Core Viewpoint - The article discusses the recent military conflict between the US and Iran, its impact on oil and gold prices, and the underlying reasons for the divergence in their market behaviors during this period [4][5]. Group 1: Understanding "Chaos" and Gold's Role - The traditional notion of "buying gold in chaotic times" is challenged by recent market trends, where gold prices fell sharply despite escalating conflicts [7][8]. - The true meaning of "buying gold in chaos" is not merely linked to war but rather to the instability of the monetary system and the risk of currency devaluation [8][9]. - The difference between the impacts of the Russia-Ukraine war and the recent Israel-Iran conflict on gold prices is highlighted, with the former leading to significant financial sanctions that affected global perceptions of the dollar [10][11]. Group 2: Liquidity and Interest Rates - The article emphasizes the importance of real interest rates and liquidity conditions in understanding the recent decline in gold prices, as high real interest rates increase the opportunity cost of holding gold [12][13]. - The market's reaction to the conflict involved profit-taking from previous gains, leading to a rapid decline in gold prices, which is described as a market correction rather than a failure of gold as a safe haven [14]. Group 3: Impact on the Dollar Oil Pricing System - The article explains the foundation of the petrodollar system established in the 1970s, where oil transactions are conducted in dollars, reinforcing the dollar's status as a global reserve currency [16]. - The recent conflict's direct impact on the dollar oil system is limited, as Iran was already outside this system, and major oil-producing countries continue to operate within it [18]. - However, the conflict signals a gradual reassessment of reliance on the dollar by countries in the region, contributing to a long-term trend of de-dollarization [18]. Group 4: Asset Allocation Perspective - The article advises against speculative trading in gold and oil for ordinary investors, emphasizing the complexity of the factors influencing their prices [20]. - Gold's value in an investment portfolio lies in its low correlation with other assets, particularly during market downturns, making it a strategic asset for risk management [21]. - For oil, the recommended approach for ordinary investors is to use commodity ETFs to gain exposure while mitigating risks associated with individual commodities [23]. Group 5: Principles for Ordinary Investors - Investors should clarify their objectives for holding gold or oil, as different purposes require different strategies [24]. - Acceptance of volatility is crucial, as both gold and oil can experience significant price fluctuations [24]. - Timing the market is discouraged; instead, a strategy of gradual buying and long-term holding is recommended [25].

Market Overview - The Shanghai Composite Index rose by 0.39%, while the ChiNext Index fell by 1.04% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 25,055 billion yuan, a decrease of 512 billion yuan compared to the previous day [1] - Over 3,200 stocks across the three markets experienced gains [1] Sector Performance - Rare metal stocks saw a surge, with significant increases in magnesium and tungsten stocks [1] - The rare metal ETFs, including the Rare Metal ETF and Rare Earth ETF, reported gains of 4.68% and 4.11% respectively [1] - The power sector showed strength, with the Power ETF and Green Power ETF rising by 2.73% and 2.53% respectively [1] - The steel sector also performed well, with the Steel ETF increasing by 2.45% [1] Declining Sectors - The ChiNext Growth ETF and the Deep Growth ETF both fell by 2% [1] - The semiconductor sector experienced declines, with the Semiconductor Equipment ETF and the Sci-Tech Semiconductor ETF dropping by 2.16% and 2.15% respectively [1]

Group 1 - The core viewpoint of the news is the strong performance of the Commodity ETF (510170), which has seen a 2.49% increase, marking four consecutive days of gains and a significant trading volume of 15.73 million yuan [1] - The Commodity ETF (510170) is the only ETF tracking the Shanghai Stock Exchange Commodity Stock Index, known for its long-term strong performance and early establishment among similar products [1] - The ETF closely tracks the Shanghai Commodity Stock Index, which includes large-cap, liquid commodity production companies listed on the Shanghai Stock Exchange, reflecting the overall performance of commodity stocks [1] Group 2 - In January 2026, international non-ferrous metal prices increased, leading to a 5.7% and 5.2% month-on-month rise in domestic non-ferrous metal mining and smelting industries, with specific increases in silver, copper, gold, and aluminum smelting prices of 38.2%, 8.4%, 4.8%, and 2.3% respectively [2] - The global macroeconomic uncertainty is rising, with the IMF projecting a slowdown in global economic growth to 3.1% in 2026, while developed economies are expected to grow at about 1.6% and emerging markets slightly above 4% [2] - Under tight supply and steady demand conditions, many commodities with fundamental shortages or uneven geographical distribution are likely to rise, supported by geopolitical disturbances and inflation expectations [2]

Core Insights - The internationalization of the securities industry is experiencing rapid development, with a significant shift in the role of Chinese securities firms from "participants" to "main players" in the Hong Kong market [2][3] - The report from the China Securities Association indicates that securities firms with a high degree of internationalization have seen their international business revenue account for approximately 25% of total income, marking it as a crucial profit source [3][4] Group 1: Domestic Securities Firms - Chinese securities firms have established 38 overseas primary subsidiaries, extending their business reach globally through various branches and subsidiaries [3][4] - In 2024, Chinese securities firms facilitated 64 companies to list on the Hong Kong Stock Exchange, raising a total of 864 billion HKD, and in the first nine months of 2025, they assisted 65 companies, raising 1,874 billion HKD [3] - Firms like Industrial Securities, GF Securities, and Orient Securities are leveraging Hong Kong as a base to explore digital assets, cross-border risk management, and European mergers and acquisitions [4] Group 2: Foreign Securities Firms - There are currently 16 foreign securities firms operating in China, with 11 being foreign-controlled, including five wholly foreign-owned companies [5][6] - Foreign firms are diversifying their services beyond traditional trading and underwriting to include investment consulting and asset management, aiming to capture opportunities in the evolving financial landscape [5][6] - Different types of foreign firms, such as international investment banks and commercial banks, are adopting distinct development paths based on their backgrounds and strengths [6][7] Group 3: Challenges and Future Outlook - Despite significant achievements, the internationalization of the securities industry faces deep-rooted challenges, including the need for better capital strength and management integration for Chinese firms [8][9] - Foreign firms are struggling with local adaptation, often facing difficulties in balancing global operational standards with local market needs [8][9] - The China Securities Association aims to enhance the international capabilities of the industry through improved self-regulation and collaboration, anticipating a more favorable institutional environment for internationalization [9][10]

Core Insights - The internationalization of the securities industry is experiencing rapid development, with Chinese securities firms expanding their global presence through 38 overseas subsidiaries, while foreign firms are establishing a foothold in China with 16 institutions [2][4][8] - Securities companies with a high degree of internationalization have seen their international business revenue account for approximately 25% of total income, marking this segment as a significant source of profit growth [3][4] Group 1: Domestic Securities Firms - Chinese securities firms have transitioned from being "participants" to "main players" in the Hong Kong market, facilitating the return of Chinese concept stocks and supporting IPOs [5] - In 2024, Chinese securities firms assisted 64 companies in raising a total of 864 million HKD in Hong Kong, and from January to September 2025, they helped 65 companies raise 1.874 billion HKD [5] - Different firms are leveraging differentiated positioning, with examples including 兴业证券 (Industrial Securities) and 广发证券 (Guotai Junan Securities) focusing on digital assets and cross-border risk management [5][6] Group 2: Foreign Securities Firms - The ongoing opening of China's financial market has led foreign securities firms to diversify their services beyond traditional trading and underwriting to include investment consulting and asset management [8][9] - There are currently 16 foreign securities firms in China, with 11 being foreign-controlled, including five wholly foreign-owned companies [8][9] - Foreign firms are adopting different development paths based on their backgrounds, such as international investment banks providing comprehensive financial services and commercial bank-affiliated firms focusing on fixed income and asset securitization [9][10] Group 3: Challenges and Future Outlook - Despite significant achievements, the internationalization of the securities industry faces challenges, including the need for better capital strength and management integration for Chinese firms, and the struggle for foreign firms to adapt to local markets [12][13] - The China Securities Association aims to enhance international capabilities and support the implementation of new policies to foster a more conducive environment for the internationalization of the securities industry [12][13] - Future developments will require balancing opportunities and risks, as well as internationalization and localization, which will be critical for all market participants [13]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report The report provides a comprehensive overview of the global commodity ETF market, including its development history, market structure, user groups, and application scenarios. It also compares the Chinese and overseas commodity ETF markets, highlighting the gaps and potential for development in the Chinese market. Commodity ETFs have become a core financial tool for investors to gain exposure to commodity risks, driven by factors such as inflation hedging and portfolio diversification [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Commodity ETF Development History 3.1.1 Overseas Commodity ETF Development History - **Stage 1 (Late 1990s - Early 2000s)**: The development of commodity ETFs began in the late 20th to early 21st century. Early products used futures contracts as underlying assets, and precious metals became the breakthrough for early commodity ETFs. In 2003, Australia launched the Gold Bullion Securities (GBS), and in 2004, the US launched the SPDR Gold Shares (GLD), the first large - scale and widely - adopted commodity ETF [13][14]. - **Stage 2 (2005 - 2010s)**: Commodity ETFs entered a period of rapid development with diversified product targets. The global financial crisis in 2008 led to an increase in the asset scale of gold ETFs and the diversification of commodity ETF structures, including the emergence of ETN [16][17]. - **Stage 3 (2015 - Present)**: The commodity ETF market has become more diversified. Theme - based commodity ETFs have developed rapidly, and there is a clear differentiation in investor preferences between institutional and retail investors [19]. 3.1.2 Chinese Commodity ETF Development History - **Stage 1 (2013 - 2014)**: China's commodity ETFs started late but developed rapidly. The first domestic gold ETF was launched in 2013, and several other gold ETFs were launched in 2014 [23]. - **Stage 2 (2019 - Present)**: The domestic commodity ETF market has become more diversified, covering non - precious metal sectors such as agricultural products, industrial metals, and energy [24]. 3.2 Commodity ETF Market Structure and Current Situation 3.2.1 Generalized and Narrow - Sense Commodity ETFs Generalized commodity ETFs include narrow - sense commodity ETFs (funds), commodity ETCs (physical collateral certificates), and commodity ETNs (unsecured bonds). Narrow - sense commodity ETFs can be further divided into physical, equity, and futures - based types [27]. 3.2.2 Market Scale The commodity ETF market has been growing in recent years, but its overall scale accounts for a relatively small proportion of the global ETF market. The market is highly concentrated regionally, with the US and Europe leading in terms of scale [37][40]. 3.2.3 Classification Scale Characteristics - **By Fund Type**: Narrow - sense commodity ETFs and commodity ETCs have seen stable growth in quantity and asset scale, while commodity ETNs have shown high volatility. The US is the main market for narrow - sense commodity ETFs and commodity ETNs, and Europe is the main market for commodity ETCs [42][50]. - **By Investment Target**: Asset allocation in generalized commodity ETFs is mainly concentrated in precious metals. In commodity ETNs, the composite index and energy play important roles [53][55]. 3.2.4 Concentration Characteristics and Top Products The asset scale of commodity ETFs is highly concentrated. Commodity ETCs and agricultural - themed generalized commodity ETFs have the highest concentration. The top 20 products are mainly precious - metal - based ETFs, showing concentration in fund type, asset target, and listing region [77][80][81]. 3.3 Commodity ETF User Groups and Application Scenarios 3.3.1 Investor Structure Overview Institutional investors' holding scale in the global generalized commodity ETF market has been growing steadily, while the holding ratio has remained relatively stable. Institutional investors prefer precious metals and composite index ETFs, narrow - sense commodity ETFs, and large - scale products. There are significant regional differences in investor structure [86][92][104]. 3.3.2 Investor Allocation Logic and Demand Scenarios - **Core Financial Tool**: Commodity ETFs are used for industry rotation investment, event - driven trading, theme investment, and earning roll - over returns [2]. - **Inflation Hedging**: Commodity ETFs are used to hedge inflation and are an important part of asset allocation during high - inflation periods [132][133]. - **Portfolio Diversification**: Commodity ETFs have low correlations with traditional financial assets, which can reduce portfolio volatility and enhance returns [145]. - **Currency Risk Hedging and Hedging**: Commodity ETFs can be used for currency risk hedging and hedging operations, especially suitable for small and medium - sized enterprises [149]. 3.4 Comparison of Chinese and Overseas Commodity ETFs The Chinese commodity ETF market has made great progress but still lags behind mature markets in terms of product coverage, strategy design, investor structure, and market liquidity. The Chinese market mainly consists of traditional passive products and a retail - dominated investor structure, with great potential for development [3].

Group 1 - The ETF market opened with mixed performance, with the Huabao Sci-Tech AI ETF (589520) leading the gains at 1.92% [1] - The Sci-Tech Board AI ETF (588930) increased by 1.72%, while the Guotai Sci-Tech Chip ETF (589100) rose by 1.54% [1] - The Energy and Chemical ETF (159981) experienced the largest decline at 3.63%, followed by the Coal ETF (515220) down 2.24%, and the Commodity ETF (510170) falling by 1.57% [1]

Group 1 - The overall performance of ETFs showed mixed results, with mining ETFs leading the gains at 1.70% [1] - Gold stock ETFs also performed well, increasing by 1.54% [1] - Commodity ETFs rose by 1.37%, indicating a positive trend in this sector [1] Group 2 - On the downside, the biotechnology vaccine ETFs experienced the largest decline, falling by 1.67% [1] - Financial technology ETFs also faced losses, with a drop of 1.67% and 1.56% respectively [1]