8月25日，矿业ETF（561330）上涨5.32%，有色60ETF（159881）上涨5%。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承诺。如需购买相关基金产品，请您关注投资者适当性管理相关 规定、提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金 有风险，投资需谨慎。 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 感兴趣的投资者可持续关注矿业E ...

今日A股高开高走，两市成交额突破3万亿元。上证指数收于3883.56点，上涨1.51%，成交额13609亿 元；深证成指收于12441.07点，上涨2.26%，成交额17802亿元。板块方面全体行业悉数上涨，通信延续 此前强势表现，有色金属和房地产板块紧随其后。 //// 市场情绪全面转好，今日成交额进一步放大至3.18万亿元。受美联储降息预期、上海房地产新政、高盛 大幅上调寒武纪目标价等多重利好消息推动，市场走出加速上涨行情。此前我们提示过可以适当退出银 行、微盘的杠铃策略，转向科技、成长板块，近日两创指数连续大涨已反映了资金对这些方向的系统性 重估。 近期指数上涨幅度较大，情绪影响占主导地位，而基本面支撑仍然缺位。9月3日之后行情或有所降温， 全面牛市有概率转向结构性，市场将从短期对动量、资金面的关注回归至对基本面和业绩的验证。在流 动性支持下牛市有望延续，在中期维度上建议对估值较低的绩优成长保持关注，回避前期过热的方向。 宽基选择方面，可以考虑配置中证A500ETF（159338）、港股科技ETF（513020）把握机会。 //// 今日债券市场显著走强。期货方面，十债主力合约报收107.95元，较前一 ...

Group 1 - The industrial metals sector is significantly boosted by policy support, with the "Work Plan" expected to expand demand and optimize supply, enhancing industry confidence [1] - The Ministry of Industry and Information Technology aims to promote structural adjustments in key industries, optimize supply, eliminate outdated capacity, and implement high-quality development plans for copper and aluminum industries to stabilize growth and promote transformation [1] - In the strategic metals sector, prices for praseodymium and neodymium oxides have rebounded from a low point, while black tungsten concentrate prices have reached a historical high, indicating potential valuation reconstruction opportunities amid global supply chain autonomy pursuits [1] Group 2 - The Nonferrous 60 ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which is compiled by the China Securities Index Company and includes listed companies involved in the mining, smelting, and processing of precious and industrial metals, reflecting the overall performance of the nonferrous metals industry [1] - The index exhibits significant cyclical characteristics, providing investors with an effective tool to measure the development status of the nonferrous metals industry [1] - Investors without stock accounts can consider the Guotai CSI Nonferrous Metals ETF Initiated Link C (013219) and Guotai CSI Nonferrous Metals ETF Initiated Link A (013218) [1]

Group 1 - The core viewpoint of the article highlights the recovery in the rare earth permanent magnet industry, driven by significant investments and price increases [1] - MP Materials has received billions of dollars in investment from the U.S. Department of Defense, which will facilitate the construction of a second magnet manufacturing plant in the U.S., expected to be operational by 2028, with a total rare earth magnet production capacity reaching 10,000 tons [1] - The U.S. Department of Defense has set a price floor of $110 per kilogram for MP's praseodymium-neodymium products, which translates to approximately 890,000 yuan per ton in domestic tax-inclusive prices, potentially leading to a price ceiling increase [1] Group 2 - Light rare earth oxide praseodymium-neodymium prices have risen by 2.4% to 456,000 yuan per ton, while medium and heavy rare earth oxide dysprosium prices have also increased by 2.4% to 1,685,000 yuan per ton [1] - The licensing process for magnetic material manufacturers is progressing, suggesting a potential "volume and price increase" in the third quarter, with a long-term focus on the structural opportunities in upstream supply [1] - The Nonferrous 60 ETF tracks the China Securities Nonferrous Index, which reflects the overall performance of A-share listed companies in the nonferrous metal industry, including precious metals, rare metals, and base metals [1]

Group 1 - The core viewpoint of the articles highlights the increasing demand for tin driven by cyclical recovery, advancements in AI, and the smart development of electric vehicles, alongside tightening global tin supply due to long-term production halts in Myanmar's Wa region [1] - On July 7, Chinalco International held a meeting to promote digital transformation and AI implementation, indicating a push for technological upgrades within the company [1] - Zijin Mining announced the completion of the acquisition of the Akyem gold mine in Ghana on the same day, strengthening its gold production capacity [1] Group 2 - Dongguan Securities noted that global macro sentiment is gradually improving, and the Federal Reserve has signaled a dovish stance, leading to a rebound in industrial metal prices [1] - As of July 2, LME prices for various metals were reported: copper at $10,010/ton, aluminum at $2,614.50/ton, lead at $2,063.50/ton, zinc at $2,753/ton, nickel at $15,340/ton, and tin at $33,585/ton [1] - The Nonferrous 60 ETF tracks the CSI Nonferrous Index, which reflects the overall performance of listed companies in the nonferrous metal sector, providing an efficient tool for industry allocation [1]

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]

Group 1 - The core viewpoint of the article highlights that the industrial metal sector is experiencing price increases due to rising expectations of interest rate cuts by the Federal Reserve, with specific impacts on copper, aluminum, and zinc prices [1] - Copper prices are influenced by the U.S. Section 232 investigation into copper imports, leading traders to ship record amounts of copper to the U.S. to avoid potential tariffs, resulting in a significant inventory shortage outside the U.S. [1] - LME deliverable copper inventory has plummeted by approximately 80% this year, with spot prices reaching a premium of $300/ton over three-month futures, the highest since 2021 [1] Group 2 - Aluminum prices are benefiting from supply disruptions in Guinea's bauxite, highlighting the vulnerability of the supply chain [1] - Zinc prices are showing strength due to ongoing depletion of LME inventories [1] - The overall supply-demand dynamics for industrial metals are tightening, with expectations of reduced copper smelting and processing fees potentially leading to production cuts, indicating strong medium to long-term price support [1] Group 3 - The Nonferrous 60 ETF (159881) has risen over 1.3%, tracking the performance of the nonferrous metal industry in the A-share market [1] - The index reflects the overall performance of listed companies involved in the mining, smelting, and processing of nonferrous metals, covering various sub-sectors including precious and rare metals [1] - Investors without stock accounts may consider related ETF products such as Guotai Zhongzheng Nonferrous Metal ETF Initiated Link A (013218) and Guotai Zhongzheng Nonferrous Metal ETF Initiated Link C (013219) [1]

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]

Group 1 - The core viewpoint of the news highlights that the profit of large-scale non-ferrous metal industrial enterprises in China reached 128.17 billion yuan from January to April, marking a year-on-year increase of 30.3% [1] - The mining and selection industry saw a profit growth of 47.8%, while the smelting and processing industry experienced a profit increase of 24.5% [1] - The copper industry is currently supported by low processing fees for concentrates and strong demand from domestic power grid investments and new energy sectors [1] Group 2 - The global macro environment remains volatile, with industrial metal prices, particularly copper and aluminum, continuing to fluctuate [1] - A series of policies introduced in the second half of 2024 is expected to gradually improve domestic macro sentiment, alongside a tightening supply and an improvement in manufacturing sector conditions, as indicated by a 0.5 percentage point increase in the PMI to 49.5% in May [1] - The aluminum supply chain's vulnerability was highlighted by the bauxite incident, while the tightening supply of copper concentrates may lead to potential production cuts due to declining smelting processing fees [1] Group 3 - Strategic metals such as tungsten have seen prices break historical highs, while the price of neodymium oxide has started to recover from a low point [1] - The pursuit of supply chain autonomy by various countries is expected to create opportunities for valuation reconstruction in strategic metals [1]