How are the valuation conditions of non-ferrous metals? The Tianhong Non-Ferrous Metals ETF (159157) has a net subscription of nearly 20 million shares, ranking first among the same target in the Shenzhen market, with 24 consecutive days of net inflows totaling nearly 4.6 billion yuan.

On the market, both cities have rebounded from a dip, and the non-ferrous metal sector has risen. In terms of related ETFs, the Non-Ferrous Metal ETF Tianhong (159157) saw its benchmark index rise 0.66% during the session, with net subscriptions reaching 19 million units, ranking first among similar funds in the Shenzhen market; the trading volume reached 111 million yuan; and the turnover rate was 2.28%. Among the constituent stocks, Huayou Cobalt, Hailiang Co., and Jin Chengen have also risen.

It is noteworthy that Wind shows that the Non-Ferrous Metal ETF Tianhong (159157) achieved continuous “capital absorption” over the last 24 trading days (from February 6, 2026, to March 19, 2026), with a total net inflow of 4.597 billion yuan over the last 30 trading days. As of March 19, 2026, the latest size of the fund was 4.856 billion yuan, ranking first among similar benchmarks in the Shenzhen market.

The Non-Ferrous Metal ETF Tianhong (159157) comprehensively covers industries such as copper, aluminum, gold, and rare earths, encompassing precious metals (safe havens), strategic metals (growth), and industrial metals (recovery) across different economic cycles. The comprehensive coverage allows for better capture of the beta performance of the entire sector. This ETF is also equipped with two off-market connection funds (Class A: 017192; Class C: 017193).

Data from the past decade shows that the industrial non-ferrous index PE-TTM is 23.36 times, with valuation at the historical 37.37% percentile level, indicating that the current valuation is lower than nearly 60% of historical periods. From a long-term perspective, this index has shown a high investment cost-performance ratio.

In terms of news, according to Caixin, the geopolitical conflict in the Middle East has caused significant disruptions to local aluminum production capacity and shipping, with shipping in the Strait of Hormuz nearly paralyzed, leading to expectations of global aluminum supply tightening. Meanwhile, the Guinean government is discussing limiting bauxite supply with mining companies. As the largest bauxite producer globally, its policy direction affects upstream raw material costs. In addition, the domestic Two Sessions policy clearly strengthens resource security and arranges financial support, providing support for non-ferrous metal demand, while the continuous growth in fields such as new energy and photovoltaics further optimizes the metal demand structure.

Daily Economic News