Today (January 21), the Huabao Nonferrous Metals ETF (159876), which holds leading companies in the nonferrous metals sector, showed strong upward momentum, with its intraday price currently rising by 1.06%. Despite recent market consolidation, it has managed to secure gains for two consecutive days and is now aiming for a third, demonstrating remarkable resilience in its performance.
Accompanying the fervent market activity, capital is actively flowing in to establish positions! As of the time of writing, the Huabao Nonferrous Metals ETF (159876) has seen a real-time net subscription of 21.6 million units. Extending the view, it has continuously attracted funds over the past 10 days, amassing a total of 635 million yuan!
Regarding constituent stocks, Hunan Silver led the gains, rising over 8%, followed by Shenghua Lithium Energy, which climbed more than 7%. Yongxing Materials, Sinomine Resource Group, and Silver Corporation all advanced over 5%. Among the heavyweight components, Shandong Gold rose more than 3%, Northern Rare Earth gained over 1%, and Zijin Mining Group traded in positive territory.
On the news front, global geopolitical tensions have driven gold and silver prices to new highs. Guotai Junan Securities indicated that rising global geopolitical uncertainty and continued gold purchases by central banks worldwide are favorable for supporting the long-term price level of gold. Long-term safe-haven demand and tightness in the silver supply side are unlikely to change, keeping the underlying logic for price increases robust.
Industry insiders point out that, based on historical patterns, each commodity cycle is typically very long (a full commodity cycle lasts 25-30 years, with an upswing of 8-10 years and a downswing of 15-20 years). Once the direction is established, a commodity cycle tends to persist for a considerable time and does not conclude within just two or three years.
China Galaxy Securities recommends seizing the super-cycle in nonferrous metals, driven by the resonance of "AI Leap + Century Shift". Looking back at history, each major copper super-cycle corresponds to a clear and powerful macroeconomic narrative. The current cycle is uniquely叠加ed by two long-term drivers: the "AI technological revolution" and the "reshaping of the global order." Its duration and strategic significance are comparable to historical phases like post-war reconstruction or China's reform and opening-up.
From an industry perspective, the exceptional performance of nonferrous metals is propelled by a confluence of factors: a global capital expenditure cycle, a recovery in manufacturing, a strengthening of monetary attributes, and improving domestic macroeconomic expectations. The trend's persistence and strength may far exceed market expectations. Looking ahead, a sustained bull run for the nonferrous metals sector is widely seen as a consensus among institutions. China International Capital Corporation (CICC) notes that by 2026, the nonferrous metals industry could experience a bull market fueled by simultaneous tailwinds from monetary policy, demand, and supply. Zhongtai Securities is optimistic about a comprehensive bull market for nonferrous metals, while China Securities (CSC) believes the current bull market has potential for further advancement.
Notably, as of January 20th, the Huabao Nonferrous Metals ETF (159876) reached a new record high with a latest AUM of 1.665 billion yuan. Among the three ETFs in the market tracking the CSI Nonferrous Metals Index, it is the largest by size.
[The Nonferrous Metals Trend is Here, the "Super Cycle" is Unstoppable] The Huabao Nonferrous Metals ETF (159876) and its feeder fund (Class A: 017140, Class C: 017141) track a benchmark index that comprehensively covers sectors like copper, aluminum, gold, rare earths, and lithium. It encompasses different cyclical phases such as precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the sector's overall beta opportunities.
Risk Warning: The Huabao Nonferrous Metals ETF and its feeder 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 performance does not indicate future results. The mention of index constituents herein is for display purposes only; individual stock descriptions 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 should be based on the sales institution. Any information appearing in this article (including but not limited to 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, analyses, 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 resulting from the use of this content. Fund investment carries risks; the past performance of a fund does not guarantee its future results, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Invest cautiously in funds.
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