Xin Lang Cai Jing·2026-02-27 02:21Core Viewpoint - The A-share market experienced fluctuations with the non-ferrous metal sector showing resilience, particularly the Huatai-PineBridge Non-ferrous ETF (159652), which rose over 3% as of 9:50 AM on February 27 [1]. Non-Ferrous Metal Sector Performance - The Huatai-PineBridge Non-ferrous ETF (159652) saw most of its constituent stocks rise, with notable increases such as Xiamen Tungsten rising over 7%, Northern Rare Earth up over 5%, and Luoyang Molybdenum increasing over 4% [3]. - The top ten constituent stocks of the ETF include Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, with respective weightings of 14.47%, 7.55%, and 5.58% [4]. Tungsten Market Insights - The tungsten market has entered a strong upward trend since the beginning of 2026, with core prices reaching historical highs, driven by supply constraints, recovering demand, and a reassessment of its strategic value [5]. - Industry experts indicate that the tungsten market is currently in a state of supply-demand balance, with low inventory levels supporting prices. The long-term outlook remains positive due to increasing demand from new energy and high-end manufacturing sectors [5]. Precious Metals Outlook - Precious metals continue to attract investment, with India allowing significant funds to allocate more resources to gold and silver, reflecting a rising global demand for hard assets [5]. - The macroeconomic environment, including potential interest rate cuts by the Federal Reserve and increased central bank gold purchases, is expected to support precious metal prices [7]. Industrial Metals Analysis - Industrial metals are supported by supply-demand fundamentals, with a notable recovery in the U.S. manufacturing sector indicated by a January PMI of 52.6, which is significantly above expectations [8]. - The development of emerging industries such as AI and renewable energy is projected to create substantial new demand for industrial metals like copper and aluminum [8]. Investment Strategy for Non-Ferrous Sector - The Huatai-PineBridge Non-ferrous ETF (159652) is highlighted for its comprehensive coverage of various metal sectors, including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from the ongoing non-ferrous super cycle [9]. - The ETF boasts a high concentration of "gold and copper content," with copper at 34% and gold at 14%, leading the industry in this metric [11]. Performance Metrics - The Huatai-PineBridge Non-ferrous ETF (159652) has demonstrated superior performance metrics, with a Sharpe ratio leading its peers and a lower maximum drawdown compared to similar funds [14]. - The index's price-to-earnings ratio stands at 32.24, reflecting a 41% decrease from five years ago, indicating a favorable valuation relative to its earnings growth [14].