On the final trading day of 2025 (December 31), the nonferrous metals sector led the gains in the market, with its real-time net inflow of main capital (4.8 billion yuan) also ranking first among the 31 primary Shenwan industries. For popular ETFs, Huabao Nonferrous Metals ETF (159876), which encompasses the leading companies in the nonferrous metals industry, saw its intraday price surge over 2.5% and is currently up 1.62%, continuing to refresh its record high since listing!
Notably, as of the time of writing, Huabao Nonferrous Metals ETF (159876) received a real-time net subscription of 2.4 million shares and had also attracted 85.71 million yuan over the previous 5 days, reflecting capital's optimism for the future performance of the nonferrous metals sector and their active entry to establish positions!
Regarding constituent stocks, Jiangxi Copper led the gains with an increase of over 9%, followed by Yunnan Copper and Shengxin Lithium Energy rising more than 6%, Guocheng Mining gaining over 5%, and stocks such as Zijin Mining Group Company Limited, Western Mining, Tongling Nonferrous Metals Group, and Northern Copper also advancing.
Data shows that in 2025, the A-share nonferrous metals sector led all industries with a gain exceeding 92%. As of December 30, the nonferrous metals sector was leading the second-placed communications industry by 5.37 percentage points.
Guoxin Futures believes that the strong performance of nonferrous metals stems from the combined push of macro-financial policies and structural changes in supply and demand. The commencement of a global interest rate cutting cycle and the overall weakening of the US dollar index, coupled with relatively loose liquidity, have driven capital into the nonferrous metals sector for hedging purposes. Particularly with the rise of emerging demand from areas like AI and new energy, and the domestic initiation of "anti-involution" policies to regulate industry competition, nonferrous metals, constrained by rigid supply-side limitations and stimulated by demand elasticity, have overall outperformed the 31 primary A-share sub-sectors and are expected to continue their impressive performance into 2026. CSC Financial clearly pointed out that the end-demand driver of the 2006 bull market was primarily focused on "real estate and infrastructure," whereas the current bull market's end-demand is firmly directed towards "new quality productive forces." The so-called "new quality productive forces bull market" is grounded in the rapid rise of China's industries and their global comparative advantages. It no longer relies solely on large-scale traditional infrastructure investment but deeply integrates global energy transition, technological revolution, and industrial upgrading. Emerging fields such as new energy, new materials, AI, and military aerospace have become the core drivers of demand growth in this cycle, serving as important catalysts igniting the nonferrous metals bull market. [The Nonferrous Metals Trend Has Arrived, the "Super Cycle" is Unstoppable] Different nonferrous metals exhibit varying levels of prosperity, timing, and driving factors, making divergence inevitable. For those bullish on nonferrous metals, a relatively straightforward approach to capture the sector's beta movement is through broad coverage. Huabao Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141), which encompass the leading companies in the nonferrous metals industry, track a target index that comprehensively covers sectors like copper, aluminum, gold, rare earths, and lithium. Compared to investing in a single metal sector, this offers risk diversification and is suitable as a component of an investment portfolio.
Risk Warning: The Nonferrous Metals Leaders ETF and its feeder funds passively track the CSI Nonferrous Metals Index. The base date of this index is December 31, 2013, and it was published on July 13, 2015. The index's performance over the last five complete years is as follows: 2020, +35.84%; 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2024, +2.96%. The composition of the index's constituents is adjusted according to its compilation rules, and its historical backtested performance does not indicate future performance. The mention of index constituents herein is for display purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk level as R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. Suitability matching opinions should be based on the selling institution. 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. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any kind to the reader, and no liability is accepted for any direct or indirect losses arising from the use of the content herein. Fund investment carries risks. The past performance of a fund is not indicative of its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment should be undertaken with caution.
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