Sou Hu Cai Jing·2025-09-03 02:30Core Viewpoint - The A-share market shows signs of recovery with the Shanghai Composite Index slightly rising, while the metal sector, particularly non-ferrous metals, experiences significant inflows due to multiple favorable factors including rising global inflation expectations, accelerated de-dollarization, and expectations of interest rate cuts [1][8]. Non-Ferrous Metals Sector - The non-ferrous metal sector has seen continuous capital inflow for four consecutive days, with the Non-Ferrous 50 ETF (159652) attracting over 200 million yuan in this period, indicating strong market interest [1]. - The Non-Ferrous 50 ETF's constituent stocks have shown mixed performance, with precious metals like silver and gold stocks experiencing strong gains, while some stocks like China Rare Earth and Luoyang Molybdenum have faced corrections [3][4]. Precious Metals - Spot gold prices surged, breaking through $3,545 per ounce, while COMEX gold reached a new high of $3,600 per ounce, reflecting strong market demand [5]. - The upward trend in gold prices is attributed to multiple uncertainties in the market, including legal changes in trade policies and rising long-term bond yields, which have heightened risk aversion among investors [7]. Market Outlook - Analysts predict that the combination of reduced supply of copper and the upcoming demand season will support copper prices, with expectations of a significant decrease in production due to supply chain constraints [8]. - The Non-Ferrous 50 ETF is highlighted as a leading investment option in the non-ferrous metals sector, with a historical cumulative return of 140% from 2019 to August 2025, driven primarily by profit growth rather than valuation expansion [8].