Performance boost! China Aluminum Industry achieves its best-ever results! Huabao Fund Non-Ferrous Metals ETF (159876) rises against the trend to 1.76%, Tianshan Aluminum hits the daily limit!

Today (March 30), in China’s A-share market, the non-ferrous metals sector leads in gains. The Huabao Non-Ferrous Metals ETF (159876), which comprehensively covers leading non-ferrous metals industries such as gold, rare earths, copper, and aluminum, remains active against the tide. In the exchange-traded market, its intraday gain peaked as high as 1.76% against the trend; it is now up 1.17%. Real-time trading value exceeds 51 million yuan, and trading is active!

As for constituent stocks, the aluminum industry leader surged, with Tianshan Aluminum hitting the daily limit in a single straight-line move. Yunnan Aluminum shares rose more than 9%, Nanshan Aluminum rose more than 8%, while stocks such as Zhongfu Industry and Huafeng Aluminum also followed with gains. The gold leaders also showed impressive performance: Chifeng Gold rose more than 6%, while Shandong Gold and Shan Jin International rose more than 4%.

On the fundamentals front, on the evening of March 27, China Aluminum released its 2025 annual report. Last year, the company’s operating revenue was 241.125 billion yuan, up 1.69% year-on-year compared with the same period last year; net profit attributable to shareholders of listed companies was 12.674 billion yuan, up 2.25% year-on-year, setting a record for the best performance in history.

As of now, the Huabao Non-Ferrous Metals ETF (159876) has already seen 27 constituent companies publish their 2025 annual reports. Among them, 26 non-ferrous metals listed companies achieved profitability, and 14 companies saw two-digit growth in net profit attributable to the parent company year-on-year; Zhongxi Rare Earth, Guocheng Mining, and Tianqi Lithium achieved year-on-year growth in net profit attributable to the parent company of over 100%.

Looking ahead to the non-ferrous metals sector’s prospects, Morgan Stanley Research (Shen Wan Hong Yuan) pointed out that under the long-term drivers of de-globalization, the investment logic has entered a new paradigm for strategic small metals from precious metals and bulk commodities, and the non-ferrous metals sector may continue to move higher. In the short term, volatility provides a good opportunity for annual allocation within the year.

Meanwhile, Haitong Securities pointed to opportunities from an oversold rebound: For gold, historical patterns show that after geopolitical conflicts end, prices often rebound quickly, and sustained central bank purchases provide underlying support for gold prices; for industrial metals, the copper side’s mine supply is relatively tight and domestic inventory is being run down, while on the aluminum side, risks from Middle East capacity have not yet been fully priced—both sides still have fundamental support; for minor metals, products such as rare earths, tungsten, molybdenum, and cobalt are catalyzed by geopolitical conflicts, and expectations for strategic stockpiling and increased procurement for military-industrial purposes continue to strengthen. Opportunities for recovery after an overall oversold correction in the non-ferrous metals sector are worth actively关注.

【The non-ferrous metals boom is here—an unstoppable “super cycle”】

The Huabao Non-Ferrous Metals ETF (159876) and its linked fund (Class A: 017140, Class C: 017141) have a target index that fully covers industries such as copper, aluminum, gold, rare earths, and lithium, spanning different industry cycle conditions including precious metals (hedging/defensive), strategic metals (growth), and industrial metals (recovery), providing full-category coverage that better captures the sector’s beta market opportunities. At the same time, this ETF is a margin financing and securities lending-eligible product—an efficient tool to get exposure to the non-ferrous metals sector with one click.

As of the end of February, the Huabao Non-Ferrous Metals ETF (159876) has the latest size of 2.427 billion yuan. Over the past month, the average daily trading value has been over 100 million yuan. Among the three ETF products tracking the same type of index across the entire market, the ETF ranks first in both scale and liquidity.

Note: The prior on-exchange short name for the Huabao Non-Ferrous Metals ETF (159876) was the Non-Ferrous Metals Leading-Company ETF.

Reminder: Market volatility in the near term may be relatively large, and short-term rise/fall percentages do not indicate future performance. Investors should make rational investment decisions strictly based on their own capital situation and risk tolerance, and pay close attention to position sizing and risk management.

Risk disclosure: The Huabao Non-Ferrous Metals ETF passively tracks the CSI Non-Ferrous Metals Index. The base date of this index is 2013.12.31, and it was published on 2015.7.13. The index’s total return over the last 5 complete years is: 2021, 35.89%; 2022, -19.22%; 2023, -10.43%; 2024, 2.96%; 2025, 91.67%. The composition of index constituents is adjusted from time to time according to the index compilation rules; its backtested historical performance does not indicate the index’s future performance. The index constituent stocks in this article are shown for display only. Stock descriptions do not constitute any form of investment advice, and they do not represent holdings information or trading trends of any fund managed by the manager. The risk level of this fund assessed by the fund manager is R3—medium risk. It is suitable for balanced investors (C3) and above. For suitability matching opinions, please refer to the sales institutions. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of statements) is for reference only. Investors must take responsibility for any investment actions they make independently. Also, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor does the manager bear any responsibility for direct or indirect losses arising from the use of the contents of this article. Investing in funds involves risk. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund’s performance. Investors should invest cautiously.

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责任编辑：杨赐