Institution: Bullish on Safe-Haven Value,Non-Ferrous Metal ETF (512400) Rises 3.02% Intraday

NewTimeSpace News：As of 14:54 on January 21, 2026, the CSI Shenwan Non-Ferrous Metals Index (000819) rose strongly by 2.73%. Its constituent stocks performed impressively: Baiyin Nonferrous Group Co., Ltd. and Guocheng Mining Co., Ltd. both jumped 10.01%, China Tungsten & Hightech Materials Co., Ltd. gained 10.00%, while Western Gold Co., Ltd. and Chifeng Jilong Gold Mining Co., Ltd. followed suit. The Non-Ferrous Metal ETF (512400) advanced 3.02%, aiming for a three-day winning streak, with the latest price at RMB 2.25. Over a longer period, as of January 20, 2026, the ETF has increased by 2.01% cumulatively in the past week. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

The Non-Ferrous Metal ETF achieved an intraday turnover rate of 5.87% with a trading volume of RMB 2.069 billion. Over the longer term, as of January 20, its average daily trading volume in the past week stood at RMB 2.792 billion.

The latest scale of the Non-Ferrous Metal ETF reached RMB 34.536 billion, a new high in nearly a year. (Data source: Wind)

The latest number of shares of the Non-Ferrous Metal ETF reached 15.813 billion, a new high in nearly a year. (Data source: Wind)

In terms of capital inflows, the Non-Ferrous Metal ETF has recorded consecutive net capital inflows for 12 days, with the highest single-day net inflow of RMB 1.811 billion. It has absorbed a total of RMB 10.861 billion, with an average daily net inflow of RMB 905 million. (Data source: Wind)

Data shows that leveraged funds have continued to increase their positions. The net margin purchase amount of the Non-Ferrous Metal ETF since the start of this month reached RMB 23.4690 million, with the latest margin balance standing at RMB 726 million. (Data source: Wind)

As of January 20, the net value of the Non-Ferrous Metal ETF has risen 149.62% in the past two years, ranking 40th among 2,514 index equity funds (top 1.59%). In terms of profitability, as of January 20, 2026, since its establishment, the ETF has achieved a maximum monthly return of 27.29%, the longest consecutive monthly gain period of 6 months with a cumulative increase of 70.46%, an average return of 8.32% in rising months, an annual profitability rate of 62.50%, and a 66.07% probability of profit when held for three years historically. As of January 20, 2026, the ETF’s annualized return exceeding the benchmark in the past year was 2.82%.

As of January 16, 2026, the Sharpe ratio of the Non-Ferrous Metal ETF over the past year was 3.25.

As of January 20, 2026, the ETF’s maximum drawdown since the beginning of the year was 2.03%, with a relative benchmark drawdown of 0.03%. The number of days to recover from the drawdown was 1 day.

The Non-Ferrous Metal ETF has a management fee rate of 0.50% and a custodian fee rate of 0.10%.

As of January 20, 2026, the ETF’s tracking error since the beginning of the year was 0.003%.

The Non-Ferrous Metal ETF closely tracks the CSI Shenwan Non-Ferrous Metals Index. This index selects 50 listed company securities from the Shenwan 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.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI Shenwan Non-Ferrous Metals Index (000819) were Zijin Mining Group Co., Ltd., China Molybdenum Co., Ltd., Northern Rare Earth (Group) High-Tech Co., Ltd., Huayou Cobalt Co., Ltd., Aluminum Corporation of China Limited (Chalco), Ganfeng Lithium Co., Ltd., Shandong Gold Mining Co., Ltd., Yunnan Aluminum Co., Ltd., China National Gold Group Co., Ltd., and Tibet Summit Resources Co., Ltd. The combined weight of these top 10 stocks accounted for 49.36%. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

Industrial Futures stated that the game between Europe and the United States over Greenland has intensified, with both sides issuing tariff threats against each other. Market risk aversion has risen, which is bullish for precious metals. Driven by macro factors, the non-ferrous metals sector as a whole remains strong. The gold-copper ratio is still at a high level, and the financial attribute still has upward momentum for copper prices, which may maintain a medium-to-long-term upward trend; aluminum and nickel still have bottom support.

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