股票组合以及FOF组合：如何复刻黄金ETF

Group 1: Investment Strategy - Allocating to precious metals can significantly enhance fund performance in the current macroeconomic environment, but equity products face limitations in investing in gold ETFs[2] - Two stock portfolios and one FOF portfolio have been designed to replicate the excess return trend of gold ETFs, serving as alternatives[2] Group 2: Stock Portfolio Analysis - The A-share portfolio has an 88.21% correlation with the excess returns of gold ETFs, consisting of 87.82% dividend stocks and 12.18% cyclical stocks[3] - The A+H share portfolio shows an 83.37% correlation with gold ETFs, comprising 66.22% dividend stocks, 11.54% gold stocks, and 22.25% Hong Kong stocks[4] - The FOF portfolio has an 84.27% correlation with gold ETFs, made up of 56.45% stock ETFs, 17.41% bond ETFs, and 26.13% money market ETFs[4] Group 3: Sector Correlation Insights - Among 31 sectors, 19 sectors exhibit positive excess return correlation with gold, with the highest correlations found in banking (47.18%), utilities (37.28%), and transportation (35.16%)[18] - The selected sectors for investment include banking, utilities, transportation, and non-ferrous metals, which are positively correlated with gold[19] Group 4: Risk Considerations - Correlation may change with shifts in policy environments, necessitating regular updates to the model[5] - The model is based on historical data, and its predictive power for the future may be limited[5]