Today (January 28th), the nonferrous metals sector led the gains in the market. The popular sector ETF—Nonferrous Metals ETF Huabao (159876)—saw its on-market price skyrocket over 6.38%, currently up 5.17%, continuing to set a new historical high! Real-time turnover reached 207 million yuan, indicating fervent trading activity!
Funds are rapidly increasing positions! As of this writing, Nonferrous Metals ETF Huabao (159876) received a net real-time subscription of 134 million units! Notably, it attracted over 200 million yuan in a single day yesterday. Extending the view, it has seen continuous inflows for the past 20 days, amassing a total of 856 million yuan!
Regarding component stocks, Baiyin Nonferrous Group Co.,Ltd. hit its 7th consecutive limit-up in 7 days, Hunan Gold Corporation Limited achieved its 3rd straight limit-up. Additionally, multiple stocks like Aluminum Corporation of China Limited, Tongling Nonferrous Metals Group Co., Ltd., Zhongjin Gold Corp., Ltd., Huafon Aluminum Corporation, Northern Copper Co., Ltd., and Western Region Gold Co., Ltd., surged to their daily limit or touched the limit-up price.
On the news front, during today's trading session, spot gold broke through $5,200 intraday, reaching a high above $5,260. On the last trading day of 2025, spot gold closed at $4,310.89. This means that in less than a month since the start of 2026, spot gold has surged by over $900.
Huaxi Securities believes that, influenced by expectations of Federal Reserve interest rate cuts, instability in US dollar credit, the US midterm elections, and geopolitical uncertainties, gold prices are expected to rise further. Based on historical annual increase calculations, under a neutral scenario—referencing the median, 75th percentile, and 90th percentile increases from 1970-2025—gold prices could potentially rise by 7%, 23%, and 34% respectively in 2026.
While the market generally holds a bullish outlook for gold's future performance, Dongfang Jincheng points out that short-term caution is needed regarding the risk of speculative funds taking profits, which could lead to increased gold price volatility. Huatai Securities recommends a medium allocation to the nonferrous metals sector, meaning it should constitute 10%-20% of one's fund portfolio. This allows investors to share in the upside of nonferrous metals while also diversifying risk.
Looking ahead, Southwest Securities believes the nonferrous metals industry is welcoming a major resource cycle, with the price centers of metals like gold, copper, aluminum, tin, and rare earths systematically shifting upwards. Huafu Securities states that nonferrous metals will deeply participate in profit-driven market trends. Benefiting from the recovery of the economic fundamentals, their strong cyclical nature, against the backdrop of policies aimed at expanding domestic demand and "countering internal involution," is expected to continuously release excess returns, and the industry's high景气度 is likely to be maintained.
It is noteworthy that, as of January 27th, Nonferrous Metals ETF Huabao (159876) reached a latest scale of 2.34 billion yuan, again setting a new historical high. Among the 3 ETFs tracking the CSI Nonferrous Metals Index in the entire market, it is the largest ETF by size.
[The Nonferrous Metals Trend Has Arrived, the "Super Cycle" is Unstoppable] Nonferrous Metals ETF Huabao (159876) and its feeder fund (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries such as copper, aluminum, gold, rare earths, and lithium, encompassing different景气 cycles like precious metals (hedge), strategic metals (growth), and industrial metals (recovery). This full-category coverage allows for better capture of the entire sector's beta行情.
ETF fee-related explanation: When investors subscribe for or redeem fund units, the subscription/redemption agency may charge a commission not exceeding 0.5%. On-market trading fees are subject to the rates actually charged by the securities company. ETFs do not charge a sales service fee. Feeder fund related fee explanation: For the Huabao CSI Nonferrous Metals ETF Feeder Fund (Class A), the subscription fee rate is 1,000 RMB per transaction for subscription amounts of 2 million RMB (inclusive) or above, 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee rate is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days (inclusive) or more. No sales service fee is charged. The Huabao CSI Nonferrous Metals ETF Feeder Fund (Class C) does not charge a subscription fee. The redemption fee rate is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days (inclusive) or more. The sales service fee is 0.3%.
Risk提示: Nonferrous Metals ETF Huabao 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 past 5 complete years is: 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2024, +2.96%; 2025, +91.67%. The composition of the index's constituent stocks is adjusted according to the index compilation rules, and its backtested historical performance does not indicate future index performance. The mention of index constituents in this article is for display 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 management company. The risk等级 assessed by the fund manager for this fund is R3-Medium Risk, suitable for investors with a Balanced (C3) profile and above. The suitability matching opinion is subject to the selling institution. Any information appearing in this article (including but not limited to individual 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 accepted for any direct or indirect losses arising from the use of the content herein. 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 in funds with caution.
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