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Today (October 19), COMEX gold surged toward a third consecutive day of gains. Chifeng Jilong Gold Mining rose more than 2%, while Shandong Gold Mining Co., Ltd. (ASX: 600547) and Shanjin International Gold gained over 1%. China Rare Earth Resources And Technology Co.,Ltd. (000831), which released a profit forecast for the first three quarters, jumped more than 3%. With new policies on new quality productive forces taking effect, stocks tied to metal demand driven by technological development also posted impressive gains. Western Superconducting Technologies led with a rise of over 4%, while Hailiang Group and Youyan New Materials advanced more than 2%.
The Huabao Nonferrous ETF (159876), which captures leaders across the nonferrous metals industry, saw its tracked index fluctuate modestly with the broader market, dipping more than 1% intraday before narrowing losses to 0.26%. The index has now retreated to levels last seen in September of last year, having pulled back over 38% from its historical high of 4,282.17 set on January 29, 2026. At current levels, the valuation looks relatively attractive, potentially offering an opportunity to position on dips.
On the news front, on October 16, China Rare Earth Resources And Technology Co.,Ltd. (000831) issued a profit forecast for the first three quarters of 2026, projecting net profit attributable to shareholders of 363 million yuan to 463 million yuan, representing year-on-year growth of 88.96% to 140.99%. The earnings change was mainly driven by policy adjustments and supply-demand optimization in the rare earth industry, upward market trends, and notable year-on-year price increases for certain products, alongside the company's strengthened market analysis and lean management, which improved operational quality and efficiency.
As of October 18, among the 60 constituent stocks of the Huabao Nonferrous ETF (159876), five listed companies had disclosed their first three quarters earnings forecasts. Among them, Henan Shenhuo Coal & Power is expected to achieve net profit attributable to shareholders of 7.4 billion yuan, temporarily leading the pack. China Rare Earth Resources And Technology Co.,Ltd. (000831), China Northern Rare Earth (Group) High-Tech, and Henan Shenhuo Coal & Power are all expected to see net profit growth of up to triple digits year-on-year. According to the 2026 interim report, all 60 constituent stocks of the ETF achieved profitability, with nearly half (28 stocks) reporting year-on-year net profit growth exceeding 100%. As a strong fundamentals play, the nonferrous sector is drawing broad market attention as third-quarter earnings forecasts are gradually disclosed.
Notably, on October 17, Shandong Gold Mining Co., Ltd. (ASX: 600547) announced plans to repurchase its A-shares through centralized bidding using own funds and self-raised funds, with a buyback amount of 300 million to 400 million yuan and a price not exceeding 48.57 yuan per share. The repurchased shares will all be canceled to reduce registered capital. Amid market adjustments, listed companies are showing increased enthusiasm for buybacks, reflecting industrial capital's recognition of current valuations and boosting market confidence with real capital.
SDIC Securities noted that gold's bottom signals are becoming evident. Rate hike expectations have been fully priced in, and short-term negatives for gold are largely cleared. Recently, Federal Reserve rate hike expectations have continued to strengthen, and the market has already priced in a relatively hawkish scenario fairly thoroughly, suggesting gold prices may have already reflected the most pessimistic short-term expectations. As negative factors are gradually absorbed, a bottom range for gold prices may have formed (3,900-4,200).
Huabao Fund stated that expectations for moderate Fed rate hikes remain unchanged and maintains a bullish medium-to-long-term allocation view on nonferrous metals. Due to macroeconomic disruptions, the nonferrous sector has now retreated to levels seen last September, offering relatively high allocation value. Combined with multiple advantages such as tight supply-demand dynamics and AI-driven demand, once 10-year real interest rate expectations peak, nonferrous metals may see a right-side recovery. The strategy suggests positioning in batches on dips to capture the sector's medium-to-long-term allocation value.
In the computing power era, nonferrous metals build the foundation! Focus on metal demand behind technological development!
The Huabao Nonferrous ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively cover leaders in copper, aluminum, rare earth, gold, lithium, tungsten, molybdenum, tin, and other industries. Its heavyweight holdings include Zijin Mining Group, China Molybdenum, China Northern Rare Earth (Group) High-Tech, and Aluminum Corporation of China. According to the 2026 interim report, all 60 constituent stocks achieved profitability, with nearly half reporting year-on-year net profit growth exceeding 100%, providing solid support from strong fundamentals. Moreover, the number of constituent stocks is significantly higher than similar nonferrous indices (30-50 stocks), offering better coverage of semiconductors and new materials. For investors bullish on both technology and nonferrous metals, this ETF is an efficient tool to gain one-click exposure to the nonferrous industry and capture the sector's beta.
Source: Shanghai and Shenzhen Stock Exchanges, etc., as of October 19, 2026. The fund manager assesses the risk level of this fund as R3-Medium Risk, suitable for balanced (C3) and above investors. Suitability matching opinions should be based on the sales institution's assessment. ETF fee disclosure: When investors subscribe or redeem fund shares, the subscription/redemption agency may charge a commission of no more than 0.5%. On-exchange trading fees are subject to the actual charges of the securities company. ETFs do not charge sales service fees. Feeder fund fee disclosure: For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee is 1,000 yuan per transaction for subscription amounts of 2 million yuan (inclusive) or more, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1% for amounts below 1 million yuan. The redemption fee is 1.5% for holding periods of less than 7 days and 0% for holding periods of 7 days (inclusive) or more. No sales service fee is charged. For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class C), no subscription fee is charged. The redemption fee is 1.5% for holding periods of less than 7 days and 0% for holding periods of 7 days (inclusive) or more. The sales service fee is 0.3%.
Risk disclosure: The Huabao Nonferrous ETF passively tracks the CSI Nonferrous Metals Index, which has a base date of December 31, 2013, and was launched on July 13, 2015. The index constituent composition is adjusted in a timely manner according to the index compilation rules. Its back-tested historical performance does not predict future index performance. All 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 are responsible for any investment decisions they make independently. Additionally, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor shall they bear any responsibility for direct or indirect losses caused by the use of this content. 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 the fund's performance. Fund investment requires caution.
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