Core Viewpoint - The recent surge in gold prices has faced a significant technical correction, leading to substantial declines in gold ETFs and related stocks, while other metals like copper and rare earths are undergoing a revaluation process [1][4]. Summary of Gold ETFs and Stocks - Following a record high on October 20, gold prices plummeted on October 21, with London spot gold dropping 5.31% to $4,124.36 per ounce, marking the largest single-day decline since April 2013 [1]. - Gold stock ETFs experienced notable declines, with the Guotai CSI Hong Kong-Shenzhen Gold Industry Stock ETF falling 7.60%, leading the market, while several others saw declines exceeding 6% [1][2]. - Year-to-date performance shows significant gains for various gold ETFs, with some increasing over 80%, while others rose more than 50% [2]. Cautious Approach to Gold Volatility - Analysts indicate that gold price fluctuations reflect market confidence in the global monetary system, with gold often becoming a key asset during shifts in central bank policies [3]. - The recent downturn is attributed to an overheated market following rapid price increases, necessitating a technical correction [3][4]. Revaluation of Non-Gold Metals - The precious metals market is experiencing volatility, with copper maintaining strong performance despite concerns over supply and demand [4]. - The investment landscape for non-gold metals is categorized into three segments: precious metals, industrial metals, and rare metals, each influenced by different factors such as geopolitical risks and supply-demand dynamics [4][5]. Investment Outlook for Various Metals - The recent correction in gold is linked to easing geopolitical tensions and profit-taking, yet it retains long-term asset allocation value [5]. - Silver's future remains uncertain, closely tied to geopolitical developments and Federal Reserve actions [5]. - Copper faces a "double weakness" scenario in supply and demand, while rare earths are expected to maintain a positive outlook due to their strategic importance [5][6].

消息面上，上周五美联储主席鲍威尔于杰克逊霍尔经济研讨会中释放偏鸽派信号，表明经济前景变化可 能促使政策立场调整，强化了市场对9月降息的预期，直接助推有色金属价格上行。政策上，"反内 卷"政策为行业护航，有色金属作为稳增长重点领域，多地落实产能出清和供给压缩，有效支撑价格中 枢上移。当前主要发达国家持续降息，叠加美元指数调整周期，有色金属的金融属性迎来价值重估，进 一步提振市场信心。业绩方面，板块高景气已获验证，8成以上成分股披露的上半年财报或业绩预告显 示，整体净利润同比增长约56%，凸显行业韧性。今年以来，有色金属板块在A股各行业中涨幅居前， 有色金属ETF（ 512400）作为全市场首支且规模最大的同类产品，规模已突破75亿元，为投资者提供 高效便捷的配置渠道，建议重点关注。 风险提示：基金有风险，投资需谨慎。 ...