有色金属的超级周期能有多长？业内人士指出，取决于三个条件：美元信用恢复情况、战略收储进 度、"反内卷"政策效果。从这三个条件来看，2026年有色金属超级周期大概率还会持续。弱美元周期 +政策托底+产业升级，股市机会成本下降，风险溢价改善，面对即将迎来的"春季行情"，或可积极把 握。 揽尽有色金属行业龙头的有色ETF华宝（159876）及其联接基金（017140）标的指数全面覆盖铜、铝、 黄金、稀土、锂等行业，相较投资单一金属行业，能够分散风险，适合作为投资组合的一部分进行配 置。截至1月13日，有色ETF华宝（159876）最新规模12.94亿元，在全市场3只跟踪同标的指数的ETF产 品中，是规模最大的ETF。 每日经济新闻 1月14日，有色金属板块持续走高，热门ETF——有色ETF华宝（159876）场内价格涨超2.5%，再创历 史新高。伴随火热上涨的行情，资金积极进场抢筹，有色ETF华宝（159876）获资金实时净申购超4400 万份，近10日有色ETF华宝（159876）更是连续吸金合计3.87亿元。 东方证券指出，美联储降息周期里，供需偏紧的实物资产，即使是较小的供需缺口也有望产生较大的价 格弹性。本 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector continues to show strong performance, with the Huabao Non-Ferrous ETF (159876) reaching a new high and significant capital inflow expected in the future [1] - The macroeconomic environment is projected to influence commodity markets through three main themes by 2026: green inflation, anti-involution, and a rate-cutting trend, which are expected to drive price increases in commodities like copper and aluminum [1] - The sustainability of the super cycle in non-ferrous metals is contingent on three factors: the recovery of US dollar credit, the progress of strategic reserves, and the effectiveness of anti-involution policies, suggesting that the super cycle is likely to continue until 2026 [1] Group 2 - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [2] - As of January 5, the latest scale of the Huabao Non-Ferrous ETF (159876) is 879 million yuan, making it the largest ETF tracking the same index among three similar products in the market [2]

Group 1 - The core viewpoint of the article highlights the strong performance of the non-ferrous metal sector, with the Huabao Non-Ferrous ETF (159876) reaching a new high since its listing, driven by significant capital inflows and positive market sentiment [1] - The non-ferrous metal sector is expected to benefit from macroeconomic trends, with three main themes projected to influence commodity fluctuations by 2026: green inflation, anti-involution, and a rate-cutting cycle [1] - Analysts remain optimistic about the super cycle of non-ferrous metals, which is likely to continue until 2026, depending on the recovery of the US dollar credit, strategic reserve progress, and the effectiveness of anti-involution policies [1] Group 2 - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [2] - As of December 30, the Huabao Non-Ferrous ETF (159876) has a total size of 835 million yuan, making it the largest ETF tracking the same index among three similar products in the market [2]

Group 1 - The core viewpoint of the article highlights the strong performance of the non-ferrous metal sector, particularly the Huabao Non-Ferrous Metal ETF (159876), which has seen a significant increase in net subscriptions and is expected to continue its upward trend [1][2] - The Huabao Non-Ferrous Metal ETF (159876) experienced a price drop of 2% at the opening but quickly rebounded, currently showing a gain of 0.52%, indicating resilience in the market [1] - The macroeconomic outlook suggests that by 2026, three main themes (green inflation, anti-involution, and interest rate cuts) will continue to drive commodity price fluctuations, with a positive outlook for basic metals like copper and aluminum due to emerging industries [1] Group 2 - The Huabao Non-Ferrous Metal ETF (159876) and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [2] - As of December 29, the Huabao Non-Ferrous Metal ETF (159876) has a total size of 794 million yuan, making it the largest ETF among three products tracking the same index in the market [2]

Group 1 - The core viewpoint of the articles indicates that the non-ferrous metal sector is experiencing a bullish trend, with the Huabao Non-Ferrous ETF (159876) reaching new highs and attracting significant capital inflows [1][2] - The Huabao Non-Ferrous ETF has seen a net subscription of 3 million units in real-time, with a total capital inflow of 56.11 million yuan over the past two days, suggesting a shift from cautious to active investment in the sector [1] - Analysts from various institutions, including Zhongtai Securities and CITIC Securities, express optimism about the continuation of the non-ferrous metal bull market, driven by factors such as the recovery of the US dollar credit and strategic stockpiling [1] Group 2 - The Huabao Non-Ferrous ETF and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [2] - As of December 25, the Huabao Non-Ferrous ETF has a total scale of 781 million yuan, making it the largest ETF tracking the same index among three similar products in the market [2]

Group 1 - The core viewpoint of the articles highlights the recent performance and future outlook of the non-ferrous metals sector, particularly focusing on the Huabao Non-Ferrous ETF (159876), which has seen significant investment despite a recent pullback in prices [1][2] - The Huabao Non-Ferrous ETF has successfully surpassed the 3000-point mark of the CSI Non-Ferrous Index, reaching a nearly ten-year high, indicating strong market interest and potential for growth [1] - Analysts suggest that the duration of the super cycle for non-ferrous metals will likely extend until 2026, influenced by factors such as the recovery of the US dollar credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies [1] Group 2 - The Huabao Non-Ferrous ETF and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing a diversified investment option compared to single metal investments [2] - As of December 24, the Huabao Non-Ferrous ETF has a total scale of 741 million yuan, making it the largest ETF among three products tracking the same index in the market [2] - Major financial institutions like Goldman Sachs, JPMorgan, and Bank of America predict that gold prices may challenge the historical high of $5000 per ounce by 2026, with central bank purchases being a key support factor for gold prices [1]