Funds are clearly positioning for a low point, with the sector ETF Hu'an experiencing net inflows for two consecutive weeks.

As the regional situation warms up, the previously sharply declined non-ferrous metals sector today experienced a strong rally. As of 09:32, the Hu An ( 512940 ) Non-Ferrous ETF opened high and moved higher, rising 2.28%, with trading volume rapidly expanding. In the precious metals sector, the Gold Stocks ETF Hu An ( 159321 ) also opened strong, surging over 4% at one point!

Hu An ( 512940 ) Non-Ferrous ETF tracking the CSI Non-Ferrous Metals Mining Theme Index ( 931892 ) rose strongly by 2.59%. The index gained over 104% last year and is the “top gainer” among the 2025 non-ferrous theme indices. Constituent stocks such as Luoyang Molybdenum rose 6.71%, Chifeng Gold increased 6.63%, Zijin Mining rose 5.59%, along with Western Mining, Jiangxi Copper, and other stocks following the trend.

As of March 31, the Hu An ( 512940 ) Non-Ferrous ETF has seen continuous net capital inflows over the past 10 days, totaling 634 million yuan, ranking first among the same index targets!

On the news front, early morning on April 1, the international gold market experienced a strong rebound, driven mainly by signals of easing in Middle East geopolitical conflicts. Both Iran and the U.S. released messages indicating a willingness to ceasefire, coupled with the Fed’s policy expectations turning dovish, which jointly boosted gold prices. London spot gold successfully re-entered the important 4700 USD level; COMEX gold futures also strengthened, with significant intraday gains, and overall bullish sentiment in the precious metals market increased.

This gold price rebound benefits from a temporary easing of geopolitical risk aversion, leading to capital flow back into gold, and is also supported by dovish signals from Federal Reserve officials that lowered the cost of holding gold. Additionally, ongoing global central bank gold purchases have provided a solid bottom support for gold prices, highlighting a strong short-term market trend.

Recently, the price centers of copper, gold, and other non-ferrous metals have continued to rise, with supply and demand remaining tight. China Everbright Securities pointed out that in 2026, spot procurement of copper concentrates remains tight, with TC spot prices hitting new lows; domestic copper social inventories continue to decline, cable companies’ operating rates are rising, and air conditioner production from April to June is expected to increase month-on-month, with a continued trend of destocking, supporting further copper price increases.

CITIC Securities stated that renewed geopolitical conflicts have significantly increased risks in Middle Eastern aluminum capacity, shipping capabilities, and energy supply. The risk of disruptions in the Middle Eastern aluminum supply chain and even secondary energy crises overseas cannot be ignored. Reviewing the 2021-2022 energy crisis, aluminum prices and the sector experienced maximum gains of 60% and 100%, respectively. Looking ahead, rising supply concerns in the aluminum industry chain may lead to prices exceeding previous expectations. Coupled with the sustained strong supply-demand fundamentals of the aluminum industry chain, the outlook remains optimistic for rising aluminum prices and valuation.

The Hu An ( 512940 ) Non-Ferrous ETF closely tracks the CSI Non-Ferrous Metals Mining Theme Index, which selects 40 listed companies with significant non-ferrous metal mineral resources from the non-ferrous metals industry as its sample, reflecting the overall performance of listed companies in the non-ferrous metals mining sector.

Hu An ( 512940 ) Non-Ferrous ETF, off-market connection ( Class A: 022083; Class C: 022084 ).

Gold Stocks ETF Hu An ( 159321 ) closely tracks the CSI Shanghai-Hong Kong-Shenzhen Gold Industry Stocks Index, which selects 50 large-cap listed companies involved in gold mining, smelting, and sales from the mainland and Hong Kong markets as its sample, reflecting the overall performance of gold industry listed companies in these markets.

Data source: Wind. Risk reminder: Fund management companies do not guarantee that this fund will be profitable or that it will achieve minimum returns. Past performance does not predict future results. Due to the relatively short operation period of Chinese funds, they may not reflect all phases of the stock market. Markets are risky; investments should be cautious and at your own risk. Investors should carefully read the “Fund Contract” and “Prospectus” and other legal documents before investing, fully understand the risk-return characteristics of the fund, and, based on their understanding of the product and advice from sales institutions, make independent investment decisions according to their risk tolerance, investment horizon, and goals, choosing suitable fund products.