静待时机，机构称中长期逻辑仍在，有色ETF基金(159880)交投活跃

Core Viewpoint - The news highlights fluctuations in the non-ferrous metal industry, driven by market sentiment and macroeconomic factors, with a focus on gold prices and industrial metal performance amid ongoing economic uncertainties [1][2]. Group 1: Market Performance - As of October 20, 2025, the non-ferrous metal industry index (399395) shows mixed performance among its constituent stocks, with notable gains from companies like Placo New Materials (300811) up 1.55% and Electric Power Investment Energy (002128) up 1.53% [1]. - The non-ferrous ETF fund (159880) is currently priced at 1.67 yuan [1]. Group 2: Economic Factors - Federal Reserve Chairman Jerome Powell indicated an increase in downside risks to the U.S. job market, suggesting that balance sheet reduction may conclude in the coming months [1]. - The ongoing crisis in the U.S. banking sector has heightened market risk aversion, contributing to a rise in gold prices, with Comex gold reaching $4,392 per ounce and Shanghai gold at 1,001 yuan per gram [1]. Group 3: Industry Outlook - According to Guotai Junan Securities, short-term gold prices may experience wide fluctuations due to market sentiment, with key factors including U.S. government shutdown developments and the banking crisis response [2]. - In the medium to long term, risks related to U.S. federal debt persist, and the dollar's status faces challenges, suggesting continued opportunities for gold performance amid global monetary system restructuring [2]. - Industrial metals are under pressure due to declining market risk appetite, but upcoming U.S.-China trade discussions and potential Fed rate cuts may improve macro sentiment and demand expectations [2]. - Despite insufficient demand during the industrial metal peak season, supply disruptions, particularly in mining, and historically low inventory levels provide strong support for industrial metal prices [2]. Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index (399395) include Zijin Mining (601899), Northern Rare Earth (600111), and others, collectively accounting for 53.12% of the index [3].