The nonferrous metals sector led market gains today (August 26), likely ignited by Jiangxi Copper Company Limited's limit-up move following its earnings release. Among the 60 constituent stocks of the Nonferrous ETF Huabao (159876), which tracks leading names across the industry, 50 closed in positive territory, with 25 advancing over 2%. Notably, Baiyin Nonferrous Group Co.,Ltd. achieved its third limit-up in four sessions, while Western Mining surged over 7%, with other names like CMOC Group and North Copper also following the upward trend.
Turning to key individual stocks, Jiangxi Copper Company Limited released its interim report: first-half revenue reached RMB 307.155 billion, up 19.53% year-on-year, while net profit attributable to shareholders surged 106.77% to RMB 8.632 billion. Following the earnings announcement, the stock rallied sharply and sealed at the limit-up by 9:51 AM, with the largest pending buy orders exceeding RMB 2 billion. The performance of Jiangxi Copper Company Limited ignited the entire nonferrous sector, with Zijin Mining at one point climbing nearly 5% and CMOC Group rising over 8% intraday. Zijin Mining and CMOC Group became the largest contributors to the Shanghai Composite Index's gains.
On the earnings front, 38 of the 60 constituent stocks in the Nonferrous ETF Huabao (159876)'s underlying index have disclosed 2026 interim results as of now, with all reporting companies turning a profit. In terms of net profit attributable to shareholders, Zijin Mining, CMOC Group, and Jiangxi Copper Company Limited led with RMB 39.17 billion, RMB 16.152 billion, and RMB 8.632 billion respectively, boosting sector sentiment. In terms of year-on-year growth in net profit attributable to shareholders, 18 stocks including Sinomine Resource Group posted triple-digit growth.
On the policy front, Shanghai issued the "15th Five-Year Plan for Accelerating the Construction of an International Trade Center." The plan mentions expanding trading scale for key metals such as copper and aluminum, while accelerating the development of futures product sequences for emerging metals like lithium, cobalt, and nickel.
On the supply-demand side, Guotai Haitong believes the duration of the industrial metals cycle may exceed market expectations. On the demand front, new energy and AI industries are driving grid upgrades and data center construction, creating structural demand shifts. On the supply side, constraints stem from declining ore grades, intensifying geopolitical conflicts, and insufficient capital expenditure. This tight supply-demand dynamic is pushing up industrial metal prices.
Guotai Haitong points out that the current nonferrous metals rally differs significantly from historical cycles. The industry's pricing focus is shifting from traditional real estate and infrastructure demand drivers to a resonance between "new energy + AI" structural demand reshaping and rigid supply-side constraints.
Strong Fundamentals + Valuation Gap: Right-Side Allocation Value Stands Out!
Different nonferrous metals have varying levels of prosperity, rhythms, and catalysts, making divergence inevitable. For those bullish on the sector, a more straightforward approach is full coverage to better capture the beta of the entire complex. The Nonferrous ETF Huabao (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, tin, and other sectors. With full-category coverage of precious metals, industrial metals, energy metals, and strategic minor metals, it offers a way to better capture the sector's beta. Key holdings include industry leaders such as Zijin Mining, CMOC Group, China Northern Rare Earth, Aluminum Corporation of China, and Zhongjin Gold. Additionally, this ETF is a margin trading and securities lending target, serving as an efficient one-stop tool for positioning in the nonferrous metals sector.
Source: Shanghai and Shenzhen stock exchanges, etc., as of August 26, 2026. Note: The stocks mentioned herein are all constituent stocks of the Nonferrous ETF Huabao (159876)'s underlying index. As of end-July, their weightings were: Zijin Mining, 11.93%; CMOC Group, 7.97%; China Northern Rare Earth, 4.70%; Aluminum Corporation of China, 3.55%; and Zhongjin Gold, 3.13%. The index constituents shown here are for illustrative purposes only, and any description of individual stocks does not constitute investment advice of any form, nor does it represent the holdings or trading activities of any fund managed by the fund manager.
ETF fee disclosure: When investors subscribe for or redeem fund shares, the subscription/redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are subject to actual charges by securities firms. The ETF does not charge sales service fees. Feeder fund fee disclosure: For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee is RMB 1,000 per transaction for subscription amounts of RMB 2 million or above, 0.6% for amounts between RMB 1 million and RMB 2 million, and 1% for amounts below RMB 1 million. The redemption fee is 1.5% for holding periods of fewer than 7 days and 0% for holding periods of 7 days or more, with no sales service fee charged. For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class C), no subscription fee is charged, the redemption fee is 1.5% for holding periods of fewer than 7 days and 0% for holding periods of 7 days or more, and the sales service fee is 0.3%.
Risk disclosure: The Nonferrous ETF Huabao passively tracks the CSI Nonferrous Metals Index, which has a base date of December 31, 2013, and was published on July 13, 2015. The index's constituent stock composition is adjusted in accordance with its compilation rules, and backtested historical performance does not indicate future index performance. The fund manager assesses this fund's risk level as R3-moderate risk, suitable for balanced (C3) and above investors. Please refer to the sales institution for suitability matching opinions. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors must bear sole responsibility for any independent investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers in any form, nor do they bear any liability for direct or indirect losses arising from the use of this content. Fund investment involves risks. A fund's past performance does not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Fund investment requires caution.
Comments