In afternoon trading today (October 9), nonferrous metals led the market higher, with the underlying index of the Nonferrous ETF Huabao (159876), which captures leaders across the nonferrous metals industry, climbing as much as 2.5% intraday and forcefully reclaiming its 5-day moving average.

Among constituent stocks, gold leaders posted notable gains, with Western Region Gold Co.,Ltd. (601069) hitting the daily limit up, Shanjin International up more than 7%, China Gold International up over 6%, and Chifeng Gold and Hunan Gold up more than 5%. In addition, Youyan New Material rose over 7%, Zijin Mining and Huafeng Aluminum gained more than 4%, while Luoyang Molybdenum and other stocks followed with substantial gains.

It is worth noting that spot gold extended its intraday advance to 1.6%, breaking above $4,200 per ounce. The strong rally in gold may be attributed to three favorable factors: 1. Easing Middle East geopolitical tensions. U.S. President Trump said on the 8th local time that productive talks are underway with Iran and that the U.S. will not attack Iran before the November midterm elections. He also noted that 22 million barrels of oil passed through the Strait of Hormuz just last night. 2. The Fed is likely to pause rate hikes in October. On the 7th local time, the minutes of the Fed's September meeting showed a strong consensus for a rate hike before year-end, but no rush in October. Judging from policy statements after the meeting, the Fed is not in a hurry to act again in October. Guosheng Securities pointed out that the Fed will likely pause rate hikes in October, the market has largely priced in the negative impact of rate hikes, and gold is expected to start a new upward trend. 3. China's central bank has increased its gold holdings for 23 consecutive months. At the end of September, China's gold reserves stood at 77.47 million ounces, up 740,000 ounces from the previous month, marking the 23rd consecutive month of increases, with the monthly increase the largest since this round of resumed purchases began. Guosen Securities believes that gold prices are expected to gradually stabilize and even rebound. This round of gold price adjustment has reached the bottom range, and the market is waiting for more economic indicators for support. Once a turnaround occurs, gold prices are expected to restart a long-term bull market. CITIC Construction Investment Futures analysis noted that in terms of Middle East geopolitics, the easing of "oil price-inflation" concerns has reduced upward pressure on precious metals, combined with moderate remarks from Fed Governor Waller, the 10-year U.S. Treasury yield retreated after spiking to 5.21% yesterday, and the dollar index also pulled back. The easing of multiple pressures has helped precious metals broadly stabilize, and combined with slowing upward momentum in U.S. Treasury yields, the outlook for precious metals remains favorable.

In the computing power era, nonferrous metals build the foundation

The Nonferrous ETF Huabao (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively cover leaders in copper, aluminum, rare earths, gold, lithium, tungsten, molybdenum, tin and other sectors, with heavyweight holdings including Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and Aluminum Corporation of China. The 2026 interim report shows that all 60 constituent stocks achieved profitability, with nearly half reporting year-on-year growth in net profit attributable to parent company shareholders exceeding 100%, providing solid support from strong fundamentals. Moreover, the number of constituent stocks is significantly higher than comparable nonferrous indices (30-50 stocks), enabling better coverage of semiconductors and new materials. For investors bullish on both technology and nonferrous metals, this ETF is an efficient tool to gain one-stop exposure to the nonferrous metals industry and capture sector beta.

Source: Shanghai and Shenzhen stock exchanges, etc., as of October 9, 2026. Note: The individual stocks mentioned in this article are all constituent stocks of the underlying index of Nonferrous ETF Huabao (159876). As of the end of August, their weights were: Zijin Mining, 11.14%; Luoyang Molybdenum, 7.12%; Northern Rare Earth, 4.40%; Aluminum Corporation of China, 3.31%. The index constituent stocks in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice of any form, nor do they represent the holdings or trading activities of any fund under the manager. ETF fee explanation: When investors subscribe or redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%. On-exchange trading fees are subject to actual charges by securities companies. ETFs do not charge sales service fees. Feeder fund fee explanation: Huabao CSI Nonferrous Metals ETF Initiating Feeder Fund (Class A) subscription fee is 1,000 yuan per transaction for subscription amounts of 2 million yuan (inclusive) or more, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1% for less than 1 million yuan; the redemption fee is 1.5% for holding periods of less than 7 days and 0% for holding periods of 7 days (inclusive) or more, with no sales service fee. Huabao CSI Nonferrous Metals ETF Initiating Feeder Fund (Class C) does not charge a subscription fee, the redemption fee is 1.5% for holding periods of less than 7 days and 0% for holding periods of 7 days (inclusive) or more; the sales service fee is 0.3%. Risk disclosure: Nonferrous ETF Huabao passively tracks the CSI Nonferrous Metals Index, which has a base date of December 31, 2013, and was published on July 13, 2015. The constituent stocks of the index are adjusted from time to time according to the index compilation rules, and its back-tested historical performance does not predict future index performance. The risk rating assessed by the fund manager for this fund is R3-Medium Risk, suitable for balanced (C3) and above investors. The suitability matching opinion should be subject 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 expression) is for reference only, and investors must be responsible for their own investment decisions. In addition, any views, analyses, and forecasts in this article do not constitute investment advice of any form to readers, nor do they bear any responsibility for direct or indirect losses caused by the use of the content of this article. Fund investment involves risks. 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 fund performance. Fund investment requires caution. MACD golden cross signals have formed, and these stocks are performing well!