Core Viewpoint - The A-share core indices experienced a pullback after a significant surge, with the non-ferrous metals sector seeing a decline of over 3% in early trading, despite continued strong capital inflow into the sector [1] Group 1: Market Performance - The non-ferrous metals sector's leading ETF (159876) saw its decline narrow to 1.2% after an initial drop [1] - On October 9, the non-ferrous metals leading ETF (159876) attracted 117 million yuan in a single day, raising its total fund size to 493 million yuan, a new historical high [1] - As of the report, the non-ferrous metals leading ETF (159876) received real-time net subscriptions exceeding 63 million units [1] Group 2: Investment Opportunities - CITIC Securities suggests focusing on investment opportunities within the non-ferrous metals sector, highlighting the recent surge in gold prices during the holiday period [1] - The rise in international gold prices is attributed to short-term fluctuations caused by the U.S. government shutdown, political changes in Japan, ongoing expectations of interest rate cuts by the Federal Reserve, and global central banks' continued gold purchases [1] - Copper prices have also strengthened recently due to supply shortages and the logic of computational revolution [1] Group 3: Future Outlook - Looking ahead, CITIC Securities indicates that the monetary easing from the Federal Reserve's interest rate cuts, along with domestic initiatives to optimize production factors and improve profitability across various sectors, will facilitate the transmission of rising metal prices to downstream markets [1] Group 4: Sector Diversification - Different non-ferrous metals exhibit varying degrees of market conditions, rhythms, and driving factors, leading to inevitable differentiation [2] - A diversified approach through the non-ferrous metals leading ETF (159876) and its linked fund (017140) allows for better capture of the sector's beta performance, with the index weights for copper, gold, aluminum, rare earths, and lithium at 27.6%, 14.5%, 13.1%, 10.4%, and 8.4% respectively [2] - This diversified strategy helps mitigate risks compared to investing in a single metal sector [2]

调研省时省事的指数基金，正成为许多FOF基金的心头好。 行业风格主导的赛道化行情背景下，公募FOF选基策略开始"放弃"主动权益类基金，指数产品成为核心仓位。 随着股票市场越来越多的体现出行业贝塔特征，风格稳定以及持仓内容可预测、可研究的指数基金，成为许多 公募FOF基金经理的偏爱，降低了调研主动权益类基金需耗费的时间与不确定性。排名今年业绩前列的十大 FOF产品几乎都把指数基金作为核心重仓品种，主动权益类基金存在感显著下降。 指数产品成公募FOF心头好 Wind数据显示，截至7月23日，全市场公募FOF年内业绩前七强，分别为国泰优选领航、工银睿智进取、工银 养老混合、渤海汇金优选、前海开源裕源、国泰行业轮动、交银智选星光，这些FOF产品今年收益均超18%， 年内收益率最高约为22%。 在公募FOF一改往年颓势、体现出赚钱效应的背后，是FOF选基偏好和策略发生重大变化，在前七强的公募 FOF所持有产品仓位中，主动权益类产品几乎消失不见。 例如，国泰基金旗下的国泰优选领航FOF的核心仓位中，主要持有9只基金产品，截至今年二季度末，合计 仓 位 占比为66.2%，所重仓的基金包括稀土ETF、黄金ETF、创新药ETF ...