The price of black tungsten concentrate has doubled this year! The Tianhong Non-Ferrous Metals ETF (159157) has experienced net inflows of over 4.4 billion yuan for 23 consecutive days, and the pullback presents a buying opportunity.

Editor: Ye Feng

Yesterday, the two markets fluctuated lower in the afternoon, with the non-ferrous metal sector declining. In terms of related ETFs, the Tianhong Non-Ferrous Metal ETF (159157) saw its benchmark index close down 6.11%, with net subscriptions reaching 159 million shares, ranking first among similar funds in the Shenzhen market; the trading volume was 264 million yuan; the turnover rate was 5.5%. Among the constituent stocks, Xinyeyinxi, Chihong Zn & Ge, Luoyang Molybdenum, Zhongjin Gold, and Zijin Mining all fell more than 5%, with many stocks such as China Rare Earth and Northern Rare Earth also declining.

It is noteworthy that Wind shows that the Tianhong Non-Ferrous Metal ETF (159157) has achieved continuous “capital absorption” over the past 23 trading days (from February 6, 2026, to March 18, 2026), with a cumulative net inflow of 4.459 billion yuan over the last 30 trading days. As of March 18, 2026, the fund’s latest size is 5.027 billion yuan, setting a new high since its listing, ranking first among similar funds in the Shenzhen market.

The Tianhong Non-Ferrous Metal ETF (159157) closely tracks the Industrial Non-Ferrous Index, which has risen 94.41% in the past year. Its industry allocation mainly includes industrial metals (57.24%), minor metals (26.57%), and comprehensive II (3.29%), with the top five constituent stocks being Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Xinyeyinxi, and Xiamen Tungsten. This ETF is also equipped with two off-market connecting funds (Class A: 017192; Class C: 017193).

Over the past decade, the PE-TTM of the Industrial Non-Ferrous Index has been 24.99 times, with the current valuation at the historical 40.17% percentile, indicating that this index is more cost-effective than approximately 60% of the time in the past. The current valuation level is relatively moderate, providing a certain safety margin.

In terms of news, ① According to reports from Caixin, the geopolitical conflict in the Middle East is affecting the aluminum supply chain, as the region accounts for about 9% of global aluminum production capacity. ② A report from JPMorgan shows that by 2026, there will be estimated supply gaps of 130,000 tons and 230,000 tons for copper and aluminum, respectively, primarily due to limited supply and increased demand in areas such as AI data centers and new energy. ③ Additionally, the price of black tungsten concentrate has risen over 120% this year, with minor metals such as rare earths and iridium also strengthening, reflecting tightening supply and demand for certain strategic metals.

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