Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the Huabao Non-Ferrous ETF (159876) reaching a historical high and attracting substantial net inflows, indicating strong investor interest and confidence in the sector's future performance [1] Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) surged by 3%, setting a new historical high as of January 28 [1] - The ETF has seen real-time net subscriptions exceeding 1.25 billion units, with a total net inflow of over 1.2 billion yuan in the last 20 trading days, bringing its total fund size to 2.34 billion yuan [1] Group 2: Industry Outlook - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance, indicating a super cycle in non-ferrous metals driven by macroeconomic narratives [1] - Historical patterns show that commodity cycles are lengthy, typically lasting 25 to 30 years, with upward trends lasting 8 to 10 years, suggesting a prolonged bullish phase for non-ferrous metals [1] - Institutions widely agree that the non-ferrous metal sector is likely to continue its upward trajectory, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [1] Group 3: ETF Coverage - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) comprehensively cover various sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to the entire sector's beta performance [2]

Core Viewpoint - The colored metal sector is experiencing a significant upward trend, with the Huabao Colored ETF (159876) reaching a new historical high and attracting substantial capital inflows, indicating strong investor interest and confidence in the sector [1]. Group 1: Market Performance - The Huabao Colored ETF (159876) saw a net subscription of over 140 million units within the first 30 minutes of trading on January 27, contributing to a total net inflow of over 1 billion yuan in the last 20 trading days, bringing its total fund size to 2.16 billion yuan, a new record high [1]. - The overall sentiment in the colored metal sector is bullish, with institutions widely agreeing that the sector is likely to continue its upward trajectory [1]. Group 2: Industry Insights - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance, indicating a super cycle in colored metals driven by the "AI technology revolution" and "global order reshaping," which are seen as significant macro narratives [1]. - Historical patterns indicate that commodity cycles are typically long, lasting 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years, suggesting that the current cycle may persist for an extended period [1]. - CICC forecasts that the colored metal industry may enter a bull market driven by monetary, demand, and supply factors by 2026, while CITIC Construction Investment believes the colored metal bull market is poised for further advancement [1]. Group 3: ETF Coverage - The Huabao Colored ETF (159876) and its linked fund (017140) comprehensively cover industries such as copper, aluminum, gold, rare earths, and lithium, encompassing precious metals (hedging), strategic metals (growth), and industrial metals (recovery) across different economic cycles, allowing for better capture of the sector's beta performance [2].

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a historical high, with the Huabao Non-Ferrous ETF (159876) rising over 4% and reaching a new historical peak, reflecting a year-on-year increase of over 128% in the index it tracks [1] - The Huabao Non-Ferrous ETF has seen a net subscription of over 78 million units in just 10 minutes, with a total net inflow of nearly 900 million yuan in the last 20 trading days [1] - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance under the super cycle of non-ferrous metals, indicating that this cycle is supported by strong macro narratives [1] Group 2 - Historical experience indicates that each commodity cycle lasts long, typically 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years, suggesting that the current non-ferrous metal cycle is likely to continue for an extended period [2] - Institutions generally agree that the non-ferrous metal sector is expected to maintain a bullish trend, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [2] - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the sector's beta performance [2]

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a significant bull market, with the Huabao Non-Ferrous ETF (159876) reaching a historical high and a one-year increase of over 120% [1][2] - The Huabao Non-Ferrous ETF has seen a net inflow of approximately 490 million units recently, with a total net inflow of nearly 800 million yuan over the past 17 trading days [1] - Analysts suggest that the current non-ferrous metal super cycle is driven by the "AI leap" and "century change," indicating a strong macro narrative similar to historical phases like post-war reconstruction and China's opening up [1] Group 2 - Historical data indicates that commodity cycles are long, typically lasting 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years [2] - There is a consensus among institutions that the non-ferrous metal sector is likely to continue its bullish trend, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [2] - The Huabao Non-Ferrous ETF and its linked fund comprehensively cover various metals, including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to different economic cycles [2]

一座被冰雪长年覆盖，人口不足六万的北极岛屿，突然间成为全球政治的焦点。这座岛屿就是格陵兰，地理位置虽然偏远，但它的未来却成了大国博弈的核 心。特朗普一边高举关税的大棒，一边逼迫欧洲在格陵兰问题上屈服；德国迅速撤兵，欧盟的态度频频摇摆；俄罗斯站在一旁，既没有急于出手阻止，也没 有打算让美国独吞这块战略要地。表面看，这场风波似乎是领土争端，但实际上，却是在关乎全球未来秩序的较量。真正的关键问题是：当美国开始采取强 硬措施时，欧洲为何这么快就退却了？而俄罗斯又在等待什么时机？ 如果不理解格陵兰的真正价值，就容易将特朗普的举动看作是一个临时冲动。然而，从美国的整体战略角度来看，格陵兰无疑是一个不可错过的机会。随着 气候变化导致北极冰层持续融化，原本仅在地图上标示的航线，正在逐渐转变为可商业化的通道；从亚洲到欧洲，北极航线在距离和时间上都有着巨大的优 势，这意味着全球贸易成本结构将发生重塑。而对于掌握这些航道的国家来说，则意味着能够制定全球规则的主导权。 格陵兰正好位于这条航道的关键位置，谁能在这里占据主导，谁就能在未来的全球航运体系中占得先机。此外，格陵兰地下蕴藏着大量尚未开发的油气资源 和战略矿产，特别是稀土。随着 ...

Core Insights - The Tianhong Nonferrous Metals ETF (159157) is set to begin fundraising on January 19, 2026, with the deadline moved up to January 23, 2026, reflecting strong market interest in the nonferrous metals sector [1] - The nonferrous metals sector has shown significant growth, with the CSI Industrial Nonferrous Metals Theme Index rising by 17.19% year-to-date as of January 21, 2026, indicating a bullish market sentiment [1] - The fund focuses on key industrial nonferrous metals such as copper, aluminum, and rare earths, capitalizing on the investment opportunities driven by the AI industry [1] Product Highlights - The Tianhong Nonferrous Metals ETF tracks the CSI Industrial Nonferrous Metals Theme Index, which includes 30 listed companies in the industrial nonferrous metals sector, showcasing high industry concentration [1] - The fund provides a one-stop efficient solution for investors looking to capitalize on the upward cycle of the industrial nonferrous metals sector and policy benefits [1] Market Trends - A significant increase in demand for copper and aluminum is anticipated, with the global AI data centers expected to drive an additional demand of 330,000 tons for copper, expanding the supply-demand gap from 340,000 tons to 670,000 tons [1] - The aluminum market is projected to face a supply gap of 990,000 tons due to increased demand from photovoltaic frames and liquid-cooled servers [1] - Supply-side challenges include production halts in Chile and the Democratic Republic of Congo, as well as discussions in Indonesia regarding bauxite export bans, which further constrict supply [1] Policy Developments - On January 20, 2026, Shanghai released a significant policy aimed at enhancing the global pricing influence of nonferrous metals, promoting market interconnectivity and resource allocation capabilities [2] - The policy supports Shanghai's development as a global center for nonferrous metal commodities, aligning with broader economic goals [2] Institutional Perspectives - China Galaxy Securities recommends leveraging the convergence of the "AI leap" and "century change" to capitalize on the super cycle of nonferrous metals, drawing parallels to historical macroeconomic narratives [2]

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a super cycle driven by the "AI leap" and "century change," with historical parallels to significant macroeconomic narratives [1] - The non-ferrous ETF Huabao (159876) has seen a net inflow of approximately 600 million yuan over the last 10 trading days, indicating strong investor interest [1] - Historical data suggests that commodity cycles are long, typically lasting 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years [1] Group 2 - The non-ferrous ETF Huabao (159876) and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing comprehensive exposure to different economic cycles [2] - As of January 21, the latest scale of the non-ferrous ETF Huabao (159876) reached 1.736 billion yuan, marking a new historical high and making it the largest ETF tracking the non-ferrous metal index in the market [2]

1月21日，有色板块彰显韧性，热门ETF品种——有色ETF华宝（159876）开盘短暂回调后，随即 强势拉升涨逾2%，价格再度冲击历史新高，且今日有望创收盘价历史新高。截至发稿，有色ETF华宝 （159876）获资金实时净申购2100万份。最近15个交易日，资金连续净流入有色ETF华宝（159876）合 计超6亿元。 中国银河证券建议把握"AI飞跃+百年变局"共振下的有色金属超级周期。回顾历史，每一轮超级铜 周期都对应一段清晰而强大的宏观叙事，而本轮周期同时叠加了"AI科技革命"与"全球秩序重塑"两大长 期逻辑，其持续性和战略意义不亚于战后重建、我国对外开放等历史阶段。 有色ETF华宝（159876）及其联接基金（017140）标的指数全面覆盖铜、铝、黄金、稀土、锂等行 业，涵盖贵金属（避险）、战略金属（成长）、工业金属（复苏）等不同景气周期，全品类覆盖能够更 好把握整个板块的贝塔行情。截至1月20日，有色ETF华宝（159876）最新规模16.65亿元，续创历史新 高，在全市场3只跟踪中证有色金属指数的ETF中，是规模最大的ETF。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点， ...

今日（1月21日）揽尽有色金属行业龙头的有色ETF华宝（159876）强势拉升，场内价格现涨1.06%，在近几日市场盘整时，仍收获2日连涨，今日冲击3 连阳，行情表现彰显韧性。 值得关注的是，截至1月20日，有色ETF华宝（159876）最新规模16.65亿元，续创历史新高。在全市场3只跟踪中证有色金属指数的ETF中，是规模最大的 ETF。 成份股方面，湖南白银领涨超8%，盛新锂能涨逾7%，永兴材料、中矿资源、白银有色涨逾5%。权重股方面，山东黄金涨超3%，北方稀土涨逾1%，紫 金矿业飘红。 【有色风口已至，"超级周期"势不可挡】 有色ETF华宝（159876）及其联接基金（A类：017140，C类：017141）标的指数全面覆盖铜、铝、黄金、稀土、锂等行业，涵盖贵金属（避险）、战略 金属（成长）、工业金属（复苏）等不同景气周期，全品类覆盖能够更好把握整个板块的贝塔行情。 伴随火热的行情，资金积极进场布局！截至发稿，有色ETF华宝（159876）获资金实时净申购2160万份，拉长时间来看，近10日连续吸金，合计狂揽6.35 亿元！ | 序号 | 名称 | 涨跌幅 | 两日图 | 申万一级行业 | 申万二级行业 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with the Huabao Non-Ferrous ETF (159876) showing resilience and attracting significant capital inflow, indicating a bullish sentiment in the market [1][11]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) increased by 1.06% today, marking two consecutive days of gains and aiming for a third [1][11]. - The ETF has seen a net subscription of 21.6 million units, accumulating a total of 635 million yuan over the past ten days [1][11]. - Key stocks in the sector, such as Hunan Silver and Shengxin Lithium Energy, have shown significant price increases, with Hunan Silver leading at 8.23% [2][4][14]. Group 2: Industry Insights - Analysts suggest that the current non-ferrous metal cycle is part of a longer-term trend, with historical cycles lasting 25-30 years, indicating that the current upward trend may persist for several years [3][13]. - The sector is expected to benefit from a combination of factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations [3][13]. - The Huabao Non-Ferrous ETF is the largest among three ETFs tracking the CSI Non-Ferrous Metal Index, with a recent scale of 1.665 billion yuan, setting a new historical high [5][15]. Group 3: Future Outlook - The industry is anticipated to enter a bull market driven by monetary, demand, and supply factors by 2026, with institutions broadly optimistic about a comprehensive bull market in non-ferrous metals [5][13]. - The ongoing geopolitical uncertainties and central bank gold purchases are expected to support long-term gold prices, reinforcing the bullish outlook for precious metals [2][12].