Group 1 - The core viewpoint is that the long-term logic of the precious metals bull market remains solid, with gold's role shifting from an inflation hedge to a geopolitical risk and dollar credit weakening hedge [1][22]. - As of the end of January, China's official gold reserves reached 74.19 million ounces, an increase of 40,000 ounces compared to December 2025, marking the 15th consecutive month of gold accumulation by the People's Bank of China [1][17]. - The precious metals market is influenced by factors such as global central bank gold purchases, a weakening dollar, and the restructuring of the global monetary system [1][22]. Group 2 - The non-ferrous mining ETF tracks the upstream mining segment of the non-ferrous metal industry, showing strong price elasticity and higher beta values, particularly in commodity bull markets or inflationary environments [2]. - The non-ferrous mining index has achieved a cumulative increase of 279.71% over the past decade, outperforming mainstream non-ferrous indices [2][12]. - The index's annualized return over the past decade is 14.71%, with a volatility of 30.04% and a Sharpe ratio of 0.63, indicating a favorable risk-adjusted return [15]. Group 3 - The non-ferrous mining index is heavily weighted towards copper, gold, and aluminum, which together account for over 58% of the index [7]. - Key components of the index include Zijin Mining (9.44% weight), Luoyang Molybdenum (9.25% weight), and Northern Rare Earth (5.69% weight) [10]. - The index's performance is characterized by higher elasticity compared to similar indices, reflecting its strategic significance in both industrial development and financial markets [12][15].

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]

Group 1 - The core viewpoint of the article highlights the performance of the non-ferrous metal mining ETF, which opened with a gain of 1.94% at 2.254 yuan on February 9 [1] - Major holdings in the non-ferrous metal mining ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others showing positive gains [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index return, managed by China Merchants Fund Management Co., with a return of 121.32% since its establishment on June 21, 2023, and a 5.62% return over the past month [1]

Group 1 - The A-share market's rare earth permanent magnet sector showed strong performance on February 9, with several stocks reaching their daily limit up [1] - Shenghe Resources experienced a limit-up increase of 10.01%, while China Rare Earth and Northern Rare Earth both rose over 6% [2] - Other notable gainers included San Chuan Wisdom, Zhong Rare Metal, and Huahong Technology, all of which saw increases exceeding 6% [1][2] Group 2 - The total market capitalization of Shenghe Resources is 47.6 billion, with a year-to-date increase of 26.06% [2] - China Rare Earth has a market cap of 58.6 billion and a year-to-date increase of 18.88% [2] - Northern Rare Earth has a market cap of 193.3 billion and a year-to-date increase of 15.96% [2]

Group 1 - The core viewpoint of the article highlights the performance of the Silverhua ETF (159871), which opened with a gain of 1.39% at 1.097 yuan on February 9 [1] - Major holdings in the Silverhua ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the sector [1] - The performance benchmark for the Silverhua ETF is the CSI Nonferrous Metals Index return, managed by Silverhua Fund Management Co., with a return of 116.82% since its inception on March 10, 2021, and a 4.72% return over the past month [1]

Group 1 - The rare earth permanent magnet sector in the A-share market has shown strong performance, with several companies experiencing significant stock price increases [1] - Shenghe Resources reached the daily limit increase, while China Rare Earth, Northern Rare Earth, San Chuan Wisdom, and others saw gains exceeding 6% [1] - The overall market sentiment in the rare earth sector appears positive, indicating potential growth opportunities for investors [1] Group 2 - Shenghe Resources (code: 600392) increased by 10.01%, with a total market capitalization of 47.6 billion and a year-to-date increase of 26.06% [2] - China Rare Earth (code: 000831) rose by 6.79%, with a market cap of 58.6 billion and a year-to-date increase of 18.88% [2] - Northern Rare Earth (code: 600111) saw a 6.73% increase, with a market capitalization of 193.3 billion and a year-to-date increase of 15.96% [2] - Other notable companies include San Chuan Wisdom (6.63% increase), China Rare Metals (6.13% increase), and Huahong Technology (6.02% increase), all showing strong year-to-date performance [2]

Group 1 - Precious metals and non-ferrous metals collectively strengthened on February 9, with the non-ferrous metal ETF fund (516650) rising by 2.09%, and stocks like Shenghe Resources increasing by 9.49% [1] - Silver and rare earth stocks also saw significant gains, with silver rising by 5.94%, and companies like China Rare Earth and Northern Rare Earth following suit [1] - The price consumption is relatively flat as the Spring Festival approaches, and the increase in non-ferrous metals is limited compared to precious metals, indicating a potential return to fundamentals after the price surge [1] Group 2 - According to CITIC Securities, copper is testing the key support level of 100,000 yuan/ton, with expectations for downstream inventory replenishment likely to occur after the Spring Festival [1] - Global copper inventory has risen to 1.11 million tons, with 589,000 tons locked in the COMEX market, while aluminum prices are supported at 23,500 yuan/ton despite current inventory accumulation [1] - The prices of non-ferrous metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories remaining relatively low, suggesting improved demand driven by economic recovery and the new energy sector [1] Group 3 - As of January 30, 2026, the top ten weighted stocks in the CSI Non-Ferrous Metals Industry Theme Index (000811) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, collectively accounting for 51.85% of the index [2] - The weightings of the top stocks are as follows: Zijin Mining at 15.30%, Luoyang Molybdenum at 7.92%, and Northern Rare Earth at 5.30% [3] - The non-ferrous metal ETF fund (516650) has several off-market connections, including the Huaxia Non-Ferrous Metal ETF Connect A (016707) and C (016708) [3]

Group 1 - Copper prices continue to rise, with domestic commodity futures opening with Shanghai copper up over 2%. Last week, LME metal futures closed higher, with LME copper rising by $91 to $12,994 per ton and LME aluminum rising by $58 to $3,085 per ton [1] - According to Huayuan Securities, in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage. Additionally, the profit cycle for copper smelting is expected to bottom out amid a "de-involution" backdrop, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1] - In the context of copper prices reaching historical highs, the process of "aluminum replacing copper" in the air conditioning and home appliance sectors may accelerate. Furthermore, the policy of replacing old consumer goods with new ones is expected to continue until 2026, which may lead to an increase in demand for electrolytic aluminum [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, and others, collectively accounting for 55.71% of the index [2]