Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-Ferrous ETF (159876), hitting a new historical high and attracting substantial capital inflow [1][4]. Group 1: Market Performance - The Huabao Non-Ferrous ETF has seen a price increase of 3.23%, marking a five-day consecutive rise [1]. - The ETF has attracted a net subscription of 38.4 million units, accumulating a total of 440 million yuan over the past ten days [1]. - Key stocks in the non-ferrous metal sector, such as Huaxi Non-Ferrous and Hunan Silver, have surged over 7%, indicating strong market performance [6]. Group 2: Sector Analysis - The non-ferrous metal sector is driven by multiple factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations [4]. - Analysts predict a bull market for the non-ferrous metal industry by 2026, driven by monetary, demand, and supply factors [4]. - The demand for strategic metals like tungsten, molybdenum, and rare earths is expected to rise due to technological revolutions and global resource supply security concerns [3]. Group 3: Investment Opportunities - The current market conditions suggest a potential "super cycle" for non-ferrous metals, influenced by the AI technology revolution and the reshaping of global order [3][5]. - The Huabao Non-Ferrous ETF covers a wide range of sectors, including precious metals, strategic metals, and industrial metals, allowing investors to capture the overall sector's beta performance [7].

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metals sector, driven by multiple factors including global capital expenditure cycles, manufacturing recovery, enhanced monetary attributes, and improved domestic macro expectations [1][2] - The non-ferrous ETF Huabao (159876) has seen a significant inflow of funds, with over 400 million shares net subscribed in real-time and a total of 4.4 billion yuan raised in the last 10 days, indicating strong investor interest [1] - The non-ferrous metals sector is currently leading among 31 primary industries in terms of net capital inflow, with over 13 billion yuan from major funds [1] Group 2 - The duration of the non-ferrous metals super cycle is expected to last until at least 2026, contingent on the recovery of US dollar credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies [2] - The non-ferrous ETF Huabao (159876) and its linked fund (017140) cover a broad index including copper, aluminum, gold, rare earths, and lithium, making it a suitable option for risk diversification in investment portfolios [2] - As of January 14, the latest scale of the non-ferrous ETF Huabao (159876) is 1.369 billion yuan, making it the largest ETF among three tracking the same index in the market [2]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a historical high and attracting substantial capital inflow, indicating strong investor interest in this asset class [1][2]. Group 1: Market Performance - On January 14, the non-ferrous metal sector continued to rise, with Huabao Non-Ferrous ETF (159876) increasing by over 2.5% [1]. - The ETF has seen a real-time net subscription of over 44 million units, with a total capital inflow of 387 million yuan in the past 10 days [1]. - As of January 13, the latest scale of Huabao Non-Ferrous ETF (159876) is 1.294 billion yuan, making it the largest ETF tracking the same index in the market [2]. Group 2: Economic Outlook - According to Dongfang Securities, during the Federal Reserve's interest rate cut cycle, physical assets with tight supply and demand can exhibit significant price elasticity, suggesting a potential super cycle for industrial metals like copper and aluminum [1]. - The duration of the non-ferrous metal super cycle is expected to depend on three conditions: the recovery of U.S. dollar credit, the progress of strategic reserves, and the effectiveness of "anti-involution" policies [1]. - Based on these conditions, the non-ferrous metal super cycle is likely to continue until 2026, supported by a weak dollar cycle, policy backing, and industrial upgrades [1].

Market Trends - The MACD indicator has shown a golden cross, indicating a bullish trend with short-term market buying power dominating, and no significant reduction in price increase momentum [1] - The Huabao ETF (159876) has seen a net subscription of 40.2 million units, accumulating a total of 387 million yuan over the past 10 days [1] Industry Performance - The U.S. December CPI rose by 2.7% year-on-year, with the core CPI increasing by 2.6%, leading to increased bets on the Federal Reserve's interest rate cuts [3] - Following the CPI data, the probability of a rate cut in April rose to 42%, up from 38% before the data release [3] Metal Prices Outlook - Analysts suggest that the Federal Reserve's rate cuts will boost the prices of non-ferrous metals due to three main factors: a shift towards holding physical assets, a weaker dollar making metals cheaper, and lower borrowing costs for companies [3] - Citic Futures predicts a dovish monetary policy from the Federal Reserve, likely leading to gradual rate cuts, which will create a favorable environment for the non-ferrous market [4] Investment Opportunities - The Huabao ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [5] - Key stocks in the non-ferrous sector have shown significant gains, with Hunan Silver leading at 6.43%, followed by Huaxi Nonferrous and Xiyang Co. with over 5% increases [6]

今日（1月14日）有色金属板块继续强势上涨，板块热门ETF——有色ETF华宝（159876）场内价格盘 中涨超2.4%，现涨1.9%，续创历史新高！ 技术面分析来看，MACD指标实现金叉后，快线DIF持续运行在慢线DEA上方，是多头趋势延续信号， 说明短期市场做多力量占据主导，股价上涨动能未出现明显衰减。 伴随火热上涨的行情，资金积极进场抢筹！截至发稿，有色ETF华宝（159876）获资金实时净申购4020 万份！拉长时间来看，近10日连续吸金，合计狂揽3.87亿元！ | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 湖南白银 | 6.43% | | 有色金属 | 高金属 | 白铜 | 271亿 | 12.03亿 | | 2 | 华揭有色 | | 5.66% m | 有色金属 | 小舍屋 | 其他小金属 | 3111Z | 1.19亿 | | 3 | 错那能得 | 5.46% | www | 有色金属 | 小 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the non-ferrous metals sector, with the Huabao Non-ferrous ETF (159876) reaching a new historical high, driven by significant capital inflows and bullish market sentiment [1][3] - The technical analysis indicates a bullish trend, as the MACD indicator has achieved a golden cross, suggesting that the market's buying power remains dominant and the upward momentum in stock prices has not shown significant signs of weakening [1] - The Huabao Non-ferrous ETF has seen a net subscription of 40.2 million units in real-time, accumulating a total of 387 million yuan over the past ten days, indicating strong investor interest [1] Group 2 - Among the constituent stocks, Hunan Silver led with a gain of over 6%, while Huaxi Non-ferrous, Tin Industry Co., and Western Mining rose by more than 5% [3] - The U.S. Consumer Price Index (CPI) data released on January 13 showed a year-on-year increase of 2.7% for December, with the core CPI rising by 2.6%, leading to increased expectations for interest rate cuts by the Federal Reserve [5] - Analysts suggest that the anticipated interest rate cuts by the Federal Reserve could boost non-ferrous metal prices, as lower rates may lead to currency depreciation, making metals cheaper and increasing global demand [5][6] Group 3 - The Huabao Non-ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the overall sector's beta performance [7] - The current environment is seen as favorable for a "super cycle" in industrial metals, particularly copper and aluminum, due to tight supply and demand dynamics during the Fed's easing cycle [6]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant bullish trend, with key ETFs and stocks showing substantial price increases and attracting considerable investment [1][4][6]. Group 1: ETF and Market Performance - The non-ferrous ETF Huabao (159876) saw its intraday price rise by 2.9%, reaching a new high since its listing, with a net subscription of 45.6 million units [1]. - Over the past 10 days, the ETF has attracted 311 million yuan in investments [1]. - The performance of individual stocks in the non-ferrous metal sector has been strong, with notable increases in companies like Hunan Silver (10.02%), Zhongkuang Resources (9.56%), and Ganfeng Lithium (8.55%) [2][4]. Group 2: Precious Metals and Lithium Market - Precious metals, particularly gold and silver, have surged, with silver prices rising by 8% to over $86 and gold prices increasing by 2.4% to over $4,600 per ounce, marking new historical highs [2]. - Lithium futures have also reached new highs, with the main contract exceeding 170,000 yuan per ton, and spot prices for battery-grade lithium carbonate rising to 152,100 yuan per ton, a two-year high [3]. - The recent adjustments in export tax policies for battery products may lead to increased short-term demand from overseas clients, indicating a robust market despite seasonal trends [3]. Group 3: Market Outlook - Analysts predict that the non-ferrous metal sector is likely to continue its bullish trend, with firms like Zhongtai Securities and CITIC Securities expressing optimism about the ongoing bull market [3][5]. - The sustainability of the "super cycle" in non-ferrous metals is contingent on factors such as the recovery of the US dollar's credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies, with expectations for this cycle to last until 2026 [5]. - The comprehensive coverage of various metals by the Huabao ETF positions it well to capitalize on the sector's overall performance [6].

贵金属方面，黄金白银双双狂飙刷新高，美联储风波引爆避险交易！周一纽约时段，贵金属价格大幅走强。现货白银一度上涨8%，突破86美元，现货黄金 一度涨2.4%升破每盎司4600美元，均刷新2025年12月的历史纪录。分析认为，贵金属走强最直接的因素或是"特朗普政府加大了对美联储的攻击力度"，使投 资者减少了对美国资产的投资。 【有色风口已至，"超级周期"势不可挡】 | 序号 | 名称 | 两日图 | 涨跌幅 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 第五座殿 | | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74Z | | 2 | 中矿 资源 | | 9.56% | 有色全属 | 小金属 | 其他小金属 | 672亿 | 19.771Z | | 3 | 赣锋舞业 | | 8.55% | 有色会居 | 能源金属 | 键 | 1467亿 | 53.37 Z | | V | 雅化集团 | hant | 8.34% | 草础化工 ...

成份股方面，贵金属龙头和锂业龙头携手领涨！湖南白银涨停，中矿资源涨超9%，赣锋锂业、雅化集 团涨逾8%，盛新锂能、天齐锂业、山金国际等个股大幅跟涨！ 今日（1月13日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格盘中拉升2.9%，现涨 2.63%，继续刷新上市以来的高点，截至发稿，获资金实时净申购4560万份！拉长时间来看，近10日狂 揽3.11亿元！ | 序号 | 名称 | 两日图 | 涨跌幅 ▼ | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 湖南白银 | 1 | 10.02% | 有色金属 | 農金属 | 白银 | 260亿 | 24.74亿 | | 2 | 中矿资源 | 1 | 9.56% | 有色金属 | 小金属 | 其他小金属 | 672亿 | 19.774Z | | 3 | 條播運业 | 1 | 8.55% | 有色金属 | 能源金属 | स्वा | 1467亿 | 53.37亿 | | 4 | 雅化集团 | name | ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Huabao Nonferrous ETF (159876), which reached a historical high with a trading volume exceeding 1.06 billion yuan, indicating a bullish market sentiment [1] - The ETF has seen a net subscription of 24 million units in real-time, accumulating 331 million yuan over the past 10 days, suggesting significant investor interest [1] - Key constituent stocks such as Zhong Rare Earth and Western Superconducting have shown substantial gains, with Zhong Rare Earth hitting the daily limit and Western Superconducting rising over 14% [1] Group 2 - On January 12, spot gold prices surged, breaking the historical record set on December 29, 2025, reaching 4601.38 USD/oz, with a 1.42% increase to 4572.87 USD/oz [3] - Global geopolitical risks are escalating, particularly tensions between Iran and the U.S., which are contributing to strong demand for precious metals as safe-haven assets [3] - The World Gold Council anticipates that ongoing geopolitical uncertainties will continue to influence the gold market, with potential for moderate price increases or strong gains depending on economic conditions [3] Group 3 - Xiangcai Securities notes that the U.S. faces recession pressures, with high sovereign debt and trade deficits undermining the dollar's credibility, leading to increased focus on gold as a universal asset [4] - As gold prices rise, the supply-demand dynamics for commodities like copper may be re-evaluated, potentially leading to increased valuations for non-ferrous metals [4] Group 4 - The Huabao Nonferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles [5] - This comprehensive coverage positions the ETF to capitalize on the ongoing "super cycle" in the non-ferrous metals sector [5]