U.S.-Iran Ceasefire! The Tianhong Non-Ferrous Metals ETF (159157) underlying index surged over 4% intraday, currently trading at a valuation below 60% of the past ten years.

On the trading screen, both the Shanghai and Shenzhen markets opened higher and moved steadily upward, with nonferrous metals concepts rising. Regarding related ETFs, the Nonferrous Metals ETF Tianhong (159157) tracked index rose 4.07% intraday; the subscription amount reached 1 million units, making it the #1 fund in the Shenzhen market among similar funds; trading value totaled RMB 13.6151 million; and the turnover rate reached 0.23%. Among constituent stocks, Xingye Silver & Tin, Jincheng Mining, Luoyang Molybdenum, Western Mining, and Zijin Mining rose more than 5%, while multiple shares such as Baiyin Nonferrous, Huayou Cobalt, Western Superconducting, and others also followed higher.

Worth noting is that, according to Wind, the Nonferrous Metals ETF Tianhong (159157) has delivered continuous “capital inflows” over the past 36 trading days (2026-02-06 to 2026-04-07). In the most recent 30 trading days, it accumulated RMB 4.384 billion in net capital inflows. As of 2026-04-07, the fund’s latest size was RMB 5.695 billion, setting a new high since its listing, and ranking #1 in the Shenzhen market against the same benchmark.

The Nonferrous Metals ETF Tianhong (159157) closely tracks the Industrial Nonferrous Metals Index. Over the past year, the index’s gain was 108.86%. Its sector allocation mainly includes industrial metals (58.08%), minor metals (25.18%), Comprehensive II (3.36%), and others. The top five constituent stocks are Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Yunnan Aluminum, and Xiamen Tungsten. The ETF also allocates to 2 off-exchange linked funds (Class A: 017192; Class C: 017193).

Data over the past decade shows that the Industrial Nonferrous Metals Index PE-TTM is 22.39x. The current valuation is at the 37.04th percentile over the past decade, lower than 62.96% of the time in the past decade. Judging from valuation levels, the index already has a certain degree of price-to-value advantage.

On the news front: ① The escalation of geopolitical conflict in the Middle East has caused severe hard damage on the supply side. According to a research report from Guosen Securities, UAE Global Aluminum and Bahrain Aluminum were attacked and suspended operations, with a combined capacity impact of about 2.22 million tons, accounting for about 3% of global total production capacity; ② domestic macro data has rebounded. In March, the official manufacturing PMI rose to 50.4%, returning to the expansion range, and the new orders index recovered noticeably; ③ industry fundamentals are strong. Data from the China Nonferrous Metals Industry Association shows that in January–February, the total profits of above-designated nonferrous metals enterprises increased by 133.5% year over year; ④ at the policy level, the State Council issued the “Regulations on the Safety of the Industrial Chain and Supply Chain,” strengthening the security of key mineral resources such as copper and aluminum.

Daily Economic News