Core Viewpoint - The article discusses the investment landscape in non-ferrous metals, highlighting the comparative advantages of the CSI Segmented Non-Ferrous Metals Industry Theme Index over the CSI Industrial Non-Ferrous Metals Theme Index in terms of composition, risk-return characteristics, and macro adaptability [1][2]. Group 1: Index Composition and Structure - The CSI Segmented Non-Ferrous Metals Index includes a diverse range of metals, such as precious metals (gold and silver), rare metals (like lithium and rare earths), and industrial metals (copper, aluminum, lead, and zinc), creating a triad structure that captures both cyclical manufacturing recovery and safe-haven premiums during geopolitical tensions [2][4]. - In contrast, the CSI Industrial Non-Ferrous Metals Index is limited to industrial metals, which may reflect industrial prosperity but lacks the stabilizing effect of precious metals, resulting in higher volatility [2][4]. Group 2: Performance Metrics - Over the past five years, the CSI Segmented Non-Ferrous Metals Industry Theme Index has achieved a return of over 120% with an annualized volatility of approximately 30%, while the CSI Industrial Non-Ferrous Metals Theme Index recorded a return of 87.99% with an annualized volatility of 33% [4][5]. - The CSI Segmented Non-Ferrous Metals Index has demonstrated a "low volatility, high return" advantage, particularly during macroeconomic disturbances, as seen during the geopolitical conflicts in 2022 and the banking crisis in 2023, where the gold component helped mitigate overall portfolio volatility [4][5]. Group 3: Investment Opportunities - The Huatai-PB CSI Segmented Non-Ferrous Metals Industry Theme ETF (159652) covers a wide range of sub-sectors, including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from the "super cycle" in non-ferrous metals [5][6]. - The top three weighted sectors in the index as of February 5, 2026, are copper (34.2%), aluminum (14.6%), and gold (14.4%), effectively combining industrial and precious metals to enhance risk-return profiles [6][8]. - The Huatai-PB CSI Segmented Non-Ferrous Metals Industry Theme ETF Link C (019165) offers a flexible fee structure, making it suitable for investors looking to capitalize on the volatility in non-ferrous metals while minimizing transaction costs [8].

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal industry, with the China Securities Sub-Index for Non-Ferrous Metals rising by 1.17% as of February 6, 2026, and specific stocks like Hunan Gold and Guocheng Mining showing significant gains [1] - The integration of artificial intelligence (AI) into the non-ferrous metal industry has entered a new phase of deep empowerment and collaborative ecosystem building, with the AI model "Kun'an" being applied in over a hundred real-world scenarios [1] - The non-ferrous metal sector is a key area for digital transformation in China's industrial field, with companies actively exploring smart transformation paths and achieving positive progress in AI technology integration [1] Group 2 - Citic Futures indicates that short-term investor expectations regarding the Federal Reserve's policies are fluctuating, impacting the non-ferrous sector, but pre-Spring Festival stocking demand may stabilize prices [2] - As of February 5, 2026, the non-ferrous ETF managed by Huatai-PB has shown a one-year cumulative increase of 109.34%, with a unit net value of 2.21 yuan [2] - The Huatai-PB non-ferrous metal ETF has demonstrated strong historical performance, with a maximum monthly return of 20.81% and a one-year Sharpe ratio of 3.44, indicating a favorable risk-return profile [3]

Group 1: Commodity Price Index - The China Logistics and Purchasing Federation reported that the commodity price index for January reached 125.3 points, marking a 6.3% month-on-month increase and the highest level in three and a half years [1] - Among the 50 monitored commodities, 33 saw price increases in January, with lithium carbonate, refined tin, and refined nickel leading the gains at 48.4%, 20.2%, and 19.5% respectively [1] - The price indices for non-ferrous metals and chemical products rose significantly, increasing by 9.9% and 3.8% month-on-month, influenced by factors such as international monetary policy and geopolitical events [1] Group 2: Copper Market Dynamics - Copper's strategic importance as a key mineral for energy transition is being reinforced, with limited supply growth expected due to declining ore grades and insufficient capital expenditure [2] - Continuous expansion in demand from sectors like grid upgrades and electric vehicles is maintaining a tight balance in copper supply and demand [2] - Both China and the U.S. are advancing their copper resource reserve systems, highlighting copper's critical role in manufacturing and energy security [2] Group 3: ETF Performance - The Huatai-PineBridge Nonferrous Metal Industry Theme ETF has seen a cumulative increase of 119.91% over the past year as of February 4, 2026 [3] - The fund's unit net value was 2.31 yuan, with a monthly increase of 15.06% [3] - The ETF has demonstrated strong historical performance, with a maximum monthly return of 20.81% and a longest consecutive monthly gain of 6 months [3] Group 4: Fund Overview - The Huatai-PineBridge Nonferrous Metal Industry Theme ETF was established on November 28, 2023, and aims to minimize tracking deviation and error by closely following the underlying index [4] - The fund manager, Dong Jin, has 15.6 years of experience and has achieved a return of 91.63% since taking over on March 21, 2025 [4] - The fund's flexible mechanism of waiving subscription fees is particularly beneficial in the volatile non-ferrous metal sector, allowing investors to capture gains without incurring additional costs [4]

Group 1: Industry Overview - The supply rigidity of industrial metals such as copper and aluminum has become evident after the capital expenditure contraction and inventory destocking from 2022 to 2024, while three demand engines—AI computing infrastructure, global grid transformation, and new energy installations—are accelerating simultaneously [1] - The non-ferrous metal sector is currently at a dual driving node of "supply-demand mismatch" and "monetary credit reconstruction," transitioning from "cost support" to "demand pull" [1] Group 2: Fund Structure and Features - The C share class of public funds has emerged as a significant tool for asset allocation, differing from traditional A shares by offering "no subscription fee + daily calculated sales service fee," optimizing cost efficiency for specific investment scenarios [1] - C shares have a linear relationship between holding costs and holding time, contrasting with the tiered decreasing model of A shares, making them particularly suitable for investors with high liquidity requirements or short-term market cycle judgments [2] Group 3: Cost Comparison and Flexibility - For example, with a purchase amount of 100,000 yuan, the A share incurs a subscription fee of 1.0%, resulting in a cost of 1,000 yuan regardless of whether held for 3 months or 3 years, while the C share's annual sales fee of 0.4% results in a cost of only 200 yuan for a six-month holding period [2] - C shares allow for quick entry and exit without redemption fee penalties after holding for 7 or 30 days, unlike many A shares that require a holding period of 2 years to waive redemption fees, making C shares advantageous in volatile markets [4] Group 4: Performance and Strategy - The non-ferrous metal sector is known for its "king of cycles" status, characterized by significant price volatility and strong phase-based trends, aligning well with the C share's "low threshold, high liquidity, daily pricing" mechanism [5] - The ETF covering the non-ferrous metal sector is expected to benefit from a "super cycle," with a significant weight in copper (34.2%) and aluminum (14.6%), indicating a robust structure for capitalizing on industrial metal bull markets [7] - The C share of the ETF has shown a remarkable return rate of 171.24% over the past two years, outperforming major indices like the CSI 300, with a Sharpe ratio of 1.73, indicating effective risk-return management [7]

Group 1 - The core viewpoint of the articles highlights the ongoing high prices of non-ferrous metals like copper and aluminum, with Chinese mining companies leading a wave of mergers and acquisitions in the sector, particularly in overseas gold mines, with a total acquisition scale nearing 60 billion yuan since the second half of 2025 [1] - Zijin Mining plans to acquire Canadian joint gold for 28 billion yuan, which has a gold resource of 533 tons, while Luoyang Molybdenum completed a Brazilian gold mine acquisition in 40 days, adding approximately 156 tons of gold resources, indicating a clear trend of Chinese companies aggressively securing quality non-ferrous resources globally [1] - Copper, recognized as a key metal for clean energy and technology industries, has seen its price surge from 8,000 USD per ton in April to over 13,000 USD, reaching a historical high due to uncertainties from mine shutdowns and potential U.S. tariffs on copper, with speculation further driving up its scarcity premium [1] Group 2 - As of February 4, 2026, the non-ferrous ETF Huatai-PineBridge has accumulated a rise of 119.91% over the past year, with its linked product, the Huatai-PineBridge CSI Non-Ferrous Metals Industry Theme ETF, showing a unit net value of 2.31 yuan and a monthly increase of 15.06% [2] - The Huatai-PineBridge CSI Non-Ferrous Metals Industry Theme ETF has achieved a maximum monthly return of 20.81% since its inception, with the longest consecutive monthly gains being 6 months and a total increase of 63.79%, indicating strong performance metrics [2] - The fund has a Sharpe ratio of 3.44 over the past year, with a maximum drawdown of 14.38%, ranking 2 out of 5 in its category, suggesting relatively low risk in terms of drawdown compared to its benchmark [2] Group 3 - The Huatai-PineBridge CSI Non-Ferrous Metals Industry Theme ETF, established on November 28, 2023, aims to closely track the underlying index through investments in the Huatai-PineBridge non-ferrous ETF, minimizing tracking deviation and error [3] - The current fund manager, Dong Jin, has 15.6 years of experience in the securities industry and has achieved a return of 91.63% since taking office on March 21, 2025 [3] - The fund's fee structure, which waives subscription fees and employs a daily fee calculation mechanism, is particularly suitable for the volatile non-ferrous metals sector, allowing investors to capture segment profits without being eroded by subscription and redemption fees [3]

Core Insights - The fundamental landscape of the non-ferrous metals sector has undergone a significant transformation, driven by surging demand from AI computing power, grid upgrades, and the restructuring of new energy [1] - Despite the high volatility and valuation labels traditionally associated with cyclical stocks, the sector's valuation has dropped to the 70th percentile historically, with core stocks generally trading at a price-to-earnings (P/E) ratio below 20 times, a notable decline from the peak in 2021 [1] - The expected earnings per share (EPS) growth for the sector in 2026 is projected to be between 35% and 45%, indicating a robust growth outlook that supports the current valuation levels [1] Valuation Analysis - The CSI Non-Ferrous Metals Industry Theme Index has a P/E-TTM of approximately 30 times, slightly above the average of the entire A-share market at around 23 times, but significantly lower than the peak valuation of over 50-60 times in 2021, providing a substantial safety margin [1][4] - Core industrial metal stocks, particularly in the copper sector, have seen P/E ratios fall below 20 times, while leading companies in the electrolytic aluminum sector have valuations compressed to the range of 10-15 times, well below the 50 times peak in 2021 [1][4] Profit Growth Drivers - The profitability of the non-ferrous metals sector is experiencing a profound transformation, with traditional real estate demand weakening and emerging technology demand surging, indicating a shift from strong cyclicality to "technology growth" characteristics [4] - Predictions from major financial institutions like Goldman Sachs, Citigroup, and JPMorgan suggest that net profit growth for industrial metal companies, such as copper and aluminum, is expected to be in the range of 20%-30%, with some leading companies potentially exceeding 50% growth [4] Emerging Demand Trends - The construction of AI data centers is at its peak, with copper intensity in a single megawatt AI data center reaching 27-33 tons, more than three times that of traditional data centers [7] - Global investment in the power grid is projected to reach $388 billion in 2024, a 9% year-on-year increase, with further acceleration expected in 2026, providing a solid foundation for sector profitability [7] ETF and Investment Opportunities - The Huatai-PineBridge CSI Non-Ferrous Metals Industry Theme ETF (159652) covers a comprehensive range of sub-sectors including gold, copper, aluminum, lithium, and rare earths, positioning it to benefit from the "super cycle" in non-ferrous metals [7] - The ETF's structure, with a significant weight in copper (34.2%) and aluminum (14.6%), allows for strong performance during industrial metal bull markets while providing stability during cyclical adjustments [10]

Core Viewpoint - The article discusses the complementary relationship between copper and gold in macroeconomic contexts, highlighting copper as a "barometer" for economic activity and gold as a safe-haven asset during geopolitical tensions and financial market volatility [1]. Group 1: Copper Demand and Economic Indicators - Copper prices are highly correlated with global manufacturing PMI and AI infrastructure investments, with significant demand driven by AI data centers, which can consume up to 50,000 tons of copper per facility [1]. - S&P Global predicts an additional demand of 2 million tons of copper from AI data centers between 2025 and 2040, leading to a sustained increase in copper prices [2]. Group 2: Gold as a Safe-Haven Asset - Gold's value is expected to rise as the Federal Reserve enters a rate-cutting cycle in 2025, enhancing its financial attributes [2]. - Historical data shows that gold prices surged during geopolitical conflicts, with a notable increase of over 27% in 2024 amid tensions in the Middle East [3]. Group 3: Investment Strategies and Index Composition - The segmented non-ferrous index captures the dual benefits of copper and gold, allowing for a mixed strategy of "technology growth + macro defense" [2]. - The index's composition includes 34.2% copper, 14.6% aluminum, and 14.4% gold, providing a balanced approach to capitalize on both industrial metal gains and gold's defensive qualities [9]. Group 4: Performance and Risk Management - The segmented non-ferrous index has shown a return rate of 171.24% over the past two years, outperforming major indices like the CSI 300, while maintaining lower maximum drawdowns [9]. - The fund's structure allows for effective risk management, with a Sharpe ratio of 1.73 over three years, indicating strong performance relative to peers [9].

截至2026年2月3日，汇添富中证细分有色金属产业主题ETF发起式联接C(019165)自成立以来，最高单 月回报为20.81%，最长连涨月数为6个月，最长连涨涨幅63.79%，涨跌月数比为16/10，上涨月份平均收 益率为8.91%，年盈利百分比为100.00%，月盈利概率64.65%，历史持有2年盈利概率为100.00%。 截至2026年2月4日 15:00，中证细分有色金属产业主题指数(000811)上涨0.27%，成分股金钼股份 (601958)上涨4.28%，兴业银锡(000426)上涨3.79%，华友钴业(603799)上涨2.83%，神火股份(000933)上 涨2.81%，白银有色(601212)上涨2.62%。（以上所列股票仅为指数成份股，无特定推荐之意） 截至2026年2月4日 15:00，有色ETF汇添富上涨0.57%，截至2026年2月3日，近1年以来累计上涨 118.67%。 截至2026年2月3日，有色ETF汇添富的场外联接产品汇添富中证细分有色金属产业主题ETF发起式联接 C(019165)单位净值为2.31元，当日上涨2.72%，近一月累计上涨14.90%。 2月4日，国际金价 ...

Core Insights - The artificial intelligence (AI) industry is rapidly reshaping the global demand for non-ferrous metals, with copper being the primary beneficiary as it is deemed the "oil of the electrification era" [1] - Significant increases in copper demand are projected, with estimates suggesting an additional 2 million tons of copper will be required for AI data centers and related power infrastructure from 2025 to 2040 [1] - Morgan Stanley forecasts that global copper demand from AI data centers will surge from 200,000 to 500,000 tons annually by 2027, reflecting a compound annual growth rate (CAGR) of 26% [1] Copper Demand Projections - The global copper consumption for data centers is expected to grow from approximately 50,000 tons per year to 300,000 tons by 2050, increasing its share of global copper consumption from 1% to 7% [1] - Data center electricity consumption is projected to rise from 460 TWh in 2022 to 860 TWh by 2027, indicating a growing need for copper [2] - The total copper usage in data centers is forecasted to increase from 343.2 thousand tons in 2022 to 791.1 thousand tons by 2027, with a year-on-year growth rate of 17.3% [2] Broader Metal Demand - In addition to copper, aluminum is also in high demand for cooling systems and server racks in data centers, with a single large-scale AI data center potentially consuming up to 20,000 tons of steel and significant amounts of aluminum [3] - The AI sector is expected to drive an additional demand of 850,000 tons for aluminum by 2026, with global primary aluminum demand projected to increase by 2.7% [3] - The supply-demand balance for electrolytic aluminum is expected to remain tight in 2026, with a growing gap anticipated post-2027 as demand from AI and renewable energy sectors continues to rise [3] ETF and Investment Opportunities - The Huatai-PineBridge Non-ferrous Metals ETF (159652) covers a comprehensive index that includes copper, aluminum, lithium, and rare earths, positioning it to benefit from the non-ferrous "super cycle" [5] - The ETF's structure emphasizes a significant allocation to copper and aluminum, with copper accounting for 34% of the index, providing strong exposure to industrial metal bull markets [5][7] - The ETF has demonstrated a remarkable return of 171.24% over the past two years, outperforming major indices, indicating a favorable risk-reward profile for investors [8]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西銀行股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01916 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,345,500,000 0 1,345,500,000 增加 / 減少 (-) 0 0 本月底結存 1,345,500,000 0 1,345,500,000 足夠公眾持股量的確認(註4) | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01916 | 說明 | | | | | | | | ...