Sou Hu Cai Jing·2026-02-04 02:09Core Viewpoint - The news highlights the performance and outlook of the non-ferrous metals sector, particularly focusing on the performance of the Huatai ETF and the broader market dynamics affecting metal prices and investments. Group 1: Market Performance - As of February 4, 2026, the China Securities Non-ferrous Metals Industry Theme Index (000811) decreased by 0.32%, with mixed performance among constituent stocks [1] - Notable gainers included Shenhuo Co., Ltd. up 1.73%, China Aluminum Corporation up 1.60%, and Luoyang Molybdenum up 1.51%, while Western Gold fell by 6.55% [1] - The Huatai Non-ferrous ETF (159652) saw a slight increase of 0.05%, with a recent price of 1.95 yuan, and a two-week cumulative increase of 2.59% [1] Group 2: Fund Flows and Liquidity - The Huatai Non-ferrous ETF's latest scale reached 6.403 billion yuan, with a net inflow of 51.56 million yuan recently [3] - Over the past five trading days, there were net inflows on four days, totaling 96.57 million yuan, averaging 19.31 million yuan per day [3] - The ETF recorded a turnover rate of 2.21% with a transaction volume of 143 million yuan [1] Group 3: Investment Sentiment and Outlook - The sentiment in the precious metals sector improved significantly as spot gold prices surpassed $5,000 per ounce, with a daily increase exceeding 2% [3] - The China Nonferrous Metals Industry Association has included copper concentrate in its reserve scope, indicating potential upward pressure on copper prices due to supply disruptions and capital expenditure shortages [3] - Institutions are optimistic about the non-ferrous sector, with expectations of high profitability sustained for 3-5 years due to supply-demand mismatches and macroeconomic easing [3] Group 4: ETF Characteristics and Advantages - The Huatai Non-ferrous ETF (159652) covers a wide range of metal sectors, including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from a super cycle in non-ferrous metals [5] - The ETF has a leading "gold-copper content" with 34% copper and 12% gold, totaling 46%, which is superior to its peers [7] - The ETF's index has shown a cumulative return leading its peers since 2022, with a maximum drawdown lower than that of similar funds, indicating a better investment experience [9]