把握金、铜涨价机遇，关注矿业ETF（561330）

Group 1 - The core viewpoint highlights that the ongoing Federal Reserve interest rate cut cycle, increasing uncertainty in overseas macro policies, and the global trend of de-dollarization are supportive of gold prices [1] - Geopolitical tensions in regions such as the Middle East and Ukraine, along with rising U.S.-Venezuela tensions, are contributing to heightened market risk aversion, providing additional support for gold prices [1] - The market anticipates that if the new Federal Reserve chairman adopts a dovish stance, the pace of interest rate cuts may accelerate, further benefiting gold performance [1] Group 2 - The supply-demand dynamics for metals are tightening, with expectations of resilient performance during the interest rate cut cycle, particularly for copper, aluminum, and lithium due to strong demand and supply constraints [1] - The ongoing Federal Reserve interest rate cut cycle, combined with increasing uncertainty in overseas macro policies and the global trend of de-dollarization, is expected to provide sustained support for gold prices [1] - The mining ETF (561330) has a copper content of 28% and gold content of 15%, and it is suggested to pay attention to the opportunities arising from the price increases of gold and copper [1]