Aiming for five consecutive positive trading days! Today (January 23), the nonferrous metals sector continued its fierce upward momentum. The sector's popular ETF—Nonferrous Metals ETF Huabao (159876)—saw its intraday gain reach 3.55%, currently up 3.29%, setting another record high! Real-time turnover hit 107 million yuan, already surpassing the full-day turnover from yesterday.
The ETF's heavy-volume breakout above its listing high could signal a buying opportunity for capital! As of this writing, Nonferrous Metals ETF Huabao (159876) attracted a net real-time subscription of 52.20 million units. Over a longer period, it has amassed a staggering 844 million yuan in net inflows over the past 20 trading days!
Regarding constituent stocks, Baiyin Nonferrous Group Co.,Ltd. and Tongling Nonferrous Metals Group hit the daily limit-up, while Hunan Silver and Xingye Silver & Tin surged over 9%. Stocks like Chihong Zinc & Germanium, Zhongjin Lingnan, and Huafon Aluminum followed with significant gains. Among heavyweight components, Shandong Gold rose over 2%, China Molybdenum gained more than 1%, with Zijin Mining Group, Aluminum Corporation of China, and China Northern Rare Earth also trading in positive territory.
On the news front, international gold prices skyrocketed, with spot gold decisively breaking through the $1,950 per ounce barrier to set a fresh all-time high. COMEX gold futures prices strengthened in tandem, reaching a high near $1,970 per ounce, coming within striking distance of the key $2,000 psychological level. The surge in international gold prices quickly spread to the domestic market, prompting most major domestic gold jewelry brands to raise their prices, refreshing the 1,500 yuan per gram mark.
Huaxi Securities pointed out that over the past three years, gold prices have advanced relentlessly, climbing steadily, with return attributes far exceeding historical norms. Expectations regarding the Federal Reserve's monetary policy remain the primary factor determining gold's trend, while geopolitical conflicts, risks within the US itself, and the resulting concerns about US dollar credibility have become new catalysts amplifying gold's gains. Furthermore, persistent gold purchasing by global central banks provides strong support for stabilizing the floor of gold prices. Referring to historical patterns, gold price increases in 2026 could potentially range between 10% and 35%. Influenced by expectations of Fed rate cuts, unstable US dollar credibility, the US midterm elections, and geopolitical uncertainty, gold prices are expected to rise further.
Looking ahead at the prospects for the nonferrous metals sector, China International Capital Corporation (CICC) believes that considering the emergence of new demand driven by AI, power, new energy, high-end equipment manufacturing, coupled with insufficient capital expenditure on the supply side and increasing supply disruptions, basic metals represented by copper, aluminum, and tin are expected to continue their impressive performance into 2026.
Guosen Futures holds the view that the strong performance of nonferrous metals stems from the combined push of macro-financial policies and structural changes in supply and demand. The initiation of a global interest rate cutting cycle and the overall weakening of the US dollar index, under conditions of relatively loose liquidity, have driven capital into the nonferrous metals sector for hedging purposes. Particularly with the rise of emerging demand from AI and new energy, and domestic policies initiating "anti-involution" measures to standardize industry competition, nonferrous metals, constrained by supply-side rigidity and stimulated by demand elasticity, have overall outperformed 31 primary A-share sub-sectors and are expected to maintain their strong performance in the future.
It is noteworthy that as of January 22, Nonferrous Metals ETF Huabao (159876) reached a latest scale of 1.775 billion yuan, again setting a historical record. Among the three ETFs tracking the CSI Nonferrous Metals Index in the entire market, it is the largest ETF by size.
[The Nonferrous Metals Trend Has Arrived, an "Unstoppable Super Cycle"] Nonferrous Metals ETF Huabao (159876) and its linked fund (Class A: 017140, Class C: 017141) have a target index that comprehensively covers industries such as copper, aluminum, gold, rare earths, and lithium, encompassing different cyclical phases like precious metals (hedging), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the entire sector's beta movements.
Risk Warning: Nonferrous Metals ETF Huabao and its linked fund passively track the CSI Nonferrous Metals Index. The base date for this index is December 31, 2013, and it was published on July 13, 2015. The index's performance over the last five complete years is as follows: 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 historical performance does not indicate future performance. The mention of index constituents herein is for display purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they 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 sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are solely 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 the content herein. Fund investment carries risks; the past performance of a fund does not indicate its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment must be undertaken with caution.
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