Core Viewpoint - The article discusses the performance of the Silverhua ETF (159871) and its major holdings, highlighting a general decline in the prices of key stocks within the non-ferrous metals sector on March 13, 2023 [1] Group 1: ETF Performance - The Silverhua ETF (159871) opened down by 0.79%, priced at 1.126 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 127.30%, while its return over the past month is -0.27% [1] Group 2: Major Holdings Performance - Major holdings in the Silverhua ETF include: - Zijin Mining: down 1.50% - Luoyang Molybdenum: down 1.74% - Northern Rare Earth: down 1.10% - Huayou Cobalt: down 0.67% - China Aluminum: down 0.41% - Ganfeng Lithium: up 0.99% - Shandong Gold: down 0.72% - Yun Aluminum: up 0.28% - Zhongjin Gold: down 1.47% - Zhongmin Resources: up 0.80% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF (516650), which opened down by 1.09% at 2.174 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which fell by 1.50%, and other companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, which also experienced declines [1] - The fund's performance benchmark is the CSI Sub-industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 119.89% since its establishment on June 9, 2021, and a recent one-month return of -0.86% [1] Group 2 - The article provides specific stock performance data for the ETF's major holdings, indicating mixed results with some stocks like Ganfeng Lithium and Tianqi Lithium showing gains of 0.99% and 0.67% respectively, while others like Shandong Gold and Zhongjin Gold saw declines [1] - The fund manager is identified as Shan Kuan Zhi, emphasizing the management aspect of the ETF [1]

Core Viewpoint - The article discusses the performance of the Nonferrous Metals ETF (512400) and its major holdings, highlighting the fluctuations in stock prices of key companies within the sector [1] Group 1: ETF Performance - The Nonferrous Metals ETF (512400) opened with a gain of 0.66%, priced at 2.272 yuan [1] - Since its inception on August 3, 2017, the ETF has achieved a return of 130.66%, with a recent one-month return of 2.76% [1] Group 2: Major Holdings Performance - Key stocks within the ETF include: - Zijin Mining: up 1.59% - Luoyang Molybdenum: up 1.79% - Northern Rare Earth: up 1.15% - Huayou Cobalt: up 1.68% - China Aluminum: down 3.21% - Ganfeng Lithium: up 1.53% - Shandong Gold: up 1.43% - Yun Aluminum: down 3.27% - Zhongjin Gold: up 1.53% - Cangge Mining: up 1.15% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metal sector, showing a slight increase of 0.82% at the opening [1] - Major holdings in the Invesco ETF include Zijin Mining, which rose by 1.59%, and Luoyang Molybdenum, which increased by 1.79%, while China Aluminum saw a decline of 3.21% [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, with a return of -2.32% since its inception on January 26, 2026, and a return of 3.07% over the past month [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed overview of the performance of various stocks within the ETF, indicating a mixed performance among its holdings [1]

Group 1 - The core point of the article highlights the performance of the Nonferrous Metals ETF (512400), which opened down by 2.33% at 2.226 yuan on March 9 [1] - Major holdings in the Nonferrous Metals ETF experienced varied performance, with Zijin Mining down 3.15%, Luoyang Molybdenum down 4.18%, and Northern Rare Earth down 2.21%, while China Aluminum rose by 2.36% [1] - The Nonferrous Metals ETF's performance benchmark is the CSI Shenwan Nonferrous Metals Index return, managed by Southern Fund Management Co., Ltd., with a return of 132.75% since its inception on August 3, 2017, and a return of 5.79% over the past month [1]

Core Viewpoint - The Invesco ETF for non-ferrous metals (560290) opened with a decline of 1.01%, priced at 0.978 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The Invesco non-ferrous metals ETF (560290) has a performance benchmark of the CSI Non-ferrous Metals Mining Theme Index return [1] - Since its establishment on January 26, 2026, the fund has recorded a return of -1.40% [1] - Over the past month, the fund has achieved a return of 6.15% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - Zijin Mining: down 3.15% - Luoyang Molybdenum: down 4.18% - Northern Rare Earth: down 2.21% - China Aluminum: up 2.36% - Huayou Cobalt: down 3.33% - Zhongjin Gold: down 3.20% - Shandong Gold: down 2.22% - Xingye Silver Tin: down 4.15% - Ganfeng Lithium: down 2.87% - Tongling Nonferrous Metals: down 2.95% [1]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), China Duty Free Group (601888)(01880), Hansoh Pharmaceutical (03692), Shandong Gold (600547)(01787), and Sanhua Intelligent Control (002050)(02050) [1] - The quarterly review changes for the FTSE China Index Series were announced, with adjustments effective after the market close on March 20, 2026 [2] - The FTSE China 50 Index will include New China Life Insurance (601336)(01336) and Weichai Power (000338)(02338), while excluding Minsheng Bank (600016)(01988) and ZTE Corporation (000063)(00763) [2]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Taikang (159163), highlighting a decline in its opening price and the performance of its major holdings [1] Group 1: ETF Performance - The Nonferrous ETF Taikang (159163) opened down by 2.03%, priced at 0.915 yuan [1] - Since its establishment on January 27, 2026, the fund has recorded a return of -6.78%, while its return over the past month is 6.20% [1] Group 2: Major Holdings Performance - Major holdings in the Nonferrous ETF Taikang include: - Zijin Mining down by 1.75% - Luoyang Molybdenum down by 1.68% - Northern Rare Earth down by 1.41% - Huayou Cobalt down by 1.48% - China Aluminum down by 2.70% - Zhongjin Gold down by 2.66% - Shandong Gold down by 2.03% - Xingye Silver Tin down by 1.06% - Ganfeng Lithium down by 0.66% - Yun Aluminum down by 3.95% [1]

Group 1 - The core point of the article highlights the performance of the Huashan Nonferrous ETF (512940), which opened down by 1.94% at 1.010 yuan on March 6 [1] - Major holdings in the Huashan Nonferrous ETF experienced declines, including Zijin Mining down 1.75%, Luoyang Molybdenum down 1.68%, Northern Rare Earth down 1.41%, and China Aluminum down 2.70% [1] - The performance benchmark for the Huashan Nonferrous ETF is the CSI Nonferrous Metals Mining Theme Index return, managed by Huashan Fund Management Co., with a return of 3.01% since its establishment on February 4, 2026 [1] Group 2 - The article provides a detailed overview of the performance of various stocks within the nonferrous sector, indicating a general downward trend among major companies [1] - Specific stock performances include Ganfeng Lithium down 0.66%, and Xiamen Tungsten up 0.81%, showcasing mixed results within the sector [1] - The article emphasizes the importance of cautious investment in the current market environment, reflecting the inherent risks associated with the nonferrous metals sector [1]