In 2025, driven by a marginal shift towards accommodative monetary policies from major global central banks, coupled with accelerated energy transition and grid investments, the non-ferrous metals sector experienced a rare confluence of favorable "financial attributes" and "commodity attributes." Notably, the non-ferrous metals mining segment, which focuses on scarce upstream resources within the industrial chain, demonstrated strong performance, with the CSI Non-ferrous Metals Mining Index surging 104.84% in 2025. As 2026 commenced, the sector's impressive performance has once again become a hot topic in the market, attracting numerous investors to position themselves accordingly. (Data source: Wind, as of 2025/12/31)
Against the current backdrop where both supply-demand dynamics and geopolitical factors are jointly driving up the value of upstream resources, focusing on the source of the industrial chain has become key to capturing sector opportunities. It is learned that the newly launched Invesco Great Wall CSI Non-ferrous Metals Mining Theme ETF (abbreviated as "Metals ETF Invesco", fund code: 560293) tracks the CSI Non-ferrous Metals Mining Index. This index concentrates on upstream resource leaders with substantial mining assets, potentially serving as a convenient tool for investors to capture investment opportunities within the sector.
Multiple factors are converging, placing non-ferrous metals in a favorable position. After a strong performance in 2025, does the non-ferrous metals sector remain worthy of attention in 2026? From the current macroeconomic perspective, strengthening expectations for interest rate cuts provide favorable support. On one hand, lower interest rates directly reduce the opportunity cost of holding non-yielding assets like gold and benefit interest-rate-sensitive non-ferrous metals; on the other hand, during a rate-cutting cycle, a potential retreat in the US dollar index alleviates price pressures for dollar-denominated commodities, creating a beneficial exchange rate environment for the sector.
From the supply and demand perspective, the supply side of non-ferrous metals lacks elasticity. Global major mines face multiple constraints including declining ore grades, historically insufficient capital expenditure, stricter approvals and environmental regulations, and geopolitical risks, collectively limiting overall supply flexibility. On the demand side, spurred by new growth drivers, explosive growth in industries like electric vehicles, photovoltaics, wind power, and energy storage has increased the usage of lithium, cobalt, nickel, copper, aluminum, and rare earths in batteries and motors. Furthermore, the computing arms race fueled by AI development provides sustained demand support for metals like copper, tin, and aluminum, which are crucial for heat dissipation and conductivity. Against the backdrop of "supply rigidity" meeting "new demand growth," the long-term price equilibrium for upstream non-ferrous metals is expected to shift upwards.
Additionally, industrial policy direction is expected to drive profit improvements in the upstream non-ferrous metals sector. Since the implementation of anti-internal competition policies last July, price indices for upstream mining and raw material industries have shown a noticeable recovery, with stabilizing prices aiding corporate profit restoration. In December 2025, the Purchasing Price Index for Major Raw Materials stood at 53.1%, remaining in a high expansion zone; simultaneously, the gap between raw material purchase prices and factory gate prices was 4.2 percentage points (previous value: 5.4 percentage points). (Data source: National Bureau of Statistics, 2025/12/31)
Balancing industrial metals and precious metals, the focus is on upstream resource leaders. Faced with changes in the macroeconomic environment and industrial trends, how can investors position themselves to capture upstream opportunities in non-ferrous metals? The newly launched Metals ETF Invesco (fund code: 560293)恰好 provides a "basket" solution. This fund tracks the CSI Non-ferrous Metals Mining Index, which currently comprises 39 constituents, covering both high-growth industrial metals (copper, lithium, rare earths, etc.) and precious metals (gold, silver, etc.) that offer defensive and currency hedging properties. This diversified allocation, featuring both offensive and defensive components, results in a more balanced risk-return profile for the underlying index: on one hand, during market upswings, assets like industrial metals act as the primary drivers for index appreciation; on the other hand, allocations to precious metals including gold and silver provide a cushion during weaker periods, potentially reducing the magnitude of the index's drawdowns.
In terms of performance trends, as an index focused on the upstream resource domain, the CSI Non-ferrous Metals Mining Index has delivered superior long-term performance compared to other non-ferrous metals indices due to its diversified sector allocation. Over the past five years, the CSI Non-ferrous Metals Mining Index rose 106.32%, outperforming the Sub-Segment Non-ferrous Metals Index (95.08%), the CSI Non-ferrous Metals Index (93.60%), and the CNI Non-ferrous Metals Index (93.06%). Regarding valuation levels, the CSI Non-ferrous Metals Mining Index's price-to-earnings ratio is 28.94 times, below its 10-year average (37.32 times), indicating relatively attractive investment value. (Data source: Wind, Index return statistics period: 2021/1/7-2026/1/6, Index valuation statistics period: 2016/1/7-2026/1/6)
It is worth mentioning that the fund manager, Invesco Great Wall Fund, has deep expertise in ETFs cultivated over many years. Recently, it has accelerated its布局 through differentiated strategies, building an international and specialized ETF product line by offering various underlying assets and investment strategies to meet investors' diverse needs. Targeting the upstream non-ferrous metals mining sector this time represents another strategic move based on its deep insight into macroeconomic cycles and industrial shifts, providing an index investment tool for investors seeking exposure to upstream resource leaders with substantial mining assets.
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