Sou Hu Cai Jing·2026-02-10 03:03Group 1 - The core viewpoint is that the long-term logic of the precious metals bull market remains solid, with gold's role shifting from an inflation hedge to a geopolitical risk and dollar credit weakening hedge [1][22]. - As of the end of January, China's official gold reserves reached 74.19 million ounces, an increase of 40,000 ounces compared to December 2025, marking the 15th consecutive month of gold accumulation by the People's Bank of China [1][17]. - The precious metals market is influenced by factors such as global central bank gold purchases, a weakening dollar, and the restructuring of the global monetary system [1][22]. Group 2 - The non-ferrous mining ETF tracks the upstream mining segment of the non-ferrous metal industry, showing strong price elasticity and higher beta values, particularly in commodity bull markets or inflationary environments [2]. - The non-ferrous mining index has achieved a cumulative increase of 279.71% over the past decade, outperforming mainstream non-ferrous indices [2][12]. - The index's annualized return over the past decade is 14.71%, with a volatility of 30.04% and a Sharpe ratio of 0.63, indicating a favorable risk-adjusted return [15]. Group 3 - The non-ferrous mining index is heavily weighted towards copper, gold, and aluminum, which together account for over 58% of the index [7]. - Key components of the index include Zijin Mining (9.44% weight), Luoyang Molybdenum (9.25% weight), and Northern Rare Earth (5.69% weight) [10]. - The index's performance is characterized by higher elasticity compared to similar indices, reflecting its strategic significance in both industrial development and financial markets [12][15].