Xin Lang Cai Jing·2026-01-06 05:44Core Viewpoint - The article highlights a significant surge in the non-ferrous metal sector, driven by various market dynamics, including geopolitical tensions and a global inventory replenishment cycle, indicating a potential "super cycle" for non-ferrous metals in 2026 [3][10][11]. Group 1: Market Performance - On January 6, the Shanghai Composite Index reached a ten-year high, with the non-ferrous metal sector leading the market, including record highs for Zijin Mining and Luoyang Molybdenum [1][8]. - The popular non-ferrous metal ETF, Huabao (159876), saw an intraday increase of 4.4%, with a current rise of 3.33% and a trading volume exceeding 62.45 million yuan [1][8]. - The ETF experienced a net subscription of 39 million units, with a total net inflow of 56.48 million yuan over the previous four days, indicating strong market interest [1][8]. Group 2: Market Drivers - The domestic precious metals futures market has been rising, with silver and platinum contracts increasing by over 7% [3][10]. - Geopolitical instability is expected to continue influencing gold demand and prices in 2026, similar to trends observed in 2025 [3][10]. - Analysts identify three core drivers for the current non-ferrous metal boom: 1. A global inventory replenishment cycle is underway, with rising manufacturing PMI and concentrated demand in sectors like electric vehicles and infrastructure [11]. 2. The Federal Reserve has initiated a rate-cutting cycle, leading to a weaker dollar and a return of pricing power to commodities [11]. 3. The rigid demand for energy transition is surging, with electric vehicles using four times more copper than gasoline vehicles, and significant copper requirements for wind energy equipment [11]. Group 3: Future Outlook - Industry experts predict a cyclical and structural bull market for non-ferrous metals in 2025, with continued structural cycles expected in 2026 [4][11]. - The Huabao non-ferrous ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles [5][12].