矿业，一只被名字耽误的宝藏指数

同壁财经2025-12-26

2025的行业王者，将在通信和有色里决出，就看剩下的几个交易日里，是易中天更强，还是金银铜更强。有挂钩ETF产品的有色主题指数，一共有6只，今年跑赢申万一级行业的仅3只，第一名有色矿业指数涨幅达到96%，比同类指数多涨10个点左右。同样是有色家族，为啥有色矿业最牛？从指数编制来看，它是“做减法”：只聚焦最上游的矿山企业。有色产业链可以粗分两类：• 最上游：家里有矿的（比如紫金矿业、洛阳钼业），掌握...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226090813a6d063c0&s=b><strong>同壁财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025的行业王者，将在通信和有色里决出，就看剩下的几个交易日里，是易中天更强，还是金银铜更强。有挂钩ETF产品的有色主题指数，一共有6只，今年跑赢申万一级行业的仅3只，第一名有色矿业指数涨幅达到96%，比同类指数多涨10个点左右。同样是有色家族，为啥有色矿业最牛？从指数编制来看，它是“做减法”：只聚焦最上游的矿山企业。有色产业链可以粗分两类：• 最上游：家里有矿的（比如紫金矿业、洛阳钼业），掌握...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226090813a6d063c0&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0540923850.HKD","symbol_name":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) 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中下游：负责冶炼加工的，赚的是辛苦钱，盈利空间还可能收到上游涨价挤压。而有色矿业这个指数，它的选股逻辑非常纯粹：谁家有矿，谁的权重就高，像紫金矿业（铜金矿）、洛阳钼业（钼矿）、北方稀土（稀土矿）、华友钴业（钴矿）、中国铝业（铝土矿）这类拥有大量资源储量的公司，是核心成份股。所以，有色矿业指数可以说是真的“家里有矿”，成份股集中在产业链的最上游，在大宗商品涨价的背景下，利润最先、最大程度会体现在资源端。而其他指数除了包含上述矿企外，还会纳入例如加工型的企业（如铝加工企业、铜加工企业），这些公司的主要成本就是原材料（矿产），其利润受矿产价格上涨的挤压，与矿企的受益逻辑相反。这一点，在指数业绩上得到了充分的体现。从各个年度来看，有色矿业指数在上涨行情中涨幅更大，如2020年、2021年、2025年相对更好；在下跌行情中，如2022年、2023年，有色矿业指数回撤均相对可控。从不同区间来看，有色矿业指数在近三年、近五年、近十年等多个维度上，年化回报均优于其他5只指数。夏普比率也更高，意味着每承受一单位风险所获得的超额回报更高。所以，有色矿业指数的逻辑非常清晰——看涨全球有色金属需求及价格。相比之下，其他指数逻辑相对更为复杂，需要同时判断上游资源价格和下游加工利润的变化。所以，是时候为矿业正名了。有色矿业指数根本不是你想的那个“古板老化石”，而是一个——家里有矿，资源股程度更高，投资逻辑更清晰，直接受益于资源品涨价，业绩历史全面跑赢同类——的现代投资利器。连基金管理人都意识到了这个问题，特意把名字从矿业ETF升级成了有色矿业ETF招商（159690），就是为了明明白白告诉你：咱投的不是黑乎乎的土矿，而是亮闪闪的工业黄金。这个名字改得妙啊，就像给宝藏擦去了灰尘，是时候重新认识这位“家里有矿”的实力派了。来源：疾走甄姬","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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