Energy metals become a 'safe haven'! Signs of rising volume but stagnant prices emerge, and market volatility intensifies.

The ChiNext Index showed weakness on Friday, barely holding above its 5-day moving average without staging another significant rally; overall, this week’s market pattern was one of initial gains followed by subsequent declines. As corporate earnings are gradually realized and residents’ asset reallocation trends intensify, the cost-effectiveness of Chinese equity assets will become increasingly evident. Short-term market volatility, in fact, creates opportunities for adding positions. Qiniu Kanxiong advises paying attention to the contrasting rhythms of private equity funds increasing positions while public mutual funds reduce them; meanwhile, retail traders remain highly active, making short-term thematic hotspots relatively 'safer'. Next, watch whether the ChiNext Index can stabilize above the 3040-point level. 【Gold-Digging Plan】 Currently, risk-aversion sentiment dominates global financial markets, with major stock indices worldwide falling—especially technology stocks, which exhibit pronounced volatility. Under this spillover effect, the A-share market has likewise undergone adjustments, with the Shanghai Composite Index repeatedly losing the 3900-point level. New-energy, photovoltaic, and power equipment sectors have corrected sharply, whereas banking, shipbuilding, and consumer-related concepts have shown relative resilience. Brokerage research reports attribute the recent market fluctuations to a confluence of factors: overseas anxiety over an 'AI bubble', waning expectations of Fed rate cuts, and increasingly cautious investor sentiment—triggering synchronized downturns across major global markets. Against this backdrop, the A-share market cannot entirely escape the impact; however, the fundamental drivers underpinning China’s current stock-market rally remain unchanged. Once valuations of earlier popular themes have been digested, investors may proactively position themselves for next year’s spring rally. Among thematic sectors, aerospace equipment, communications engineering, and coke processing are the main segments attracting net inflows of capital, whereas fisheries, insurance, and real estate are experiencing relatively large net outflows. Qiniu Kanxiong notes that robust demand has led to monthly-level shortages and inventory drawdowns for lithium carbonate: according to Mysteel data, lithium carbonate supply in November stood at approximately 115,000 tonnes, while demand reached 128,000 tonnes—resulting in a shortfall of roughly 13,000 tonnes and ongoing inventory depletion. Moreover, off-season consumption remains unexpectedly strong, with order support expected to extend into next year; thus, the lithium carbonate supply-demand imbalance has shifted from supply-side pressure to demand-driven dynamics. This year, five regulatory documents targeting rare-earth exports have already been issued. The latest document adds export controls on five heavy rare-earth elements—holmium, erbium, thulium, europium, and ytterbium—bringing all heavy rare earths under control. It also extends export restrictions to equipment, supporting equipment, technologies, supporting technologies, and raw/auxiliary materials across the entire rare-earth industrial chain—from mining and beneficiation, through smelting and separation, to magnet manufacturing and magnet recycling—thereby increasing both the difficulty and time required for overseas entities to establish independent, controllable rare-earth supply chains. Export controls on overseas destinations have been further refined: licenses are categorically denied for military-end-use applications; case-by-case reviews apply to items used in R&D or production of logic chips at or below the 14nm node, or NAND flash memory chips with 256 layers or more—and related semiconductor equipment and materials; similarly, AI applications with potential military uses undergo case-by-case review for export approval. We maintain a bullish outlook on the non-ferrous metals sector overall. 1) Industrial Metals: Several major copper mines have recently suffered unexpected disruptions, significantly lowering projected global copper mine output growth for next year. Meanwhile, electricity shortages abroad continue to frequently disrupt electrolytic aluminum supply. On the demand side, traditional demand stands to benefit from the broad global rate-cut cycle and is poised for recovery; although new-energy demand growth has slowed, its share of total demand continues rising; additionally, AI-driven electricity demand offers further upside potential. Industrial metals are thus entering a phase of convergence between macroeconomic tailwinds and favorable fundamentals—supporting sustained price increases for copper and aluminum.

How is the critical minerals industry faring? What is its current development status?

【CSRC Approves ChinaAMC’s CSI New Energy Metals 50 ETF—First Batch ‘Early Adopter’】 According to the China Securities Regulatory Commission (CSRC) website, ChinaAMC Fund Management Co., Ltd. has received approval for its CSI New Energy Metals 50 ETF—the first batch of ETF products tracking the CSI New Energy Metals 50 Index (Index Code: 931922). The CSI New Energy Metals 50 Index (931922) targets listed companies engaged in the production and application of metal materials widely used in new-energy fields—including lithium, cobalt, nickel, and rare earths—and reflects the overall performance of the new-energy metals theme. Its constituent stocks are distributed across several sectors: rare earth metals (24%), lithium (20%), potash fertilizer (15%), battery materials (12%), and cobalt-nickel (8%), with relatively diversified exposure. At the tertiary-industry level, rare metals account for 50% of the index weight, while industrial metals make up 13%. The top ten index constituents include leading enterprises in rare earths, lithium mining, and cobalt-nickel—offering strong representativeness. Globally, the energy system is undergoing a transition from fossil fuels to renewable energy sources. Lithium, cobalt, nickel, rare earths, and other critical metals have risen to become strategic resources vital to national energy security, industrial competitiveness, and future technological advancement. Going forward, as the energy transition continues advancing, upstream resource commodities are expected to sustain long-term benefits.

Apex Critical Metals Corp Retreats as Critical Mineral Sector Encounters Headwinds

Nov 4, 2026

Apex Critical Metals Corp shares dropped 8.26% amid critical mineral sector headwinds, despite advancing its CAP Project drill program in British Columbia. Long-term demand remains strong, though financing concerns impact near-term sentiment.

kalkine.ca

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Copper Prices Surge Amid EV and Grid Demand; Mining ETFs Identified

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Albemarle (ALB) Surges 5.1% Amid Market Volatility

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Albemarle soars to nearly three-year high as lithium rebound sparks momentum

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Cwm LLC Increases Stake in Albemarle Corporation to $24.50 Million

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Rothschild Downgrades Albemarle Stock Rating on Lithium Pricing Lag