Today (January 27), the Nonferrous Metals ETF Huabao (159876), which aggregates leading companies in the nonferrous metals industry, experienced a roller-coaster ride. Its intraday price surged over 1% in the morning session, then plunged more than 2.8% in the afternoon, before gradually narrowing the losses towards the close, ultimately finishing down 1.12%. The full-day amplitude reached a significant 4.23%. Trading volume was robust, with a total turnover of 264 million yuan, a notable 19% increase compared to the previous day.
The ETF saw both price and volume hitting record highs, potentially signaling a buying opportunity for capital. Combined with this being the first correction following a six-day winning streak, investors seized the dip to accumulate shares. The Nonferrous Metals ETF Huabao (159876) recorded substantial net inflows of 162 million shares for the day. Since January 21st, the ETF's net capital inflows have shown a consistent daily increasing trend.
Regarding constituent stocks, Baiyin Nonferrous surged for the sixth consecutive limit-up, accumulating a remarkable 77% gain over six days; Hunan Gold hit the limit-up straight at the open, marking its second consecutive limit-up; Western Gold rose over 6%, and Huafon Aluminum gained more than 5%, leading the advancers. On the downside, Guocheng Mining fell more than 8%, Yunnan Germanium dropped over 7%, while Shanjin International and Vanadium Titanium Magnetite were among the top decliners, weighing on the index's performance.
Why did nonferrous metals fall today? The decline is likely attributed to risk control measures announced by the Shanghai Futures Exchange on January 26th, which adjusted parameters like price limits, trading margins, and position limits for futures contracts including silver, tin, and copper. This was compounded by factors such as a rebound in the US Dollar. Dongfang Jincheng pointed out that short-term caution is warranted against profit-taking by speculative funds, which could lead to increased volatility*. Huatai Securities recommended a medium allocation* to the nonferrous metals sector, suggesting a 10%-20% weighting in one's fund portfolio to capture potential upside while managing risk.
Fundamentally, nonferrous metal stocks generally anticipate positive 2025 earnings, suggesting the recent strong rally may have underlying fundamental support. As of January 26th, among the 60 listed companies covered by the Nonferrous Metals ETF Huabao (159876), 16 have disclosed their 2025 performance forecasts. Of these, 14 anticipate profitability, accounting for nearly 90%, and 12 forecast positive year-on-year net profit growth, demonstrating the operational resilience of leading nonferrous companies. Notably, Guocheng Mining expects its attributable net profit to increase by a staggering 988%-1094% year-on-year, currently ranking first. China Rare Earth, Zhongfu Industrial, and Northern Rare Earth are all projected to report triple-digit percentage growth in attributable net profit.
Looking ahead, Southwest Securities believes the nonferrous metals industry is entering a major resource cycle, with the price centers of metals like gold, copper, aluminum, tin, and rare earths expected to shift systematically higher*. Huafu Securities stated that nonferrous metals will deeply participate in a profit-driven market. Benefiting from fundamental economic recovery, the sector's strong cyclical attributes are expected to continue releasing excess returns against the backdrop of policies aimed at expanding domestic demand and "countering involution," likely sustaining high industry prosperity*. [The Nonferrous Metals Trend Has Arrived, The "Super Cycle" is Unstoppable] The Nonferrous Metals ETF Huabao (159876) and its feeder fund (Class A: 017140, Class C: 017141) track a benchmark index that comprehensively covers sectors like copper, aluminum, gold, rare earths, and lithium, encompassing different cyclical phases such as precious metals (hedging), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the entire sector's beta行情 (market-wide movements).
*Institutional views referenced from: ① Dongfang Jincheng report "Renewed Concerns over Fed Independence, Gold Prices Fluctuate Higher" dated Jan 20, 2026; ② Huatai Securities report "What Drives the Initial Signs of an Inflection Point in Sentiment? — Mid-Scene Sentiment and Tactical Allocation Monthly Report" dated Jan 8, 2026; ③ Southwest Securities report "Nonferrous Metals Industry 2026 Investment Strategy: The Major Resource Cycle, Seizing the Comprehensive Metal Bull Market" dated Jan 23, 2026; ④ Huafu Securities report "Nonferrous Metals: Choices for the Second Stage of the Bull Market and Resonance with Physical Asset Value" dated Jan 21, 2026. ETF fee-related notes: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the actual charges by securities firms. ETFs do not charge a sales service fee. Feeder fund fee notes: For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee rate is 1% for amounts below 1 million yuan, 0.6% for amounts between 1 million (inclusive) and 2 million yuan, and a flat fee of 1,000 yuan per transaction for amounts of 2 million yuan (inclusive) and above. The redemption fee rate is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days (inclusive) or more. No sales service fee is charged. The Huabao CSI Nonferrous Metals ETF Feeder Fund (Class C) charges no subscription fee. The redemption fee rate is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days (inclusive) or more. A sales service fee of 0.3% is charged. Risk Disclosure: The 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 launched on July 13, 2015. The index's performance over the past 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 past performance does not indicate future returns. The mention of index constituents herein is for illustrative purposes only; descriptions of individual stocks are not investment advice in 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 selling institution's assessment. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. 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 does not guarantee its future results. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Invest in funds cautiously.
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