CHIFENG GOLD(SH:600988) Xin Lang Cai Jing·2025-09-09 21:08Core Viewpoint - The surge in gold prices has led to a significant increase in the performance of the non-ferrous metal sector ETF (159876), which saw a maximum intraday increase of 2.98% and a closing increase of 1.04% with a trading volume of 41.19 million yuan [1] Group 1: ETF Performance and Market Activity - The non-ferrous metal sector ETF (159876) experienced a net subscription of 13.8 million units today, indicating strong market interest [1] - Over the past 20 days, the ETF has attracted a total of 143 million yuan in investments, with 18.1 million yuan received yesterday alone [1] - Since the recent low point on April 8, the ETF has shown a notable recovery [1] Group 2: Gold Price Drivers - The primary factors contributing to the rise in gold prices include the sustained expectations of interest rate cuts by the Federal Reserve, which may lead to a more stable bull market for gold [1][2] - The anticipated interest rate cuts could increase inflation risks, making gold a more attractive investment compared to the risks of an economic downturn [2] Group 3: Broader Market Implications - The rise in gold prices is expected to positively impact the mining and production activities of other non-ferrous metals such as copper and zinc, thereby influencing their market supply and prices [1][2] - The "anti-involution" policy and the initiation of large-scale infrastructure projects are expected to create significant demand for non-ferrous metals, further supporting price increases [2] - Market expectations for supply-side reforms, similar to those seen in 2015, are anticipated to benefit the non-ferrous metal sector [2]