Group 1 - Significant capital inflow was observed in the technology and non-ferrous metal sectors during the last two trading days, with over 3 billion yuan net inflow into the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and over 2 billion yuan into the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF and the Southern CSI Shenwan Non-ferrous Metals ETF [1] - The non-ferrous metal sector showed notable gains, with several public fund institutions' non-ferrous themed ETFs reporting over 5% increase in value from October 9 to October 10 [1] - As of October 10, multiple gold stock ETFs have seen year-to-date gains exceeding 90%, with Yongying Fund's gold stock ETF rising over 96% this year, driven by various macroeconomic factors and a strong upward trend in gold prices [1]

Core Viewpoint - The article discusses the recent collective rise of gold-themed ETFs and related non-ferrous metal ETFs, highlighting the differences among three key indices: the China Securities Non-Ferrous Metals Index, the China Securities Sub-Industry Non-Ferrous Metals Theme Index, and the National Non-Ferrous Metals Industry Index [1]. Group 1: Differences Among Indices - **Constituent Stock Composition**: The China Securities Non-Ferrous Metals Index includes a broad range of listed companies involved in the mining, smelting, and processing of non-ferrous metals, with an average market capitalization of approximately 40.2 billion CNY [2]. The China Securities Sub-Industry Non-Ferrous Metals Theme Index focuses on larger, more liquid companies within specific sub-industries, with an average market capitalization of about 45.9 billion CNY [3]. The National Non-Ferrous Metals Industry Index selects 50 prominent securities based on industry classification standards, with an average market capitalization of around 46.7 billion CNY [4]. - **Industry Distribution**: The top five industries in the China Securities Non-Ferrous Metals Index are copper, gold, aluminum, rare earths, and lithium, with a relatively balanced distribution [6]. The China Securities Sub-Industry Non-Ferrous Metals Theme Index also lists the same top five industries, but copper's share exceeds 30% [8]. Similarly, the National Non-Ferrous Metals Industry Index has a comparable distribution, with copper also exceeding 30% [10]. - **Top Ten Weightings**: The cumulative weighting of the top ten stocks in the China Securities Non-Ferrous Metals Index is 45.91% [12]. In contrast, the China Securities Sub-Industry Non-Ferrous Metals Theme Index has a cumulative weighting of 51.22% [12], while the National Non-Ferrous Metals Industry Index stands at 52.1% [12]. Notably, the largest stock, Zijin Mining, has a weight of less than 11% in the China Securities Non-Ferrous Metals Index, but exceeds 16% in the other two indices [12]. Group 2: Similarities Among Indices - **Industry Focus**: All three indices concentrate on the non-ferrous metals sector, reflecting the performance of listed companies in this industry, closely tied to the overall development trends, market supply and demand, and price fluctuations of non-ferrous metals [18]. - **Constituent Stock Selection Rules**: Each index selects stocks from the Shanghai and Shenzhen markets (with the National Non-Ferrous Metals Industry Index also including the Beijing Stock Exchange) based on liquidity and market capitalization to ensure a representative sample of the industry [18]. - **Valuation Levels**: The valuation levels of the three indices are consistent, with all having a TTM price-to-earnings ratio below the historical 20th percentile, indicating a historically low valuation [18].