Today (November 5), the Huabao CSI Nonferrous Metals ETF (159876), which captures leaders across the nonferrous metals industry, saw its tracked index rise as much as 3.6% at one point, and is now up 2.52%, aiming for a third consecutive daily gain and recovering its 20-day moving average during intraday trading.
Among constituent stocks, Youyan New Materials hit the daily limit up, while Chifeng Gold and Xingye Yinxi rose more than 8%, with Shengxin Lithium Energy, Guocheng Mining, Ganfeng Lithium and other stocks posting significant gains. Among heavyweight stocks, Shandong Gold and Huayou Cobalt rose more than 5%, while Zijin Mining, China Molybdenum and Northern Rare Earth gained more than 1%.
Baocheng Futures analysis pointed out that the core driver of this round of precious metals rebound stems from the U.S. midterm elections, and this political landscape change forms two transmission paths for gold: first, it marginally repairs market concerns about U.S. fiscal discipline, pushing Treasury yields lower and the dollar weaker, providing support for gold; second, the market expects geopolitical conflicts may ease, which would push energy prices lower and alleviate inflation expectations, further weakening the suppression of gold prices by the rate hike logic.
The U.S. midterm elections released signals that the Republican Party represented by Trump suffered losses, and the Democratic Party may regain control of the U.S. Congress. When Trump controlled both chambers, additional appropriations for military action against Iran were already difficult; after losing control, it becomes even harder. The upper limit on additional appropriations determines the upper limit of U.S. strike intensity against Iran, which in turn frames the upper limit for oil prices — the worse Trump's defeat in the U.S. midterm elections, the lower the strike intensity and the shorter the duration. Oil prices peaking in the short term is expected to weaken the pressure on the nonferrous metals sector.
Huabao Fund believes that in the short term, as the U.S. midterm elections conclude, the expectation of oil prices "peaking" is likely to gradually materialize, and the macro headwinds that previously suppressed the nonferrous metals sector may gradually clear. Currently, the nonferrous metals sector enjoys the dual advantages of "weakening macro suppression + industrial trend support." Looking ahead, the nonferrous metals sector may warrant moderate optimism, and investors are advised to watch for valuation repair opportunities on dips.
On the valuation front, the index tracked by Huabao Nonferrous Metals ETF (159876) currently has a price-to-book ratio PB (LF) of 2.52, below the median of 2.54 and also below more than 50% of the time range since the index was launched, showing valuation allocation cost-effectiveness.
On the earnings front, all 60 constituent stocks of the Huabao Nonferrous Metals ETF (159876) underlying index achieved profitability in the first three quarters. Among them, Zijin Mining and China Molybdenum achieved net profit attributable to parent company of 57.526 billion yuan and 24.020 billion yuan respectively in the first three quarters, ranking at the top; Ganfeng Lithium saw net profit attributable to parent company surge 195 times year-on-year, Tianqi Lithium saw net profit attributable to parent company jump 30 times year-on-year, and 20 stocks including Yunnan Germanium and China Mineral Resources achieved triple-digit year-on-year growth in net profit attributable to parent company.
In the computing power era, nonferrous metals build the foundation! Focus on metal demand behind technological development! The Huabao Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively cover leaders in copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, tin and other industries, with heavyweight stocks including Zijin Mining, China Molybdenum, Northern Rare Earth, Aluminum Corporation of China and others.
The 2026 third-quarter report performance shows that all 60 constituent stocks achieved profitability in the first three quarters, with 22 constituent stocks seeing year-on-year growth in net profit attributable to parent company exceeding 100%, providing solid support with strong fundamentals. Moreover, the number of constituent stocks is significantly higher than similar nonferrous metals indices (30-50 stocks), enabling better coverage of the semiconductor and new materials direction. For investors optimistic about both technology and nonferrous metals, this ETF is an efficient tool for one-click allocation to the nonferrous metals industry and capturing sector beta trends.
Source: Shanghai and Shenzhen Stock Exchanges, etc., as of November 5, 2026. The fund manager assesses the risk level of this fund as R3-medium risk, suitable for balanced (C3) and above investors. The appropriateness matching opinion should be subject to the sales institution. ETF fee explanation: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission of no more than 0.5%. On-exchange trading fees are subject to what the securities company actually charges. ETFs do not charge sales service fees. Feeder fund fee explanation: Huabao CSI Nonferrous Metals ETF Initiating Feeder Fund (Class A) subscription fee rate is 1,000 yuan per transaction when the subscription amount is 2 million yuan (inclusive) or more, 0.6% when between 1 million yuan (inclusive) and 2 million yuan, and 1% when below 1 million yuan; redemption fee rate is 1.5% when holding period is less than 7 days, and 0% when holding period is 7 days (inclusive) or more, with no sales service fee charged. Huabao CSI Nonferrous Metals ETF Initiating Feeder Fund (Class C) does not charge subscription fees, redemption fee rate is 1.5% when holding period is less than 7 days, and 0% when holding period is 7 days (inclusive) or more; sales service fee is 0.3%.
Risk disclosure: Huabao Nonferrous Metals ETF passively tracks the CSI Nonferrous Metals Index, whose base date is December 31, 2013, and was published on July 13, 2015. The constituent stock composition of the index is adjusted from time to time according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors must be responsible for any investment decisions they make independently. In addition, any views, analyses and forecasts in this article do not constitute any form of investment advice to readers, nor do they bear any responsibility for direct or indirect losses caused by the use of the content of this article. Fund investment involves risks, past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Fund investment requires caution. MACD golden cross signals have formed; these stocks are rising well!
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