On Friday (October 9), the nonferrous metals sector surged in the afternoon, briefly leading the market, with the Huabao Nonferrous ETF (159876), which captures leaders across the nonferrous metals industry, tracking an index that rose as much as 2.85% intraday before closing up 2.54%, strongly recovering its 5-day moving average.

Along with the lively rally, investor attention increased markedly. The ETF recorded full-day turnover of 98.66 million yuan, up 43% from the previous session, indicating active trading! Among constituent stocks, gold leaders led the gains notably, with Western Region Gold Co.,Ltd. (SH: 601069) hitting the daily limit up, Shanjin International rising more than 7%, and China National Gold and Chifeng Gold posting sizable follow-on gains. In addition, Youyan New Materials rose more than 7%, while Western Superconducting and Zijin Mining gained more than 4%. Chart: Top 10 gainers among Huabao Nonferrous ETF (159876) constituent stocks.

Multiple pressures eased, and spot gold briefly stood above the key $4,200 per ounce threshold intraday:

First, geopolitical easing: Trump said on October 8 that the United States would not attack Iran before the November congressional midterm elections. The "oil price-inflation" concerns previously stoked by Middle East tensions eased accordingly, significantly reducing the tightening-expectation pressure hanging over precious metals.

Second, a weaker dollar: the dollar's earlier advance paused temporarily, and the benchmark 10-year U.S. Treasury yield fell for a second consecutive trading day, giving more room for dollar-denominated gold.

Third, cooling rate-hike expectations: the minutes of the Fed's September meeting showed a strong consensus for a hike before year-end, but no rush in October. Fed Governor Waller struck a moderate tone, saying it is still necessary to raise rates to contain inflation, but it need not happen at consecutive policy meetings. Guosheng Securities believes the Fed will most likely pause rate hikes in October*. Sprott Research and Investment Strategy Director Kenny Zhu pointed out that despite a sharp rise in bond yields, gold has held its range and continued to attract inflows, indicating allocation demand at current levels. Gold's rebound is, in the short term, a timely boost from positive U.S.-Iran talks and a weaker dollar, while in the medium to long term it is a structural rally supported by global central banks increasing gold holdings and the wave of de-dollarization. The narrative of gold as an alternative to dollar credit is being validated by more and more data and facts, and the outlook for gold remains bullish.

*[In the computing power era, nonferrous metals build the foundation! Pay attention to metal demand behind technological development!] Huabao Nonferrous ETF (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 industries, with heavyweight stocks including Zijin Mining, China Molybdenum, Northern Rare Earth, and Aluminum Corporation of China. The 2026 interim report shows that all 60 constituent stocks were profitable, and nearly half of them posted year-on-year growth in net profit attributable to parent of more than 100%, providing solid support with strong fundamentals. Moreover, the number of constituent stocks is significantly larger than that of comparable nonferrous indexes (30-50 stocks), allowing 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-click exposure to the nonferrous metals industry and capture the sector's beta rally. Source: Shanghai and Shenzhen stock exchanges, etc., as of October 9, 2026. *Institutional views reference sources: Sprott's September 8 report "Weakening Fiscal Credibility, Gold and Silver Prices Surge"; Guosheng Securities' September 17 report "A Test of Independence - Signals and Prospects for the Fed to Restart Rate Hikes." ETF fee note: when investors subscribe to or redeem fund shares, the subscription and redemption agency may charge a commission of no more than 0.5%. On-exchange trading fees are subject to what the securities company actually charges. ETFs do not charge sales service fees. Feeder fund fee note: for the Huabao CSI Nonferrous Metals ETF Initiating Feeder Fund (Class A), the 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. The 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, and the sales service fee is 0.3%. Risk disclosure: Huabao Nonferrous ETF passively tracks the CSI Nonferrous Metals Index, whose base date is December 31, 2013, and which was released on July 13, 2015. The constituent stock composition of the index is adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict the future performance of the index. The risk rating of the fund as assessed by the fund manager is R3-medium risk, suitable for balanced investors (C3) and above; the suitability matching opinion should be based on 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 any investment decisions they make independently. In addition, any views, analysis, and forecasts in this article do not constitute investment advice of any kind 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, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires caution. A MACD golden cross signal has formed, and these stocks are rising well!