CNR News Beijing, April 15 (Reporter Wang Ying) According to the Economic Voice of China Central Radio and Television, &#34;World Finance,&#34; recently, the A-share non-ferrous metal industry has delivered a &#34;hardcore&#34; interim report: among the 57 companies that have disclosed their 2025 annual reports, over 70% have seen a year-on-year increase in net profit; among the 14 companies that have released performance forecasts for the first quarter of 2026, 13 are optimistic, with an optimism rate as high as 92.86%. What factors support these impressive figures? How should investors grasp the direction?
Regarding the reasons for this round of performance explosion in the non-ferrous sector, Zhang Gang, chief investment advisor at Southwest Securities, analyzed that it is mainly driven by industrial product demand.
&#34;The high proportion of optimistic forecasts in the first quarter reports of the non-ferrous industry is not surprising. Observing China's PPI data, starting from October 2025, it has turned to an increase month-on-month, continuing until March 2026, with PPI rising month-on-month for five consecutive months. This means that the prices of industrial products have started to improve month-on-month since last October, and year-on-year comparisons have begun to rise since March 2026. The overall demand for industrial products has strongly driven prices, and it is reasonable that a high proportion of listed companies report good news,&#34; said Zhang Gang.
Huang Jiaqi, a precious metals analyst at Zhuochuang Information, further analyzed: &#34;While the prices of non-ferrous metals are indeed the most direct catalysts for performance, the core lies in the structural changes in the supply and demand of the non-ferrous metal industry. On the supply side, insufficient capital expenditure in mines, declining grades and resource depletion of old mines, and the long expansion cycle of new mines make it difficult for the overall supply of non-ferrous metals to show significant increases; on the demand side, the surge in demand for AI computing power, new energy, and grid investment, along with signs of stabilization in traditional demands such as real estate and infrastructure, strongly supports the demand for non-ferrous metals.&#34;
It is worth noting that in addition to traditional main varieties such as copper, aluminum, and gold, the performance of small metals such as rare earths, tungsten, and antimony in the first quarter of this year has also been impressive. Is this collective explosion of &#34;niche varieties&#34; a short-term speculation, or does it mean that the driving force of the non-ferrous market is undergoing a structural change? Huang Jiaqi analyzed: &#34;The explosion of rare earths and small metals is the result of strategic reassessment and structural change, rather than short-term speculation. The mining indicators for metals such as tungsten, antimony, and rare earths have been reduced, and some major overseas mines have cut production or even shut down. Tungsten has low substitutability in the military industry, antimony is crucial for flame retardants, and rare earths are essential for permanent magnetic materials, indicating strong demand rigidity. Therefore, rare earths and small metals have been included in the national strategic resource list, significantly increasing the premium on resource security.&#34;
So, what is the biggest difference in this round of &#34;volume and price reconstruction&#34; in the non-ferrous sector compared to previous commodity cycles? Zhang Gang believes the key lies in two &#34;new&#34; aspects.
&#34;Whether it is industrial metals like copper and aluminum, or small metals like rare earths and lithium, there has been a sustained upward trend since the second half of 2025. The biggest difference in the overall volume and price reconstruction of the non-ferrous sector compared to previous commodity cycles is the 'new.' One is the 'new' energy revolution, which has driven the demand for metals like lithium and cobalt to rise, leading to price increases. The second 'new' is the changes in the new geopolitical environment, which have boosted the demand for non-ferrous metals and steel
&#34;When analyzing, investors should not only consider the basic industrial demand but also take into account the emergence of new energy and AI technologies, which increase the demand for computing power, as well as various factors including geopolitical issues,&#34; said Zhang Gang.
Looking ahead, although the non-ferrous metal industry is still in a high prosperity cycle, the external environment is complex and changeable, and market volatility risks still exist. What are the key anchor points for the subsequent market trends? How should ordinary investors grasp related investment opportunities? In this regard, Huang Jiaqi suggested: &#34;The US-Iran conflict, the debt situation of various economies, the US midterm elections, and other important geopolitical relationships in Eastern Europe are all significant factors affecting precious metals. It is essential to reasonably assess one's risk tolerance, choose formal channels such as ETFs and bank gold accumulation, and focus on gold as a long-term value storage tool rather than short-term arbitrage opportunities, investing prudently.&#34;

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The A-share non-ferrous metal industry showed strong performance in the 2025 annual report, with over 70% of companies experiencing year-on-year net profit growth, and 92.86% of enterprises forecasting positive results in the first quarter of 2026. Analysts believe that the increase in demand for industrial products is the main factor, as PPI data has continued to rise since October 2025, driving up non-ferrous metal prices. Changes in the supply and demand structure have also affected industry performance, with the strong performance of small metals such as rare earths, tungsten, and antimony being seen as a result of strategic reassessment rather than short-term speculation

腾讯新闻 - 财经

Non-ferrous Metal

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

Tianhong CSI Industrial Non-ferrous Metal ETF

China Merchants CSI Nonferrous Metal Mining ETF

China Universal CSI Subdivision Non-Ferrous Metal Industry Theme ETF

China Southern CSI SWS Non-Ferrous Metal ETF

Wanjia CSI Industry Non-Ferrous Metal Theme ETF

SWSC

Over 70% of companies in the A-share non-ferrous metal sector saw an increase in net profit last year, with a positive forecast rate exceeding 90% in the first quarter