SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-08-07 02:30Core Viewpoint - The article emphasizes the importance of diversifying investment portfolios beyond traditional stocks and bonds by considering commodity ETFs, which can provide unique investment opportunities and risk mitigation [1]. Group 1: What is Commodity ETF? - Commodity ETFs are funds that track the price movements of commodities such as gold, copper, and soybeans, allowing investors to gain exposure without directly buying physical assets [3]. Group 2: Reasons to Consider Commodity ETFs - Commodity ETFs offer convenience compared to physical assets, with lower entry barriers, simpler operations, and flexible trading options [4]. - They help in risk diversification as commodity price movements may not correlate with stocks and bonds, potentially reducing overall portfolio volatility [4]. - Long-term trends, such as global energy transitions, present investment opportunities that traditional asset classes may not fully capture [4]. Group 3: Types of Commodity ETFs - Gold ETFs can hedge against stock market volatility and inflation, allowing investors to benefit from gold price increases without holding physical gold [6]. - Agricultural commodities like wheat and corn, as well as economic crops like soybeans and cotton, exhibit high volatility but have low correlation with stocks and bonds over the long term, making them suitable for differentiated portfolio allocation [7]. Group 4: Considerations for Investing in Commodity ETFs - Commodity assets may experience greater short-term volatility compared to stocks and bonds, necessitating a strong understanding of the supply-demand dynamics and influencing factors [10][11]. - Commodity investments do not generate interest or dividends; returns primarily come from price differences [11]. - Overall, commodity ETFs can enrich investment choices beyond stocks and bonds, with categories like gold, non-ferrous metals, energy, and agricultural products each offering distinct characteristics for asset allocation [12].