--- title: "Non-ferrous ETF Huabao (159876) opened high with a gap, surging 4.5%, triggering a wave of limit-up gains in its constituent stocks!" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42847765.md" description: "Today (July 22), the non-ferrous metals sector led the entire market, with Huabao ETF (159876), which tracks the largest and most liquid index of its peers, seeing its exchange-traded price gap up significantly by 4.54%, recovering above the 10-day moving average during trading, and achieving two consecutive daily gains! Among component stocks, Shandong Gold International, Western Mining, Shengtun Mining, and Xingye Silver & Tin hit the daily limit up, Chifeng Gold rose over 9%, Jiangxi Copper and Luoyang Molybdenum surged more than 8%, Zhongjin Gold and Zijin Mining gained over 7%, while individual stocks such as Shandong Gold and Western Gold saw substantial follow-up gains..." datetime: "2026-07-22T07:08:15.000Z" locales: - [en](https://longbridge.com/en/topics/42847765.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42847765.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42847765.md) author: "[同壁财经](https://longbridge.com/en/profiles/26505347.md)" --- # Non-ferrous ETF Huabao (159876) opened high with a gap, surging 4.5%, triggering a wave of limit-up gains in its constituent stocks! Today (July 22), the non-ferrous metals sector **led the entire market in gains**. The **Non-Ferrous ETF Huabao (159876), which tracks the largest and most liquid index among its peers, saw its exchange-traded price gap up significantly by 4.54%, recovering above the 10-day moving average during trading and achieving two consecutive daily bullish candles!** In terms of constituent stocks, **Shanjin International, Western Mining, Shengtun Mining, and Xingye Silver & Tin hit the daily limit up**. Chifeng Gold rose over 9%, Jiangxi Copper and Luoyang Molybdenum rose more than 8%, Zhongjin Gold and Zijin Mining rose over 7%, while Shandong Gold, Western Gold, and other individual stocks surged significantly. The Index Research and Investment Department of **Huabao Fund** released its latest analysis, stating that tight supply and demand for non-ferrous metals support prices maintaining a strong trend. Precious metals rebounded due to shifting expectations of interest rate cuts and increased ETF holdings, while minor metal prices fluctuated in line with tech beta. Overall, the equity valuation of the current non-ferrous metals sector is on the lower side. Sustained strong commodity prices can **support improving corporate profitability**, making the overall **valuation cost-effective** for the sector. Investors should pay attention to the **value of right-side allocation in the sector**. Detailed content follows: Reviewing the reasons for the **correction in the non-ferrous metals sector** in the first half of the year, three key aspects are highlighted: **First,** geopolitical events in the Middle East in March pushed up oil prices, triggering market concerns about inflation rebounding and leading to rate hikes or recession. **This has now been proven false.** Oil prices have support from below and resistance from above, making it difficult to break previous highs under extreme conditions; **Second,** a significant upward revision in US core inflation in May triggered Fed rate hike expectations, but June's core CPI showed a month-on-month decline, causing rate cut expectations to shift back; **Third,** the surge in the tech sector once siphoned funds away from the non-ferrous metals sector. However, as non-ferrous metals are at the very upstream of the tech industry chain, **data center construction will continue to drive demand for non-ferrous metals**. In summary, the **suppressive factors causing the sector's correction since March have likely been largely eliminated**. Looking at 细分 directions, **regarding industrial metals,** commodity prices remain firm, and **production growth contributes to sustained expansion**, highlighting the sector's allocation value. Leading enterprises like Zijin Mining and Luoyang Molybdenum plan to reach copper production volumes of 1.55 million tons and 900,000 tons respectively by 2028, representing increases of 460,000 tons and 160,000 tons compared to 2025, corresponding to growth rates of 42% and 20%. **Even if commodity prices do not rise, relying on production growth, companies still possess good growth potential.** From a fundamental perspective, **copper, aluminum, and tin** continue their **destocking** trends, validating expectations of **tight supply and demand for industrial metals**. This medium-to-long-term tight pattern continues to **support strong non-ferrous metal prices**. Assuming copper prices at 100,000 RMB/ton and aluminum at 22,000 RMB/ton, the mainstream stocks in the copper and aluminum sectors have **valuations** mostly concentrated in the 5-10x range, **which is at a relatively low level**. **Regarding precious metals,** gold prices have tested multiple times and **show support near $4,000**. Both US June non-farm payroll and inflation data were far below market expectations, and market panic regarding Fed rate hikes has gradually subsided. Gold prices are becoming increasingly desensitized to US-Iran conflicts. Conservatively calculated based on an annual average domestic gold price of 900 RMB/gram, the mainstream gold stocks' **valuations** for 2026 are only 10-15x, showing **outstanding valuation cost-effectiveness**. In summary, affected by the dual suppression of high oil prices caused by the US-Iran conflict and the correction in the tech sector, the industrial metals and precious metals sectors experienced **oversold conditions**. Currently, stabilizing commodity prices **support corporate earnings**, and leading enterprises still have **contributions from production growth**, giving the sector **high earnings certainty**. Low valuations combined with high growth certainty make this a **prime allocation window for the non-ferrous metals sector**. **\[Positive Earnings Outlook + Accumulating Strength at Low Levels, Oversold Rebound Expected!\]** **Different non-ferrous metals have inconsistent prosperity levels, rhythms, and driving points, so divergence is inevitable. If you are bullish on non-ferrous metals, a relatively easy approach is to achieve better capture of the entire sector's beta 行情 through comprehensive coverage. The Non-Ferrous ETF Huabao (159876) and its feeder funds (Class A: 017140, Class C: 017141) track indices that comprehensively cover industries such as copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, and tin. Full-category coverage allows for better grasping of the sector's beta 行情. Meanwhile, this ETF is eligible for margin trading and short selling, serving as an efficient tool for one-click layout of the non-ferrous metals sector.** As of June 30, 2026, the latest scale of Non-Ferrous ETF Huabao (159876) is **1.345 billion RMB,** with an average daily turnover of **107 million RMB** over the past six months. Among the 3 ETFs tracking the CSI Non-Ferrous Metals Index across the entire market, it is the **largest in scale and best in liquidity**. Source: Shanghai and Shenzhen Stock Exchanges, etc., as of July 22, 2026. Note: The previous exchange-traded short name for Non-Ferrous ETF Huabao (159876) was Non-Ferrous Leaders ETF. ETF Fund Fee Explanation: When investors subscribe to or redeem fund shares, the subscription and redemption agents may charge a commission not exceeding 0.5%. Exchange-trading fees are subject to actual charges by securities companies. The ETF does not charge a sales service fee. Risk Warning: Non-Ferrous ETF Huabao passively tracks the CSI Non-Ferrous Metals Index. The index base date is December 31, 2013, and it was published on July 13, 2015. The composition of the index constituents is adjusted timely according to the index compilation rules. Its backtested historical performance does not predict future index performance. The index constituents mentioned in this article are for display purposes only. Descriptions of individual stocks do not constitute any form of investment advice and do not represent the holding information or trading trends of any funds managed by the manager. The risk level of this fund assessed by the fund manager is R3-Medium Risk, suitable for balanced-type (C3) and above investors. Please refer to the sales institution for appropriateness matching opinions. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for any investment decisions made autonomously. Additionally, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor do we bear any responsibility for direct or indirect losses caused by the use of this article's content. Fund investment involves risks. **Past performance of the fund does not indicate its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. 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