Core Viewpoint - The active trading of the Tianhong Nonferrous Metals ETF (159157) indicates a strong market interest, with significant inflows and a notable increase in the underlying index [1][2]. Group 1: ETF Performance - As of February 11, 2026, the Tianhong Nonferrous Metals ETF (159157) had a turnover rate of 15.83% and a trading volume of 270 million yuan, reflecting active market participation [1]. - The ETF experienced a net subscription of 166 million shares throughout the day, contributing to a total net inflow of 779 million yuan over the past four days [2]. - The latest scale of the Tianhong Nonferrous Metals ETF reached 1.873 billion yuan, with a total of 1.881 billion shares, both marking all-time highs since its inception [2]. Group 2: Index and Sector Performance - The underlying index, the CSI Industrial Nonferrous Metals Theme Index (H11059), rose by 2.63%, with notable increases in constituent stocks such as Tungsten High-tech (up 10.00%), Xiamen Tungsten Industry (up 7.54%), and Jinchuan Group (up 7.08%) [1]. - In January, the prices in the nonferrous metals sector saw significant month-on-month increases, with the mining and smelting sectors strengthening concurrently [2]. - The National Bureau of Statistics reported that international nonferrous metal prices drove domestic mining and smelting prices up by 5.7% and 5.2%, respectively, with specific increases in silver smelting (up 38.2%), copper smelting (up 8.4%), gold smelting (up 4.8%), and aluminum smelting (up 2.3%) [2]. Group 3: Market Outlook - Citic Securities noted recent volatility in gold prices, attributing it to market concerns over the Federal Reserve's independence and changes in the situation in Iran, suggesting that uncertainty in these areas may continue to affect market stability [3]. - The outlook for 2026 remains optimistic for both precious and nonferrous metal prices, despite short-term fluctuations [3].

Core Insights - The article highlights the strong performance and growing popularity of the Tianhong Nonferrous Metals ETF (159157), which has seen significant trading activity and inflows, indicating a bullish sentiment in the nonferrous metals sector [1][2]. Group 1: ETF Performance - As of February 10, 2026, the Tianhong Nonferrous Metals ETF (159157) recorded a turnover of 16.21% with a transaction volume of 239 million yuan, reflecting active market trading [1]. - The ETF's latest scale reached 1.664 billion yuan, with a total of 1.715 billion shares, both marking all-time highs since its inception [2]. - Over the past three days, the ETF has experienced continuous net inflows, totaling 614 million yuan, with a peak single-day inflow of 269 million yuan [2]. Group 2: Industry Insights - The nonferrous metals industry is projected to see significant economic benefits, with the China Nonferrous Metals Industry Association reporting that by 2025, the number of large nonferrous metal enterprises will exceed 12,000, a 39.2% increase from the end of 2020 [3]. - By 2025, the total assets of these enterprises are expected to surpass 6.6 trillion yuan, representing an 8.2% growth from 2024, while operating revenue is anticipated to reach 10.2 trillion yuan, a 13.9% increase [3]. - The industry is expected to achieve a record profit total of 528.45 billion yuan in 2025, reflecting a 25.6% increase from 2024 [3]. Group 3: Market Analysis - Dongwu Securities indicates that copper prices may face downward pressure due to increased inventories in major markets and a low-risk environment, with expectations of fluctuating prices leading up to the holiday season [4]. - For aluminum, a decrease in operating rates among downstream processing enterprises is anticipated, which may lead to further growth in domestic inventories and a potential decline in prices [4]. - The gold market remains volatile, influenced by weak labor market data in the U.S. and ongoing cross-asset sell-offs, with expectations for gold to maintain upward momentum in a dual expansion environment [4].

Core Insights - The article highlights the strong performance of the Tianhong Nonferrous Metals ETF (159157), which has seen a turnover of 16.05% and a trading volume of 211 million yuan, indicating active market participation [1][2] - The ETF tracks the CSI Industrial Nonferrous Metals Theme Index, which has risen by 2.43%, with significant gains in constituent stocks such as Shenghe Resources (up 10.01%) and Dongyangguang (up 8.41%) [1][2] - Zijin Mining has announced plans to rank among the top three globally in copper and gold production by 2028, citing geopolitical risks and the need for resource restructuring as key factors driving this ambition [3] Product Highlights - The Tianhong Nonferrous Metals ETF focuses on core metals like copper, aluminum, and rare earths, covering 30 leading companies in the industry, making it a suitable choice for index-based investment [2] - The ETF has attracted a net inflow of 154 million yuan as of February 9, with a total of 424 million yuan over two trading days, reflecting strong investor interest [2] Market Trends - The analysis from Zhongyou Securities indicates that gold prices have stabilized, while copper prices are expected to rebound due to lower liquidity risks and strong downstream demand post-holiday [4] - The report also notes that high aluminum prices may continue to suppress terminal demand, but there are signs of improvement in downstream purchasing behavior following price declines [4]

Core Viewpoint - The Tianhong Nonferrous Metals ETF (159157) has shown strong market activity, leading in turnover and trading volume among similar products, indicating a robust interest in the nonferrous metals sector [1][2]. Group 1: ETF Performance - As of February 6, 2026, the Tianhong Nonferrous Metals ETF (159157) had a turnover rate of 28.68% and a trading volume of 291 million yuan, ranking first among similar products in the Shenzhen market [1]. - The ETF experienced a net subscription of 285 million shares on its first day of listing, reflecting significant investor interest [1]. Group 2: Index and Sector Highlights - The ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, which has a notable allocation of over 10% to the rare earth sector, making it the third-largest industry in the index [3]. - The top two industries in the index are copper and aluminum, with expectations of limited supply growth in the coming years, suggesting potential for long-term price increases [3]. Group 3: Market Trends and Mergers - Nonferrous metal prices, particularly copper and aluminum, are currently maintaining high levels, with a surge in mergers and acquisitions among international mining companies, particularly involving Chinese firms [4]. - Since the second half of 2025, Chinese mining companies have acquired nearly 60 billion yuan worth of overseas gold mines, indicating a clear trend of Chinese firms securing quality nonferrous resources globally [4]. Group 4: Institutional Insights - Goldman Sachs has raised its forecast for LME aluminum prices for the first half of 2026 from $2,575 per ton to $3,150 per ton, indicating a potential revaluation of aluminum prices [5]. - CICC has noted that the supply-demand gap for electrolytic aluminum will continue to widen in 2026, with supportive fiscal and monetary policies likely driving aluminum prices to new highs [5]. - Galaxy Securities highlights the importance of building a domestic copper resource reserve system to enhance supply chain resilience, predicting an expansion of the global copper supply gap and upward pressure on copper prices due to "security premiums" [5].

Group 1 - Industrial metals experienced a rebound after a significant drop, with domestic commodity futures showing a rise in alumina prices by over 1% [1] - Financial volatility is increasing, but supply and demand are supporting price floors; the Federal Reserve's direction remains towards interest rate cuts rather than hikes [1] - Recent trends indicate that copper and aluminum inventories have stabilized, with a slowdown in inventory accumulation and an increase in processing enterprise operating rates, suggesting improved acceptance of high prices by downstream companies [1] Group 2 - The CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 0.39% as of February 3, 2026, with notable increases in stocks such as Tungsten High-Tech (+4.98%), Electric Power Energy (+3.71%), and Zijin Mining (+3.36%) [1] - The CSI Industrial Nonferrous Metals Theme Index tracks 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare earth metals, reflecting the overall performance of the industrial nonferrous metals sector [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index accounted for 55.71% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Group 1 - The non-ferrous metal sector experienced a significant rally, with the Zhongzheng Industrial Non-Ferrous Metal Theme Index rising by 2.78% as of December 31, 2025, and key stocks like Jiangxi Copper and Yunnan Copper seeing increases of 9.95% and 7.25% respectively [1] - The Industrial Non-Ferrous ETF reached a latest scale of 8.33 billion yuan, with a net inflow of 254 million yuan, indicating strong investor interest [1] - The supply-demand balance remains tight, with macroeconomic factors significantly impacting industrial metal prices, driven by liquidity, economic recovery, and AI demand [1] Group 2 - The aluminum industry is undergoing profound changes, with electrolytic aluminum evolving into a core energy value carrier, and future price increases expected due to the copper-aluminum ratio and "aluminum replacing copper" applications [2] - As of November 28, 2025, the top ten weighted stocks in the Zhongzheng Industrial Non-Ferrous Metal Theme Index accounted for 54.56% of the index, highlighting the concentration of investment in key players [2] - The Industrial Non-Ferrous ETF closely tracks the Zhongzheng Industrial Non-Ferrous Metal Theme Index, covering strategic resources like copper, aluminum, and rare earths, providing opportunities for investors [2]