非银金融：资产管理产业链跟踪九：商品基金，被忽略的多元资产重要组成

Investment Rating - The report maintains the investment rating for the asset management industry, particularly focusing on commodity funds as an important component of diversified assets. Core Insights - Commodity funds are gaining attention from investors, with total assets reaching 57.674 billion yuan, a 69.9% increase from the end of 2023, driven by rising global commodity prices and heightened market risk aversion due to geopolitical tensions and fluctuating interest rate expectations [1][7][9]. - Gold is highlighted as a valuable investment, possessing financial, commodity, and currency attributes, with its price expected to trend upwards in the long term due to its inflation-hedging and safe-haven properties [1][19][21]. - Soybean meal is identified as a commodity with unique investment characteristics, including inflation resistance and potential for roll yield, making it an attractive option for investors [1][24][26]. - The Nanhua Commodity Index serves as a significant indicator for commodity price trends in China, providing a diversified investment approach that enhances risk management for investors [1][30][32]. - Ruida Futures is recognized as a leader in the CTA asset management sector, with a focus on product-driven strategies and a notable recovery in asset management scale, reaching 2.053 billion yuan in the first half of 2024, reflecting a 3.5% increase from the previous year [1][35][36][38]. Summary by Sections 1. Domestic Commodity Fund Investment Overview - The rapid growth of commodity funds in 2024 is attributed to geopolitical tensions and fluctuating interest rates, with a total of 29 funds existing, primarily in ETF format [7][9]. 2. Gold: A Commodity with Financial and Commodity Attributes - Gold's price is influenced by its supply-demand dynamics, with central bank purchases providing price support, while its financial attributes are linked to real interest rates [19][21][22][23]. 3. Soybean Meal: A Commodity with Roll Yield Contribution - The supply of soybean meal is closely tied to soybean production and import levels, with its demand driven by livestock feed requirements, making it less correlated with stock and bond markets [24][25][28]. 4. Index: Nanhua Commodity Index as a New Investment Method - The Nanhua Commodity Index has been widely used for macroeconomic analysis and investment decisions, reflecting the price movements of various commodities [30][32][33]. 5. Active Management: Ruida Futures as a Leader in CTA Asset Management - Ruida Futures has developed a strong asset management business, focusing on CTA strategies and achieving significant performance, with a notable increase in asset management scale and revenue [35][36][38].