1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - As of March 22, 2026, the model recommends investing in non - ferrous metals, media, communication, steel, non - bank finance, and pharmaceutical biology, with marginal increases in non - ferrous metals, steel, and pharmaceutical biology. Non - bank finance, steel, and communication are mainly driven by expected boosts, while non - ferrous metals, media, and pharmaceutical biology are mainly driven by price - volume reversals and capital flows [2] - The industry rotation model assesses market micro - structure from fundamental, price - volume, and sentiment dimensions, and constructs a strategy using 7 relatively effective factors [2] 3. Summary by Relevant Catalogs 3.1 Industry Rotation Model and Recommended Industries - The industry rotation model analyzes from three dimensions: fundamentals, price - volume, and sentiment. It back - tests original factors bi - weekly and expands price - volume factors from multiple dimensions, ultimately selecting 7 factors to build a strategy [2] - Recommended industries are non - ferrous metals, media, communication, steel, non - bank finance, and pharmaceutical biology, with marginal increases in non - ferrous metals, steel, and pharmaceutical biology [2] 3.2 Industry ETF Portfolio - The industry ETF portfolio includes Southern China Securities Shenwan Non - Ferrous Metals ETF, GF China Securities Media ETF, Guotai China Securities All - Index Communication Equipment ETF, Guotai China Securities Steel ETF, E Fund CSI 300 Non - Bank Financial ETF, and E Fund CSI 300 Medical and Health ETF [4] - Details of each ETF, such as weight, year - end scale, institutional investors, trading volume, and returns, are provided. For example, the Southern China Securities Shenwan Non - Ferrous Metals ETF has a weight of 16.67%, a year - end scale of 20.591 billion yuan, and a one - year return of 77.03% [5] 3.3 Performance of the Industry Rotation Strategy - The industry rotation strategy declined 1.18% in the past two weeks, with an excess return of 3.18%. The excess return in the past year was 20.68%, the Sharpe ratio was 1.93, and the Calmar ratio was 3.83 [5][7] 3.4 Strategy/Composite Factor Back - testing Results - Different factors (price - volume, fundamental, and sentiment) have different IC means, IC standard deviations, ICIRs, and frequencies of IC>0. For example, the成交均价因子 has an IC mean of 4.02% and an ICIR of 15.14% [10] - After optimization, the composite factor has an IC mean of 7.81%, an ICIR of 32.49%, and a frequency of IC>0 of 46.64% [10]

Quantitative Models and Construction Methods - **Model Name**: Industry Rotation Strategy Framework **Construction Idea**: Borrowing the analytical framework of stock multi-factor models, constructing industry rotation factors for different industries to identify high-prosperity industries with potential excess returns at each rebalancing date[8] **Construction Process**: Includes basic data processing, single-factor testing, and composite factor synthesis[9] - **Model Name**: Composite Industry Rotation Factor **Construction Idea**: Based on the four dimensions of industry rotation factors, using equal-weighted methods to construct the final composite industry rotation factor[65] **Construction Process**: Standardizing single-view composite factors and combining them equally to form the composite factor. The effectiveness of the composite factor is verified using the single-factor testing framework[13][65] Model Backtesting Results - **Composite Industry Rotation Model**: - IC Mean: 12.54% - ICIR: 50.92% - Annualized Return of High-Prosperity Group: 17.84% - Annualized Excess Return Relative to CSI 800 Index: 14.44%[65][67][68] Quantitative Factors and Construction Methods **Basic Fundamental Prosperity Factors** - **Factor Name**: TTM Accounts Receivable Turnover Rate QoQ Growth **Construction Idea**: Reflects the speed and efficiency of recovering receivables, representing the growth in accounts receivable turnover rate[17] **Formula**: $ \text{Industry Accounts Receivable Turnover Rate} = \frac{\sum \text{Individual Stock Revenue}_{TTM}}{\sum \text{Individual Stock Accounts Receivable}_{TTM}} $[17] - **Factor Name**: Reported End-of-Period Current Asset Ratio YoY Growth **Construction Idea**: Measures the proportion of liquid assets in total assets, reflecting financial quality[18] **Formula**: $ \text{Industry Current Asset Ratio} = \frac{\sum \text{Individual Stock Current Assets}_{End-of-Period}}{\sum \text{Individual Stock Total Assets}_{End-of-Period}} $[18] - **Factor Name**: TTM Inventory Turnover Rate YoY Growth **Construction Idea**: Reflects inventory management efficiency and turnover speed[20] **Formula**: $ \text{Industry Inventory Turnover Rate} = \frac{\sum \text{Individual Stock Cost of Goods Sold}_{TTM}}{\sum \text{Individual Stock Inventory}_{TTM}} $[20] **Super Expectation Level Factors** - **Factor Name**: Abnormal Returns Before and After Announcements **Construction Idea**: Measures cumulative excess returns relative to CSI 800 Index before and after earnings announcements[36] **Construction Process**: Calculates cumulative daily excess returns from announcement day (T) to two days after (T+2)[36] - **Factor Name**: Net Profit Expectation Change Score **Construction Idea**: Quantifies changes in analysts' net profit expectations for stocks over the past 60 days[37] **Construction Process**: Scores changes exceeding ±1% and aggregates scores weighted by market capitalization[37] **Volume-Price Level Factors** - **Factor Name**: Intraday Momentum **Construction Idea**: Captures the trend persistence driven by intraday trading funds[45] **Construction Process**: Calculates the ratio of daily closing price to opening price, aggregated over 10 days[45] - **Factor Name**: Overnight Momentum **Construction Idea**: Reflects sentiment-driven changes, showing reversal effects[46] **Construction Process**: Calculates the ratio of opening price to previous closing price, aggregated over 40 days, and reverses the factor value[46] **Capital Flow Intensity Factors** - **Factor Name**: Active Super Large Order Capital Flow Intensity **Construction Idea**: Represents institutional investors' informed trading behavior[58] **Construction Process**: Calculates the average daily net inflow of super large orders over the past 10 days, divided by average market capitalization[58] - **Factor Name**: Small Order Capital Flow Stability **Construction Idea**: Reflects individual investors' activity and stability[61] **Construction Process**: Calculates deviations of small order net inflows from historical averages, standardized across industries[61] Factor Backtesting Results **Basic Fundamental Prosperity Factors** - IC Mean: 5.75% - ICIR: 24.81% - Annualized Return of High-Prosperity Group: 9.56% - Annualized Return of Low-Prosperity Group: -1.74%[31][34] **Super Expectation Level Factors** - IC Mean: 7.31% - ICIR: 28.99% - Annualized Return of High-Prosperity Group: 10.93% - Annualized Return of Low-Prosperity Group: -2.87%[41][42] **Volume-Price Level Factors** - IC Mean: 7.16% - ICIR: 32.98% - Annualized Return of High-Prosperity Group: 8.65% - Annualized Return of Low-Prosperity Group: -1.22%[54][55] **Capital Flow Intensity Factors** - IC Mean: 7.18% - ICIR: 32.10% - Annualized Return of High-Prosperity Group: 13.79% - Annualized Return of Low-Prosperity Group: 1.43%[62][63][64] ETF Industry Rotation Investment Portfolio Construction - **Construction Process**: - High-Prosperity Industry Selection: Selects six industries from the high-prosperity group each month[72] - ETF Selection Framework: Filters ETFs based on correlation, liquidity, and return elasticity, ensuring industry exposure purity and transaction feasibility[70][71] ETF Portfolio Backtesting Results - **Performance Statistics**: - Correlation Priority Mode: Annualized Return 18.78%, Sharpe Ratio 0.85 - Liquidity Priority Mode: Annualized Return 18.57%, Sharpe Ratio 0.80 - Return Elasticity Priority Mode: Annualized Return 21.20%, Sharpe Ratio 0.91[81][80] - **March 2026 Recommended ETF Portfolio**: - **Industries**: Nonferrous Metals, Machinery Equipment, Steel, National Defense, Basic Chemicals, Communication - **ETF Products**: Includes Silver China CSI Nonferrous Metals ETF, Guotai CSI Machine Tool ETF, etc.[83]

Core Viewpoint - The article discusses the performance of the non-ferrous metals sector in the A-share market since 2025, highlighting its strong performance and questioning whether it is still a good time to invest, given the changes in the underlying logic of price increases [4]. Group 1: Changes in Upward Logic - The current rally in non-ferrous metals is driven by improvements in supply and demand structures rather than mere speculative sentiment. The ongoing global electrification process is boosting demand for industrial metals like copper and aluminum, while supply remains constrained due to insufficient capital expenditure and stricter environmental regulations [6]. - Initially, the price increases were primarily driven by "profit recovery," but the market is now beginning to reflect future profit expectations, leading to a shift towards "trend-driven" investment. This transition is expected to increase volatility in the market [7][8]. Group 2: Current Valuation Position - Non-ferrous metals are currently not considered cheap, with the industry PE (TTM) at approximately 60% of the historical range, while the PB ratio is nearing 100%, indicating a historically high valuation. This suggests that the market's pricing of assets is becoming aggressive, and caution is advised regarding the "low PE" appearance [10]. - The performance of various indices shows that the non-ferrous metals sector has seen a significant increase of 137.46% since 2025, with a near 100% PB ratio, indicating a high valuation level compared to historical data [11]. Group 3: ETF Fund Flows - Over the past year, the scale of non-ferrous metal-themed ETFs has expanded significantly, with notable net inflows and high trading activity, indicating continued participation from trend-driven funds. However, the rapid expansion of ETF sizes may lead to increased concentration of holdings, which could amplify volatility during market corrections [15]. - The article lists the top ten ETFs by net inflow, with significant contributions from funds focused on non-ferrous metals, indicating strong interest in this sector [16]. Group 4: Investment Strategies - For trend traders, as long as the driving factors and supply-demand dynamics remain unchanged, there may still be opportunities for continued gains, although the current high volatility requires careful position management [17]. - Mid-term investors should be cautious due to high valuations and crowded positions, suggesting a phased approach to investment rather than a lump-sum entry [18]. - Long-term strategic investors may still find value in the non-ferrous metals sector due to ongoing global resource constraints and energy transition trends, recommending dollar-cost averaging or contrarian strategies to smooth out volatility [19]. Group 5: Recommended Funds - The article suggests several public funds for consideration, including: 1. Southern CSI Non-Ferrous Metals ETF Link A (004432), tracking the CSI Non-Ferrous Metals Index [20]. 2. Huaxia CSI Non-Ferrous Metals Industry Theme ETF Link A (016707), focusing on larger, liquid stocks in the non-ferrous metals and mining sectors [20]. 3. Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Flexible Allocation Mixed A (003304), which emphasizes gold and small metal-related stocks [21].

Core Viewpoint - The market is beginning to focus on the potential changes in industry organization forms due to the AI era, with implications for industries that may be replaced by AI, those facing reduced barriers and profit compression, and tech leaders that may struggle to maintain their competitive edge in the long term [2][3][4]. Group 1: AI Impact on Industries - Three categories of industries are being re-evaluated in the context of AI: 1. Industries that may be replaced by AI, where stock prices could face significant adjustments as AI models advance [3]. 2. Industries where barriers are weakened and excess profits may be compressed, leading to increased competition and a need for existing leaders to enhance product quality while facing price declines [3]. 3. Tech leaders with AI strategies must differentiate themselves to remain competitive, as their valuations may shift from monopoly profits to more competitive market returns [3][4]. Group 2: Market Observations - After the Spring Festival, the A-share market has shown a weak response to long-term tech narratives while reacting positively to visible "new and old economy inflation," reflecting the influence of "HALO trading" [5]. - The current A-share PE valuation is at historical highs, indicating a need for market correction as it awaits stronger industry trends and fundamental improvements [6]. Group 3: Mid-term Market Outlook - The mid-term outlook suggests a "two-phase upward market" with the first phase currently at a high point, and a potential second phase expected to begin around mid-2026, driven by improvements in fundamentals and technology trends [6]. - Strategic assets, particularly in technology and resources, are identified as key inflation assets in the current economic environment [6][7]. Group 4: Short-term Investment Opportunities - Short-term investment opportunities are focused on cyclical commodities like steel and coal, with a recommendation to concentrate on strategic asset inflation [6]. - The new economy's inflation is expected to reflect in traditional sectors, with specific attention to investment opportunities in internal combustion engines, fiberglass, optical fibers, and storage [6].

Group 1 - The report indicates that the A-share market continued its upward trend in February 2026, despite experiencing short-term fluctuations at the beginning of the month. The recommendation is to maintain a balanced investment style while slightly favoring growth, particularly in the technology sector and cyclical industries [1][7][59]. - The report highlights that the focus of China's economic strategy is shifting towards domestic demand, which is expected to drive economic recovery and stabilize property prices. This shift is seen as a long-term national strategy rather than a short-term policy [9][10][11]. - The report identifies high-prospect industries for investment, including non-ferrous metals, machinery, steel, defense, basic chemicals, and communications, suggesting a rotation strategy towards these sectors through ETFs [61]. Group 2 - The report notes that the performance of growth-style funds has outpaced that of balanced and value-style funds, with specific sectors like midstream manufacturing and upstream cyclical industries showing strong returns [44][45]. - The report mentions that in February 2026, a total of 109 new funds were established, with a total fundraising amount of 906.40 billion, marking the highest level for the same period in four years. The enthusiasm for equity funds remains high due to the recovering A-share market [51][52]. - The report emphasizes the importance of selecting funds with strong stock-picking and risk control capabilities, particularly in the context of the ongoing recovery in the A-share market [59].

Group 1: Agriculture Industry Insights - The domestic pet consumption market is evolving from basic needs to emotional narratives, driving upgrades in pet food and medical services, indicating a new growth phase for the industry [6] - The USDA's February report predicts a stable beef price outlook for 2026, with increased global soybean ending stocks due to South American production [9][11] - The domestic pet medical market is expected to expand significantly, driven by pet aging and the need for better healthcare services, with a low current chain rate indicating room for consolidation [7][11] Group 2: Consumer Services Industry Strategy - The Spring Festival holiday data shows a 9.6% year-on-year increase in cross-regional personnel flow, indicating strong demand for travel and services [14] - Hotel industry performance improved significantly during the holiday, with a 30.7% increase in REVPAR, driven by strong demand and price stabilization among leading groups [14] - The domestic retail and catering sectors saw an 8.6% increase in average daily sales during the holiday, reflecting a recovery in consumer spending [14] Group 3: Automotive Industry Analysis - The report highlights Sensata Technologies as a leading global supplier in automotive exterior parts, benefiting from a diversified product range and a strong cash flow for R&D [16] - The company is positioned to capitalize on the growing electric vehicle market, with significant revenue expected from battery box sales in Europe [17] - Sensata is expanding into new sectors such as robotics and liquid cooling, indicating a strategic diversification of its product offerings [18] Group 4: Financial Engineering and Investment Value - The report emphasizes the potential of the non-ferrous metals sector, with macroeconomic conditions favoring price recovery and demand growth driven by emerging industries [19][20] - The Southern China Securities Non-Ferrous Metals ETF is highlighted as a key investment vehicle, with strong liquidity and a comprehensive product line from a leading fund manager [22] - The index's performance is expected to outperform the broader market, supported by strong earnings growth from major companies in the sector [21]

Group 1 - The recent adjustment in the non-ferrous metal sector is not the end of the trend; the market has largely digested the impact of Trump's nomination of Waller as the next Federal Reserve Chairman, and interest rate cuts remain the main direction, with the fundamental logic of precious metals unchanged [1][2][53] - Macro, supply-demand, and funding dimensions support the pricing of precious metals; the Federal Reserve's initiation of a rate-cutting cycle and global liquidity turning towards easing directly benefits non-ferrous metal prices, while the historical correlation between central bank gold purchases and gold prices supports price performance [6][8][10][53] - The development of emerging industries provides significant new demand for industrial metals; sectors like artificial intelligence and renewable energy are driving demand growth, particularly in infrastructure projects such as AI data centers and grid upgrades, which increases the demand elasticity for metals like copper and aluminum [12][15][53] Group 2 - The CSI Shenwan Non-ferrous Metal Index (000819.SH) was launched on May 9, 2012, and includes 50 listed companies from the non-ferrous metal and non-metal materials sectors to reflect the overall performance of the non-ferrous metal industry in the market [18][54] - As of February 11, 2026, the index's price-to-earnings ratio is 30.79, at the 41.26 percentile, with projected net profit growth rates of 55.23% and 27.81% for 2025 and 2026, respectively [26][27][55] - The top ten weighted stocks account for 47.89% of the index, with major holdings like Zijin Mining and Luoyang Molybdenum showing strong profitability and substantial resource reserves, indicating potential for long-term growth [29][55] Group 3 - The Southern CSI Shenwan Non-ferrous Metal ETF (512400) is the largest fund in the non-ferrous metal sector, managed by a well-experienced team, providing excellent liquidity for flexible trading [42][55] - As of February 11, 2026, the ETF's circulation shares reached 16.461 billion, with a total scale of 37.115 billion yuan [43][55] - The management company, Southern Fund, is a leading domestic fund company with a comprehensive index fund product line and a professional research team, catering to diverse investor needs [47][55]

Quantitative Models and Construction Methods 1. Model Name: CSI SWS Non-ferrous Metal Index (000819.SH) - **Model Construction Idea**: The index is designed to reflect the overall performance of listed companies in the non-ferrous metal industry on the Shanghai and Shenzhen markets. It includes 50 securities from the SWS non-ferrous metal and non-metal material industries[31][32] - **Model Construction Process**: - **Sample Space**: Securities from the CSI All Share Index sample space listed on the Shanghai and Shenzhen markets[32] - **Selection Method**: 1. Rank securities by average daily trading volume over the past year and exclude the bottom 20%[32] 2. Select securities from the SWS non-ferrous metal and non-metal material industries[32] 3. Rank the remaining securities by average daily total market capitalization over the past year and select the top 50 as index samples[32] - **Sample Adjustment**: If the free-float market capitalization of the index samples is less than 70% of the SWS non-ferrous metal industry, the number of samples can be increased to improve industry representation[32] - **Periodic Adjustment**: The index samples are adjusted semi-annually, implemented on the second Friday of June and December[32] - **Model Evaluation**: The index comprehensively covers all subcategories of the non-ferrous metal field, including precious metals (gold, silver), industrial metals (copper, aluminum), and minor metals (tin, indium), providing broad industry representation[33] --- Model Backtesting Results CSI SWS Non-ferrous Metal Index - **P/E Ratio**: 30.79, at the 41.26% percentile as of February 11, 2026[37][40] - **P/B Ratio**: 4.33, at a historically high percentile[37] - **Net Profit Growth**: - 2024: -1.12% - 2025E: 55.23% - 2026E: 27.81%[40] - **Revenue Growth**: - 2024: 7.38% - 2025E: 8.61% - 2026E: 5.02%[40] - **Average Market Cap**: 1,017.31 billion RMB as of February 11, 2026[43] - **Top 10 Constituents Weight**: 47.89%, with major holdings such as Zijin Mining and CMOC showcasing strong profitability and resource reserves[46] - **Performance Comparison**: - Outperformed the CSI 300 Index in most periods since 2020 - Past 6 months return: 98.55% - Past 3 months return: 30.05% - Past 1 month return: 8.12% - 5-year annualized volatility: 30.63% - 5-year maximum drawdown: -54.27%[50][51] --- Quantitative Factors and Construction Methods 1. Factor Name: Industry Representation Factor - **Factor Construction Idea**: Ensure comprehensive representation of the non-ferrous metal industry by including all subcategories such as industrial metals, rare metals, and precious metals[33] - **Factor Construction Process**: - Weight distribution by industry: - Industrial metals: 52.42% - Rare metals: 29.59% - Precious metals: 14.75%[33] - **Factor Evaluation**: The factor ensures balanced exposure across key sub-industries, enhancing the index's representativeness and diversification[33] --- Factor Backtesting Results Industry Representation Factor - **Weight Distribution**: - Industrial metals: 52.42% - Rare metals: 29.59% - Precious metals: 14.75%[33]

Quantitative Models and Construction Methods 1. Model Name: CSI SWS Non-ferrous Metal Index (000819.SH) - **Model Construction Idea**: The index is designed to reflect the overall performance of listed companies in the non-ferrous metal industry on the Shanghai and Shenzhen markets. It includes 50 securities from the SWS non-ferrous metal and non-metallic materials industry[31][32] - **Model Construction Process**: - **Sample Space**: Securities from the CSI All Share Index sample space listed on the Shanghai and Shenzhen markets[32] - **Selection Method**: 1. Rank securities by average daily trading volume over the past year and exclude the bottom 20%[32] 2. Select securities from the SWS non-ferrous metal and non-metallic materials industry classification[32] 3. Rank the remaining securities by average daily total market capitalization over the past year and select the top 50 as index samples[32] - **Sample Adjustment**: If the free-float market capitalization of the index samples is less than 70% of the free-float market capitalization of the SWS non-ferrous metal industry, the number of index samples can be increased to improve industry representation[32] - **Regular Adjustments**: The index samples are adjusted semi-annually, with implementation on the trading day following the second Friday of June and December each year[32] - **Model Evaluation**: The index covers all subcategories of the non-ferrous metal sector, including precious metals (gold, silver), industrial metals (copper, aluminum), and minor metals (tin, indium). It demonstrates better long-term returns and higher elasticity compared to the CSI 300 Index[33][48] --- Model Backtesting Results CSI SWS Non-ferrous Metal Index - **P/E Ratio**: 30.79 (41.26% percentile as of February 11, 2026)[37][40] - **P/B Ratio**: 4.33 (historically high percentile)[37] - **Net Profit Growth**: - 2024: -1.12% - 2025E: 55.23% - 2026E: 27.81%[40] - **Revenue Growth**: - 2024: 7.38% - 2025E: 8.61% - 2026E: 5.02%[40] - **Average Market Cap**: 1,017.31 billion RMB as of February 11, 2026[43] - **Top 10 Constituents Weight**: 47.89%[46] - **Performance Comparison with CSI 300 Index**: - 2020: 36.31% vs. 27.21% - 2021: 31.31% vs. -5.20% - 2022: -21.69% vs. -21.63% - 2023: -12.67% vs. -11.38% - 2024: 2.19% vs. 14.68% - 2025: 97.48% vs. 17.66% - 2026 YTD: 17.24% vs. 1.81%[51] - **5-Year Annualized Volatility**: 30.63% (vs. 17.79% for CSI 300 Index)[51] - **5-Year Maximum Drawdown**: -54.27% (vs. -45.33% for CSI 300 Index)[51] --- Quantitative Factors and Construction Methods 1. Factor Name: Sector Representation Factor - **Factor Construction Idea**: The factor aims to represent the performance of the non-ferrous metal sector by including securities from all subcategories of the industry, ensuring comprehensive coverage[33] - **Factor Construction Process**: - Weight distribution by subcategories: - Industrial Metals: 52.42% - Rare Metals: 29.59% - Precious Metals: 14.75%[33] - Adjust weights semi-annually to maintain sector representation[32] - **Factor Evaluation**: The factor ensures a balanced representation of the non-ferrous metal industry, capturing the performance of various subcategories effectively[33] --- Factor Backtesting Results Sector Representation Factor - **Weight Distribution**: - Industrial Metals: 52.42% - Rare Metals: 29.59% - Precious Metals: 14.75%[33] - **Top Constituents**: - Zijin Mining: 9.67% - China Molybdenum: 8.06% - Northern Rare Earth: 4.96% - Aluminum Corporation of China: 4.25% - Huayou Cobalt: 4.15%[47]

========= - The CSI SW Non-ferrous Metals Index (000819.SH) was launched on May 9, 2012, and selects 50 listed company securities from the non-ferrous metals and non-metallic materials industry in the Shanghai and Shenzhen markets as index samples to reflect the overall performance of listed company securities in the non-ferrous metals industry in the Shanghai and Shenzhen markets[3][31][63] - The index includes all sub-categories in the non-ferrous metals field, including precious metals such as gold and silver, industrial metals such as copper and aluminum, and minor metals such as tin and indium[3][33][63] - As of February 11, 2026, the CSI SW Non-ferrous Metals Index had a P/E ratio of 30.79, at the 41.26% percentile, and a P/B ratio of 4.33, at a historically high percentile[3][37][39] - The index's net profit growth rates for 2025E and 2026E are expected to be 55.23% and 27.81%, respectively, while revenue growth rates are expected to be 8.61% and 5.02%, respectively[3][40][42] - The average market value of the index constituents is 1017.31 billion yuan, with the top ten weighted stocks accounting for 47.89% of the total weight[3][46][47] - Compared to the CSI 300 Index, the CSI SW Non-ferrous Metals Index has shown better long-term returns and higher elasticity[3][48][50] - The Southern CSI SW Non-ferrous Metals ETF (512400) is an ETF fund issued by Southern Fund, tracking the CSI SW Non-ferrous Metals Index, and is the largest fund in the non-ferrous metals sector with excellent liquidity[4][53][54] - The ETF's outstanding shares have significantly increased since the second half of 2025, with a circulation of 164.61 billion shares and a scale of 371.15 billion yuan as of February 11, 2026[4][55][56] - The fund manager, Ms. Cui Lei, has extensive management experience and currently manages several large-scale index funds, with the total scale of her managed products exceeding one trillion yuan as of February 11, 2026[4][56][57] - Southern Fund, the manager of the ETF, is a leading fund company in China with a comprehensive index fund product line and a professional and complete index research team[4][58][59] =========