Continuous capital deployment! The Tianhong Non-Ferrous Metals ETF (159157) had a net subscription of over 50 million shares yesterday, ranking first among the same target in the Shenzhen market. With low valuations and a pullback, it presents a good opportunity for allocation.

Dajiang Economic Daily Editor: Xiao Ruidong

On March 26, both markets opened lower and then drifted downward, as nonferrous metal concepts fell. Regarding related ETFs, the Tianhong Nonferrous Metals ETF (159157), which tracks its underlying index, closed down 2.03%, with net subscriptions of 52 million units, ranking first among comparable funds in the Shenzhen market. Trading volume amounted to 133 million yuan, and turnover rate reached 2.66%. Among constituent stocks, Western Mining fell by more than 5%, while several other shares such as Sinoway High-Tech, Zijin Mining, and Northern Rare Earth also declined.

Worth noting is that Wind data shows the Tianhong Nonferrous Metals ETF (159157) has achieved continuous “capital inflows” over the past 28 trading days (from February 6, 2026, to March 25, 2026). In the most recent 30 trading days, it recorded a cumulative net capital inflow of 4.845 billion yuan. As of March 25, 2026, the fund’s latest size was 5.067 billion yuan, hitting a new high since its listing, and ranking first among the same benchmark funds in the Shenzhen market.

The core advantage of the Tianhong Nonferrous Metals ETF (159157) lies in its precise focus on the industrial nonferrous metals segment. Four main core product categories—copper (34.7%), aluminum (20.2%), rare earths (12.5%) + lead and zinc (7%)—together account for over 70%, directly matching upstream demand in strategic emerging industries such as new energy, AI, and high-end manufacturing of humanoid robots.

Data from the past decade shows that the Industrial Nonferrous Metals Index’s PE-TTM is 22.43 times. Its current valuation sits at the 36.88th percentile over the past decade, lower than the 63.12% share of the time over the past ten years. From the perspective of valuation levels, the index already offers a certain degree of value-for-money advantage.

On the news front, according to the Ministry of Industry and Information Technology, the domestic manufacturing purchasing managers’ index (PMI) has recently returned to an expansionary range, and industrial production activities have shown signs of warming. At the same time, supply chains in major mineral-producing countries such as Chile and Peru have continued to be disrupted by weather-related factors, with delays occurring in some copper mining and transportation links. In addition, inventories of nonferrous metals at LME-registered warehouses have continued to decline, and inventories of commodities such as aluminum and zinc have fallen to multi-year lows. Downstream industries including automobiles and home appliances have maintained stable production schedules, providing support for demand for industrial metals.

Daily Economic News