Marking a potential sixth consecutive day of gains! Today (January 16th), the nonferrous metals sector continued its strong upward momentum. The sector's popular ETF—Nonferrous Metals ETF Huabao (159876)—saw its intraday increase reach 2.2% and is currently up 1.41%, continuing to refresh its highs since listing!
Accompanying the fervent market activity, capital is actively flowing in. As of this writing, Nonferrous Metals ETF Huabao (159876) attracted real-time net subscriptions of 50.4 million units, following a 10-day streak of net capital inflows that collectively brought in a substantial 473 million yuan!
Data shows that as of January 15th, Nonferrous Metals ETF Huabao (159876) reached a new record high with a latest scale of 1.453 billion yuan. Among the three ETFs tracking the CSI Nonferrous Metals Index in the entire market, it ranks first in scale.
Regarding constituent stocks, Hunan Silver led the gains, rising over 6%, while Chihong Zinc & Germanium, Jiangxi Copper, and Jinduicheng Molybdenum climbed more than 5%. Stocks like Western Mining, Zhongjin Lingnan, and Baiyin Nonferrous followed suit. Among heavyweight stocks, China Molybdenum and Northern Rare Earth rose over 2%, with Zijin Mining Group and Aluminum Corporation of China also trading in positive territory.
On the news front, competition for copper resources is intensifying! Mining giant Rio Tinto PLC will supply copper for Amazon.com's AI data centers. Guosen Securities pointed out that with the rise of emerging demand from AI, power, and new energy sectors, nonferrous metals are expected to continue their impressive performance into 2026. Concurrently, domestic initiatives to curb "internal involution" are standardizing industry competition, and strengthened export controls on strategic resources are enhancing their value.
China Galaxy Securities believes copper prices still have significant room for further upside. Firstly, although copper prices have repeatedly hit new highs, historical analysis indicates that inflation-adjusted prices have not yet reached the peaks of previous super-cycles. Secondly, the international monetary order is being reshaped, weakening the foundation of the US dollar as the anchor for major asset prices; if measured against gold, the current copper-to-gold ratio remains at a historically low level.
China Galaxy Securities recommends seizing the copper super-cycle driven by the resonance of the "AI leap and century-spanning transformation." Looking back, each major copper super-cycle corresponded to a clear and powerful macroeconomic narrative. The current cycle uniquely overlaps with two long-term logics: the "AI technological revolution" and the "reshaping of the global order," suggesting its duration and strategic significance could rival historical phases like post-war reconstruction or China's reform and opening-up.
China Securities (CSC) states that strategic metals are essential for developing new quality productive forces and will "dominate the future." Faced with a new wave of global technological revolution, the elemental demand structure is undergoing significant changes, ushering in a spring for strategic metal demand. New quality productive forces like new energy, new materials, and artificial intelligence are poised to initiate a new demand cycle for these metals. Furthermore, in an era of "turbulence," the security of global resource supply is under threat, driving nations and production chains to increase desired inventory levels to mitigate potential supply disruptions, with metals applicable to the military industry being particularly crucial.
From an industry perspective, the outstanding performance of nonferrous metals is propelled by a confluence of factors: the global capital expenditure cycle, a recovery in manufacturing, a strengthening of their monetary attributes, and improving domestic macroeconomic expectations. The trend's persistence may far exceed market expectations. Looking ahead, a consensus is forming among institutions that the nonferrous metals sector is poised for a sustained bull run. China International Capital Corporation (CICC) notes that 2026 could see a bull market for the sector driven by synchronized upward movements in monetary factors, demand, and supply; Zhongtai Securities is optimistic about a comprehensive bull market for nonferrous metals; while China Securities (CSC) believes the bull market has potential for further advancement.
[The Nonferrous Metals Trend Has Arrived, the "Super-Cycle" is Unstoppable] Nonferrous Metals ETF Huabao (159876) and its feeder fund (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries like copper, aluminum, gold, rare earths, and lithium, encompassing different phases of the economic cycle such as precious metals (hedging), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the sector's overall beta movements.
Risk Warning: Nonferrous Metals ETF Huabao 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 last five complete 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 does not indicate future results. The mention of index constituents herein is for illustrative purposes only; descriptions of individual stocks are not investment advice of any form and do not 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 sales institution. Any information appearing in this article is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, and no responsibility is accepted 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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