Institution: Escalating geopolitical tensions may reshape global metals supply chains,China Southern CSI SWS Non-Ferrous Metal ETF(512400) gains nearly 2% in early trading

NewTimeSpace – As of 10:46 a.m. on 23 January 2026, the Non-Ferrous Metals ETF (512400) is up 1.97% at 2.28 yuan. Over the past week ended 22 January 2026 the fund has added 1.36%. (The stocks cited are index constituents only and do not constitute any recommendation.)

Liquidity: intraday turnover is 2.37% with 884 million yuan traded; the average daily turnover over the past week is 2.415 billion yuan.

Size: the ETF’s asset base stands at 36.433 billion yuan, a one-year high. (Source: Wind)

Shares: the outstanding unit count is 16.341 billion, also a one-year high. (Source: Wind)

Net inflows: the fund has recorded 14 consecutive days of inflows, the largest single-day amount being 1.811 billion yuan, totalling 12.037 billion yuan or an average 860 million yuan per day. (Source: Wind)

Margin: month-to-date net margin purchases are 19.08 million yuan, bringing the outstanding margin balance to 703 million yuan. (Source: Wind)

Performance: net value has risen 166.82% over the past two years, placing the fund 41st among 2,515 index stock funds (top 1.63%). Since inception the best monthly return is 27.29%, the longest winning streak is six consecutive months with a cumulative 70.46% gain, the average return in up months is 8.32%, the calendar-year win rate is 62.5% and the three-year holding-profit probability is 66.12%. Annualised out-performance versus the benchmark over the past year is 2.89%.

Risk metrics: one-year Sharpe ratio is 3.25 as of 16 January 2026; year-to-date maximum draw-down is 2.03% versus 0.03% for the benchmark, with a one-day recovery period.

Fees: management fee 0.50%, custody fee 0.10%.

Tracking: year-to-date tracking error is 0.003%, the smallest among peer funds. The ETF replicates the CSI Shenwan Non-Ferrous Metals Index, which comprises 50 listed companies engaged in non-ferrous metals and non-metallic materials to reflect the overall performance of the sector.

China Galaxy Securities notes that intensifying global geopolitical conflict could trigger a reshaping of metals supply chains, catalysing renewed demand and a re-rating of critical strategic minerals. The upward trajectory in prices of key non-ferrous metals such as copper, tungsten, molybdenum, cobalt and rare-earth magnetic materials is therefore expected to persist.

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