Recent data released by the Ministry of Industry and Information Technology indicates that the value-added of large-scale industries is projected to grow by 5.9% year-on-year in 2025, with the manufacturing sector poised to maintain its position as the world's largest for the 16th consecutive year. Notably, the equipment manufacturing and high-tech manufacturing sectors saw their value-added increase by 9.2% and 9.4% year-on-year, respectively, emerging as the core engines of industrial growth. This series of robust macro data not only confirms the strong resilience of China's real economy and industrial development but also provides clear and solid demand-side logic for upstream raw material industries such as copper, aluminum, and rare earths. Against this backdrop, the established quantitative powerhouse Fullgoal Fund officially began offering the FG Nonferrous Metals ETF (Ticker: 159168) on January 26, aiming to provide investors with an index-based tool for one-click exposure to the industrial nonferrous metals sector.
The ETF maintains a pure focus, precisely targeting the core arteries of the manufacturing industry. It is reported that the CSI Industrial Nonferrous Metals Theme Index (hereafter "Industrial Nonferrous," Ticker: H11059.CSI), which the FG Nonferrous Metals ETF closely tracks, possesses multiple advantages. Primarily, from an industry distribution perspective, the Industrial Nonferrous Index selects 30 large-cap stocks related to the industrial nonferrous metals theme from the Shanghai and Shenzhen markets, comprehensively covering the core varieties within the sector and locking onto the main investment tracks. According to Wind data, as of January 23, 2026, the top three Shenwan tertiary industries by weight were copper (34.4%), aluminum (21.8%), and rare earths (13.6%), collectively accounting for nearly 70% of the index. Compared to the CSI Subdivided Nonferrous Metals Industry Theme Index (000811.CSI), the CSI SWS Nonferrous Metals Index (000819.SH), and the CSI Nonferrous Metals Mining Theme Index (931892.CSI), the gold weighting in the Industrial Nonferrous Index is as low as 2.9%. With its primary focus on copper, aluminum, and minor metals, the index exhibits a purer manufacturing attribute and is better positioned to benefit fully from price increases in industrial metals driven by growing industrial demand. The investment value of the Industrial Nonferrous Index has also been validated by its historical performance. During market upswings, the index often demonstrates stronger offensive momentum. Wind data shows that since September 24, 2024, the Industrial Nonferrous Index has surged by a cumulative 161.24%, significantly outperforming the CSI 300 Index's gain of 46.37% over the same period, resulting in an excess return of 114.87%. Furthermore, for the single year of 2025, the Industrial Nonferrous Index rose by 96.14%, not only substantially surpassing the CSI 300's gain of 17.66% but also outperforming the CSI Nonferrous Index (91.67%), the Subdivided Nonferrous Index (95.50%), and the SZSE Nonferrous Index (93.98%).
Supply-demand dynamics, macro factors, and great-power competition are three transformative forces reshaping the investment logic. Looking at the present, analyzing the investment value of industrial nonferrous metals requires placing it within the context of profound era shifts. The core investment thesis for industrial nonferrous metals has evolved from traditional cyclical fluctuations to a growth narrative driven by the combined forces of "widening supply-demand gaps, macroeconomic support, and global resource strategy." On one hand, the demand core for industrial nonferrous metals is undergoing a revolutionary shift—transforming from "traditional cyclical commodities" into "technology-driven growth assets." For instance, copper demand has expanded from traditional power grids to emerging areas like AI computing centers and new energy grid upgrades; aluminum is shifting its reliance from real estate to high-end manufacturing applications such as lightweight robotics and aerospace; rare earths, propelled by the rise of future industries like robotics and the low-altitude economy, have become indispensable "core chips in the tech competition." Meanwhile, on the supply side, constrained by long-term underinvestment and rigid limitations, supply bottlenecks struggle to keep pace with the expanding demand, thereby exacerbating the imbalance and pushing the price floor for industrial nonferrous metals higher. On the other hand, as major global economies enter interest rate-cutting cycles, worldwide liquidity is tending towards easing, and the credibility of the US dollar is weakening. This not only supports a rising trend for industrial nonferrous metal prices but also suggests greater potential for catch-up rallies against the backdrop of leading gains in precious metals like gold and silver. Simultaneously, against the backdrop of intensifying geopolitical rivalry, the security and self-sufficiency of critical mineral resources such as copper and rare earths have been elevated to a matter of national strategy. This trend positions industrial nonferrous metals to potentially transcend their traditional commodity attributes and become scarce assets with strategic value. For investors bullish on this sector, accessing it through the FG Nonferrous Metals ETF (159168) offers a potential one-click solution to gain exposure to assets related to these "industrial lifelines" like copper, aluminum, and rare earths, using an index tool to mitigate single-stock volatility while participating in the growth opportunities of industry leaders.
As an efficient index-based investment tool, the FG Nonferrous Metals ETF employs a full replication strategy, aiming to minimize tracking error, and is backed by the expertise of the established quantitative firm Fullgoal Fund. As one of the "top ten" public fund companies in China, Fullgoal Fund has been deeply engaged in the field of index and quantitative investment for over 16 years. It currently boasts a team of more than 30 skilled investment and research professionals, possessing profound experience in the refined operation of index investing. Regarding fees, the FG Nonferrous Metals ETF (159168) charges a management fee of 0.50% per annum and a custody fee of 0.10% per annum, striving to further enhance investor returns through a low-cost structure.
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