本报讯(记者王宁)春节假期期间，国际市场金属板块整体呈现震荡偏强格局，机构分析认为，本轮金属 板块上涨的核心逻辑在于避险与滞胀交易双重主线共振，投资者应当及时把握金属板块机会。春节长假 期间，全球宏观层面多重不确定性因素叠加，成为金属资产(含有色金属和贵金属)价格走强的核心支撑 力。 中银证券（601696）分析认为，进入2026年，随着市场进入"盈利驱动上涨阶段"，在"反内卷"和扩内需 驱动下，国内再通胀叙事强化，金属资产的强周期属性有望体现，而金融属性及产业趋势将带来重估机 遇。投资者可以考虑以工业金属与小金属为矛，贵金属为盾，及时把握市场机遇。 面对投资者对资源品资产的需求，正在发行中的银华中证有色金属ETF联接基金提供了便捷的投资工 具。该基金通过投资有色ETF银华，紧密跟踪中证有色金属指数，帮助投资者一键把握有色行业核心资 产。 银华基金相关人士表示，考虑到有色行业细分品种多、个股波动大，投资者可借助有色ETF银华及其联 接基金，或可大幅降低选股难度与交易成本，以更高效地分享行业整体发展的红利。 ...

Group 1 - The core logic of the current gold sector is built on the interplay of risk aversion and stagflation trading, with short-term fluctuations due to the Fed's interest rate expectations and long-term support from geopolitical tensions and tariff policy confusion [2][3] - The Southern Gold ETF (159834) has shown a significant increase of 4.14%, with trading volume reaching 54.14 million yuan, reflecting strong market interest [1] - The gold industry is entering a favorable development cycle characterized by rising prices and profits, with many companies expected to report improved earnings in 2025, indicating a comprehensive improvement in the industry's profitability [3] Group 2 - The Southern CSI Gold Industry Stock Index Fund (A Class: 021958; C Class: 021959) closely tracks the CSI Gold Industry Index, which covers leading companies across the entire gold industry chain, providing opportunities to share in industry growth [2] - Gold stocks are seen as amplifiers of gold price fluctuations, with the current bull market presenting strong investment opportunities due to the positive fundamentals of gold companies [3] - The Southern Gold ETF (159834) is designed to closely track the spot price of gold, offering high transparency and liquidity, supporting T+0 intraday trading [3]

Core Viewpoint - The article highlights the strong performance of the non-ferrous metal ETF (512400) and the underlying factors driving market sentiment, including U.S. tariff policy changes, geopolitical tensions, and macroeconomic data affecting interest rate expectations [1][2]. Group 1: Market Performance - The non-ferrous metal ETF (512400) increased by 3.69%, with a trading volume of 8.02 billion yuan and a turnover rate of 2.13% [1]. - Key stocks in the index, such as silver and platinum, saw significant gains, with silver rising by 10.03%, platinum by 8.23%, and Tongling Nonferrous Metals by 7.80% [1]. Group 2: Influencing Factors - The reversal of U.S. tariff policies, following a Supreme Court ruling, has led to increased market uncertainty, with tariffs raised from 10% to 15% on global goods [1]. - Geopolitical tensions between the U.S. and Iran have heightened global risk aversion, contributing to a shift in market sentiment [1]. - Strong employment data in the U.S. and hawkish comments from Federal Reserve officials have delayed interest rate cut expectations from June to July [1]. Group 3: Sector Analysis - **Precious Metals Sector**: The geopolitical tensions and tariff policy fluctuations have significantly increased market risk aversion and policy uncertainty premiums. Silver faces delivery concerns due to low inventory levels, while macroeconomic uncertainties support long-term investment value in precious metals [2]. - **Industrial Metals Sector**: This sector is currently in a phase of competition between macro expectations and seasonal fundamentals. Copper is supported by low terminal inventories, while aluminum faces temporary inventory pressures due to holiday shutdowns [2]. - **New Energy and Minor Metals Sector**: This sector is experiencing subdued trading activity due to holiday effects. Lithium prices are active, while nickel is supported by supply constraints from Indonesia. The rare earth market is seeing reduced demand, but financial attributes may increase price volatility in the future [3]. Group 4: ETF Overview - The non-ferrous metal ETF (512400) closely tracks the Zhongzheng Shenwan Non-ferrous Metal Index, which includes 50 listed companies to reflect the overall performance of the non-ferrous metal industry in the Shanghai and Shenzhen markets [3]. - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others [3].