From October 20 to 22 along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from the age of anxiety and involution, Macfarlane, will hold a live dialogue with Xiang Biao.

Limited seats available, so act fast. Let us journey together toward a sustainable future. [Click to register] On Friday (October 16), the A-share market surged and then pulled back, with the three major indices closing mixed. The non-ferrous metals sector showed active performance against the broader market trend, and the Non-Ferrous ETF (159876), which captures leaders across the non-ferrous metals industry, saw its tracked index probe as high as 2.21% intraday before closing up 0.70%, outperforming the market.

It is worth noting that the index has already fallen back to its position from last September, and since its historical high of 4,282.17 on January 29, 2026, the pullback has reached 38%. At the current relatively low level, its allocation cost-effectiveness stands out, and investors may want to pay attention to the medium-to-long-term allocation value after the adjustment.

Among constituent stocks, gold leaders Shandong Gold Mining Co., Ltd. (ASX: 600547) and Shanjin International led gains of more than 3%, while Srui New Materials and China Uranium also rose over 3%, with Yintai Silver-Tin, Chifeng Gold and other stocks following higher. Heavyweight stocks Zijin Mining Group (ASX: 601899) and Aluminum Corporation of China (ASX: 601600) also gained more than 1%.

Chart: Top 10 gainers among constituents of the Non-Ferrous ETF (159876). On the news front, attention is focused on the precious metals direction, which is active on the trading board:

1. Precious metals prices have risen over the past two days. The COMEX gold front-month contract rebounded more than $100 from its low of $4,095.0 per ounce, and as of publication, COMEX gold had briefly stood above $4,210 per ounce. Guoxin Futures pointed out that the rapid decline in long-end interest rates was the direct driver of this round of gold and silver rebound. This rebound is a technical repair after consecutive shocks from CPI and PPI, and the pullback in US Treasury yields provides a short-term valuation buffer, but inflation resilience has not faded, and the upward pressure on gold and silver remains relatively strong*.

2. The US September PPI data was generally strong, but the market did not further raise its bets on an October rate hike, and instead reduced expectations for a hike this month. The dollar index surged and then pulled back, while the 10-year US Treasury yield fell sharply by 12.8 basis points to 5.062%. CITIC Futures believes that the market's bets on further Fed rate hikes within the year may limit the upside for gold prices; however, both September retail and core retail sales growth slowed markedly, and combined with previously weaker employment data, this is not yet enough to confirm that monetary policy will immediately and significantly tighten in succession. Central bank gold purchases, ETF allocation demand and US fiscal credit risk still provide long-term support for gold*.

3. Precious metals sector earnings are generally improving. After the close on October 15, China National Gold Group Gold Jewellery Co., Ltd. released a preliminary earnings increase announcement for the first three quarters of 2026, expecting attributable net profit of 5.52 billion yuan to 5.8 billion yuan, up 50.05% to 57.66% year on year. The company's earnings growth was mainly attributed to the notably stronger profitability of its main products such as gold and copper. Looking at first-half operations, the precious metals sector as a whole showed improving business conditions: Zijin Mining Group (ASX: 601899) reported first-half attributable net profit of 39.17 billion yuan, up 68.17% year on year; Shandong Gold Mining Co., Ltd. (ASX: 600547) reported first-half attributable net profit of 3.543 billion yuan, up 26.17% year on year; and both Chifeng Gold and Shanjin International posted attributable net profit growth of more than 50% year on year. CITIC Securities believes that fundamentals are offsetting the shock from US Treasuries, and non-ferrous metals are expected to bottom out. Looking ahead to the non-ferrous metals sector, it may show a trend of bottoming and rebounding, with the bottoming a response to higher US Treasury yields, and the rebound driven by capital attention to the low valuations on the non-ferrous equity side and the strong fundamentals of the commodities themselves. At present, the PE ratios of non-ferrous equities such as gold, copper and aluminum are all at low levels. In gold, continuous capital inflows have effectively resisted pressure from the dollar and US Treasuries, gold prices have stabilized, and capital is flowing back to position in gold stocks, which may start moving before gold prices do. Copper, a basic industrial metal, is benefiting from supply-side disruptions, with spot supply remaining tight and copper prices showing strength; aluminum, meanwhile, is using low inventories to counter long-term oversupply concerns, and its price is highly resistant to declines. The outlook for the non-ferrous metals sector is bullish.

*Hua Bao Fund stated that the expectation of moderate Fed rate hikes remains unchanged, and it is bullish on the medium-to-long-term allocation value of non-ferrous metals. Due to macroeconomic disruptions, the non-ferrous metals sector has now fallen back to its position from last September, offering relatively high allocation cost-effectiveness. Combined with multiple advantages such as tight supply and demand and AI-driven demand, once the 10-year real interest rate expectation peaks, non-ferrous metals may see a right-side recovery. The strategy suggestion is to accumulate in batches on dips and capture the sector's medium-to-long-term allocation value. [In the era of computing power, non-ferrous metals lay the foundation! Pay attention to metal demand behind technological development!] The Non-Ferrous ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively cover industry leaders in copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum and tin, with heavyweight stocks including Zijin Mining Group (ASX: 601899), China Molybdenum, Northern Rare Earth and Aluminum Corporation of China (ASX: 601600). The 2026 interim results show that all 60 constituent stocks achieved profitability, and nearly half of them posted attributable net profit growth of more than 100% year on year, providing solid support with strong fundamentals. In addition, the number of constituent stocks is significantly higher than that of similar non-ferrous indices (30-50), allowing better coverage of the semiconductor and new materials direction. For investors who are bullish on both technology and non-ferrous metals, this ETF is an efficient tool to gain one-click exposure to the non-ferrous metals industry and capture the sector's beta rally. Source: Shanghai and Shenzhen stock exchanges, etc., as of October 16, 2026. *Institutional views reference sources: Guoxin Futures' "Guoxin Futures (Commodity View)" published on October 16; CITIC Futures' "CITIC Futures (Commodity View)" published in mid-October; CITIC Securities' "Non-Ferrous Metals Industry: Fundamentals Offset US Treasury Shock, Non-Ferrous Metals Expected to Bottom" published on October 11. The fund manager assesses the risk level of this fund as R3-medium risk, suitable for balanced investors (C3) and above, and the suitability matching opinion should be based on the sales institution. ETF fee explanation: when investors subscribe to or redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%. On-exchange trading fees are subject to what the securities company actually charges. ETFs do not charge sales service fees. Feeder fund fee explanation: for the Hua Bao CSI Non-Ferrous Metals ETF Initiating Feeder Fund (Class A), the subscription fee is 1,000 yuan per transaction when the subscription amount is 2 million yuan (inclusive) or more, 0.6% when it is 1 million yuan (inclusive) to 2 million yuan, and 1% when it is below 1 million yuan; the redemption fee is 1.5% when held for fewer than 7 days, and 0% when held for 7 days (inclusive) or more, with no sales service fee. The Hua Bao CSI Non-Ferrous Metals ETF Initiating Feeder Fund (Class C) does not charge a subscription fee, the redemption fee is 1.5% when held for fewer than 7 days and 0% when held for 7 days (inclusive) or more; the sales service fee is 0.3%. Risk warning: the Non-Ferrous ETF is passively tracked to the CSI Non-Ferrous Metals Index, whose base date is December 31, 2013 and which was released on July 13, 2015. The constituent stocks of the index are adjusted in due course according to the index compilation rules, and its back-tested historical performance does not predict the future performance of the index. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors must be responsible for any investment decisions they make independently. In addition, any views, analyses and forecasts in this article do not constitute investment advice of any kind to readers, nor do they bear any responsibility for direct or indirect losses caused by the use of the content of this article. Fund investment carries risks, past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment must be cautious. A MACD golden cross signal has formed, and these stocks are rising well!