Today (June 11th), the market consolidated as the three major A-share indices all retreated. The nonferrous metals sector stood out as the clear leader, attracting net northbound inflows exceeding 15.4 billion yuan for the day, ranking second among the 31 primary Shenwan industries in terms of fund attraction.
Among popular ETFs, the largest ETF tracking its underlying index*, Huabao Nonferrous Metals ETF (159876), saw its on-exchange price surge over 3% at its peak, closing up 2.43%. Daily turnover reached 921.8 million yuan, representing a 31% increase from the previous session. The ETF successfully reclaimed its 5-day moving average, securing its third consecutive positive daily close.
Regarding constituent stocks, Bohai Advanced Materials Co., Ltd., Zhejiang Hailiang Co., Ltd., Jinduicheng Molybdenum Co., Ltd., Guocheng Mining Co., Ltd., and Yunnan Chihong Zinc & Germanium Co., Ltd. all hit the daily 10% limit-up. Major weighted stocks like China Molybdenum Co., Ltd. and Ganfeng Lithium Group Co., Ltd. rose over 3%, Aluminum Corporation of China Limited gained over 2%, with stocks such as China Northern Rare Earth (Group) High-Tech Co., Ltd. and Shandong Gold Mining Co., Ltd. also advancing.
On the news front, the global construction of AI computing power is in full swing, driving strength in computing-related metals. Tungsten prices have experienced a significant rebound. Data shows that prices for various tungsten raw materials in the first half of June were substantially higher compared to the second half of May. Tungsten concentrate is a core upstream raw material for producing high-purity tungsten hexafluoride. The global supply-demand gap for tungsten hexafluoride continues to widen, with its price index soaring, leading to a significant increase in expected demand for upstream tungsten concentrate, thereby supporting its spot price.
Tungsten hexafluoride has emerged as another dark horse theme in the AI arena. The current acceleration in global computing infrastructure construction, coupled with the rising penetration of HBM as a core supporting component for AI chips, and the rapid iteration of 3D NAND flash memory towards increased layer stacking and storage density, are two major technological shifts directly driving a continuous increase in tungsten hexafluoride consumption per wafer.
Meanwhile, SK Hynix is attempting to "substitute tungsten with molybdenum." In the production process of 3D NAND flash memory, under the same miniaturization scale, molybdenum offers lower resistance, which can effectively accelerate data read/write speeds. Furthermore, molybdenum does not require an additional barrier layer and can be directly filled, further enhancing chip storage density, although molybdenum material imposes stringent requirements on equipment and process control.
As AI development materializes in the physical world (chips, AI infrastructure, energy, and power), nonferrous metals have become indispensable key raw materials. Behind electricity lies copper; chip packaging is inseparable from tin solder joints; chip wiring requires tungsten; and photoelectric conversion needs germanium. The price increases for minor metals this year are fundamentally driven by the dual resonance of rigid supply constraints and the expansion of emerging demand.
Looking ahead, market analysts point out that although the nonferrous metals sector faces short-term market volatility, its long-term performance remains promising, benefiting from industrial structure optimization and sustained demand growth. Based on performance trend model analysis, the current valuation of the nonferrous sector is reasonable, suggesting potential for a rebound. It is recommended to focus on its potential performance within the industrial chain and seize investment opportunities presented by oversold conditions.
Nonferrous Sector Momentum Arrives, "Super Cycle" Appears Unstoppable
The underlying index of Huabao Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively covers industries such as copper, aluminum, gold, rare earths, and lithium. This full-category coverage allows for better capture of the sector's beta trends. Simultaneously, this ETF is a margin trading and securities lending target, serving as an efficient tool for a one-click allocation to the nonferrous metals sector.
As of the end of May, the latest size of Huabao Nonferrous Metals ETF (159876) exceeded 15 billion yuan, making it the largest ETF among the three products tracking the same underlying index in the entire market.
Risk Disclosure: Huabao Nonferrous Metals ETF passively tracks the CSI Nonferrous Metals Index. The base date for this index is December 31, 2013, and it was launched on July 13, 2015. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its back-tested historical performance does not indicate future index performance. The constituent stocks mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings information or trading动向of any fund managed by the fund manager. The fund manager assesses this fund's risk等级as R3-Medium Risk, suitable for Balanced (C3) and above investors. The appropriateness matching opinion should be based on the销售机构. Any information appearing in this article (including but not limited to individual stocks,评论, predictions, charts, indicators, theories, any form of表述, etc.) is for reference only. Investors must be responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers, nor is there any liability for direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Caution is advised in fund investment.
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