Sou Hu Cai Jing·2026-02-11 02:38Core Viewpoint - The A-share market experienced fluctuations on February 11, with the non-ferrous sector showing resilience, particularly the ETF Huatai-PineBridge (159652), which rose by 1.84% [1]. Non-Ferrous Sector Performance - The ETF Huatai-PineBridge (159652) saw most of its constituent stocks rise, with Huayou Cobalt increasing over 3%, Luoyang Molybdenum up over 2%, and Zijin Mining and Northern Rare Earth both rising over 1% [2][3]. - The top ten constituent stocks of the ETF include Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, with respective weightings of 15.07%, 7.81%, and 4.38% [4]. International Precious Metals Market - On February 11, international precious metal prices increased, with spot gold reaching $5,050 per ounce and silver rising over 1% [5]. - The unexpected stagnation in U.S. retail sales data has fueled bets on potential interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [5]. Company Developments - Xiamen Tungsten announced plans to acquire a 39% stake in Jiujiang Dadi Mining, aiming to enhance its tungsten and molybdenum resource security [5]. - Luoyang Molybdenum completed the acquisition of a Brazilian gold mine for $1.015 billion, with plans to increase gold production significantly by 2030 [6]. Long-term Trends in Precious Metals - The trend of central banks purchasing gold is strengthening, with gold surpassing U.S. Treasuries as the largest reserve asset globally for the first time in 30 years [8]. - The expansion of fiscal policies and sovereign debt is injecting new momentum into the precious metals market, with gold's monetary properties expected to strengthen further [9]. Copper Market Outlook - The long-term outlook for copper prices remains optimistic due to supply constraints and increasing demand from AI data centers and energy storage [10][11]. - The anticipated supply disruptions in global copper mines could support a long-term upward trend in copper prices [11]. Investment Opportunities - The non-ferrous sector is highlighted as having significant investment value, driven by monetary easing, supply rigidity, and new demand dynamics [11]. - The ETF Huatai-PineBridge (159652) is positioned to benefit from the super cycle in non-ferrous metals, with a high gold and copper content of 49% [13].