Funds continue to increase holdings! The Tianhong Non-Ferrous Metals ETF (159157) has experienced over 4.4 billion yuan in net inflows over the past 30 days, with nearly 40 million shares of net subscriptions during the trading day.

On the trading board, both markets dipped and then rebounded, while the non-ferrous metals concept declined. Regarding related ETFs, the non-ferrous metals ETF Tianhong (159157) for its benchmark index fell 0.89% intraday, with net subscriptions reaching 38 million units, making it No. 1 among similar funds in the Shenzhen market. Trading volume reached RMB 56.72 million, also No. 1 among similar funds in the Shenzhen market. The turnover rate was 1.04%. Among constituent stocks, several shares including Nanshan Aluminum, Aluminum Corp. of China, and TBEA Energy followed the decline.

What is worth noting is that, according to Wind, the non-ferrous metals ETF Tianhong (159157) has achieved continuous “capital inflows” over the most recent 34 trading days (2026-02-06 to 2026-04-02). Over the most recent 30 trading days, it accumulated net capital inflows of RMB 4.488 billion. As of 2026-04-02, the fund’s latest size was RMB 5.495 billion, ranking No. 1 among the same benchmark in the Shenzhen market.

The non-ferrous metals ETF Tianhong (159157) tightly tracks the Industrial Non-Ferrous Metals Index. Over the past year, that index has risen by 86.84%. Its industry allocation mainly includes industrial metals (58.08%), minor metals (25.18%), Integrated II (3.36%), and others. The top five constituent stocks are Luoyang Molybdenum, Northern Rare Earth, Aluminum Corp. of China, Yunlu Aluminium Shares, and Xiamen Tungsten Industry. The ETF also allocates to 2 off-exchange connecting funds (Class A: 017192; Class C: 017193).

Data from the past decade shows that the Industrial Non-Ferrous Metals Index’s PE-TTM is 22.45x. The current valuation is at the 37.08th percentile over the past decade, lower than the 62.92% of the time over the past decade, and it has already demonstrated a certain valuation value-for-money.

On the news front: ① According to Minmetals Futures, the U.S. simplified its copper tariff policy, driving a post-market surge in COMEX copper prices; ② As geopolitical conflicts in the Middle East intensify and increase supply risks, the conflict between Iran and the U.S. caused the Strait of Hormuz to be locked down. Aluminum enterprises in places such as the UAE, Bahrain, and Qatar were attacked, leading to production stoppages. Guinea plans to restrict exports of bauxite, and Indonesia tightened its tin export policy; ③ According to United Credit Rating, the 2026 government work report and the “15th Five-Year Plan outline” clearly state that strategic mineral resource exploration and development will be set as the top priority, and they also deploy energy conservation and carbon reduction in industries such as alumina and electrolytic aluminum, as well as rectifying “involution-style” competition.

Daily Economic News

[Editor-in-charge: Dong Pingping]

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