On Friday (January 23), the nonferrous metals sector continued its fierce upward momentum, with Huafon Aluminium, Baiyin Nonferrous Metals, and Tongling Nonferrous Metals all hitting the daily limit-up. The sector's popular ETF—Nonferrous Metals ETF Huabao (159876)—saw its intraday gain peak at 3.55%, closing up 3.37%. The ETF broke through its previous post-listing high on heavy volume and attracted net inflows of 55.20 million units for the day!
Geopolitical risks remain volatile; the Greenland issue is not fully resolved, and potential new disruptions from Iran are heightening risk aversion, pushing gold prices to continuously break new records. International gold prices surged significantly, with spot gold decisively breaking above the $4,950 per ounce mark, setting a fresh all-time high. Several major domestic gold jewelry brands have updated their prices to around 1,500 yuan per gram. Dongfang Gold Rating believes that, from a medium to long-term perspective, the logic for rising gold prices remains solid. Firstly, U.S. fiscal risks will continue to be a major support for gold. Secondly, strong gold allocation intentions from global central banks remain a core factor influencing prices. Thirdly, the U.S. is still within an interest rate cutting cycle in 2026. Finally, escalating global geopolitical risks are increasing market demand for safe-haven assets.* Looking ahead, Guosen Futures pointed out that the strong performance of nonferrous metals stems from the combined push of macro-financial policies and structural changes in supply and demand. Particularly with the rise of new demand from sectors like AI and new energy, coupled with domestic policies aimed at curbing "internal competition" to standardize industry practices, nonferrous metals are outperforming 31 primary A-share sub-sectors. This is driven by rigid supply constraints and stimulated demand elasticity, and the sector is expected to maintain its impressive performance going forward.* [The Nonferrous Metals Opportunity Has Arrived, An "Unstoppable Super Cycle"] The underlying index of Nonferrous Metals ETF Huabao (159876) and its feeder fund (Class A: 017140, Class C: 017141) provides comprehensive coverage of industries including 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 entire sector's beta movements.
*Institutional views reference sources: ① Perspective from Qu Rui, Senior Associate Director of Dongfang Gold Rating Research and Development Department, on January 21, 2026, detailed in the Global Times finance article "COMEX Gold Futures Break Through $4,800/oz, Risk Aversion Becomes Main Driver". ② Guosen Futures report "Copper: Historically Breaks Through 100,000 Yuan! Trend of Selecting New Highs Unchanged" released on December 29, 2025. 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 launched 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 past performance does not indicate future results. The index constituents mentioned herein are for illustrative purposes only; descriptions of individual stocks are not investment advice of 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's assessment. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and 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 liability 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 indicate its future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest carefully in funds.
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