COMEX黄金价格创新高，有色金属ETF表现突出

Group 1 - COMEX gold prices have reached a historical high of $3736 per ounce, with a cumulative increase of over 40% since 2025, significantly stimulating the A-share market, particularly the gold and non-ferrous metal sectors [1] - The leading non-ferrous metal ETF (159876) has seen a remarkable increase of 51.5% this year, attracting market attention [1] - The Federal Reserve's anticipated interest rate cut of 25 basis points, driven by a weak U.S. labor market, is expected to support economic growth rather than focus on controlling inflation [1] Group 2 - The non-ferrous metal ETF (159876) has a diversified investment portfolio, including 25.3% copper, 14.2% aluminum, and 13.6% gold, providing a good risk diversification mechanism for investors [2] - The domestic policy shift towards optimizing production capacity in the chemical industry is expected to create new development opportunities, as indicated by a narrowing decline in China's PPI to 2.9% year-on-year in August [2] Group 3 - The chemical industry is expected to experience a slowdown in capacity expansion due to orderly competition driven by anti-involution policies, which may enhance the overall industry outlook [3] - Leading chemical companies are showing signs of improvement, with Yangmei Chemical reducing its losses by 20.18% year-on-year in the first half of 2025 and decreasing financial expenses by 33.92% [3] Group 4 - The market is presenting a clear investment logic with the rise of gold prices and non-ferrous metals, suggesting that investors should focus on non-ferrous metal investment opportunities in a loose monetary environment [4] - The non-ferrous metal ETF (159876) and chemical ETF (516020) have seen significant year-to-date scale increases of 340% and 524%, respectively, indicating proactive market positioning [4]