高盛：黄金价格或仍有上调空间！有色龙头ETF（159876）近4日狂揽1.4亿元！

Core Viewpoint - The investment momentum in the non-ferrous metals sector remains strong, with significant inflows into the non-ferrous metal leader ETF (159876), indicating positive market sentiment towards this sector's future performance [1][8]. Fund Inflows - As of December 11, the non-ferrous metal leader ETF (159876) has attracted a total of 140 million yuan in the last four days and 371 million yuan over the past 20 days, reflecting a robust interest from investors [1][8]. - The latest scale of the non-ferrous metal leader ETF is 835 million yuan, making it the largest ETF tracking the same index in the market [1][8]. Sector Analysis Gold - Goldman Sachs has indicated that there may still be upward potential for gold prices next year, predicting a target price of $4,900 by the end of 2026. A 1 basis point increase in gold's portfolio allocation could raise its price by approximately 1.4% [3][10]. Aluminum - Short-term forecasts suggest that aluminum prices may continue to show strong fluctuations. The domestic production capacity is constrained by a "ceiling" of 45 million tons, limiting new capacity additions. Demand remains resilient, leading to expectations of stable or rising prices in the aluminum sector [3][10]. Copper - Supply shortages and tariff concerns are likely to continue driving copper prices higher. The supply-demand imbalance in the copper mining and smelting sectors may ease, with expectations for smelting fees to stabilize, supporting a positive outlook for copper prices [3][10]. Lithium - The lithium battery production forecast for December shows a production of 143.3 GWh, a month-on-month increase of 2.3%. The overall sentiment in the lithium sector remains positive, with expectations for rising prices due to increased production capacity utilization [4][11]. Investment Strategy - Given the varying degrees of market conditions and drivers across different non-ferrous metals, a diversified investment approach through the non-ferrous metal leader ETF (159876) and its associated funds (A class: 017140, C class: 017141) is recommended. This strategy allows for risk diversification while capturing the overall sector's performance [5][11].