The nonferrous metals sector continues its meteoric rise. On January 9th, the on-market price of the Huabao Nonferrous Metals ETF (159876) surged over 3.5% during the session, once again hitting a record high! As of this report, it received a net real-time subscription of 55.8 million units, with daily net inflows over the past 5 days showing sequential growth, amassing a total of 194 million yuan. Extending the view, the ETF has attracted a cumulative 279 million yuan over the past 10 days, indicating a massive influx of capital alongside the sizzling market performance.
Regarding constituent stocks, concept stocks providing nonferrous metals for the commercial aerospace sector led the gains significantly. Hailiang Co., Ltd., Yunnan Chihong Zinc & Germanium Co., Ltd., and Xiamen Tungsten Co.,Ltd. all hit the 10% daily limit-up. Jinduicheng Molybdenum Co., Ltd. and Western Superconducting Technologies Co., Ltd. rose over 8%. Among heavyweight stocks, Shandong Gold Mining Co., Ltd. climbed more than 5%, China Molybdenum Co., Ltd. gained over 4%, while Zijin Mining Group Co., Ltd. and Aluminum Corporation of China Limited (Chalco) both advanced over 2%.
On the news front, several minor metal varieties have seen significant price increases recently, with tungsten showing the most pronounced gains. On January 9th, the latest quote for wolframite concentrate (≥65%) was 485,000 yuan per ton, up 5.4% week-on-week; the price of tungsten powder reached 1,130 yuan per kilogram, a 6.5% weekly increase, both setting new historical highs.
Industry analysts noted that the entire range of tungsten products has bottomed out and rebounded after a brief correction at the end of 2025. Supply constraints, driven by declining ore grades, overall mining controls, and sellers' reluctance to offload inventory, coupled with global demand for allocating key strategic resources, continue to underpin the robust tungsten market.
Xiangcai Securities posits that the current period falls within the depression phase of the fifth Kondratieff wave. This is a transitional "gap" stage where the dividends from the previous information technology wave have peaked, while new technologies like AI are still nascent. During such phases, commodity assets are likely to benefit.
The institution's analysis points out that the leading nation, the United States, faces recessionary pressures. Issues such as high sovereign debt, persistent trade deficits, and severe industrial hollowing-out continue to erode the credibility of the US dollar. There is a pressing global need for a new universal asset, beyond the US dollar and Treasury bonds, to serve as an anchor. Consequently, gold, as a universal equivalent, is the first to see its value recognized and revalued. As gold prices rise, commodities with tight supply-demand dynamics that haven't been priced under this logic will be revalued, with copper being a typical example. Beyond gold and copper, other nonferrous metals fitting this narrative could also experience valuation uplifts.
CITIC Securities indicated that, under expectations of accommodative liquidity, frequent supply disruptions, and structurally strong demand, varieties like copper, aluminum, gold, strategic metals, and battery metals are anticipated to sustain their upward trend in 2026. Market recognition of the allocation value of resource products is expected to increase further. Supply constraints and volume growth for companies are identified as two key investment themes.
The nonferrous metals sector is experiencing a powerful tailwind, with a 'super cycle' appearing unstoppable. The Huabao Nonferrous Metals ETF (159876) and its feeder fund comprehensively cover industries including copper, aluminum, gold, rare earths, and lithium, encompassing different cyclical phases like precious metals, strategic metals, and industrial metals. This broad coverage allows for better capture of the sector's beta opportunities.
Risk Warning: The Nonferrous Metals Leaders ETF and its feeder fund passively track the CSI Nonferrous Metals Index. The index's base date is December 31, 2013, and it was launched on July 13, 2015. The index's performance over the last five complete years is as follows: +35.84% in 2020; +35.89% in 2021; -19.22% in 2022; -10.43% in 2023; +2.96% in 2024. The index's constituent stocks are adjusted according to its rules, and its past performance does not guarantee future results. The mention of individual stocks herein is for illustrative purposes only and does not constitute investment advice of any form, nor does it represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk level as R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. Suitability matching opinions should be based on the selling institution's assessment. All information appearing in this article is for reference only, and investors are solely responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers and shall not be held liable for any direct or indirect losses resulting from the use of this content. Fund investment carries risks; past performance of a fund does not indicate its future returns, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest carefully in funds.
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