Core Viewpoint - The colored metal ETF (512400) is experiencing significant growth, driven by rising prices in precious and industrial metals, with expectations for continued upward momentum in the sector due to various macroeconomic factors [1][2][3]. Group 1: Market Performance - As of January 26, 2026, the colored metal ETF (512400) increased by 4.62%, with a trading volume of 1.108 billion yuan and a turnover rate of 2.8% [1]. - The index tracking the colored metal sector, the Zhongzheng Shenwan Colored Metal Index, saw notable gains in individual stocks, including silver rising by 10.03%, Hunan Gold by 10.01%, and Xingye Silver Tin by 9.99% [1]. - The colored metal sector has attracted significant investment, with over 36 billion yuan net inflow into colored metal-themed ETFs (excluding gold) this year, bringing the total scale to over 100 billion yuan [2]. Group 2: Price Trends and Predictions - On January 26, spot gold prices surpassed $5,080 per ounce, marking a new high with an intraday increase of over 2%, while spot silver rose over 3% to reach $106.83 per ounce [2]. - Historical patterns suggest that gold prices may increase between 10% and 35% in 2026, influenced by expectations of Federal Reserve interest rate cuts, instability in the US dollar, midterm elections, and geopolitical uncertainties [2]. - The recent surge in metals such as gold, silver, tin, and lithium indicates a potential bull market for colored metals, with ongoing valuation adjustments lagging behind commodity price increases [2]. Group 3: Investment Sentiment and Strategies - Fund companies and investors are increasingly focusing on the colored metal sector, with public funds significantly increasing their positions in this industry by the fourth quarter of 2025 [2]. - Current market narratives driving global asset performance include the weakening of the US dollar credit cycle, the formation of a new monetary system anchored by gold pricing, and the reconfiguration of global supply chains [3]. - The colored metal ETF (512400) closely tracks the Zhongzheng Shenwan Colored Metal Index, which comprises 50 listed companies in the colored metal and non-metal materials sectors, reflecting the overall performance of this industry [3].

Group 1 - The core viewpoint of the article emphasizes that the performance of global major asset classes is driven by multiple "mainstream narratives" [1][2] - These narratives include the long-term weakening of the US dollar credit cycle, the formation of a new monetary system with gold as a pricing anchor, the reshaping of global industrial and supply chains, AI computing power becoming a new phase of infrastructure, and non-ferrous metals emerging as the "new oil" of this phase [1][2] - The interconnectedness of these narratives forms a "narrative constellation" that is systematically reshaping global asset pricing logic, indicating that the narrative economy is far from reaching its conclusion [1][2]