Sou Hu Cai Jing·2026-01-14 02:45Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the non-ferrous metals sector, with significant price increases in various metals and ETFs [1][3]. Non-Ferrous Metals Sector Performance - The non-ferrous metals sector is benefiting from multiple catalysts, including macroeconomic disturbances, rigid supply, and new demand dynamics [3]. - The non-ferrous 50 ETF (159652) has seen a price increase of over 2%, reaching new highs [1][5]. - Key stocks in the sector include Zijin Mining, which rose by 2.69%, and Yunnan Tin, which surged by 6.29% [2][5]. Precious Metals Insights - Gold prices are supported by geopolitical tensions and weak employment data, with forecasts suggesting potential for gold to exceed $4,500 per ounce [3]. - The World Gold Council reported a net purchase of 45 tons of gold by central banks in November, indicating strong demand [3]. Industrial Metals Dynamics - Copper prices are expected to continue rising due to supply constraints and regional mismatches, with a projected total market shortfall of over 100,000 tons by 2026 [6]. - The ongoing geopolitical risks and supply security concerns are driving copper prices to new historical highs [6]. Lithium Market Outlook - Policy changes are anticipated to lead to a short-term surge in lithium exports, positively impacting lithium carbonate prices [4][6]. - The demand for lithium remains robust, with expectations of continued strong performance in the battery sector [4]. Investment Strategy - The non-ferrous 50 ETF (159652) is highlighted as a comprehensive investment vehicle covering various metal sectors, with a high concentration of strategic assets [7][9]. - The ETF's copper content is 34%, and gold content is 12%, making it a leading option in its category [9]. Performance Metrics - The non-ferrous 50 ETF has shown a cumulative return of 99.61% since 2022, driven by earnings rather than valuation increases, with a current PE ratio of 26.27, down 52% from five years ago [11].