（文章来源：每日经济新闻） 没有股票账户的投资者可以通过矿业ETF的联接基金（018168）把握有色矿业板块的投资机会。 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。 有色矿业盘中拉升，矿业ETF（561330）、有色60ETF（159881）均涨超2.5%。 东兴证券表示，本次"反内卷"政策旨在防止行业同质化恶性竞争且强调破除地方保护，利用市场机制及 行业自律机制优化升级产能，并实现行业高端化及绿色化转型。从库存观察，钢铁库存已出现持续性去 化且呈现被动式调整特征。从盈利能力观察，2021~2024年，受房地产市场下行影响，行业ROE和ROA 已再度降至历史低位。考虑到"反内卷"政策出台或在短期内推动市场交易情绪修复并刺激长期低迷的库 存周期抬头，促发阶段性的风险情绪交易机会并优化及强化行业的供需状态及利润质量，我们认为钢铁 行业产能集中度的攀 ...

（文章来源：每日经济新闻） 没有股票账户的投资者可关注国泰中证有色金属ETF发起联接A（013218），国泰中证有色金属ETF发 起联接C（013219）。 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。 相关机构表示，当地8日特朗普宣布对铜加征50%关税，落地时间大超预期。受此影响COMEX铜与 LME铜价差迅速拉大，溢价达到约25%。我们认为，这一价差不及关税的主要原因，是美国已经通 过"抢进口"囤积了大量的铜库存，未来可能大幅减少铜进口。在美国市场与全球市场"割裂"后，这一价 差也就不再具备吸引力。但我们认为，LME铜与沪铜的回调或许能够带来机会，因为铜在长期仍有供 需错配带来的支撑，下半年有望看到主要经济体的刺激政策，从而进一步推高铜需求。 有色60ETF跟踪的是中证有色指数，该指数由中证指数有限公司编制，从A股市场中选取涉及有色金属 采选 ...

有色60ETF跟踪的是中证有色指数，该指数由中证指数有限公司编制，从A股市场选取从事贵金属、工 业金属等有色金属行业的代表性上市公司证券作为指数样本，以全面反映有色金属领域上市公司证券的 整体表现。作为具有鲜明周期特征的行业指数，其成分股覆盖有色金属产业链上下游多个细分领域，为 投资者提供高效的行业配置工具。 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。 消息面上，2025年7月10日有分析指出，伴随周期复苏、AI及电动汽车智能化发展，锡需求增速中枢持 续上移，同时缅甸佤邦地区长期停产导致全球锡矿供应趋紧。此外，中铝国际于7月7日召开数字化转型 与人工智能实施应用指挥部会议，推进技术升级；紫金矿业同日宣布完成加纳Akyem金矿交割，强化黄 金产能布局。 东莞证券指出，工业金属方面，全球宏观情绪逐步改善，且美联储释放出一定鸽派信号，推动工业金属 价 ...

Market Overview - The A-share market experienced a pullback after briefly surpassing the 3500-point mark, with the Shanghai Composite Index closing down 0.13% at 3493.05 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.51 trillion, an increase of 51.2 billion compared to the previous trading day [1] - The market showed mixed performance across sectors, with innovative drugs, pharmaceuticals, gaming, film, and coal leading gains, while gold stocks, non-ferrous metals, and chips lagged [1] Economic Indicators - In June, China's CPI turned positive at 0.10% year-on-year, with core CPI at 0.70%, influenced by seasonal weather and rising oil prices [3] - The decline in food prices was noted at 0.3% year-on-year, with beef prices increasing by 2.7% after 28 months of decline, while pork prices fell by 8.5% [3] - Domestic consumption policies have supported prices in the automotive and home appliance sectors [3] Monetary Policy Outlook - Due to ongoing consumer confidence issues and international trade risks, China's CPI and PPI face significant pressure, with potential for a 10 basis point rate cut by the central bank in Q4 [4] - This could open up more space in the bond market, with investors advised to focus on government bond ETFs [4] International Developments - The "Big Beautiful" Act signed by Trump on July 4th expands the U.S. fiscal deficit, potentially supporting U.S. economic growth and impacting various sectors differently [5] - Traditional energy, manufacturing, real estate, military, and agriculture sectors may benefit from tax advantages, while clean energy and healthcare may face reduced incentives [5] Copper Market Dynamics - The new 50% tariff on copper imports to the U.S. announced by Trump has led to significant fluctuations in copper prices, with U.S. copper prices rising sharply [6][10] - The current trading environment for copper is characterized by a contango structure in COMEX and a backwardation structure in LME, influenced by inventory levels and tariff expectations [10] - The anticipated tariff may reduce demand for U.S. copper, as significant stockpiling has already occurred, potentially leading to a decline in price differentials [10] Investment Recommendations - Investors are encouraged to consider opportunities in the 60 ETF (159881) and mining ETF (561330) as potential low-entry points in the current market environment [10]

有色60ETF跟踪的是中证有色指数，该指数由中证指数有限公司编制，从A股市场中选取涉及有色金属 采选、冶炼及加工等领域的上市公司证券作为指数样本，以反映有色金属行业相关上市公司的整体表 现。其成分股覆盖贵金属、稀有金属等多个细分领域，具有较强的周期性和商品属性特征。 没有股票账户的投资者可关注国泰中证有色金属ETF发起联接A（013218），国泰中证有色金属ETF发 起联接C（013219）。 7月2日，有色60ETF（159881）涨超1.3%。 西部证券指出，工业金属板块受美联储降息预期升温影响价格普涨。铜价方面，受美国232条款铜进口 调查影响，交易商将创纪录的铜运往美国以规避潜在关税，导致非美地区库存短缺。数据显示，LME 可交割库存规模年内暴跌约80%，现货对三个月期货升水一度达300美元/吨，创2021年以来新高。铝价 受益于几内亚铝土矿供应扰动，凸显产业链脆弱性。锌价则因LME库存持续去化表现强势。整体来 看，工业金属供需格局趋紧，铜冶炼加工费下行或引发减产预期，中长期价格中枢支撑较强。但需警惕 国内外宏观经济对需求的冲击，以及地缘政治和关税政策的不确定性风险。 注：如提及个股仅供参考，不代表投 ...

Market Overview - The market experienced fluctuations with mixed performance across major indices, with the Shanghai Composite Index rising by 0.39% and the Shenzhen Component Index increasing by 0.11%, while the ChiNext Index fell by 0.24% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.47 trillion yuan, a decrease of 20.8 billion yuan compared to the previous trading day [1] Gold Market Insights - Gold ETFs saw gains, with the Gold Fund ETF (518800) rising by 1.15% and the Gold Stock ETF (517400) increasing by 1.02% [3] - Gold prices have risen over 25% in the first half of 2025, marking the best performance since the second half of 2007, driven by liquidity, geopolitical factors, and central bank purchases [3] - Global central banks are entering a rate-cutting cycle, with expectations of three rate cuts within the year, which is likely to support gold prices [3][4] Central Bank Gold Demand - According to a survey by the World Gold Council, nearly 43% of 73 central banks plan to increase their gold reserves in the next year [4] - As of May this year, the People's Bank of China has increased its gold reserves for seven consecutive months, totaling 73.83 million ounces (approximately 2,296.37 tons) [4] Pharmaceutical Sector Developments - The pharmaceutical sector showed strong performance, with the Innovation Drug ETF (517110) rising by 3.90% and other related ETFs also gaining [9] - New policies from the National Healthcare Security Administration aim to support the development of innovative drugs, including increased R&D support and inclusion in insurance directories [9][10] - The year 2025 is expected to be significant for domestic innovative drugs, with a shift from generic to innovative drug development anticipated [10] Metal Market Trends - The mining ETF (561330) rose by 1.56%, and the Nonferrous 60 ETF (159881) increased by 1.35%, continuing an upward trend [11] - Copper supply remains tight with declining inventories, benefiting from improved macro sentiment and expectations of rate cuts [11] - The aluminum market is also experiencing tight supply conditions, with high operational capacity and no immediate new production expected [11]

Market Overview - A-shares experienced a rebound today, with the Shanghai Composite Index closing at 3444.43 points, up 0.59%, and a trading volume of 567.1 billion yuan. The Shenzhen Component Index closed at 10465.12 points, up 0.83%, with a trading volume of 919.7 billion yuan [1] - The official manufacturing PMI for June rose to 49.7, indicating a recovery in new orders, although it has remained below the expansion threshold for three consecutive months, highlighting ongoing structural risks in the economy [1] Monetary Policy - The central bank's second-quarter monetary policy committee meeting emphasized the need for new monetary policies to stimulate domestic demand due to ongoing economic pressures. The language shifted from potential rate cuts to a more flexible approach in policy implementation [2] - Following the meeting, bond yields across various maturities increased, indicating market reactions to the changed monetary policy stance [2] Bond Market - The bond market is currently experiencing high demand, with a potential for short-term fluctuations due to profit-taking pressures. However, the overall trend remains bullish due to a combination of weak domestic and external demand and a loose monetary environment [3] - The current low policy interest rates and high market funding rates favor a continuation of the bullish bond market trend, with expectations of further declines in short-term rates potentially leading to breakthroughs in long-term rates [3][4] Defense Industry - The military industry ETF saw a significant increase of 4.37%, driven by heightened global security concerns and the necessity for national defense. The international conflicts have bolstered demand for China's military exports, particularly following the recent performance of domestic military equipment [5] - The upcoming 80th anniversary of the victory in the Anti-Japanese War is expected to serve as a catalyst for the military sector, potentially enhancing both supply and demand dynamics [6] Commodity Market - The non-ferrous metals sector, particularly copper, is experiencing upward pressure due to tight supply conditions and rising prices. The overall low inventory levels and expectations of a loosening monetary policy are likely to support copper prices in the medium to long term [7] - The current phase of the non-ferrous metals industry is characterized by a mismatch in supply and demand, alongside expectations of profitability recovery and liquidity easing [7]

Group 1 - The core viewpoint of the news indicates that the rare earth market is experiencing a general price increase for oxide products, with separation companies optimistic about future market conditions [1] - Strategic minor metals are expected to see a continuous upward price trend due to resource scarcity and growing demand from the new energy sector, benefiting companies with resource and technological advantages [1] - The non-ferrous metal industry is anticipated to expand its prosperity from precious metals, represented by gold, to industrial metals, represented by copper, supported by a weak dollar and ongoing overseas monetary easing [1] Group 2 - In Q1 2025, the non-ferrous metal industry reported a revenue growth of 7.9% year-on-year and a significant net profit increase of 68.2%, while capital expenditure declined by 7.3%, indicating a notable improvement in industry profitability [1] - The CSI Non-Ferrous Metals Index, which tracks representative listed companies in the non-ferrous metal sector, reflects the overall performance of the non-ferrous metal industry in the A-share market, covering various metal resources such as copper, aluminum, and lead-zinc [1]

Group 1 - The core viewpoint indicates that the non-ferrous metal industry in China is experiencing growth, with a 7.0% year-on-year increase in industrial added value from January to May, and a significant 19.9% increase in fixed asset investment [1] - Strategic metals are gaining market attention due to their resource scarcity and increasing demand in new energy sectors, with optimistic outlooks from separation enterprises and traders regarding rare earth oxide prices [1] - Industrial metal prices are currently fluctuating, with aluminum prices rising by 2.34% this week and 4.62% for the month, while copper prices face upward pressure due to macroeconomic policies and supply constraints [1] Group 2 - The LME and SHFE aluminum inventories have decreased by 2.38% and 5.02% respectively, indicating a tightening supply chain in the aluminum industry [1] - Copper supply remains tight due to ongoing production halts in the Democratic Republic of Congo, which may lead to expectations of reduced output due to declining smelting processing fees [1] - Zinc prices have shown a slight recovery with a weekly increase of 0.86%, although inventory pressures persist, highlighting the overall vulnerability in the aluminum supply chain and strong long-term price support for copper [1]

消息面上，中国有色金属工业协会数据显示，2025年1-4月规模以上有色金属工业企业实现利润总额 1281.7亿元，同比增长30.3%，其中矿采选业利润增长47.8%，行业营收利润率同比提升0.39个百分点。 （文章来源：每日经济新闻） 平安证券指出，工业金属方面，供给端刚性显现，海外贸易政策稳定有望驱动需求弹性释放，看好工业 金属价格。铜作为全球制造业需求最重要的工业金属之一，海外贸易政策稳定性加强需求韧性，同时国 内政策落地有望进一步释放内需弹性，铜价中期上行空间打开。铝方面，海外矿产资源保护倾向抬升， 原料端扰动预期引发氧化铝价格上涨；电解铝在内外需求预期共振下，二季度价格中枢有望上移。有色 金属行业整体受益于供需预期边际改善。 有色60ETF（代码：159881）跟踪的是中证有色金属指数（代码：930708），该指数由中证指数有限公 司编制，从沪深市场中选取涉及有色金属采选、冶炼及加工等领域的上市公司证券作为指数样本。指数 成分股涵盖贵金属、工业金属等多个细分领域，全面反映有色金属行业具有代表性的上市公司证券的整 体表现，为投资者提供了观测资源类行业市场动态的有效工具。 注：指数/基金短期涨跌幅及历史表 ...