Sou Hu Cai Jing·2026-01-26 02:53Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by multiple factors that are reshaping the pricing logic of non-ferrous metals [1][3]. Group 1: Market Performance - The non-ferrous metal ETF, Huabao (159876), surged by 5.02%, reaching a new high since its listing, with a trading volume of 1.42 billion yuan within the first hour of trading [1]. - The ETF has seen a net subscription of 1.09 million units, accumulating a total of 569 million yuan over the past 10 days [1]. - Key stocks in the sector, such as Steel Titanium Co., Tongling Nonferrous Metals, and Silver Nonferrous Metals, have all reached their daily limit up, with significant increases in trading volumes [4]. Group 2: Driving Factors - The rising U.S. debt and deficit are causing global concerns about sustainability and the credibility of the dollar, leading central banks to diversify their reserves by reducing U.S. Treasury holdings and increasing gold reserves, which supports higher precious metal prices [3]. - The development of the AI industry and the acceleration of global energy transition are driving increased demand for industrial metals like copper and aluminum [3]. - The global supply chain is shifting focus from efficiency to security, prompting countries to increase reserves of critical minerals and energy, thereby boosting demand for bulk commodities [3]. - A long-term contraction in capital expenditure for major non-ferrous metals since 2011 has created a significant output gap, which continues to constrain supply and support prices [3]. Group 3: Industry Outlook - The current high profitability in the non-ferrous metal sector is expected to persist for an extended period, with new demand driving growth and leading to a potential revaluation of the sector [3]. - Domestic non-ferrous metal companies are valued lower compared to their overseas counterparts, despite having similar growth potential and core competitiveness [3]. - Continuous exploration and breakthroughs in core technologies such as exploration, mining, and metallurgy by domestic companies contribute significantly to global mining development [3].