ZHONGJIN GOLD(SH:600489) Xin Lang Ji Jin·2025-09-01 12:02Core Viewpoint - The non-ferrous metal sector continues to experience a strong upward trend, with significant inflows into related ETFs and rising prices for key metals like gold and industrial metals [1][2][3]. Group 1: Market Performance - The non-ferrous metal ETF (159876) surged by 3.68%, reaching its highest point since September 2021, with a trading volume of 50.98 million yuan, a 133% increase from the previous period, marking the third-highest in history [1]. - The ETF saw a net subscription of 49.2 million units, with a total net inflow of 28.4 million yuan over the past five days and 40.96 million yuan over the past ten days, indicating strong market confidence in the sector [1]. Group 2: Price Drivers - COMEX gold prices reached a historical high of $3,557.1 per ounce, driven by concerns over the independence of the Federal Reserve and expectations of interest rate cuts, which are anticipated to exceed 80% in September [1][2]. - Analysts suggest that the Federal Reserve's rate cuts will lead to a depreciation of the dollar, making dollar-denominated metals cheaper and boosting global demand [2]. Group 3: Stock Performance - Leading gold stocks such as Zhongjin Gold, Hunan Gold, and Western Gold hit their daily limit, with other companies like Huayu Mining and Jinchuan Group also experiencing significant gains [3]. Group 4: Sector Composition - As of the end of August, the non-ferrous metal ETF and its linked funds track the Zhongzheng Non-Ferrous Metal Index, with copper, aluminum, rare earths, gold, and lithium accounting for 25.3%, 14.2%, 13.8%, 13.6%, and 7.6% of the index, respectively, providing a diversified investment opportunity [4]. Group 5: Future Outlook - Analysts remain optimistic about precious and industrial metals, citing ongoing monetary easing and favorable trends in the fundamentals of certain metals, which are expected to elevate price levels [2].