黄金股票ETF（517400）回调超3%，利好支撑贵金属周期独立性，回调或可布局

Core Insights - The non-ferrous metals sector is entering a new cycle driven by supply-demand balance, influenced by global monetary easing, enhanced resource strategic positioning, and the resonance of old and new industry transformations [1] - Gold, lithium/rare earths, and copper are highlighted as key areas of focus within the non-ferrous metals industry [1] - Gold is noted for its safe-haven attributes and strategic resource status, performing well amid macroeconomic uncertainties [1] Industry Overview - The non-ferrous metals industry is supported by multiple factors leading to a tightening supply-demand landscape, indicating strong cyclical independence and structural opportunities [1] - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects larger market capitalization companies involved in gold mining, smelting, and sales from the Hong Kong and Shanghai markets [1] - The index reflects the overall performance of publicly listed companies in the gold industry, covering the entire gold production to sales value chain, with a high industry concentration primarily focused on precious and industrial metals [1]