岁末年初，公募密集布局这类ETF

Core Viewpoint - The precious metals market has seen significant price increases since the beginning of 2026, leading to heightened interest and investment in related ETFs, with public funds actively launching products in this sector [1][2]. Group 1: Market Performance - Since the beginning of 2025, the precious metals index has increased by nearly 107% [3]. - As of January 16, 2026, related ETFs have attracted a total of 242.93 billion yuan in investments this year [3]. - The Southern Precious Metals ETF has seen a growth of 129.9 billion yuan, reaching a total size of 335.50 billion yuan [4]. Group 2: Fund Launches - A total of 15 precious metals-related fund products have been reported since early December 2025, with major fund companies like Huatai-PineBridge, Huaxia, and Ping An among those launching new ETFs [3]. - The focus on upstream rare resources in the precious metals mining sector has been highlighted as a strong performer [3]. Group 3: Market Dynamics - Short-term volatility in the precious metals sector is expected to increase, driven by high market sentiment and rising margin balances [5][6]. - Despite recent price corrections, the long-term value proposition of the sector remains intact, supported by expectations of interest rate cuts and strong demand from energy transition and digital infrastructure [7]. Group 4: Supply and Demand Factors - Supply constraints are evident due to declining ore grades, insufficient capital expenditure, and geopolitical risks, while demand is bolstered by the explosive growth in electric vehicles and renewable energy sectors [7]. - The competition for resources in high-end manufacturing, including AI and semiconductors, is expected to further support metal prices [7]. Group 5: Risks and Uncertainties - Investors are advised to be cautious of multiple uncertainties, including potential volatility from high valuations and geopolitical tensions affecting supply chains [9]. - The market is also sensitive to changes in monetary policy and economic growth rates, which could impact the sector's performance [9].