Nvidia(US:NVDA) Sou Hu Cai Jing·2026-03-18 01:44Core Viewpoint - The non-ferrous metal ETF Tianhong (159157) has shown significant trading activity and valuation metrics, indicating potential investment opportunities in the sector due to favorable market conditions and recent developments in copper demand [1][4]. Trading Activity - As of March 17, the non-ferrous metal ETF Tianhong (159157) had a turnover of 6.65% and a transaction volume of 321 million yuan [1]. - The ETF's latest scale reached 4.933 billion yuan, with a total of 5.392 billion shares, both marking all-time highs since its inception [2]. - Over the past 22 days, the ETF has experienced continuous net inflows, with a peak single-day net inflow of 329 million yuan, totaling 4.33 billion yuan in net inflows [3]. Market Performance - The tracked index, the CSI Industrial Non-Ferrous Metal Theme Index (H11059), declined by 2.37%, marking five consecutive days of losses [1]. - Key constituent stocks such as Shenhuo Co., Ltd. and Hailiang Co., Ltd. saw significant declines, with losses of 6.91% and 6.22%, respectively [1]. Valuation Metrics - The current price-to-earnings ratio (PE-TTM) of the CSI Industrial Non-Ferrous Metal Theme Index is 25.13, which is at the 40.4% percentile over the past decade, indicating that valuations are lower than 60% of the time historically [1]. Investment Outlook - The non-ferrous metal sector is highlighted as having significant allocation value due to multiple favorable factors, including supply-side contraction policies, new demand drivers, economic cycle resonance, global deflation expectations, and concerns over U.S. dollar credit [4]. - The copper market is expected to face a supply-demand gap widening to 450,000 tons by 2026, with average copper prices projected to rise to $12,000 per ton [7].