Core Viewpoint - The non-ferrous metal sector has seen significant gains, with the non-ferrous ETF FuGuo (159168) rising by 5.32% at one point, driven by macroeconomic uncertainties and supply chain restructuring concerns [1] Group 1: Market Performance - The non-ferrous metal sector experienced a substantial increase, with key stocks such as Xiyegongsi, Beifang Rare Earth, and Chihong Zinc & Germanium hitting the 10% daily limit [1] - Over 90% of the stocks in the sector showed an upward trend, indicating strong market sentiment [1] Group 2: Macroeconomic Factors - Ongoing tensions between the US and Iran, along with the US government's announcement of a 10% to 15% alternative tariff on global goods, have heightened market concerns regarding policy uncertainty and supply chain restructuring [1] - This macro environment has reinforced the safe-haven attributes of key minerals and the logic of stagflation trading [1] Group 3: Future Outlook - Research institutions predict that by 2026, the market will enter a second phase of a bull market characterized by profit-driven growth, supported by domestic demand expansion and anti-involution narratives [1] - The strong cyclical nature of non-ferrous metals is expected to manifest, with financial attributes and industry trends providing opportunities for revaluation [1] Group 4: Investment Opportunities - Investors looking to enter the non-ferrous metal sector may consider the non-ferrous ETF FuGuo (159168), which closely tracks the Industrial Non-Ferrous Index (H11059.CSI) [1] - The ETF selectively includes 30 listed companies involved in industrial metals such as copper, aluminum, rare earths, lead, zinc, tungsten, and molybdenum, focusing on growth dividends from industrial upgrades [1]

Core Viewpoint - The launch of the metal ETF by FuGuo (159168) has seen a positive market response, with a peak increase of 1.74% and a current increase of 1.64%, driven by rising prices in the non-ferrous metal sector and strong performance from key index constituents [1] Group 1: Market Performance - The non-ferrous metal prices are generally rising, reflecting strengthened market expectations regarding supply constraints and demand expansion [1] - Key index stocks such as Dongyangguang reached the daily limit, while Zhongwu High-tech and Shenghe Resources saw increases exceeding 6%, contributing to the overall index rise [1] Group 2: Future Outlook - Research institutions indicate that the upward momentum in non-ferrous metal prices is expected to continue after a significant rally in 2025, supported by supply disruptions, localized high demand, and inventory accumulation [1] - Increased trading activity due to loose liquidity and heightened risk aversion from geopolitical conflicts are anticipated to amplify price elasticity in metals [1] Group 3: Investment Opportunities - Investors interested in the non-ferrous metal sector can consider the FuGuo ETF (159168), which closely tracks the Industrial Non-Ferrous Index (H11059.CSI) [1] - The ETF selectively includes 30 large-cap listed companies involved in industrial metals such as copper, aluminum, rare earths, lead, zinc, tungsten, and molybdenum, with copper and aluminum accounting for over 50% of the index weight [1]

Group 1 - The new infrastructure sector, represented by ultra-high voltage and grid upgrades, is gaining significant market attention, highlighting the strategic value of industrial non-ferrous metals [1] - The supply-demand dynamics of industrial non-ferrous metals are expected to improve, supporting a price increase and broad investment opportunities [1] - The launch of the non-ferrous ETF by the established quantitative firm, FuGuo Fund, aims to provide investors with an efficient tool to invest in the industrial non-ferrous metals sector [1] Group 2 - The industrial non-ferrous index tracked by the ETF includes 30 leading companies in the copper, aluminum, rare earth, and lead-zinc sectors, focusing on industrial and rare metals while avoiding precious metals volatility [2] - As of January 21, 2026, the top ten constituents of the industrial non-ferrous index account for 56.18% of the total weight, indicating a strong presence of large-cap leaders with advantages in resource reserves and cost control [2] - Historical data shows that the industrial non-ferrous index has significantly outperformed the CSI 300 index, with a cumulative increase of 155.88% from September 24, 2024, to January 21, 2026, and a single-year increase of 101.27% in 2025 [2] Group 3 - FuGuo Fund, one of the "old ten" public fund companies in China, has over 16 years of experience in quantitative investment, particularly in index quantitative investment [3] - The firm is actively expanding its product line to meet diverse investor needs, including index enhancement, passive index/ETF, absolute return, and active quantitative strategies [3]