Spot gold experienced a sharp rise on Wednesday (March 25), surpassing $4,500 per ounce, potentially driven by key turning point signals in Middle East geopolitical events. Huabao's Nonferrous Metals ETF (159876), which broadly covers industry leaders in gold, rare earths, copper, aluminum, and other nonferrous metals, saw its intraday gain peak at 4.29%, closing up 3.17%. The ETF successfully reclaimed both its 5-day moving average and its half-year moving average. Notably, capital accelerated accumulation at lower levels, with the ETF recording a net subscription of 3.6 million shares for the day.
Among the constituent stocks, nearly 70% saw gains exceeding 2%. Yunnan Chihong Zinc & Germanium led the gains, rising over 8%, followed by Chifeng Jilong Gold Mining climbing more than 6%, and China Northern Rare Earth Group advancing over 5%. Major weighted stocks Zijin Mining Group and China Molybdenum Co., Ltd. rose 3.23% and 2.99%, respectively.
What drove the strong performance of the nonferrous metals sector today? Analysis points to three key factors: 1. **Macro Perspective:** The United States has expressed intent for a one-month ceasefire and is discussing a 15-point plan with Iran to end the conflict, covering nuclear programs, missile capabilities, and regional issues. Perceived key turning point signals in geopolitical events likely triggered a global asset rally, a sharp drop in oil prices, and the rapid ascent of spot gold above $4,500. CITIC Securities previously indicated that following the resolution of Middle East conflicts, gold prices could potentially reach new highs*. 2. **Industry Perspective:** Lithium mining concepts continued their strength. Zimbabwe's lithium export ban has been in place for nearly a month with no signs of lifting, potentially lasting longer than initial market expectations. March has seen a comprehensive recovery in lithium battery industry chain production schedules. Coupled with post-holiday "replace old with new" policy implementation and new vehicle launches, full-year demand for lithium batteries appears positive. Orient Securities believes the price center for lithium may see a trend-based increase*. 3. **Individual Stock Perspective:** Zijin Mining Group is strategically advancing its "gold strategy." Its wholly-owned subsidiary, Zijin Gold, plans to invest approximately 18.258 billion yuan to acquire a 25.85% stake in Chifeng Jilong Gold Mining (post-capital increase) through a combination of agreement transfer and private placement subscription. Zijin Mining's President, Lin Hongfu, stated that the medium to long-term logic supporting sustained high or further rising gold prices remains unchanged.
Looking ahead for the nonferrous metals sector, Huatai Securities highlights opportunities for a rebound from oversold conditions: For gold, historical patterns show rapid rebounds often follow the end of geopolitical conflicts, and continued central bank purchases provide a floor for prices. For industrial metals, tight mine supply for copper and domestic inventory drawdowns, alongside unpriced risks for aluminum capacity in the Middle East, suggest underlying fundamental support remains. For minor metals, varieties like rare earths, tungsten, molybdenum, and cobalt are catalyzed by geopolitical tensions, with expectations for strategic reserves and military inventory replenishment strengthening. The broader sector's recovery potential after significant declines warrants active attention.*
**【The Nonferrous Metals Opportunity is Here, A "Super Cycle" Appears Inevitable】** Huabao Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries including copper, aluminum, gold, rare earths, and lithium, spanning different cycles: precious metals (hedging), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the sector's beta movements. Furthermore, this ETF is a margin trading security, making it an efficient tool for gaining exposure to the nonferrous metals sector.
As of the end of February, Huabao Nonferrous Metals ETF (159876) had a latest size of 2.427 billion yuan, with an average daily turnover exceeding 100 million yuan over the past month. Among the three ETF products tracking the same underlying index in the market, it leads in both size and liquidity.
*Institutional views referenced from: ① CITIC Securities report "Gold | Review of Gold Prices and Gold Sector After Past Middle East Conflicts" published March 19; ② Orient Securities report "2026 Lithium Industry Strategy: Rising Sun, The Great Era of Lithium's Second Boom" published February 22; ③ Huatai Securities report "Nonferrous Metals: 'Difficulties' and 'Disturbances' Under Middle East Geopolitical Impact" published March 10.
Reminder: Recent market volatility may be significant. Short-term gains or losses are not indicative of future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying close attention to position management and risk control.
ETF Fee Information: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Fees for场内交易 are subject to the rates charged by the securities firm. ETFs do not charge a sales service fee.
Feeder Fund Fee Information: For Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee is 1,000 RMB per subscription for amounts of 2 million RMB or more; 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB; and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days or more. No sales service fee is charged. For Huabao CSI Nonferrous Metals ETF Feeder Fund (Class C), there is no subscription fee. The redemption fee is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days or more. A sales service fee of 0.3% is charged.
Risk Disclosure: Huabao Nonferrous Metals ETF passively tracks the CSI Nonferrous Metals Index. The index 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: 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2024, +2.96%; 2025, +91.67%. The index constituents are adjusted according to its compilation rules, and its past performance does not indicate future results. The mention of index constituents herein is for illustrative purposes only; individual stock descriptions 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 Balanced (C3) and higher risk profile investors. Suitability matching opinions should be based on the sales institution. Any information appearing in this document (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice to readers in any form, and no liability 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. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.
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