Sou Hu Cai Jing·2026-02-13 03:05Core Viewpoint - The A-share market experienced a decline influenced by the drop in precious metals like gold and silver, leading to a pullback in the non-ferrous sector, with significant capital inflow into the non-ferrous ETF Huatai-PineBridge [1][5] Group 1: Market Performance - As of 10:29, the non-ferrous ETF Huatai-PineBridge (159652) fell over 2%, with capital inflow exceeding 38 million yuan during the dip [1] - Major component stocks of the non-ferrous ETF saw declines, with Xiamen Tungsten falling over 3% and Zijin Mining and Luoyang Molybdenum down over 2% [3] - International precious metal futures saw significant declines, with COMEX gold futures down 3.08% to $4941.4 per ounce and COMEX silver futures down 10.62% to $75.01 per ounce [5] Group 2: Long-term Outlook - Despite short-term pullbacks, the long-term trend for the non-ferrous sector remains strong, supported by global macroeconomic trends and resource competition among major countries [6] - The IMF projects a global economic growth of 3.1% by 2026, with ongoing risks leaning towards a downward trend, yet many economies remain in a monetary easing cycle [6] - The non-ferrous sector is expected to benefit from a potential global commodity supercycle, driven by inflation and geopolitical factors [6] Group 3: Copper Market Insights - The supply side for copper is expected to remain tight, with the U.S. emphasizing critical mineral strategies, and global copper mine supply growth projected to increase marginally in 2026 and 2027 [7][8] - Demand for copper is anticipated to rise significantly due to AI data centers and energy storage, with projections indicating a doubling of copper consumption in data centers by 2030 compared to 2020 levels [7] Group 4: Investment Opportunities - The non-ferrous ETF Huatai-PineBridge (159652) is positioned to benefit from the supercycle, with a diversified exposure to gold, copper, aluminum, lithium, and rare earths [8][10] - The ETF boasts a leading "gold-copper content" of 49% among its peers, with a high concentration of core strategic resources [10] - The ETF's index has shown a strong performance with a Sharpe ratio leading its peers, indicating a favorable investment experience [12]