Core 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].

Group 1 - The stock price of Walden Materials (09981) rose by over 7% in early trading, currently up 3.50% at HKD 20.72, with a trading volume of HKD 304 million [1][4] - At the GTC 2026 conference on March 16, NVIDIA's CEO Jensen Huang introduced the world's first mass-produced Co-Packaged Optics (CPO) switch, Spectrum X, addressing market concerns regarding the transition from copper to optical technology [1][4] - Huatai Securities previously indicated a positive outlook for Walden Materials' high-speed communication cable business, anticipating growth driven by domestic and international AI short-distance interconnect demand [1]

Core Viewpoint - Walden Materials (09981) saw a stock increase of over 7%, reaching HKD 21.58 with a trading volume of HKD 209 million, following the announcement of advancements in optical interconnect technology by NVIDIA at the GTC 2026 conference [1] Group 1: Company Performance - Walden Materials' stock rose by 7.79% to HKD 21.58, with a trading volume of HKD 2.09 billion [1] Group 2: Industry Developments - At the NVIDIA GTC 2026 conference, CEO Jensen Huang introduced the world's first mass-produced Co-Packaged Optics (CPO) switch, Spectrum X, addressing the debate over the transition from copper to optical technologies [1] - Huang emphasized the need for increased production capacity for copper cables, optical chips, and CPOs, indicating a continued demand for copper alongside optical solutions [1] - Huatai Securities previously indicated a positive outlook for Walden Materials' high-speed communication cable business, driven by the growing demand for short-distance interconnects in AI both domestically and internationally [1]