¡Continuación de la asignación de fondos! El ETF de metales no ferrosos Tianhong (159157) registró una suscripción neta de más de 50 millones de unidades ayer, siendo el primero en la misma categoría en el mercado de Shenzhen. La valoración en niveles bajos y la corrección ofrecen una oportunidad de inversión.

Editor of 每经: Xiao Ruidong

On March 26, both markets opened lower and then kept falling, while base metals concepts declined. Regarding relevant ETFs, the base metals ETF Tianhong (159157), based on its benchmark index, closed down 2.03%; net subscriptions reached 52 million shares, ranking first among similar funds in the Shenzhen market; trading value amounted to 133 million yuan; and turnover rate was 2.66%. Among constituent stocks, Western Mining fell by more than 5%, while several others such as Sinocera High-Tech, Zijin Mining, Northern Rare Earth, and others also declined in tandem.

Worth noting is that, according to Wind, the base metals ETF Tianhong (159157) has achieved continuous “capital inflows” over the past 28 trading days (2026年02月06日—2026年03月25日). Over the most recent 30 trading days, it accumulated net capital inflows of 4.845 billion yuan. As of March 25, 2026, the fund’s latest size was 5.067 billion yuan, setting a new high since its listing, and ranking first among the same benchmarks in the Shenzhen market.

The core advantage of the base metals ETF Tianhong (159157) lies in precisely focusing on the industrial base metals sector. Its four core products—copper (34.7%), aluminum (20.2%), rare earths (12.5%)+lead and zinc (7%)—together account for over 70%, directly matching upstream demand from strategic emerging industries such as new energy, AI, and high-end manufacturing of humanoid robots.

Data over the past decade shows that the PE-TTM of the industrial base metals index is 22.43x. The current valuation is at the 36.88th percentile over the past decade, lower than the 63.12% time over the past decade. From the valuation level perspective, the index already offers a certain degree of cost-effectiveness.

On the news front, according to the Ministry of Industry and Information Technology, the domestic manufacturing Purchasing Managers’ Index (PMI) has recently returned to the expansion zone, and industrial production activities have shown a recovery trend. At the same time, supply chains in major mineral-producing countries such as Chile and Peru have continued to be disrupted by weather factors, with some delays occurring in copper mine extraction and transportation stages. In addition, LME-registered warehouse base metals inventories have continued to decline; inventories of commodities such as aluminum and zinc have already fallen to multi-year lows. Downstream industries such as automobiles and home appliances keep their production schedules stable, providing support for demand for industrial metals.

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