的有色板块，位置到底高不高？机构集体唱多的背后，是产业 逻辑的坚实支撑，还是又一次高位扎堆的风险预演？ 牟一凌会上分析称，AI基建对全球的冲击将远超新能源，利率下行、投资放量，同步撬动金属与能源 需求；中国的受益链条正由光模块、PCB向电力设备、储能及更广制造业扩散。主要机会集中在工业资 源品，包括铜、铝、锡、锂、原油及油运。 牟一凌还提到，全球电力建设提速也进一步提振铜、铝、钢材直接需求。IEA预计2026年用电量增速继 续高于GDP，而2025年电源投资已再次快于电网，电网"欠账"明显，2 ...