Ge Long Hui·2026-02-24 05:18Core Viewpoint - The A-share market has opened positively on the first trading day of the Year of the Horse, with all three major indices rising collectively, driven by the strong performance of the non-ferrous metals sector [1] Group 1: Market Performance - The non-ferrous metals sector led the market, with silver and Hunan Silver reaching the daily limit, while companies like Xingye Silver Tin and Tongling Nonferrous Metals rose over 6% [1] - Various non-ferrous ETFs, including those from Taikang, Minmetals, and Guotai, saw gains exceeding 3%, while others like Wanji and Tianhong also performed well, with increases over 2% [1] Group 2: ETF Coverage - There are eight indices related to non-ferrous metals ETFs in the market, including comprehensive indices like Non-Ferrous Metals, Subdivided Non-Ferrous, Guozheng Non-Ferrous, and Zhongzheng Non-Ferrous, which focus on basic metals like copper and aluminum [2] - These indices cover a complete industry chain from upstream mining to downstream processing, with a balanced weight distribution, making them suitable for investors looking to capture overall industry cycles and growth opportunities [2] Group 3: Specific Indices - The CS Rare Metals Index has a unique industry coverage, with 79.6% in non-ferrous metals, while also including basic chemicals and power equipment, focusing on rare metals without copper and aluminum [3] - The Industrial Non-Ferrous Index has fewer constituent stocks (30) and is more concentrated, closely reflecting demand changes in industrial applications like copper and aluminum [4] - The Shanghai Futures Exchange Metal Index tracks specific futures contracts and is influenced by short-term supply and demand, showing lower correlation with equity markets [5] Group 4: Future Outlook - According to Zhongyin Securities, entering 2026, the market is expected to enter a second phase of a bull market driven by profit, with strong cyclical attributes of non-ferrous metals likely to be highlighted [6] - The report suggests focusing on industrial metals and strategic minor metals, with copper prices expected to receive solid support amid a tight supply-demand balance [6] - The outlook for rare earth prices remains positive due to supply-side policy constraints and demand recovery, while gold is expected to maintain high prices in the medium term, providing opportunities for positioning [6]