The non-ferrous metals ETF (512400) has continued to rise, with a net inflow of 2.94 billion yuan over the past 20 days, and its latest scale exceeding 13.3 billion yuan.

Gelonghui, September 30 | Under the backdrop of record-high gold prices, expectations of interest rate cuts, and increased demand for safe-haven assets, the non-ferrous metals sector has continued to rise. As of press time, the Non-Ferrous Metals ETF (512400) surged 3.51% today, exceeding 11% over the past five days, and surpassing 71% year-to-date. The Non-Ferrous Metals ETF is currently the only ETF in the market that tracks the CSI Shenwan Non-Ferrous Metals Index, covering core targets across the entire industry chain of copper, aluminum, lithium, rare earths, and gold, with a focus on key allocations to Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and Chalco, leaders in their respective sub-sectors of non-ferrous metals. Year-to-date, the non-ferrous metals sector has led the market, with the Non-Ferrous Metals ETF (512400) seeing a net inflow of RMB 2.94 billion in funds over the last 20 trading days, reaching a latest scale of RMB 13.315 billion. It is the only non-ferrous metal industry ETF in the market with a scale exceeding RMB 10 billion, with off-market linked products (Class A: 004432; Class C: 004433). The rise in non-ferrous metals was supported by the following developments: 1. Eight departments jointly issued the 'Work Plan for Stable Growth in the Non-Ferrous Metals Industry (2025-2026)', setting main targets for 2025-2026: average annual growth of around 5% in value-added for the non-ferrous metals industry, maintaining positive economic performance, average annual growth of approximately 1.5% in the production of ten types of non-ferrous metals, significant progress in domestic resource development for copper, aluminum, and lithium, recycled metal output exceeding 20 million tons, continuous enhancement in the supply capacity of high-end products, and ongoing improvements in green, low-carbon, and digital development levels. 2. Zijin Gold International officially listed on the Hong Kong Stock Exchange Main Board today at an issue price of HKD 71.59, with a global offering of 349 million shares, becoming a new gold sector listing in the Hong Kong stock market, with its share price surging 64% on the first day of listing. 3. Spot gold broke through USD 3,850. China Merchants Securities believes that the Federal Reserve's interest rate cut has been implemented, frequent disruptions in commodity supplies, accompanied by dual easing of US fiscal and monetary policies, as well as strong seasonal demand during the domestic "Golden September and Silver October", industrial metal prices are expected to continue rising.