The king has returned! Huabao Fund's Non-Ferrous Metals ETF (159876) rises another 4%! The U.S. is considering a ceasefire, and oil prices plummet! Spot gold surges past $4,500!

Shares rose again and again. Huabao Nonferrous Metals ETF (159876), after yesterday’s on-exchange price surge of 3.16%, today (March 25) rallied sharply by nearly 4% again, reclaiming the 5-day moving average and the 6-month moving average intraday—perhaps an upside reversal signal that brings an end to the prior nine-day streak of negative daily closes!

As for the constituent stocks, gold leaders are leading the advance! Xingye Silver & Tin rose by more than 8%, Hunan Silver rose by more than 7%, and stocks such as Jintan International, Chifeng Gold, and Yunnan Germanium also moved up in tandem. For the heavyweight stocks, Zijin Mining and Luoyang Molybdenum rose by more than 5%, Shandong Gold rose by more than 4%, and Aluminum Corporation of China and Northern Rare Earth also rose.

In terms of news flow, the United States is reportedly willing to agree to a one-month ceasefire and discuss a 15-point agreement with Iran, lifting global assets, with oil prices plunging. It is said that the U.S. government has presented Iran with an end-conflict proposal containing 15 conditions, covering the nuclear program, missile capabilities, and regional issues. The U.S. side is considering pushing for a one-month ceasefire, and negotiations are underway on the above terms. International oil prices plunged in the short term; WTI crude fell below $90. International precious metals jumped in the short term, with spot gold surging straight up to surpass $4,500.

CITIC Securities noted that after the Middle East geopolitical incident ends, gold is expected to set new highs again. After past Middle East conflicts, the gold price’s medium-term trend still depends on factors such as U.S. dollar credibility and liquidity. Looking ahead to this round of conflict, it is expected that the continuation of two major trends—looser liquidity and weakening U.S. dollar credibility—will keep pushing up gold prices. At the same time, historically, valuation advantages or stock-price percentile advantages will further strengthen the upside space for the gold sector.

Some signals supporting gold are also still clear. As of March 24, the World Gold Council’s global head of central bank affairs, Shaokai Fan, publicly said that gold, as a tool to hedge against de-dollarization and geopolitical risks, is expected to lead central banks that had been absent from the market to buy this precious metal this year. He said that in recent months, central banks in countries such as Guatemala, Indonesia, and Malaysia have begun purchasing gold. These central banks may be returning to the market after a long pause, or may be buying gold for the first time.

Huatai Securities is optimistic about the oversold rebound opportunity for the nonferrous metals sector: ： For gold, historical patterns show that after geopolitical conflicts end, there is often a rapid rebound; central bank continued net buying provides bottom support for gold prices; for industrial metals, in the copper segment supply from mines is relatively tight and domestic inventories are being run down; in the aluminum segment, risks from Middle East production capacity have not yet been fully priced in; both fundamentals still provide support; for minor metals, products such as rare earths, tungsten, molybdenum, and cobalt are catalyzed by geopolitical conflicts; expectations for strategic reserves and replenishment for military industries continue to strengthen; supply is highly concentrated domestically, while external shocks are difficult to replace, making downside resilience and mid-term allocation value more prominent; overall, the repair opportunity after the oversold correction is worth actively watching.

【The nonferrous metals tailwind is here—“super cycle” is unstoppable】

Huabao Nonferrous Metals ETF (159876) and its index-linked fund (Category A: 017140, Category C: 017141) comprehensively cover targets such as copper, aluminum, gold, rare earths, and lithium, including precious metals (hedging), strategic metals (growth), industrial metals (recovery), and different phases of the economic cycle, with full-category coverage enabling a better grasp of the sector’s beta rally. At the same time, the ETF is a margin trading/short-selling (financing and securities lending) eligible product—an efficient tool for one-click allocation to the nonferrous metals sector.

As of the end of February, Huabao Nonferrous Metals ETF (159876) has the latest total size of RMB 2.43B, with average daily trading value over the past month exceeding RMB 100 million. Among the three ETF products tracking the same underlying index across the whole market, both size and liquidity are number one.

Reminder: In the recent period, market volatility may be relatively large, and short-term gains or losses do not indicate future performance. Investors must make rational investment decisions based on their own capital situation and risk tolerance, and pay close attention to position sizing and risk management.

ETF fee-related notes: When investors subscribe to or redeem fund shares, the subscription and redemption agent institutions may charge a commission at a standard not exceeding 0.5%; in-exchange transaction fees shall be subject to the actual amount charged by the securities company. The ETF does not charge a sales service fee.

Notes on fees for the index-linked fund: The subscription fee rate for Huabao CSI Nonferrous Metals ETF fund-of-funds (launch-type index-linked fund) (Category A) is RMB 1,000 per transaction when the subscription amount (including) RMB 2 million; 0.6% when the amount (including) is between RMB 1 million and RMB 2 million; and 1% when below RMB 1 million. The redemption fee rate is 1.5% for holding periods of less than 7 days, and 0% for holding periods of 7 days (including) or more; it does not charge a sales service fee. Huabao CSI Nonferrous Metals ETF fund-of-funds (Category C) does not charge a subscription fee; the redemption fee rate is 1.5% for holding periods of less than 7 days, and 0% for holding periods of 7 days (including) or more. The sales service fee is 0.3%.

Risk disclosure: Huabao Nonferrous Metals ETF passively tracks the CSI Nonferrous Metals Index. The index base date is 2013.12.31, and it was published on 2015.7.13. The index’s percentage changes over the most recent 5 full years are: 2021, 35.89%; 2022, -19.22%; 2023, -10.43%; 2024, 2.96%; 2025, 91.67%. The composition of the index constituents is adjusted as appropriate according to the index compilation rules; its backtested historical performance does not indicate the index’s future performance. The constituents described in this article are only for display purposes; the descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings information and trading movements of any fund under the management company. The fund manager’s assessed risk level for this fund is R3—medium risk. It is suitable for balanced investors (C3) and above. For suitability matching opinions, please refer to the sales institution. 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 are responsible for any investment actions they make independently. In addition, any viewpoints, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor does the fund assume 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 the fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the fund’s performance. Investors should be cautious when investing.

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