Institution: Short-Term Strong Performance Expected, Non-Ferrous Metal ETF (512400) Rises 4.71% Intraday

NewTimeSpace News: As of 13:24 on January 26, 2026, the CSI Shenwan Non-Ferrous Metals Index (000819) rose strongly by 4.67%. Its constituent stocks performed prominently, with Baiyin Nonferrous Metals jumping 10.03%, Hunan Gold advancing 10.01%, and China Tungsten & Hightech Materials Industry climbing 10.01%. Other stocks including Xingye Silver & Tin and Western Mining followed the upward trend. The Non-Ferrous Metal ETF (512400) gained 4.71%, closing at RMB2.4 intraday. Over a longer period, as of January 23, 2026, the ETF had accumulated a 5.43% increase in the past week. (The stocks listed above are only index constituents and do not constitute specific investment recommendations.)

In terms of liquidity, the ETF achieved an intraday turnover rate of 5.42% with a trading volume of RMB2.156 billion. Looking back, as of January 23, its average daily trading volume in the past week stood at RMB2.131 billion.

Regarding scale, the ETF's latest size hit RMB38.003 billion, a new high in nearly a year. (Data source: Wind)

In terms of shares, the ETF's latest outstanding shares reached 16.598 billion, also a new high in nearly a year. (Data source: Wind)

From the perspective of capital inflows, the ETF has seen consecutive net capital inflows over the past 15 days, with a maximum single-day net inflow of RMB1.811 billion. The total "capital absorption" reached RMB12.624 billion, equivalent to an average daily net inflow of RMB842 million. (Data source: Wind)

Data shows that leveraged funds have continued to increase their positions. The ETF's net financing purchase amount since the start of this month has reached RMB19.2768 million, with the latest financing balance standing at RMB706 million. (Data source: Wind)

As of January 23, 2026, the ETF's net value has risen by 171.17% over the past two years, ranking 31st among 2,525 index equity funds, placing it in the top 1.23%. In terms of profitability, as of January 23, 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 66.14% probability of profit for a 3-year holding period. Its annualized return exceeding the benchmark in the past year was 2.97%.

As of January 23, 2026, the ETF's Sharpe ratio over the past year was 3.26.

In terms of drawdown, the ETF's maximum drawdown since the start of 2026 was 2.03%, with a relative benchmark drawdown of 0.03%, and it took only 1 day to recover from the drawdown.

Regarding fees, the ETF's management fee rate is 0.50% and the custodian fee rate is 0.10%.

In terms of tracking accuracy, the ETF's tracking error since the start of 2026 was 0.003% as of January 23, 2026.

The Non-Ferrous Metal ETF closely tracks the CSI Shenwan Non-Ferrous Metals Index, which selects 50 listed company securities from the Shenwan Non-Ferrous Metals and Non-Metallic Materials industry in the Shanghai and Shenzhen markets to reflect the overall performance of non-ferrous metals sector listed companies in these 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, CMOC Group, Northern Rare Earth, Huayou Cobalt, Aluminum Corporation of China, Ganfeng Lithium, Shandong Gold Mining, Yunnan Aluminum Industry, China National Gold Group, and Zangge Mining. 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.)

Zhongcai Research stated that in the short term, China's macroeconomic environment presents a resonant pattern of intensified policy coordination and sustained improvement in economic data, with steady enhancement of economic recovery momentum. The lithium carbonate industrial chain maintains destocking, with positive medium and long-term expectations; the fundamentals of metals such as zinc, aluminum, and nickel are under pressure, but macro sentiment has eased, and the sector may operate strongly in the short term.

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