Core Viewpoint - The article discusses the complementary relationship between copper and gold in macroeconomic contexts, highlighting copper as a "barometer" for economic activity and gold as a safe-haven asset during geopolitical tensions and financial market volatility [1]. Group 1: Copper Demand and Economic Indicators - Copper prices are highly correlated with global manufacturing PMI and AI infrastructure investments, with significant demand driven by AI data centers, which can consume up to 50,000 tons of copper per facility [1]. - S&P Global predicts an additional demand of 2 million tons of copper from AI data centers between 2025 and 2040, leading to a sustained increase in copper prices [2]. Group 2: Gold as a Safe-Haven Asset - Gold's value is expected to rise as the Federal Reserve enters a rate-cutting cycle in 2025, enhancing its financial attributes [2]. - Historical data shows that gold prices surged during geopolitical conflicts, with a notable increase of over 27% in 2024 amid tensions in the Middle East [3]. Group 3: Investment Strategies and Index Composition - The segmented non-ferrous index captures the dual benefits of copper and gold, allowing for a mixed strategy of "technology growth + macro defense" [2]. - The index's composition includes 34.2% copper, 14.6% aluminum, and 14.4% gold, providing a balanced approach to capitalize on both industrial metal gains and gold's defensive qualities [9]. Group 4: Performance and Risk Management - The segmented non-ferrous index has shown a return rate of 171.24% over the past two years, outperforming major indices like the CSI 300, while maintaining lower maximum drawdowns [9]. - The fund's structure allows for effective risk management, with a Sharpe ratio of 1.73 over three years, indicating strong performance relative to peers [9].