--- title: "Continuous capital allocation! The non-ferrous metal ETF Tianhong (159157) had a net subscription of over 50 million units yesterday, ranking first among the same category in the Shenzhen market, presenting a configuration opportunity as valuations adjust at low levels" type: "News" locale: "en" url: "https://longbridge.com/en/news/280712137.md" description: "On March 26, the Tianhong CSI Industrial Non-ferrous Metal ETF (159157) saw a net subscription of over 52 million units, becoming the top fund of its kind in the Shenzhen market. Despite the decline in the non-ferrous metal sector, the fund continued to experience inflows, with a cumulative net inflow of 4.845 billion yuan over the past 30 days, bringing its total size to 5.067 billion yuan, a new high since its listing. This ETF focuses on industrial non-ferrous metals, and its current valuation is at a near ten-year low, providing a cost-performance advantage. The rebound in domestic manufacturing PMI and the recovery of industrial production activities support metal demand" datetime: "2026-03-27T01:33:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280712137.md) - [en](https://longbridge.com/en/news/280712137.md) - [zh-HK](https://longbridge.com/zh-HK/news/280712137.md) --- # Continuous capital allocation! The non-ferrous metal ETF Tianhong (159157) had a net subscription of over 50 million units yesterday, ranking first among the same category in the Shenzhen market, presenting a configuration opportunity as valuations adjust at low levels Editor: Xiao Ruidong On March 26, the two markets opened lower and continued to decline, with the concept of non-ferrous metals falling. In terms of related ETFs, the non-ferrous metal ETF Tianhong (159157) saw its underlying index close down 2.03%, with a net subscription of 52 million shares, ranking first among similar funds in the Shenzhen market; the transaction amount reached 133 million yuan; and the turnover rate was 2.66%. Among the constituent stocks, Western Mining fell over 5%, with Zhongtung High-tech, Zijin Mining, Northern Rare Earth, and several other stocks following suit. It is noteworthy that Wind shows that the non-ferrous metal ETF Tianhong (159157) has achieved continuous "capital absorption" over the past 28 trading days (from February 6, 2026, to March 25, 2026), with a cumulative net inflow of 4.845 billion yuan over the last 30 trading days. As of March 25, 2026, the latest scale of the fund was 5.067 billion yuan, setting a new high since its listing, ranking first among similar funds in the Shenzhen market. The core advantage of the non-ferrous metal ETF Tianhong (159157) lies in its precise focus on the industrial non-ferrous metal sector, with copper (34.7%), aluminum (20.2%), rare earths (12.5%), and lead-zinc (7%) collectively accounting for over 70%, directly corresponding to the upstream demand of strategic emerging industries such as new energy, AI, and high-end manufacturing of humanoid robots. Data from the past decade shows that the PE-TTM of the industrial non-ferrous index is 22.43 times, and the current valuation is at the 36.88% percentile over the past decade, lower than the 63.12% time over the past decade. From the perspective of valuation levels, the index already has a certain cost-performance advantage. In terms of news, according to the Ministry of Industry and Information Technology, the domestic manufacturing purchasing managers' index (PMI) has recently returned to the expansion range, and industrial production activities are showing signs of recovery. Meanwhile, the supply chains of major mineral-producing countries such as Chile and Peru continue to be disrupted by weather factors, causing delays in some copper mining and transportation links. In addition, the inventory of non-ferrous metals in LME registered warehouses continues to decline, with inventories of aluminum, zinc, and other varieties dropping to multi-year lows. The downstream automotive and home appliance industries maintain steady production schedules, providing support for the demand for industrial metals. 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