On September 9, A-share markets traded sideways on thin volume, with the Shanghai Composite Index posting a modest third consecutive daily gain while the ChiNext dipped 0.14%. Total market turnover contracted to 1.87 trillion yuan. Capital continued to rotate into cyclical and high-dividend sectors, with the classic "coal rally, metals surge" pattern resurfacing as power, oil and gas, shipping, and chemical stocks extended their gains. In contrast, AI-related stocks opened higher but faded during the session, with the ChiNext Artificial Intelligence ETF (159363), the Sci-Tech Innovation AI ETF (589520) focused on domestic AI supply chains, and the lower-fee Sci-Tech Innovation Chip ETF (589190) all closing lower.
The non-ferrous metals sector maintained its strength, with Hunan Gold hitting the daily limit up. The CSI Non-Ferrous Metals Index surged as much as 1.75% intraday, allowing the tracking Non-Ferrous Metals ETF (159876) to reclaim its 5-day, 10-day, and 200-day moving averages in a single session. On the news front, spot gold reclaimed the $4,400 mark, while LME copper set another record high.
Escalating geopolitical tensions propelled international oil prices higher once again, extending the rally in oil and gas stocks. The Petroleum ETF (159019) closed at a three-month high in exchange trading. Defense sector attention also climbed in tandem, with the underlying index of the Military ETF (512810) surging over 2% intraday, and the sector posting its 10th gain in 12 sessions.
Agricultural, fishery, and livestock segments continued their hot streak with multiple stocks hitting limit-up. Xinsai Shares notched its 7th gain in 10 sessions, Zhongshui Fishery posted its 3rd gain in 4 sessions, and COFCO Technology delivered back-to-back limit-ups. The Agriculture, Animal Husbandry, and Fishery ETF (159275) saw its intraday price mark a three-month high for a third consecutive day.
From a strategy perspective, Galaxy Securities suggests that with earnings catalysts weakening entering September, fund flows will require close monitoring of volume signals. Market sensitivity to external risks, industry events, and policy shifts is likely to increase, and investors are advised to seek structural opportunities with higher policy certainty and stronger earnings delivery amid volatility. Four main investment lines are highlighted: tech selections (semiconductors, communications equipment, computing infrastructure), dividend anchors (financials), supply-demand improvement and price hike stories (petrochemicals, coal chemicals, agriculture), and policy-driven infrastructure plays (energy storage, power grid supporting industries).
Gold and Copper Surge on Macro Tailwinds, Non-Ferrous Metals ETF Reclaims Key Averages Spot gold and LME copper rose in tandem, keeping the non-ferrous metals sector active. Hunan Gold hit the daily limit, while Chujiang New Materials advanced over 7%, with Tianshan Aluminum and China Uranium also posting gains. The Non-Ferrous Metals ETF (159876), which captures the sector's leading names, saw its underlying index climb as much as 1.75% before closing up 1.58%.
At the macro level, expectations for a market rescue package are building. The U.S. Treasury is expected to announce its specific buyback scale for September 10 (covering 10- to 20-year bonds) at 11 PM Beijing time tonight. This marks the first concrete operation since the Treasury declared on August 19 that long-duration buybacks would be "at least doubled." Following that earlier announcement, long-term yields fell sharply, the dollar weakened, and spot gold rebounded 4.35% to reclaim $4,500 per ounce.
HuaBao Fund believes that amid high fiscal leverage and weakening economic resilience, the U.S. is trapped in a cycle of loose fiscal and monetary policy, with the dollar's creditworthiness facing continuous long-term erosion. This provides solid macro support for physical assets such as non-ferrous metals.
In the gold segment, spot gold rose over 1% to reclaim the $4,400 level, ending a three-session losing streak. Shenwan Futures notes that over the medium to long term, the repricing of U.S. Treasury credit risk is driving a continued "de-dollarization" trend. Global central banks, including the PBoC which has now purchased gold for 22 consecutive months, remain persistent buyers. Combined with recurring geopolitical risks, this forms a solid support base for gold prices, with the medium-term price center retaining momentum for upward movement.
For copper, LME copper prices broke through $14,700 per tonne on Tuesday, again setting a historic record. Uncertainty over tariffs may be the strongest bullish factor for copper prices. Market expectations are widespread that the U.S. Department of Commerce will ultimately include refined copper in tariff coverage. To avoid potential tariff costs, global copper traders have been rushing to stockpile supplies—with U.S. refined copper imports in July 2026 alone surpassing 200,000 tonnes, the highest in 12 years—tightening spot supply elsewhere and pushing prices higher amid short-term supply imbalances.
Currently, the non-ferrous metals market shows a divergence between commodities and equities: commodity prices keep hitting new highs while stock valuations lag. HuaBao Fund points out that commodities have already proven supply-demand tightness through prices, and the equity market's underperformance may be more a case of sentiment-driven mispricing. As macro uncertainties gradually resolve, fundamentals will ultimately regain pricing power. Investors are advised to focus on the non-ferrous metals sector, which posted robust interim results.
Building the Computing Era on Non-Ferrous Metals Foundations The Non-Ferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, and tin sectors, providing comprehensive beta exposure to the entire sector. Top holdings include industry leaders such as Zijin Mining, CMOC Group, China Northern Rare Earth, Chifeng Gold, and Aluminum Corporation of China. The ETF is also a margin trading and short-selling target, making it an efficient one-click tool for non-ferrous metals allocation.
Three Catalysts Converge, Defense Sector Stages Quiet Comeback The defense sector extended its rally, with the CSI Military Industry Index surging over 2% intraday. The tracking Military ETF (512810) traded on heavy volume and reclaimed its 60-day moving average for the first time in three months. Constituent stocks saw broad gains across the AVIC and CSSC systems: Hongdu Aviation rose 5.2%, AVIC Chengdu Aircraft gained 4.73%, AVIC Shenyang Aircraft added 1.66%, China State Shipbuilding posted its fifth consecutive gain with a 1.15% rise, and CSSC Power climbed 2.35%. Notably, the defense sector has now closed higher in 10 of the last 12 trading sessions, suggesting an established uptrend.
Guosen Securities highlights three converging catalysts for the defense industry: the "15th Five-Year Plan + military trade + large aircraft" theme. First, the upcoming 15th Five-Year Plan is poised to usher in a period of earnings delivery, with industry planning set to be finalized and order flows expected to materialize progressively. Second, military export demand is on an upward trajectory as global geopolitical conflicts create hardware needs; Chinese defense products have proven their value in real combat and offer cost advantages, with exports upgrading from single equipment to full-system solutions. Drones, air defense systems, and precision-guided weapons are core export drivers, with markets in the Middle East, Southeast Asia, and Africa expanding. Third, the CJ1000 (Yangtze River Engine) is in the final stages of airworthiness certification. The CJ-1000A has completed relevant certification tests and entered the final phase, and C919 annual deliveries are expected to ramp up steadily, benefiting the entire upstream-downstream chain including airframe structures, avionics systems, and engines, with vast domestic substitution potential.
Military ETF (512810), passively tracking the CSI Military Industry Index, comprehensively covers hot themes including commercial aerospace, low-altitude economy, large aircraft, MLCC, military AI, and gas turbines. It also serves as a margin trading and Stock Connect-eligible vehicle, providing an efficient tool for one-click investment in core defense assets.
Middle East Tensions Ignite A-Share Oil and Gas Rally The oil and petrochemical sector performed strongly, with shipping and gas segments leading gains. China Merchants Energy Shipping hit the daily limit, COSCO Shipping Energy rose over 5%, while China Merchants South Oil, Xingtong Shipping, and Guanghui Energy also posted solid gains. The Guozheng Oil & Gas Index, underlying the Petroleum ETF (159019), closed up 0.81%.
On the news front, the U.S. earlier signaled stronger intent to strike Iran, cooling expectations for U.S.-Iran negotiations and providing support to oil prices. However, plans by Iran and Oman to open a temporary shipping lane through the Strait of Hormuz, along with recovering crude exports from Qatar and Kuwait, initially narrowed price gains. Later in the week, geopolitical conflict escalated again as multiple tankers were attacked in the Strait of Hormuz, significantly raising market concerns about disrupted navigation and potential supply interruptions of Middle Eastern crude, rapidly lifting the geopolitical risk premium.
Soochow Securities indicates that if geopolitical conflicts escalate further or Hormuz navigation faces renewed disruption, oil prices could push higher; conversely, if tensions ease and shipping resumes, the geopolitical risk premium may quickly unwind. Key factors to monitor include conflict developments, Hormuz navigation status, OPEC+ output policy, and U.S. crude inventory changes.
CITIC Construction Investment expects the U.S.-Iran conflict to remain in a grinding stalemate through the second half of the year, with Middle East supply recovery and floating storage drawdowns offsetting limited demand recovery elasticity and regional low inventories, likely keeping oil prices in a wide-range consolidation.
Ping An Securities notes that while geopolitical conflicts escalate episodically, Hormuz transit volumes remain low, and with U.S. crude inventories at historical lows, short-term oil prices have solid support.
Amid volatile international oil prices, domestic oil companies have reduced their earnings sensitivity to crude prices through integrated upstream-downstream operations and diversified oil and gas sources, while accelerating investment in domestic offshore oil and gas development to lower external energy dependence. Companies with strong production growth potential, cost advantages, deep refining-petrochemical integration, and demonstrated resilience are worth attention.
For one-click exposure to the full oil and gas value chain and the energy security era dividend, the Petroleum ETF (159019) tracks the Guozheng Oil & Gas Index, whose 50 A-share constituents cover oil and gas exploration and development, equipment and services, and gas transmission, distribution, and sales—with the "three barrels" accounting for nearly 40% of total weight.
Key data disclosures: As of September 8, 2026, the index weightings for China Merchants Energy Shipping, COSCO Shipping Energy, China Merchants South Oil, Xingtong Shipping, and Guanghui Energy in the Guozheng Oil & Gas Index are 3.94%, 3.43%, 2.23%, 0.42%, and 4.52% respectively. For the Guozheng Oil & Gas Index, PetroChina, Sinopec, and CNOOC hold weights of 15.49%, 12.4%, and 13.17% respectively. The Sci-Tech Innovation Chip ETF (589190) charges a management fee of 0.3% and a custody fee of 0.08%, for a combined fee rate of 0.38%, ranking among the lowest for ETFs tracking the same index.
Important notices: Stocks mentioned in this article are only objective displays of index constituents and do not constitute any individual stock recommendations. The risk ratings for the ChiNext AI ETF, Sci-Tech Innovation AI ETF, and Sci-Tech Innovation Chip ETF are R4 (medium-high risk), suitable for aggressive (C4) and above investors. All other funds mentioned carry an R3 (medium risk) rating, suitable for balanced (C3) and above investors. ETF funds do not charge sales service fees. Investors should carefully read fund legal documents including the fund contract, prospectus, and product summary to understand risk-return characteristics before investing. Past performance does not indicate future returns.