Western Region Gold (SH:601069) Xin Lang Cai Jing·2026-01-21 11:28Core Viewpoint - The non-ferrous metal sector is leading the market, with the popular ETF, Huabao Non-Ferrous ETF (159876), surging by 3.01% to reach a new historical high, indicating strong investor interest and potential buying signals [1][10]. Fund Performance - Huabao Non-Ferrous ETF recorded a trading volume of 106 million yuan, an increase of 14% compared to the previous period, and saw a net subscription of 18.6 million units, accumulating a total of 635 million yuan over the past ten days [1][10]. Stock Performance - Over 60% of the constituent stocks rose by more than 2%, with notable stocks such as Baiyin Non-Ferrous, Guocheng Mining, Xibu Gold, Hunan Baiyin, and Shengxin Lithium Energy hitting the daily limit [3][12]. - Key stocks like Shandong Gold and Zijin Mining also showed significant gains, with Shandong Gold rising over 6% and Zijin Mining increasing by more than 2% [3][12]. Market Influences - A significant purchase order of 150 tons of gold by the Polish central bank was announced, which will increase Poland's gold reserves to 700 tons, positioning it among the top ten countries globally in terms of gold reserves [4][12]. - International gold prices have surged, with spot gold exceeding $4,800 per ounce, reaching a new historical high, while domestic gold jewelry prices have also surpassed 1,500 yuan per gram [4][12]. Economic and Policy Context - The analysis from Dongwu Futures indicates that precious metals are experiencing upward volatility due to rising geopolitical tensions and potential tariffs imposed by the U.S. on European countries, which are boosting safe-haven demand for precious metals [5][14]. - The Shanghai government has released a plan to enhance the competitiveness of non-ferrous metal commodities, aiming to improve resource allocation and global pricing influence [5][14]. - Analysts from China Galaxy Securities suggest that escalating global geopolitical conflicts may reshape the global metal supply chain, potentially driving up the demand and value of key strategic metals such as copper, tungsten, molybdenum, cobalt, and rare earth materials [5][14]. ETF Coverage - Huabao Non-Ferrous ETF and its linked funds comprehensively track indices covering copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles, including precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery) [6][15].