黄金股票ETF（517400）大涨超3.5%，近5日资金净流入近2亿元，资金积极布局，持续看好黄金中长期走势

Group 1 - The core viewpoint is that the gold stock ETF (517400) has surged over 3.5%, with a net inflow of nearly 200 million yuan in the past five days, indicating strong investor confidence in the medium to long-term outlook for gold [1] - Huafu Securities highlights that the "anti-involution" and domestic demand expansion, along with a reinforced narrative of re-inflation, suggest that the second phase of the bull market has begun, and the non-ferrous metal sector is expected to continue performing well [1] - The analysis indicates that a weak dollar environment provides a foundation for the strength of commodities, while U.S. debt monetization and the bet on AI growth are core logical drivers [1] Group 2 - The report notes that global mining capital expenditure is historically insufficient, which poses a real constraint on the sector [1] - The geopolitical competition among major powers is seen as an "invisible" driving force behind key mineral property rights [1] - Looking ahead to 2025, the non-ferrous metal sector is expected to see significant gains in both equity markets and commodity prices, reflecting the strong cyclicality of the sector as economic fundamentals improve [1] Group 3 - In the medium to long term, the price of gold is expected to rise, and investors are advised to consider participating in subsequent pullbacks and gradually building positions [1] - Direct investment in physical gold and tax-exempt gold fund ETFs (518800) are recommended, along with the gold stock ETF (517400) that covers the entire gold industry chain [1]