Sou Hu Cai Jing·2026-01-30 04:19Core Viewpoint - The market experienced a sudden reversal in sentiment on January 30, leading to a panic sell-off in the non-ferrous metals sector, halting the previous bullish trend [1] Group 1: Market Performance - The non-ferrous metals ETF (招商159690) faced significant selling pressure, hitting a 10% limit down, with trading volume sharply increasing [2] - Major stocks in the sector, including 兴业银锡 and 云铝股份, also reached their daily limit down of 10% [2] Group 2: Causes of the Decline - The immediate trigger for the decline was a sharp drop in international precious metals prices, with gold and silver experiencing maximum daily declines of over 5% and 8%, respectively [3] - The underlying cause was attributed to a significant profit-taking demand that had built up in the market, as previous gains had been substantial and some stock prices were seen as overextended relative to short-term fundamentals [3] Group 3: Future Outlook - Most analysts believe that the decline is more of a technical adjustment driven by emotions and capital rather than a fundamental reversal of the industry's long-term logic [3] - Key factors supporting a medium to long-term bull market in non-ferrous metals, such as rigid supply, structural demand from new energy and AI, and the evolution of the global monetary credit system, remain intact [3] - After the short-term panic and valuation pressure are alleviated, the sector is expected to return to a focus on macro policies and industry fundamentals, with structural opportunities based on real supply and demand still worth monitoring [3]