Galaxy Securities's A-share non-ferrous metals industry 2026Q2 fund position analysis indicates that in the second quarter of 2026, due to the escalation of the Middle East conflict and the blockade of the Strait of Hormuz, the sharp rise in oil prices brought inflationary pressure. The market's policy expectations for the Federal Reserve changed from interest rate cuts at the beginning of the year to interest rate hikes. Changes in market liquidity and economic expectations increased uncertainty about future price trends of non-ferrous metals companies and the future performance of non-ferrous metal companies. Active equity public funds drastically reduced their holdings in the second quarter of 2026 in the second quarter of 2026, and in the non-ferrous metals industry, which had previously been overmatched. Moving forward and adding positions with AI Concept-related small metal segments such as tungsten, nickel, and magnetic metals. Taken together, in the second quarter of 2026, the market value of active equity public funds holding heavy holdings in the A-share nonferrous metals industry reached 1.98%, down 1.24 percentage points from 3.22% in the first quarter of 2026. After the fourth quarter of 2024, they reduced their holdings in the non-ferrous metals industry for two consecutive quarters, and in the second quarter of 2026, active equity public funds reduced their heavy holdings in the A-share nonferrous metals industry in a single quarter, reaching a new high since 2010.

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