Core Viewpoint - The continuous increase in gold reserves by the People's Bank of China (PBOC) for 15 consecutive months has positively impacted the performance of the non-ferrous metals sector, particularly the Huabao Non-Ferrous ETF, which saw a strong rise of 2.61% on February 9 [1][4]. Group 1: Market Performance - The Huabao Non-Ferrous ETF (159876) experienced a price increase of 2.61%, recovering above the 5-day moving average [1]. - The ETF's trading volume reached 63,890, with an average price of 1.134 [2]. - Key stocks in the non-ferrous sector, such as Hunan Silver, Shenghe Resources, and Northern Rare Earth, saw gains exceeding 3% [3]. Group 2: Central Bank Actions - The PBOC's gold reserves stood at 74.19 million ounces as of January 2026, up from 74.15 million ounces in December 2025, marking the 15th consecutive month of increases [3]. - The demand for gold from central banks remains strong, providing a supportive foundation for gold prices [4]. Group 3: Industry Outlook - Analysts predict that the non-ferrous metals sector will maintain a strong performance due to supply-demand mismatches, macroeconomic easing, and industrial upgrades, with high profitability expected to last 3-5 years [4]. - The Huabao Non-Ferrous ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, making it an efficient tool for investors to gain exposure to the sector [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper price on LME decreased by 1.65% to $12,855.0 per ton, while the Shanghai copper price fell by 3.45% to ¥100,100 per ton. The copper inventory in major regions increased by 4.03% week-on-week, and total inventory rose by 6,270 tons year-on-year [1][14] - The aluminum price on LME dropped by 3.49% to $3,026.00 per ton, and the Shanghai aluminum price decreased by 5.07% to ¥23,300 per ton. The aluminum processing industry showed a comprehensive operating rate of 57.9%, down by 1.5% week-on-week [2][15] - The gold price on COMEX increased by 6.57% to $4,988.6 per ounce, influenced by geopolitical risks and rising expectations of interest rate cuts [3][16] - The rare earth sector saw a price increase for praseodymium and neodymium oxide by 1.20%, with expectations of improved demand due to relaxed export policies [4][35] - Tungsten prices rose by 11.98% due to tight supply conditions, while tin prices fell by 15.81% amid inventory depletion [4][38] Summary by Sections Copper - LME copper price decreased by 1.65% to $12,855.0 per ton, and Shanghai copper price fell by 3.45% to ¥100,100 per ton. The processing fee index dropped to -$52.37 per ton. Copper inventory increased by 4.03% week-on-week [1][14] - The operating rate of copper cable enterprises was 60.15%, with an increase of 0.69% week-on-week. The industry maintained stable production due to new orders from State Grid [1][14] Aluminum - LME aluminum price decreased by 3.49% to $3,026.00 per ton, and Shanghai aluminum price fell by 5.07% to ¥23,300 per ton. The aluminum processing industry showed a comprehensive operating rate of 57.9%, down by 1.5% week-on-week [2][15] - The operating rate for primary aluminum alloy dropped to 57.9% due to holiday impacts and high aluminum prices [2][15] Precious Metals - COMEX gold price increased by 6.57% to $4,988.6 per ounce, driven by geopolitical risks and expectations of interest rate cuts [3][16] - SPDR gold holdings decreased by 10.87 tons to 1,076.23 tons [3][16] Rare Earths - Praseodymium and neodymium oxide prices increased by 1.20%. December exports of rare earth permanent magnets showed a year-on-year increase of 7% [4][35] - The sector is expected to benefit from relaxed export policies and increased demand [4][36] Tungsten and Tin - Tungsten prices rose by 11.98% due to tight supply conditions, while tin prices fell by 15.81% amid inventory depletion [4][38] - The supply of tin is expected to remain tight due to lower-than-expected production from Indonesia and Myanmar [4][38] Lithium and Cobalt - Lithium carbonate price decreased by 13.3% to ¥148,000 per ton, while lithium hydroxide price fell by 11.6% to ¥150,000 per ton. The total lithium production was 20,700 tons, down slightly [4][53] - Cobalt price decreased by 5.6% to ¥420,000 per ton, with stable prices for cobalt intermediates [5][54]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The supply tightness in the rare earth sector is increasing, with prices for praseodymium and neodymium oxide reaching new highs, up 12.64% to 757,500 CNY/ton [4] - Molybdenum prices have rebounded due to improved supply-demand dynamics, with molybdenum concentrate prices rising 2.48% to 4,135 CNY/ton [21] - Tungsten prices continue to hit historical highs, with black tungsten concentrate prices increasing 25.19% to 671,000 CNY/ton [27] - Tin prices have seen significant adjustments, with SHFE tin down 16.89% to 357,000 CNY/ton [30] - Antimony prices are experiencing a rebound, with antimony ingot prices up 2.49% to 164,500 CNY/ton [39] Summary by Category Rare Earth - Praseodymium and neodymium oxide prices increased by 12.64% to 757,500 CNY/ton, while dysprosium and terbium prices decreased by 1.41% to 140,000 CNY/ton and 2.37% to 617,500 CNY/ton respectively [9][4] Molybdenum - Molybdenum concentrate prices rose 2.48% to 4,135 CNY/ton, and molybdenum iron (Mo60) prices increased 3.48% to 267,500 CNY/ton [21][4] Tungsten - Black tungsten concentrate prices surged 25.19% to 671,000 CNY/ton, and ammonium paratungstate prices rose 24.68% to 985,000 CNY/ton [27][4] Tin - SHFE tin prices fell 16.89% to 357,000 CNY/ton, while LME tin prices decreased 15.42% to 45,845 USD/ton [30][4] Antimony - Antimony ingot prices increased by 2.49% to 164,500 CNY/ton, and antimony concentrate prices rose 1.40% to 144,500 CNY/ton [39][4]

Core Viewpoint - The report highlights the growth in China's non-ferrous metal production, indicating a positive trend in the industry with a projected increase in output and investment opportunities in energy-saving and emission reduction initiatives from 2026 to 2032 [1] Group 1: Industry Overview - In December 2025, China's production of ten non-ferrous metals reached 7.21 million tons, reflecting a year-on-year growth of 4.9% [1] - The cumulative production of these ten non-ferrous metals for the entire year of 2025 was 81.75 million tons, showing a cumulative increase of 3.9% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, emphasizing the reliability of the statistics [1] Group 2: Companies Involved - Key listed companies in the non-ferrous metal sector include Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zinc & Germanium (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1] - These companies are positioned to benefit from the anticipated growth in the non-ferrous metal market and the focus on energy efficiency and emissions reduction [1]

Core Insights - The main focus of the news is on the top 20 stocks with significant capital inflow as of February 6, highlighting their respective amounts and performance in terms of percentage change. Group 1: Capital Inflow - The stock with the highest capital inflow is Wuzhou Xinchun, attracting 1.22 billion yuan [1] - Data Port follows closely with an inflow of 1.078 billion yuan [1] - Tianji Co. has an inflow of 1.065 billion yuan, marking a strong performance [1] Group 2: Stock Performance - Wuzhou Xinchun shows a price increase of 10.01% [2] - Data Port has a price increase of 10% [2] - Tianji Co. reports a price increase of 9.99% [2] Group 3: Industry Breakdown - Wuzhou Xinchun belongs to the General Equipment sector [2] - Data Port is categorized under Internet Services [2] - Tianji Co. is part of the Battery industry [2] Group 4: Additional Stocks - Hunan Gold has a capital inflow of 883 million yuan with a price increase of 9.94% [1][2] - Shanshan Co. sees an inflow of 726 million yuan and a price increase of 10.03% [1][2] - Galaxy Electronics has an inflow of 672 million yuan with a price increase of 10.06% [1][2] Group 5: Other Notable Stocks - The stock with the lowest inflow in the top 20 is Sanhua Intelligent Control, with an inflow of 481 million yuan and a price increase of 2.06% [3] - Other notable stocks include Northern Rare Earth with an inflow of 495 million yuan and a price increase of 3.73% [3] - Fenghuo Communication has an inflow of 493 million yuan with a price increase of 5.58% [3]

Group 1 - The A-share rare earth permanent magnet sector experienced a rise on February 6, with notable increases in stock prices for several companies [1] - Yujing Co., Ltd. saw a significant increase of over 8%, while Longhua Technology, Dongfang Zirconium, and Yahua Group all rose by over 5% [1] - Other companies such as Youyan New Materials, Zhongkuang Resources, and Northern Rare Earth also reported gains exceeding 4% [1] Group 2 - Yujing Co., Ltd. (002943) had a price increase of 8.68% with a total market value of 17.1 billion and a year-to-date increase of 110.48% [2] - Longhua Technology (300263) increased by 5.73%, with a market value of 12.2 billion and a year-to-date increase of 33.60% [2] - Dongfang Zirconium (002167) rose by 5.56%, with a market value of 10.2 billion and a year-to-date increase of 6.15% [2] - Yahua Group (002497) saw a 5.33% increase, with a market value of 29.2 billion and a year-to-date increase of 2.26% [2] - Youyan New Materials (600206) increased by 4.90%, with a market value of 18.3 billion and a year-to-date increase of 6.30% [2] - Zhongkuang Resources (002738) rose by 4.79%, with a market value of 59.8 billion and a year-to-date increase of 5.56% [2] - Northern Rare Earth (600111) increased by 4.16%, with a market value of 181.9 billion and a year-to-date increase of 9.11% [2] - Other companies such as Xiamen Tungsten (600549), Dadi Bear (688077), and Jiuling Technology (920505) also reported gains of 3.70%, 3.25%, and 3.10% respectively [2]

Group 1 - The A-share rare earth permanent magnet sector has seen a rise, with Yujing Co., Ltd. increasing by over 8% [1] - Longhua Technology, Dongfang Zirconium Industry, and Yahua Group have all risen by over 5% [1] - Youyan New Materials, Zhongkuang Resources, and Northern Rare Earth have increased by over 4% [1] - Xiamen Tungsten, Dadi Bear, and Jiuling Technology have all seen an increase of over 3% [1]

Group 1 - The core viewpoint of the article highlights a significant decline in the performance of the non-ferrous metal mining ETF, with a drop of 3.81% on February 6, 2023, closing at 2.120 yuan [1] - Major holdings within the non-ferrous mining ETF experienced notable declines, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index, managed by China Merchants Fund Management Co., with a return of 120.70% since its inception on June 21, 2023, and a monthly return of 9.84% [1]

Core Viewpoint - The rare metals sector shows positive momentum, with significant inflows into ETFs and optimistic forecasts for future demand driven by high-tech industries and geopolitical factors [1][2]. Group 1: Market Performance - As of February 6, 2026, the CSI Rare Metals Theme Index (930632) increased by 0.67%, with notable gains from stocks such as Zhangyuan Tungsten Industry (+7.10%) and Northern Rare Earth (+4.07%) [1]. - The Rare Metals ETF (561800) also saw a rise of 0.56% [1]. - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 59.71% of the index, with companies like Luoyang Molybdenum and Northern Rare Earth leading the list [1]. Group 2: Fund Inflows - As of February 5, 2026, the Rare Metals ETF experienced a net inflow of 4.832 million yuan, with a total of 21.017 million yuan net inflow over the past ten trading days [1]. - Six out of the last ten trading days recorded net inflows, indicating strong investor interest [1]. Group 3: Future Outlook - The fund manager of the Huafu Rare Metals ETF remains optimistic about the sector, citing three main reasons: 1. Rare metals are crucial for high-tech industries and are increasingly controlled by nations amid rising geopolitical tensions [1]. 2. The downstream demand for rare metals remains robust, particularly in sectors like new energy vehicles and wind power [1]. 3. Recent price increases across various rare metal segments and positive earnings forecasts from key companies support a strong fundamental outlook [1]. Group 4: Investment Tool - The Rare Metals ETF (561800) tracks the CS Rare Metals Index, which has a high lithium content of 30%-40%, making it an excellent investment tool for market participants looking to gain exposure to the rare metals industry [2].

Group 1 - The core point of the article highlights the significant decline in the performance of the Penghua Nonferrous ETF (159880), which opened down by 5.31% at 2.070 yuan on February 6 [1] - Major holdings within the Penghua Nonferrous ETF experienced notable drops, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The performance benchmark for the Penghua Nonferrous ETF is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.31% since its inception on March 8, 2021, and a recent one-month return of 9.33% [1]