Everbright Securities has released a research report stating that rising oil prices have strengthened rate hike expectations, and the market has now largely priced in one more rate hike within 2026; central banks continue to increase their gold holdings, supporting a bullish outlook on gold prices. Global copper mine supply remains tight; the U.S. copper tariff policy has yet to be finalized, while COMEX copper inventories continue to hit new highs. Global copper mine supply remains constrained, with China's electrolytic copper smelting operating rate in September hitting its lowest level for the same period since 2014; domestic wire and cable operating rates have rebounded month-on-month, and Q4 demand from power grids and air conditioning is expected to improve, with the supply-demand tightness in 2026 remaining unchanged.
Key viewpoints from Everbright Securities are as follows:
Event: All Q3 2026 fund heavy holdings have been disclosed. Based on fund heavy holdings, the firm compiled active equity funds' heavy holdings in the non-ferrous metals industry. Fund types include ordinary equity funds, partial-equity hybrid funds, balanced hybrid funds, and flexible allocation funds.
Industry: In Q3 2026, non-ferrous metals heavy holdings accounted for 4.25% of fund heavy holdings, up 0.85 percentage points quarter-on-quarter. In Q3 2026, active equity funds' total heavy holdings market value in the non-ferrous metals industry was approximately 80.52 billion yuan, accounting for 4.25% of overall fund heavy holdings, up 0.85 percentage points from 3.40% in Q2 2026.
Individual stocks: The top ten heavy holdings by market value are concentrated in copper and gold, with Zijin Mining Group Company Limited (ASX: 2899) remaining the largest heavy holding. As of Q3 2026, the top ten heavy holdings by market value in the non-ferrous metals industry held by active equity funds were Zijin Mining Group Company Limited (21.2 billion yuan), China Molybdenum (4.1 billion yuan), Western Mining (4.1 billion yuan), Chifeng Gold (3.5 billion yuan), China National Gold (3.2 billion yuan), Shanjin International (2.9 billion yuan), Jinchengxin (2.85 billion yuan), Longci Technology (1.6 billion yuan), and Zijin Mining Group Company Limited (H) (1.5 billion yuan).
Increases in holdings were mainly concentrated in magnetic materials, high-temperature alloys, and gold. Among specific individual stock holdings, the top ten stocks by increase in shares held by active equity funds in Q3 2026 relative to Q2 2026 as a proportion of the stock's tradable shares were Longci Technology (magnetic materials, largest increase), Jinchengxin (copper), Shengda Resources (silver), Shanjin International (gold), Longda Alloy (high-temperature alloys), Chifeng Gold (gold), Tunan (high-temperature alloys), Yongjie New Materials (aluminum foil), Lingbao Gold (H) (gold), and China National Gold (gold).
Decreases in holdings were concentrated in minor metals such as lithium, and materials. Among specific individual stock holdings, the top ten stocks by decrease in shares held by active equity funds in Q3 2026 relative to Q2 2026 as a proportion of the stock's tradable shares were Boqian New Materials (MLCC nickel powder, largest decrease), Yongxing Materials (lithium), Hengbang (gold), China Tungsten and Hightech (tungsten, cutting tools), Zhuye Group (lead-zinc, gold), Orient Tantalum (tantalum), Zuxing New Materials (aluminum processing), Rongjie (lithium), Dingsheng New Materials (aluminum foil), and China Rare Earth Nonferrous (rare earths).
Risk warnings: Risk of economic recovery falling short of expectations; copper and aluminum price increases suppressing downstream demand; risk of the Federal Reserve's rate cut pace falling short of expectations; risk of easing trade conflicts.
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