China equity funds keep high stock exposure, add nonferrous metals

The data points to a deliberate rotation rather than a defensive retreat, as funds hold equity exposure while shifting into nonferrous metals. This suggests conviction in resource-linked earnings despite near-term price swings. The noted divergence among metal varieties is the key variable—whether the active increases are concentrated in specific subsectors or broad-based will determine if this is a tactical trade or a longer-term structural bet. For market watchers, the split between fund managers' stated fundamental support and the volatility they acknowledge is worth monitoring.