On Friday, January 9th, the nonferrous metals sector continued its sharp ascent, attracting a net inflow of 17.5 billion yuan from main funds throughout the day, ranking third among the 31 Shenwan primary industries in terms of fund attraction. The sector's popular ETF—Nonferrous Metals ETF Huabao (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! Nonferrous Metals ETF Huabao (159876) received a net subscription of 57.6 million units for the day. Over the preceding five days, net inflows showed a daily increasing trend, totaling 194 million yuan. Extending the view, the fund has aggressively attracted 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 Zinc & Germanium 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 limit-up 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 macro front, on Friday (January 9th, 21:30 Beijing time), the U.S. Bureau of Labor Statistics released the December non-farm payrolls report. On Thursday local time, the U.S. Congressional Budget Office predicted that the Federal Reserve might implement further modest 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 expected to generate 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. Industry analysts indicated 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, combined with global demand for allocating key strategic resources, continue to support firm tungsten ore prices. Minmetals Securities stated that strategic minor metals have limited reserves, high mining difficulty, and insufficient supply elasticity. Meanwhile, downstream demand from sectors like new energy, semiconductors, and military is growing rapidly, leading to tight supply-demand矛盾 and pushing up minor metal prices. Looking ahead, CITIC Securities indicated 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 anticipated to further increase. [The Nonferrous Metals Trend is Here, the 'Super Cycle' is Unstoppable] Nonferrous Metals ETF Huabao (159876) and its feeder fund (Class A: 017140, Class C: 017141) track a benchmark index that comprehensively covers industries including copper, aluminum, gold, rare earths, lithium, etc. 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行情 (market-wide movement).
*Institutional views referenced from: ① Orient Securities report "Nonferrous Metals & Steel Weekly Views (Week 50, 2025)" released December 8, 2025; ② Analyst views from China Tungsten Online, detailed in the Securities Daily article "Minor Metals Are Rising! Sector Moves, Two Leaders Hit Limit-Up" released January 9, 2026; ③ Minmetals Securities report "Nonferrous Metals Monthly Tracking Report: Minor Metals Price 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: Nonferrous Metals ETF Huabao and its feeder fund passively track the CSI Nonferrous Metals Index. The index's base date is December 31, 2013, and it was published on July 13, 2015. The index's performance over the past five complete years is: 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 historical backtested performance does not indicate future performance. The mention of index constituents herein is for display 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 should be based on the selling institution. Any information appearing in this article (including but not limited to stocks, comments, 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 taken for any direct or indirect losses resulting from the use of this article's content. 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 constitute a guarantee of the fund's performance. Invest cautiously in funds.
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