风险提示：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。 每日经济新闻 有色60ETF（159881）跟踪的是中证有色金属指数（930708），该指数从沪深市场中选取涉及有色金属 采选、冶炼与加工的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等主要领域，以反映 有色金属行业相关上市公司证券的整体表现。成分股平均市值较大，行业分布均衡，侧重于原材料板 块。 华创证券指出，今年以来铜矿山供应扰动不断，供应增速下降，而铜冶炼产能2025年预计增加超过200 万吨，2026年预计也在100万吨以上，矿冶矛盾愈发突出，TC价格自今年4月持续维持在-40美元/吨以 下，2026年TC价格为0，国内铜冶炼减产概率大增，减产预期将支撑铜价走高。铝方面，海外减产预期 持续强化，南非莫扎尔铝业宣布2026年停产维护，国内铝锭延续去库 ...

12月19日，A股三大指数午后高位震荡。截至收盘，沪指涨0.36%，深成指涨0.66%，创业板指涨 0.49%。沪深两市成交额1.73万亿，较上一个交易日放量704亿。市场逾4400股上涨。港股市场，恒生指 数收涨0.75%，恒生科技指数涨1.12%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 2 | 3890.45c | 14.08 | 0.36% | | 399001 | 深证成指 | mr. Vin | 13140.21 c | 86.24 | 0.66% | | 399006 | 创业板指 | | Nom 3122.24c | 15.17 | 049% | 资金流向，主力资金全天净流入通用设备、汽车、商贸零售等板块，净流出半导体、航天航空、电子等 板块。盘面上，大消费爆发，零售、免税店方向领涨；海南自贸区、核聚变、稀土永磁、两岸融合、智 能驾驶概念股活跃。算力硬件产业链调整，CPO、存储区方向跌幅靠前。 美日数据及政策动向主导市场情绪 12月18日，在政府结束停摆后 ...

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。 每日经济新闻 有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工等业务的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等多个细分领 域，成分股平均市值约402亿元，行业分布相对均衡，旨在反映中国有色金属行业相关上市公司证券的 整体表现。 风险提示：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 华创证券指出，美联储"鹰派"降息落地后铝价短暂走弱，但全球铝库存总体小幅下行，LME+国内铝库 存总计维持120-125万吨，安全库存维持低位。海外项目因电力问题减产叠加印尼增量释放缓慢，未来 2-3年全球铝供需或维持紧平衡，库存或持续低位对铝价形成支撑。铜铝比创年内新高，历史铜铝比多 3.3-3.7，意味铝仍有补涨空间，若美国缺电逻辑造成减产，铝上涨弹 ...

今日A股午后走强。上证指数上涨1.19%报3870.28点，深证成指上涨2.40%，创业板指上涨3.39%。中证 A500上涨1.95%，沪深300上涨1.83%。板块层面，高弹性板块今日涨幅居前，通信、创业板人工智能、 有色等表现较好；养殖、煤炭及红利类板块表现居后。今日风险偏好中性较高，个股涨多跌少，全A超 3600股飘红。A股全天成交1.83万亿元，上日成交1.75万亿元。 据智通财经，A股午后上演绝地反攻，中证A500ETF成交额放量。截至收盘，头部5只中证A500ETF领 跑市场，合计成交额达452.91亿元；4只头部沪深300ETF合计成交额为80.8亿元。整体来看，全市场 A500ETF合计成交额达525.75亿元，是沪深300ETF合计成交额169.5亿元的3倍之多。 预计市场震荡蓄力，等待春季躁动行情。展望后市，我们看好在全球流动性宽松、国内宏观政策表述积 极及大国博弈的背景下，市场在明年仍将有所表现。投资者可以用中证A500ETF（159338）等宽基产品 打底，采用"科技+红利"的哑铃型配置策略。 截至12月16日，中证A500ETF（159338）规模约233亿元，成交额约64亿元。规 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metal sector, with significant gains in stocks such as Tianqi Lithium, Ganfeng Lithium, and Chifeng Jilong Gold [1] - Non-ferrous and mining-related ETFs have seen an approximate increase of 3% due to market influences [1] Group 2 - Specific ETF performance includes: - Non-ferrous Metal ETF (512400) at 1.769, up 3.15% - Non-ferrous 50 ETF (159652) at 1.534, up 3.02% - Non-ferrous Leader ETF (159876) at 0.913, up 3.05% - Mining ETF (561330) at 1.760, up 3.04% - Non-ferrous 60 ETF (159881) at 1.701, up 2.90% - Non-ferrous Metal ETF (159871) at 1.780, up 2.95% [2] - Brokerages forecast that copper and cobalt prices will continue to rise due to supply tightness, while lithium prices are expected to benefit from unexpected increases in energy storage demand [2] - Despite fluctuations in precious metal prices, the overall bullish outlook remains unchanged, supported by loose liquidity and increased efforts by countries to secure key resources [2]

有色60ETF（159881）涨超1.5%，工业金属供需格局引关注。 每日经济新闻 风险提示：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。 华创证券指出，铝价在美联储"鹰派"降息后短暂走弱，但全球铝库存小幅下行，LME+国内铝库存维持 在120万-125万吨，安全库存处于低位。海外项目因电力问题减产叠加印尼增量释放缓慢，未来2-3年全 球铝供需或维持紧平衡，库存或持续低位，对铝价形成支撑。铜铝比创年内新高，历史铜铝比多处于 3.3-3.7，意味着铝仍有补涨空间，若美国因缺电逻辑减产，铝价弹性可能更强。电解铝行业利润有望维 持高位，氧化铝价格下行带动吨铝成本下降，行业平均利润约5500元/吨，且企业现金流改善、资本开 支强度低，红利属性凸显。短期金属价格或受美联储政策分歧影响震荡，但铝的基本面和金融属性支撑 其长期表现。 ...

有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等行业。中证有色指数 成分股平均市值较大，能够反映有色金属行业龙头企业的整体表现，兼具周期性和成长性特征。 风险提示：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。 （文章来源：每日经济新闻） 华创证券指出，铝价在美联储"鹰派"降息后短暂走弱，但全球铝库存小幅下行，LME+国内铝库存维持 在120-125万吨的低位，安全库存处于低位。海外项目因电力问题减产，印尼增量释放缓慢，未来2-3年 全球铝供需或维持紧平衡，库存或持续低位，对铝价形成支撑。铜铝比创年内新高，历史铜铝比多在 3.3-3.7之间，意味着铝仍有补涨空间，若美国缺电逻辑导致减产，铝价弹性 ...

（文章来源：每日经济新闻） 国信证券指出，有色金属行业维持相对稳定，铜铝价格小幅上涨，显示出较强的韧性。工业金属中，黑 色金属冶炼已确立补库趋势，伴随价格降幅收窄，行业景气度有所修复。上游原料端正在逐步走出底 部，表现得较为温和。整体来看，有色金属和工业金属行业整体仍处于温和修复阶段。 有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等细分领域，以反映中 国A股市场有色金属行业相关上市公司证券的整体表现。 有色60ETF（159881）涨超2.3%，行业分化中铜铝韧性凸显。 ...

Group 1 - The core viewpoint indicates that copper mine supply disruptions have been ongoing this year, leading to a decline in supply growth, while copper smelting capacity is expected to increase by over 2 million tons by 2025 and more than 1 million tons in 2026, exacerbating the conflict between mining and smelting [1] - The TC price has been maintained below -40 USD/ton since April this year, with long-term TC at only 21 USD/ton, and the expectation is that TC prices will remain low in 2026, increasing the probability of domestic copper smelting reductions [1] - The CSPT group's proposal to reduce production capacity by 10% could involve nearly 1 million tons of capacity, and the expectation of reduced copper smelting may further support rising copper prices [1] Group 2 - The Federal Reserve's interest rate cut expectations have rapidly increased, with market expectations for a rate cut in December rising to 86.4%, which is likely to benefit both base and precious metals [1] - In the silver market, low inventory levels have supported prices reaching historical highs, with total silver inventory at the Shanghai Gold Exchange and the Shanghai Futures Exchange at 1,235 tons, close to a 10-year low, increasing the sensitivity of prices to supply-demand gaps [1] Group 3 - The Nonferrous 60 ETF (159881) tracks the China Securities Nonferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals from the Shanghai and Shenzhen markets, covering industries such as copper, gold, aluminum, rare earths, and lithium [1] - This index reflects the overall performance of the nonferrous metal industry in the Chinese A-share market, with constituent stocks having larger market capitalizations and better liquidity [1]

Market Overview - The market experienced a decline with all three major indices closing lower: Shanghai Composite Index down 0.51%, Shenzhen Component Index down 0.78%, and ChiNext Index down 1.12% [1] Sector Performance - Coal, wind power equipment, and traditional Chinese medicine sectors showed strong gains, while energy metals, internet services, and software development sectors faced significant declines [1] - Main capital inflows were observed in small metals, optical electronics, and non-ferrous metals industries [1] ETF Performance - Related ETFs such as those in non-ferrous metals, electricity, and traditional Chinese medicine performed well, likely influenced by relevant news [1] Federal Reserve Insights - China Galaxy Securities noted that market expectations for a Federal Reserve rate cut in December have exceeded 80%, leading to a rebound in gold prices and a new high for silver prices [1] - The ongoing rate cut cycle and potential shift from balance sheet reduction to expansion may continue to support rising prices for gold and silver [1] Resource Sector Outlook - CITIC Construction indicated that conditions are accumulating for a strong performance in resource products, which may become a new main investment theme in A-shares following technology [1] - The competition for key resources amid external geopolitical tensions is expected to be a significant factor driving the strength of resource products [1] New Energy and Grid Investment - Zhongyou Securities highlighted that the demand for new energy consumption is surging under the "dual carbon" goals, leading to a rapid growth cycle in grid investment [2] - The urgency for smart grid upgrades, along with infrastructure needs for ultra-high voltage channels and distribution network improvements, is driving this investment trend [2] Traditional Chinese Medicine Pricing Regulation - The launch of the drug price registration system in China is part of a broader initiative to regulate the prices of traditional Chinese medicine [3] - Multiple regions, including Heilongjiang, Anhui, and others, are actively implementing price governance measures targeting high-priced traditional Chinese medicines [3] - The goal is to establish a unified, open, and competitively ordered drug market across the country [3]