Today (January 23), the Huabao Nonferrous Metals ETF (159876), which aggregates leading companies in the nonferrous metals sector, continued its upward momentum, with its intraday price rising over 2% and currently up 1.90%, targeting a fifth consecutive daily gain! Amid the fervent market activity, capital is flooding in to accumulate positions! As of this writing, the ETF recorded a real-time net subscription of 46.20 million units. Over a longer horizon, it has attracted a substantial 8.44 billion yuan in the past 20 days!
Regarding constituent stocks, Silver & Gold Nonferrous Metals surged over 9%, Hunan Silver rose more than 7%, Xingye Silver & Tin gained over 5%, while Shanjin International and Huayu Mining both advanced over 4%. Among the heavyweight components, Shandong Gold climbed over 3%, Zijin Mining Group increased more than 1%, and China Molybdenum and Northern Rare Earth traded in positive territory.
On the news front, Greenland stated it has chosen Denmark and the EU and is prepared for a larger military presence. Former U.S. President Donald Trump claimed an agreement on Greenland would grant the U.S. "full military access." Possibly due to the escalating Greenland situation, spot gold skyrocketed, breaking above $4,960 to set another historic high. Guotai Haitong indicated that rising global geopolitical uncertainties and continued gold purchases by central banks worldwide are favorable for supporting the long-term price center of gold. Long-term safe-haven sentiment and tight supply conditions are unlikely to change, keeping the underlying logic for price increases robust. Goldman Sachs significantly raised its gold price forecast for the end of 2026 to $5,400 per ounce, primarily due to surging demand from private investors and central banks. MKS PAMP believes the current level does not represent a speculative peak, suggesting the $5,400 target corresponds to a solid 30% increase, indicative of a long-term trend rather than a short-term spike. Furthermore, CITIC Construction Securities pointed out that persistently high silver prices are forcing industrial changes, heralding the dawn of the "Copper" era in the photovoltaic metallization revolution. Given the rigidity in silver supply and the sequential growth of new applications requiring silver, a long-term tight balance in silver supply and demand is anticipated. To control costs, reducing silver consumption has become a top priority for PV cell and module manufacturers, with copper being the ideal substitute material, provided challenges like copper's susceptibility to oxidation and diffusion are addressed. The PCB, MLCC, and semiconductor industries offer ample experience for the PV sector to draw upon. Currently, silver-coated copper and electroplated copper solutions are progressing relatively quickly in photovoltaics, expected to bring significant earnings flexibility to paste and metal powder companies. China International Capital Corporation (CICC) noted that nonferrous metals are a macro-driven sector, where the macroeconomic perspective is as crucial as supply-demand balance sheets. Under the基调 of global monetary and fiscal easing, the macroeconomic environment in 2026 may generally be warmer than in 2025. China Galaxy Securities believes that intensifying global geopolitical conflicts could trigger a reshaping of the global metal supply chain, catalyzing demand and a revaluation of critical strategic metal mineral resources. The logic supporting price increases for key strategic nonferrous metals like copper, tungsten, molybdenum, cobalt, and rare earth magnetic materials is expected to persist. Notably, as of January 22, the Huabao Nonferrous Metals ETF (159876) reached a new record high scale of 1.775 billion yuan. Among the three ETFs in the market tracking the CSI Nonferrous Metals Index, it is the largest by scale.
[The Nonferrous Metals Trend is Here, the "Super Cycle" is Unstoppable] The Huabao Nonferrous Metals ETF (159876) and its feeder fund (Class A: 017140, Class C: 017141) track an index comprehensively covering sectors such as copper, aluminum, gold, rare earths, and lithium, encompassing different cycles like precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the sector's beta movements.
Risk Warning: The Huabao Nonferrous Metals ETF and its feeder fund passively track the CSI Nonferrous Metals Index. The index's base date is December 31, 2013, and it was published on July 13, 2015. The index's performance over the past five full calendar years is: 2020, +35.84%; 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2024, +2.96%. The index's constituent stocks are adjusted according to its compilation rules, and its historical backtested performance is not indicative of its future returns. The mention of index constituents herein is for display purposes only; individual stock descriptions do not constitute investment advice in any form nor represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk等级 as R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. Suitability matching opinions should be based on the sales institution. Any information appearing in this article (including but not limited to stocks, commentary, predictions, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any kind to the reader, and no responsibility is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks; the past performance of a fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest cautiously in funds.
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