Non-ferrous Metals ETF Huatai-PineBridge FTSE China A50 (159652) surged nearly 4%, with net subscriptions of 22 million units in half a day

On July 23, the three major A-share indices closed lower at midday. The energy metals sector bucked the trend and remained active. Among popular ETFs, the Huatai-PineBridge CSI All Commodities ETF (159652) surged 3.88%, achieving a third consecutive day of gains. Key weighted stocks included Zijin Mining (+3.6%), CMOC Group (+3.31%), China Northern Rare Earth (+2.33%), Xiamen Tungsten (+0.71%), Ganfeng Lithium (+6.24%), GEM Co., Ltd. (+4.05%), Chinalco (+4.56%), Tianqi Lithium (+5.05%), Yunnan Germanium (+0.96%), and Zhongjin Gold (+3.21%). By midday, the fund had received net subscriptions of 22 million shares in half-day trading.

As of the previous trading day, the Huatai-PineBridge CSI All Commodities ETF (159652) had risen 2.42% over the past week and 41.36% over the past year, showing outstanding historical performance. The fund saw a total net inflow of 148 million RMB in the past month and 2.088 billion RMB over the past year.

In terms of news, Ganfeng Lithium recently issued a profit warning update, expecting its attributable net profit for the first half of the year to reach between 3.65 billion and 4.6 billion RMB, a year-on-year increase of 787% to 966%, compared to a net loss of 531 million RMB in the same period last year. Non-GAAP net profit is expected to be between 3 billion and 4.2 billion RMB, up 428.64% to 560.10% year-on-year. Additionally, Tianqi Lithium expects its H1 net profit to reach between 2.85 billion and 4.25 billion RMB, representing a year-on-year growth of 3276.35% to 4934.91%.

Furthermore, the US military launched strikes against Iran for the 12th consecutive night. Cinda Futures believes that US-Iran strikes and the resumption of maritime blockades will continue to delay expectations for the restoration of damaged production capacity in the Middle East, maintaining a supply gap. In the short term, sustained destocking and geopolitical risk premiums provide bottom support.

Guohai Securities notes that in the short term, aluminum companies are 陆续 disclosing their interim report forecasts, with impressive performance. The volatile US-Iran situation and sluggish negotiations have elevated geopolitical risk premiums in the Middle East. On the demand side, export demand expectations are favorable, with 环比 growth likely to persist in June-July, while domestic destocking speeds remain high. Long-term, the aluminum industry faces limited incremental supply, while demand still has growth points. The industry is expected to maintain high prosperity, and Guohai Securities maintains a "Recommend" rating for the aluminum sector.

The Huatai-PineBridge CSI All Commodities ETF (159652) focuses on core varieties such as copper, gold, aluminum, lithium, and rare earths, which possess both strategic value and supply-demand gaps. It features high concentration of leading stocks and leads among similar products.

Currently, the allocation value of the entire non-ferrous metals sector stands out. Driven by multiple positive factors including "supply-side contraction policies, new quality productive forces on the demand side, economic cycle resonance, global deflation expectations, and the US dollar credit crisis," investors bullish on future investment opportunities in precious metals and bulk industrial metals should focus on the Huatai-PineBridge CSI All Commodities ETF (159652), which leads in scale and has a higher "gold-copper content." The OTC feeder funds are Class A: 019164; Class C: 019165.