The Middle East conflict has led to damage in electrolytic aluminum production capacity, with the non-ferrous metal ETF Tianhong (159157) seeing a net inflow of over 4.4 billion yuan in the past 30 days, and its valuation is lower than 62% of the time in the past decade
I'm LongbridgeAI, I can summarize articles.The Middle East conflict has led to damage in electrolytic aluminum production capacity, affecting the non-ferrous metal market. Tianhong CSI Non-ferrous Metal ETF (159157) has seen a net inflow of over 4.4 billion yuan in the past 30 days, with a valuation below 62% of the past decade. This ETF tracks the Industrial Non-ferrous Index, which has increased by 120.19% in the past year. At the same time, the supply side is facing multiple shocks, while the demand side has significantly increased due to the rise in AI computing power and new energy vehicles. Federal Reserve Chairman Jerome Powell has signaled a dovish stance, leading to a weaker dollar, which boosts the financial attributes of industrial metals
On the market, both stock exchanges opened high and rose, while the concept of non-ferrous metals declined. In terms of related ETFs, the non-ferrous metal ETF Tianhong (159157) saw its underlying index drop 0.07% during the session, with a subscription amount reaching 3 million shares, ranking first among similar funds in the Shenzhen market; the trading volume reached 6.7965 million yuan; and the turnover rate was 0.11%. Among the constituent stocks, Dongyangguang, Shenhuo Co., Ltd., and Hailiang Co., Ltd. all fell.
It is noteworthy that Wind shows that the non-ferrous metal ETF Tianhong (159157) has achieved continuous "capital absorption" over the past 38 trading days (from February 6, 2026, to April 9, 2026), with a cumulative net inflow of 4.470 billion yuan over the last 30 trading days. As of April 9, 2026, the latest scale of the fund was 6.152 billion yuan, setting a new high since its listing, ranking first among similar funds in the Shenzhen market.
The non-ferrous metal ETF Tianhong (159157) closely tracks the Industrial Non-ferrous Index, which has increased by 120.19% over the past year. Its industry allocation mainly includes industrial metals (58.08%), minor metals (25.18%), and comprehensive II (3.36%), with the top five constituent stocks being Luoyang Molybdenum, Northern Rare Earth, China Aluminum, Yun Aluminum, and Xiamen Tungsten. This ETF is also equipped with two off-market connecting funds (Class A: 017192; Class C: 017193).
Data from the past decade shows that the PE-TTM of the Industrial Non-ferrous Index is 23.56 times, with the current valuation at the 38.03% percentile over the past decade, lower than the 61.97% time over the past decade. From a valuation perspective, the index has certain cost-performance advantages.
In terms of news, according to the Daily Economic News, the U.S. and Iran have reached a two-week temporary ceasefire agreement, and the Strait of Hormuz has reopened, easing geopolitical risks in the Middle East. The supply side has faced multiple shocks, with the Middle East conflict causing about 3.48 million tons of electrolytic aluminum production capacity in the UAE and other areas to be damaged and shut down, and Guinea planning to reduce bauxite exports; at the same time, more than half of domestic copper smelting plants are undergoing maintenance, causing copper concentrate processing fees to drop to historical lows. On the demand side, the copper consumption of AI computing power and new energy vehicles has significantly increased. In addition, the State Council has issued new regulations to strengthen the strategic guarantee of key mineral resources, and after Federal Reserve Chairman Powell released a "dovish" signal, the U.S. dollar weakened, jointly boosting the financial attributes of industrial metals.
Daily Economic News