Non-ferrous Metal ETF Tianhong (159157) Trading Volume Reaches Nearly 400 Million Yuan, Ranking First Among Same-Track Securities in Shenzhen Market; Target Index Falls Over 3.5%, Pullback Presents Configuration Opportunity

Daily Economic News

Editor: Ye Feng

On March 13, the two markets experienced a midday decline, with the non-ferrous metals sector falling. Regarding related ETFs, the Tianhong Non-Ferrous Metals ETF (159157) closed down 3.54%, with net subscriptions reaching 284 million units, ranking first among Shenzhen-listed funds in its category; trading volume reached 379 million yuan, also ranking first among similar funds in Shenzhen; and the turnover rate was 8.37%. Among its constituent stocks, China Tungsten High-tech hit the limit down, while Xiamen Tungsten, Dongyang Sunshine, and others fell more than 5%, with silver, China Aluminum, and Luoyang Molybdenum also declining.

Notably, Wind data shows that the Tianhong Non-Ferrous Metals ETF (159157) has been continuously attracting funds over the past 19 trading days (February 6, 2026 – March 12, 2026), with a total net inflow of 3.583 billion yuan in the last 20 trading days. As of March 12, 2026, the fund’s latest size was 4.605 billion yuan, reaching a new high since its listing and ranking first among similar funds in Shenzhen.

The Tianhong Non-Ferrous Metals ETF (159157) is a scarce ETF product tracking the CSI Industrial Non-Ferrous Metals Index, providing investors with a one-stop, efficient solution for exposure to this sector. Off-market investors can participate through the connection (Class A: 017192; Class C: 017193) to seize cyclical and policy-driven opportunities.

The current PE-TTM of the Industrial Non-Ferrous Metals Index is 27.18 times, placing it at the 43.83rd percentile over the past ten years. This indicates that the current valuation is below the levels of 56% of trading days in the past, gradually revealing cost-effective investment potential and offering certain medium- to long-term attractiveness.

On the news front, the industrial non-ferrous metals sector has recently been driven by multiple factors. First, escalating Middle East geopolitical conflicts have caused substantial disruptions in the aluminum supply chain. Qatar Qatalum aluminum plant has fully halted production due to natural gas supply cuts, and Bahrain Alba Aluminum has declared force majeure due to navigation disruptions in the Strait of Hormuz, threatening about 7 million tons of smelting capacity in the region. Second, positive signals from the industry include global mining giant Rio Tinto significantly raising the aluminum premium for shipments to Japan in the next quarter by 40%, to $350 per ton, directly reinforcing market expectations of tightening supply. Additionally, according to the government work report, this year will focus on developing emerging pillar industries such as integrated circuits and low-altitude economy, which are key demand sectors for high-end non-ferrous metals.