Fundos continuam a ser alocados! O ETF de metais não ferrosos Tianhong (159157) registou ontem uma subscrição líquida superior a 50 milhões de unidades, sendo o primeiro na mesma categoria no mercado de ações de Shenzhen. Com uma avaliação baixa, a correção oferece uma oportunidade de alocação.

Editor at 每日经济新闻: Xiao Ruidong

On 26 March, both markets opened lower and then slid further, with declines under the non-ferrous metals concept. In terms of related ETFs, the non-ferrous metals ETF Tianhong (159157) tracked index closed down 2.03%, with net subscriptions of 52 million units, ranking first among similar funds in the Shenzhen market; trading volume amounted to 133 million yuan; turnover rate reached 2.66%. Among constituent stocks, Western Mining fell by more than 5%, while multiple shares including Sinoway High-Tech Tungsten, Zijin Mining, and Northern Rare Earths also declined in tandem.

What is worth noting is that, according to Wind, the non-ferrous metals ETF Tianhong (159157) has achieved continuous “capital inflows” over the past 28 trading days (from 2026-02-06 to 2026-03-25). In the most recent 30 trading days, it recorded cumulative net capital inflows of 4.845 billion yuan. As of 25 March 2026, the fund’s latest size was 5.067 billion yuan, setting a new high since its listing, and ranking first among the same benchmark in the Shenzhen market.

The core advantage of the non-ferrous metals ETF Tianhong (159157) lies in its precise focus on the industrial non-ferrous metals segment. Its four major core products—copper (34.7%), aluminium (20.2%), rare earths (12.5%) + lead and zinc (7%)—together account for more than 70% of the total, directly matching upstream demand from strategic emerging industries such as new energy, AI, and high-end manufacturing of humanoid robots.

Data from the past decade shows that the industrial non-ferrous index PE-TTM is 22.43x. The current valuation sits at the 36.88th percentile over the past decade, below the 63.12% of the time span over the past decade. Judging from valuation levels, the index already offers a certain level of cost-effectiveness.

On the news front, according to the Ministry of Industry and Information Technology, in recent times China’s manufacturing Purchasing Managers’ Index (PMI) has returned to the expansion range, and industrial production activities have shown a rebound 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 parts of copper mining and transportation. In addition, LME-registered warehouse non-ferrous metals inventories have continued to decline; inventories of products such as aluminium and zinc have fallen to multi-year low levels. Production schedules in downstream industries such as automobiles and home appliances have remained steady, providing support for demand for industrial metals.

Daily Economic News