On Friday (January 9th), the nonferrous metals sector continued its explosive rally, attracting a net inflow of 1.75 billion yuan in main funds throughout the day, ranking third in fund absorption among the 31 Shenwan primary industries. The sector's popular ETF—China Nonferrous Metals ETF (159876)—saw its intraday price surge over 3.5%, ultimately closing up 3.24%, once again setting a new historical high! The full-day turnover reached 88.1 million yuan, showing a slight increase compared to the previous session.
The ETF's breakout above its listing high on increased volume may signal a buying opportunity for funds! Accompanying the heated rally, capital is actively pouring in! China Nonferrous Metals ETF (159876) received a net subscription of 57.6 million units for the day. Over the preceding five days, net inflows showed a pattern of daily growth, totaling 194 million yuan. Extending the view, the ETF has aggressively accumulated 279 million yuan in the last 10 days.
Regarding constituent stocks, leading companies supplying nonferrous metals for commercial aerospace led the gains significantly. Yunnan Chihong Zn & Ge Co., Ltd., providing germanium-based materials for satellite infrared detectors; Xiamen Tungsten Co.,Ltd., supplying tungsten alloys for satellite protective coatings; and Jinduicheng Molybdenum Co., Ltd., providing molybdenum materials for high-temperature components of rocket engines, all hit the daily 10% upside limit together. Western Superconducting Technologies Co., Ltd., which supplies titanium alloys for rocket body/satellite structural components, rose over 11%. Additionally, Hailiang Co.,Ltd. also hit the limit-up, while Jinduicheng Molybdenum Co.,Ltd., Yunnan Tin Co.,Ltd., and other stocks followed with substantial gains.
On the macroeconomic front, on Friday (January 9th, 21:30 Beijing Time), the U.S. Census Bureau is scheduled to release the December Non-Farm Payrolls report. Locally on Thursday, the U.S. Congressional Budget Office predicted that the Federal Reserve might implement further small interest rate cuts this year to "address downside risks in the labor market." Orient Securities pointed out that during a Fed rate-cutting cycle, physical assets with tight supply and demand, even with small supply-demand gaps, are likely to exhibit significant price elasticity. Under the current rate-cutting cycle, a super-cycle for industrial metals, represented by copper and aluminum, may have already arrived. At the industry level, several minor metal varieties have seen significant price increases recently, with tungsten showing the most pronounced rise. Analysts within the industry stated that after a brief correction at the end of 2025, tungsten products across the board have bottomed out and rebounded. Supply constraints caused by declining ore grades, total mining control, and sellers' reluctance to sell, coupled with global demand for allocating key strategic resources, continue to support firm tungsten ore prices. China Minmetals Corporation Securities indicated that strategic minor metals have limited reserves, high mining difficulty, and insufficient supply elasticity. Simultaneously, rapidly growing downstream demand from sectors like new energy, semiconductors, and military applications creates tight supply-demand dynamics, pushing up prices for minor metals. Looking ahead, CITIC Securities noted that under expectations of loose liquidity, frequent supply disruptions, and structurally strong demand, varieties such as copper, aluminum, gold, strategic metals, and battery metals are expected to continue their upward trend in 2026. Market recognition of the allocation value of resource products is likely to further increase. [The Nonferrous Metals Trend is Here, the 'Super Cycle' is Unstoppable] China Nonferrous Metals ETF (159876) and its feeder fund (Class A: 017140, Class C: 017141) track a comprehensive index covering industries like copper, aluminum, gold, rare earths, and lithium. It encompasses different phases of the economic cycle, such as precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the entire sector's beta performance.
*Institutional views referenced from: ① Orient Securities report "Weekly Views on Nonferrous Metals & Steel Industry (Week 50, 2025)" released December 8, 2025; ② Analyst views from China Tungsten Online, detailed in the Securities Daily article "Minor Metals Rise One After Another! Sector Movement, Two Leaders Hit Limit-Up" released January 9, 2026; ③ China Minmetals Corporation Securities report "Monthly Tracking Report on Nonferrous Metals Industry: Minor Metal Price Increase Cycle Begins, Strategic Mineral Value Highlights" released June 25, 2025; ④ CITIC Securities report "China Themes: 2026 Investment Outlook" released January 7, 2026. Risk Disclaimer: China Nonferrous Metals ETF and its feeder fund passively track the CSI Nonferrous Metals Index. The index 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 constituents 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 are subject to the selling institution. Any information appearing in this article (including but not limited to stocks, commentary, 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 indicate its future returns. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds cautiously.
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Editor: Yang Hongbo
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