美国劳工统计局表示，美国9月非农就业人口增长11.9万人，远超预期的5.1万人；美国9月失业率上升至 4.4%，为2021年10月以来最高水平。 值得注意的是，11月非农报告将晚于美联储12月决议公布，叠加10月就业、CPI报告将暂停公布，9月 非农数据将是美联储在12月9–10日会议前能看到的最后一份就业报告，会议将缺少关键的就业和通胀数 据指引。 业内人士指出，9月数据并未消除美联储内部分歧，12月降息的可能性继续下降。根据芝商所的 FedWatch数据，目前市场认为美联储12月降息25个基点的概率约为42%。 【周期风口已至，有色强势领跑】 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 中信建投证券指出，即使美联储暂停某一次降息，只要美联储仍处于降息通道（未来仍有进一步降息预 期）中，有色金属价格仍有上涨动力，有色行情就谈不上结束。 盘面上，今日（11月21日）或由于美联储12月降息可能性下降，有色金属板块受扰动，领跌市场，盛新 锂能、永兴材料、雅化集团、国城矿业4股跌停，揽尽有色金属行业龙头的有色龙头ETF（159876）场 内价格一度跌超4%，现跌3.74%。 不同的金属，景气度、节奏与驱 ...

Core Insights - The market is currently experiencing fluctuations, with a notable adjustment in the AI sector, particularly in the ChiNext AI index, which saw a decline of over 3% in a single day, indicating a broader market correction [3][4] - The banking sector is showing strong performance, with the China Securities Banking Index rising over 9% since October, significantly outperforming the broader market and the ChiNext index by nearly 13% [4][6] - High dividend yields and low valuations in the banking sector are attracting investor interest, especially in a low-interest-rate environment [4][6] Market Temperature - The market temperature gauge indicates a mixed sentiment, with the Shanghai Composite Index at a 99.09% percentile, Shenzhen Component Index at 84.36%, and ChiNext Index at 43% [1] Sector Performance - The top three sectors with net inflows include Defense and Military (846 million), Real Estate (545 million), and Construction Decoration (471 million) [2] - The sectors with the largest net outflows are Electronics (-14.608 billion), Electric Equipment (-8.542 billion), and Chemical Engineering (-5.713 billion) [2] ETF Performance - The banking ETF (512800) has shown a 0.85% increase on the day and a 4.82% increase over the past six months, indicating strong investor confidence [3][6] - The AI-focused ChiNext ETF (159363) has experienced a significant decline, reflecting the broader market's adjustment in technology stocks [3][4] Investment Strategy - The current investment strategy in the banking sector is supported by its high dividend yield and stable operational characteristics, making it attractive for investors seeking safety and income [4][6] - The AI hardware and computing sectors are expected to remain key market drivers in the upcoming year, despite recent volatility [4]

Market Overview - A-shares indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, and trading volume exceeding 2 trillion yuan, an increase of 969 billion yuan from the previous period [1] - The technology sector, particularly the domestic AI industry chain, saw significant gains, with the AI-focused ETF (589520) rising nearly 2% and attracting 31.59 million yuan in five days [1] Sector Performance Technology Sector - Alibaba's secret "Qianwen" project aims to compete with ChatGPT, enhancing the global AI application landscape [1] Chemical Sector - The chemical ETF (516020) surged by 3.95%, reaching its highest closing price since March 2023, driven by rising prices of lithium hexafluorophosphate and favorable government policies [1][10] - The National Energy Administration's guidance on promoting the integration of new energy is expected to drive direct project investments of approximately 250 billion yuan [1] New Energy and Electric Vehicles - The smart electric vehicle ETF (516380) and green energy ETF (562010) also saw significant gains, rising by 3.83% and 3.41% respectively [1] Hong Kong Market - The Hong Kong innovation drug ETF (520880) experienced a substantial increase of 4.6%, indicating a potential second wave of the innovation drug market [2][4] - The newly launched Hong Kong information technology ETF (159131) focusing on the chip industry rose by 1.11%, with a trading volume exceeding 80 million yuan [2] Future Outlook - CITIC Securities anticipates 2026 to be a pivotal year for China's development, with a focus on new industries and consumption growth [4] - The chemical sector is expected to benefit from increased demand in the lithium battery supply chain, with significant price fluctuations noted [14] - The outlook for the non-ferrous metals sector remains strong, with a year-to-date increase of 75.9%, driven by robust earnings and strategic resource policies [18][20]

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

今日（11月13日）有色金属板块掀涨停潮，兴业银锡、雅化集团、国城矿业、华锡有色、永兴材料、中 矿资源、盛新锂能7股涨停，揽尽有色金属行业龙头的有色龙头ETF（159876）场内涨幅盘中上探 4.79%，现涨4.46%，站稳全部均线，实时成交额超6500万元，交投火热！ 从长期收益来看，截至10月底，有色金属板块年内累计上涨75.9%，板块涨幅高居31个申万一级行业断 层第一，大幅跑赢通信（61.88%）、电子（48.1%）、电力设备（45.12%）等行业。 | 涨幅排序 申万一级行业 | 区间涨跌幅 | | --- | --- | | TE 有色金属(申万) | 75.90% | | 2 通信(申万) | 61.88% | | 3 电子(申万) | 48.10% | | 数据统计区间:2025.1.1-2025.10.31. | ... | 【有色金属板块为什么这么强？】 1、业绩端，2025年三季报显示，有色龙头ETF60只成份股中，56家上市公司实现盈利，44家归母净利 同比正增长，其中，楚江新材归母净利同比暴增20倍，国城矿业等10家上市公司实现归母净利三位数大 增，紫金矿业归母净利同比增长55%，业 ...

为促进华宝中证有色金属交易型开放式指数证券投资基金（基金简称：有色龙头ETF，基金代码： 159876）的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服 务（2023年修订）》等相关规定，我司自2025年11月12日起新增中信证券股份有限公司为有色龙头ETF 的流动性服务商。 特此公告。 华宝基金管理有限公司 2025年11月12日 华宝基金关于华宝北证50成份指数型 证券投资基金新增代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与民生证券股份有限公司（以下简称"民生证券"）、 渤海证券股份有限公司（以下简称"渤海证券"）、光大证券股份有限公司（以下简称"光大证券"）、东 北证券股份有限公司（以下简称"东北证券"）、南京证券股份有限公司（以下简称"南京证券"）、上海 证券有限责任公司（以下简称"上海证券"）、平安证券股份有限公司（以下简称"平安证券"）、国都证 券股份有限公司（以下简称"国都证券"）、东海证券股份有限公司（以下简称"东海证券"）、华西证券 股份有限公司（以下简称"华西证券"）、华福证券有限责任公司（以下简称"华福证券"）、开源证券股 份有限公司 ...

Group 1: Gold Market Insights - Gold prices continue to rise, with COMEX gold reaching $4155 per ounce, marking a three-day increase [1] - The U.S. government shutdown has lasted 40 days, with President Trump indicating a potential resolution is near [1] - The Federal Reserve is expected to lower interest rates by at least 25 basis points, with a 50 basis point cut deemed appropriate [1] - The People's Bank of China has increased its gold holdings for the 12th consecutive month, supporting the macroeconomic foundation for gold prices [1] - Citic Securities identifies five categories of downward risks for gold prices, which are currently not significant [1] Group 2: Non-Ferrous Metals Sector - Analysts suggest focusing on the entire non-ferrous metals sector rather than individual metals, with positive macroeconomic expectations from U.S.-China trade talks [2] - Continuous interest rate cuts by the Federal Reserve and potential liquidity improvements are expected to benefit copper and aluminum prices [2] - The lithium sector is experiencing strong demand due to energy storage needs and anticipated purchasing tax changes for electric vehicles, leading to increased lithium prices [2] Group 3: ETF Performance and Market Trends - The non-ferrous metals ETF (159876) saw an early gain of over 1% but later adjusted to a decline of 0.99%, maintaining a strong technical position above moving averages [3] - Key stocks in the ETF include Guocheng Mining and Huayu Mining, which have shown significant gains, while companies like Zhongfu Industrial and Tianqi Lithium have faced declines [3] - The non-ferrous metals sector is characterized by varying degrees of market performance, suggesting a diversified investment approach may be beneficial [5]

近日，黄金税收新政出台，中信建投解读，此次新政的核心，落在了黄金实物交割环节的细化管理，首 次明确区分"投资性用途"和"非投资性用途"，并调节了增值税相关细则，总体更鼓励场内黄金交易。 业内人士指出，其押注黄金这单一赛道，不如放眼布局整个有色金属板块： 盘面上，今日（11月5日）揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格一度 跌超2.6%，现跌1.85%，值得关注的是，截至发稿，该ETF获资金实时净申购240万份，且近3日连续吸 金，合计金额2527万元，或有资金逢跌抢筹，埋伏后市反弹机遇！ 成份股方面，国城矿业涨超2%，钒钛股份、西部黄金、山东黄金、赤峰黄金等个股逆市飘红。另一方 面，云铝股份、天山铝业、中孚实业跌超4%，赣锋锂业、北方稀土等个股跌逾3%，跌幅居前，拖累指 数表现。 | 有色龙头ETF | | 159876 | | | --- | --- | --- | --- | | | | -0.016 -1.85% | | | SZSE CNY 10:09:51 交易中 | | / 0 + | | | 科书画史 | | 华宝中证有色金属ETF | | | 实时申购随回信息 ...

Core Insights - The banking sector is showing strong performance, with the China Securities Banking Index closing up over 2% on November 4, 2025, as 34 out of 42 constituent stocks rose by more than 1% [3][4] - The demand for bank stocks is driven by mid-term dividend peaks and a flight to safety as year-end approaches, with a historical probability of 70% for absolute returns in the banking sector during November and December [4] - The metals sector experienced a decline, with the China Securities Nonferrous Metals Index dropping over 3%, influenced by uncertainties surrounding the Federal Reserve's interest rate decisions [4] Market Temperature - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have percentile ranks of 96.01%, 82.59%, and 42.18% respectively, indicating varying market conditions [1] Sector Performance - The top three inflow sectors include light industry manufacturing with a net inflow of 1.05 billion, while the top three outflow sectors include power equipment with a net outflow of 10.795 billion [2] - The banking ETF (512800) has shown a 10.46% increase over the past six months, reflecting strong investor interest [3] Investment Opportunities - The banking sector is highlighted as a key area for investment due to its low valuation and high dividend yield, making it an attractive option for investors seeking stable returns [4][5] - The nonferrous metals sector may present future investment opportunities as historical trends suggest that low interest rates can lead to increased demand for these commodities [4]

Group 1 - The core viewpoint of the news highlights the recent downturn in the non-ferrous metals sector, with the leading non-ferrous metals ETF (159876) experiencing a decline of 3.02% and facing three consecutive days of losses, while still maintaining a bullish long-term trend [1] - The non-ferrous metals ETF (159876) saw a net subscription of 18 million units during the day, indicating that investors are actively positioning themselves during the market pullback [1] - As of November 3, the ETF's latest scale reached 516 million yuan, making it the largest among three similar products tracking the same index [1] Group 2 - The Federal Reserve's interest rate outlook remains uncertain, with a 67.3% probability of a 25 basis point rate cut in December, suggesting that the Fed is still in a rate-cutting cycle [3] - Analysts point out that historical trends show that previous Fed rate-cutting cycles have led to significant increases in non-ferrous metal prices due to a low-interest environment and a weaker dollar [4] - Supply-demand imbalances are expected to drive prices of copper and cobalt higher, while lithium prices may benefit from unexpected demand in energy storage [4] Group 3 - The non-ferrous metals sector is seen as a valuable investment opportunity, with a focus on global monetary easing, supply-demand dynamics, and policy incentives that could lead to a sector-wide recovery [4] - The non-ferrous metals ETF (159876) and its linked funds provide a diversified investment approach, covering various metals such as copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks [5]