Xin Lang Cai Jing·2026-02-03 12:46Group 1 - The core viewpoint of the news is that the rebound in non-ferrous metals, particularly driven by the recovery of spot gold prices, indicates a strong market sentiment and potential for sustained growth in the sector [1][2][8] - The non-ferrous ETF Huabao (159876) saw a significant rebound, with prices rising over 6.7% at one point and closing up 6.4%, recovering the 20-day moving average [1][8] - Key stocks in the sector performed well, with Hunan Gold hitting the daily limit, and other companies like Zhongxi Rare Earth, Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, and China Aluminum also showing strong gains [1][8] Group 2 - The strong rebound in non-ferrous metals can be attributed to two main factors: market misjudgment regarding the new Federal Reserve Chairman and geopolitical disturbances highlighting the importance of "strategic autonomy" [2][9] - Goldman Sachs suggests that the new Fed Chairman, Waller, is likely to favor interest rate cuts, which could support risk assets, while Deutsche Bank emphasizes that the demand for gold as a reserve asset is shifting from "yield-driven" to "survival-driven" due to geopolitical uncertainties [2][9] - Deutsche Bank maintains a bullish outlook on gold, projecting prices could reach $6,000, with significant buying activity from Chinese buyers, while UBS identifies $4,500 as a strong support level [2][9] Group 3 - Guosheng Securities believes that the combination of supply-demand mismatches, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous metals sector for the next 3-5 years [3][10] - However, there are warnings from Dongfang Jincheng about potential risks from speculative profit-taking, which could increase market volatility [3][10] - Huatai Securities recommends a moderate allocation to the non-ferrous metals sector, suggesting a 10%-20% share in investment portfolios to benefit from price increases while diversifying risk [3][10]