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、稀土和锂等细分领域，以 反映有色金属行业相关上市公司证券的整体表现。该指数成分股覆盖广泛，行业分布较为均衡。 五矿证券指出，铜在绿色脱碳进程中具有不可替代性，电气化作为脱碳主战场，铜作为核心导电金属， 需求将持续增长。预计到2050年全球电力对铜的需求将翻倍以上，电网扩张、新能源发电（风光、储 能）及交通电动化（电动车用铜量为燃油车2.5倍）是主要驱动力。然而，铜供应面临结构性挑战：资 源集中度海外、矿山品位下降、新矿开发周期长，2035年供需缺口或达30%~40%。冶炼环节碳排放占 产业链90%，是脱碳核心矛盾，需加快绿色化转型。再生铜占比目前仅17%，远低于碳中和目标所需的 50%。政策层面，全球推动低碳铜认证标准，国内规划2025年再生铜占比达24%。长期看，铜价中枢有 望稳中上行，低碳铜或具备结构性溢价。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而 ...

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。该指数反 映了有色金属行业的整体表现，具有明显的周期性特征，并受到经济周期及新能源产业发展的影响。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 广发证券指出，2025年有色金属行业表现领先，背后是围绕美元信用走弱和AI科技革命的一系列宏观 叙事驱动。工业金属如铜价涨幅显著，COMEX铜较去年底上涨26.8%。2026年随着全球叙事收敛，有 色金属可能从定价远期转向远近结合，真实需求定价权上升。此外，反内卷政策及南方国家工业化带来 的出口需求可能成为结构性支撑。 ...

平安证券指出，有色金属行业兼具景气占优和成交活跃度提升的多重优势，行业超额收益有望延续。工 业金属方面，铜、铝等商品价格受全球经济周期和自身供需格局影响，行业指数通常与商品价格共振上 行。有色金属行业盈利预测景气指数相对偏强，分析师盈利预期对股价有一定的领先性。此外，有色金 属行业在公募、外资、两融等资金中均更受欢迎，资金结构对其行情有正反馈作用。展望未来，随着供 给侧"反内卷"与扩大内需政策持续推进，有色金属行业景气有望进一步改善。 （文章来源：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、冶炼与加工的代表性证券作为指数样本，覆盖铜、铝、锂、稀土等细分领域。该指数旨在反映中国 A股市场上有色金属行业的整体表现，行业分布均衡，具有较强的周期性特征。 ...

有色60ETF（159881）涨超1.5%，行业景气与资金关注度支撑价格表现 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 平安证券指出，有色金属行业兼具景气占优和成交活跃度提升的多重优势，行业超额收益有望延 续。工业金属方面，铜、铝等商品价格受全球经济周期和自身供需格局影响，行业指数通常与商品价格 共振上行，且股市通常领先于商品价格见顶。此外，有色金属行业在公募、外资、两融等资金中均小幅 超配，市场关注度较高。随着供给侧"反内卷"与扩大内需政策推进，有色金属行业预期有望进一步改 善。 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涵盖铜、铝、 锂及稀土等细分领域的上市公司证券作为指数样本，全面反映有色金属行业从采选到冶炼加工全产业链 的整体表现。指数成分股广泛分布于有色金属各子行业，兼具周期性与成长性特征。 注：如提及个 ...

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，具有全面 的行业代表性。该指数综合反映了中国A股市场有色金属行业的整体表现，兼具周期性特征和部分消费 属性。 国信证券指出，有色金属行业供需与降息共振，静待盈利与估值双升。工业金属方面，电解铝产能利用 率已达98%的极值，供需紧张态势下铝价年均价逐年抬升，若需求超预期可能突破历史前高；铜价受 Grasberg铜矿停产影响，预计2026年价格重心8.5万元/吨以上，全球短缺幅度约1%。能源金属中，刚果 (金)钴出口配额制严格执行或造成未来两年10%以上供需缺口；锂行业短期供给扰动未消除，但储能需 求超预期（2025年全球出货量预期550Gwh，同比+70%），碳酸锂月度缺口约1万吨，预计2026年供需 趋紧，价格高点或达10-12万元/吨。小金属战略属性提升，钨矿供给增量有限，出口管制放松或带动价 格上行；稀土我国占据全球主导地位，氧化镨钕供需或现短缺；锑资源稀缺，光伏需求快速攀升，出口 管制放松后价格进入上行通道。贵金属方面 ...

Market Overview - The Shanghai Composite Index rose by 0.18%, while the ChiNext Index increased by 0.25% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 17,427 billion yuan, a decrease of 2,033 billion yuan compared to the previous day [1] - Over 4,100 stocks in the market experienced declines [1] Sector Performance - The non-ferrous metals sector led the gains, with strong performances from the oil, chemical, banking, military, and aquaculture industries [1] - Technology stocks experienced a broad pullback, particularly in computing hardware, AI applications, and stablecoin sectors, with significant declines in solar energy and real estate [1] ETF Performance - Gold stocks saw an increase in afternoon trading, with the following ETFs showing notable gains: Yongying Fund Gold Stock ETF (+4.79%), Guotai Fund Gold Stock ETF (+4.55%), and Huaxia Fund Gold Stock ETF (+4.13%) [1] - The non-ferrous metals sector also performed well, with the following ETFs: China Merchants Fund Mining ETF (+3.18%), Guotai Fund Non-Ferrous 60 ETF (+2.9%), and Huaxia Fund Non-Ferrous Metals ETF (+2.86%) [1] - The AI application sector declined, with the following ETFs: Film and Television ETF, Media ETF, and Cultural and Entertainment Media ETF all down by 2% [1] - The innovative new energy sector also saw declines, with the Innovation New Energy ETF and the Sci-Tech Innovation Board New Energy ETF both down by 1.89% [1]

Market Overview - A-shares experienced a volatile upward trend today, with the Shanghai Composite Index rising by 0.23% to 3969.25 points, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.872 trillion yuan, a decrease of about 43.42 billion yuan compared to the previous trading day [1] Sector Performance - The anti-involution theme maintained strong performance, with solar energy, carbon neutrality, and new energy vehicles leading the gains [1] - The TMT sector faced a pullback, with integrated circuits and computers showing the largest declines [1][2] Investment Sentiment - The risk appetite today was neutral, with nearly 3,400 stocks rising [1] - Growth stocks outperformed value stocks, and there was a divergence within the innovation-driven sectors [1] TMT Sector Analysis - The TMT sector's slowdown may limit the upward trend to other sectors, with focus expected to remain on AI and anti-involution sectors [2] - Public funds' allocation to the TMT sector reached a historical high of 40% in Q3, suggesting potential for a slowdown in future gains [2][4] Economic Indicators - The October PMI was reported at 49.0, slightly above the seasonal decline, with production and new orders being the main drag [10] - Domestic demand remains weak, impacting companies' pricing power and the effectiveness of anti-involution policies [10] Bond Market Outlook - The bond market may perform well in Q4, with limited upward space for government bond yields following the resumption of government bond trading [7][12] - Investors are advised to focus on ten-year government bond ETFs as the macroeconomic environment shows signs of pressure [7][13]

Group 1 - The non-ferrous metal sector stocks experienced a decline in early trading, with Northern Rare Earth and Luoyang Molybdenum falling over 5%, and Zijin Mining and Huayou Cobalt dropping over 4% [1] - The related ETFs for non-ferrous metals dropped nearly 4% due to adjustments in heavy-weight stocks [1] - Specific ETF performance includes: Non-ferrous Metal ETF at 1.701 (-3.95%), Non-ferrous 60 ETF at 1.629 (-3.89%), and Non-ferrous Leaders ETF at 0.872 (-3.75%) [2] Group 2 - Brokerages indicate that the non-ferrous metal sector will face high market volatility risks in 2025, influenced by uncertainties from both demand and supply sides [2] - Emerging demand in the downstream structure of copper and aluminum has shifted from quantitative to qualitative changes, which is expected to support a long-term upward adjustment in the price center of non-ferrous metals [2]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is expected to boost policy and infrastructure demand, leading to a favorable macroeconomic environment for basic metals like copper and aluminum [1] Domestic Factors - The anticipated dual easing of fiscal and monetary policies is likely to improve macroeconomic sentiment, supporting demand for basic metals [1] - The domestic demand peak is gradually being realized, indicating strong consumption resilience, which is expected to strengthen aluminum prices [1] Overseas Supply Disruptions - Supply disturbances from overseas, such as Century Aluminum's electrolytic aluminum production line failure, are contributing to the market dynamics [1] Investment Opportunities - The Huachuang Securities report highlights the potential for the non-ferrous metals sector, particularly through the Non-Ferrous 60 ETF (159881), which tracks the CSI Non-Ferrous Index (930708) [1] - The CSI Non-Ferrous Index includes listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering sectors like copper, gold, aluminum, and rare earths [1] - The index reflects the overall performance of non-ferrous metal industry listed companies, characterized by cyclical nature and high volatility, making it suitable for investors with a research background in cyclical industries [1]

Core Viewpoint - The A-share market experienced a collective rise, with significant increases in major indices, driven by strong performance in the metals sector and positive market sentiment ahead of the upcoming FOMC meeting [1][6]. Market Performance - The Shanghai Composite Index rose by 0.7%, stabilizing above 4000 points; the Shenzhen Component increased by 1.95%, and the ChiNext Index surged by 2.93%. The North Star 50 Index saw a remarkable rise of 8.41%. The total market turnover reached 2.29 trillion yuan, showing an increase compared to the previous day [1]. Metals Sector - The Nonferrous Metals ETF (159881) closed up by 4.78%, while the Mining ETF (561330) rose by 4.48% [2][4]. - The nonferrous metals sector saw a collective surge, with copper and zinc leading the gains. The main copper futures contract in London broke through the $11,000/ton mark and reached an intraday high of $11,130/ton, surpassing the previous historical high of $11,104.5/ton set in May of last year, marking a year-to-date increase of nearly 25% [6]. - London aluminum prices also rose, breaking a nearly three-year record, reaching an intraday high of $2,909.9/ton, with a year-to-date increase of over 13% [6]. Economic Factors - The rebound in spot gold prices followed a drop to $3,886.2/ounce, with market participants awaiting the FOMC meeting and anticipating a 25 basis point rate cut, which could benefit precious metals [6]. - Recent trade discussions between China and the U.S. in Kuala Lumpur have eased trade concerns, boosting market risk appetite and benefiting industrial metals like copper and aluminum [6]. Future Outlook - The copper supply-demand situation remains tight, with expectations for price increases in a rate-cutting cycle. Recent disruptions in overseas copper mines, including a forecasted production shortfall from Antofagasta in Chile, have led to downward adjustments in production guidance for several major projects, cumulatively reducing output by nearly 500,000 tons [7]. - The ongoing low treatment charge (TC) prices for copper mines and the tightening of smelting capacity in China are expected to support copper prices in the medium term [7]. - For gold, the core factors supporting price increases include the onset of a Fed rate-cutting cycle, challenges to the dollar's credit system, and ongoing geopolitical uncertainties [8][9]. Investment Opportunities - Investors are encouraged to focus on resource stocks, particularly the Mining ETF (561330) and the Nonferrous Metals ETF (159881), which have significant exposure to gold, copper, and rare metals, collectively accounting for over 50% of their industry distribution [10].