Likes ReceivedNon-ferrous sector mid-year reports show positive surprises; Industrial Non-ferrous ETF WanJia (560860) surged nearly 4%
On July 22, the three major A-share indices surged and then retreated. The industrial metals sector spiked sharply, with lead, copper, zinc, and other directions leading the gains.
As of 10:48, the popular ETF—Industrial Nonferrous Metals ETF Wanjia (560860)—surged 3.97%, with a half-day trading volume reaching 279 million RMB; among its constituent stocks, Industrial Silver & Tin hit the daily limit up, Jinchengxin rose 9.71%, Western Mining rose 8.95%, Zhongjin Gold rose 8.08%, Jiangxi Copper rose 7.97%, XD Western Superconductivity fell 2.38%, China Rare Earth fell 2.11%, Dongyangguang fell 1.84%, Northern Rare Earth fell 0.51%, and China Tungsten High-Tech fell 0.28%.
The Industrial Nonferrous Metals ETF Wanjia (560860) continues to attract capital inflows, recording a net capital inflow of 78.7547 million RMB on the previous trading day. As of the previous trading day, the fund's cumulative net inflow over the past week was 179 million RMB, and over the past year, it was 6.937 billion RMB. On the previous trading day, the fund received a net margin buy-in of 30.6702 million RMB, ranking first among similar ETFs.
In terms of news, international copper futures prices rose by 1.42%, achieving a third consecutive daily gain and breaking through $95,000 per ton, with continuous disruptions in the global copper mine supply side. A severe winter storm struck central Chile, causing multiple deaths. Adverse weather conditions affected operations at some large copper mines, and port ship navigation was also restricted. Several mining companies, including Codelco, Antofagasta Plc, and Anglo American Plc, have activated safety emergency plans and adjusted certain operations. The Chilean maritime department also stated that ship traffic in some central ports is restricted.
The development of the AI industry is becoming a new growth ceiling for copper demand. Each GW of AI computing power center consumes over 40,000 tons of copper. The rapid expansion of the AI industry is expected to drive copper demand comparable to the new energy sector post-2020. On the supply side, there are obvious constraints: the endowment of global copper mine resources is weakening, and project development difficulties are increasing. The 90th percentile of the industry's fully loaded costs has risen to approximately $9,500 per ton. The DRC's KK Copper Mine and Indonesia's Grasberg Copper Mine have further revised down their 2026 production guidance. The rigid supply structure in the second half of the year will likely continue.
As of July 22, 2026, more than 50 listed nonferrous metal companies have disclosed their performance forecasts, quick reports, or formal reports for the first half of 2026. The overall trend shows "price-driven profit recovery and comprehensive sector revival," with lithium, copper, and rare earths being the most outstanding segments. Shengda Resources expects H1 2026 attributable net profit to be between 350 million and 400 million RMB, a year-on-year increase of 399.31% to 470.64%. Industrial Silver & Tin expects H1 2026 net profit to be between 2.14 billion and 2.37 billion RMB, a year-on-year increase of 168.95% to 197.86%. Hongqiao Group expects H1 2026 attributable net profit to be between 15 billion and 16 billion RMB, a year-on-year increase of 69.72% to 81.04%. Shengtun Mining expects H1 2026 attributable net profit to be between 1.75 billion and 1.95 billion RMB, a year-on-year increase of 66.24% to 85.23%.
Industrial Securities stated that it continues to maintain its judgment that the copper price center will shift upward in the second half of 2026. In 2026, frequent disruptions in global mine supply, resonant destocking domestically and internationally, and actual demand improvement far exceeding market expectations are key factors. Subsequent US copper tariffs will exacerbate structural contradictions in global inventory. The resumption of US-Iran talks and the reversal of interest rate hike expectations bring improvements in macro liquidity. In the future market, copper prices are likely to rise easily and fall with difficulty.
The Industrial Nonferrous Metals ETF Wanjia (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, covering leading strategic resources such as copper, aluminum, rare earths, tungsten-molybdenum, gold, cobalt-nickel, titanium, and lead-zinc. This index integrates "industrial backbone" (copper and aluminum) and the "king of new materials" (rare earths, cobalt-nickel). Among them, aluminum varieties benefit more from the tightening global supply, making it an efficient tool for precisely grasping the trends in the industrial nonferrous metals sector.
Data shows that the latest scale of the Industrial Nonferrous Metals ETF Wanjia (560860) reached 8.461 billion RMB, ranking first among similar ETFs tracking the CSI Industrial Nonferrous Metals Theme Index. (Wind, as of July 9, 2026) It provides investors with a one-stop efficient solution for layout in this field. Off-exchange investors can layout opportunities driven by the resonance of the nonferrous metals super-cycle and events through feeder funds (Class A: 018489; Class C: 018490).
(Funds involve risks; investment requires caution.)
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