Baiyin Nonferrous(SH:601212) Sou Hu Cai Jing·2026-01-26 02:31Core Viewpoint - The strong performance of the non-ferrous metals sector is driven by three key dimensions: macro credit restructuring, demand shifts due to energy and AI infrastructure, and strategic reserve competition among major powers [3] Group 1: Market Performance - As of January 26, the non-ferrous metals sector opened significantly higher, with the non-ferrous mining ETF (招商 159690) rising by 4.5% [1] - Key stocks such as Hunan Gold reached the daily limit, while others like Xingye Silver Tin, Baiyin Nonferrous, Tin Industry Co., and Hunan Silver showed notable gains [1] - The ETF has seen continuous net inflows for 10 days, accumulating over 150 million [1] Group 2: Driving Factors - The macro credit landscape is being reshaped, with challenges to the US dollar credit system prompting global central banks to increase gold purchases, thereby reducing market gold circulation and enhancing the monetary attributes of precious metals [3] - The demand for basic metals like copper and aluminum is undergoing a historic shift, moving from traditional real estate reliance to being driven by global grid upgrades, data center construction, and the new energy revolution [3] - The competition between the US and China in key mineral resources is intensifying, with the US promoting multi-billion dollar strategic mineral reserve legislation targeting resources dominated by China, increasing market anxiety over future supply and providing long-term policy support for metal prices [3] Group 3: Investment Implications - The non-ferrous mining ETF (招商 159690) serves as a convenient investment tool covering core strategic resources like gold, silver, copper, and aluminum, with a significant 57% weight concentrated in these three major varieties [3] - This ETF is positioned as an effective amplifier for capital to directly engage with global resource value amid constrained supply, explosive demand, and heightened strategic competition [3]