矿业ETF（561330）回调超1.5%，贵金属长期价值逻辑未改，回调或可布局

Group 1 - The core viewpoint is that while short-term uncertainties regarding tariffs persist, precious metal prices are expected to rise in the long term due to factors such as geopolitical risks and central bank gold purchases [1] - Short-term risk aversion has led to a slight decline in precious metal prices, but the weakening of the dollar credit system may highlight the long-term value of precious metals [1] - The People's Bank of China has a significantly lower gold reserve ratio compared to the global average, indicating potential for future increases in gold holdings [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes companies involved in the development of copper, aluminum, lead-zinc, and rare metals [1] - The mining ETF (561330) has an excess return of over 10% compared to the China Nonferrous Index, indicating a more concentrated focus on leading companies [1] - The ETF has a higher proportion of investments in gold, copper, and rare earths, reflecting its strategic asset allocation [1]