Group 1 - The A-share market showed strength on February 24, with resource-related ETFs leading the gains, particularly oil and gas ETFs which rose over 9% [1][2] - The overall market saw a net outflow of over 830 billion yuan in ETFs since the beginning of 2026, with a notable trend of funds flowing into bond ETFs prior to the Spring Festival [1][4] - The outlook for the non-ferrous metals sector remains positive, driven by increased demand from new industries such as electric vehicles and AI, alongside a tightening supply of quality mineral resources [2][4] Group 2 - The trading volume for the A500 ETFs was notably high, with several funds exceeding 50 billion yuan in transaction value on February 24, indicating strong investor interest [3] - Bond ETFs, particularly short-term bond ETFs, experienced significant inflows leading up to the Spring Festival, while broad-based ETFs continued to see net outflows [3][4] - Market analysts predict a continuation of a "volatile upward" trend, with a shift in investment logic from valuation recovery to profit-driven strategies, highlighting the attractiveness of A500 ETFs as a long-term investment option [3][4]

上周（2.2~2.6）黄金市场再次呈现历史罕见的巨幅震荡，周内波动率达到历史均值五倍。主要因杠杆 交易解除与新的中长期买盘交相影响市场。 市场观点方面，过往一周黄金市场的极端波动仍在加剧，周内年化波动率达到极端惊人的75%，为历史 均值的五倍之巨。主要因杠杆交易解除与新的中长期买盘交相影响市场，市场继续消化下一任美联储主 席凯文·沃什的影响，对其历史展现的货币政策倾向性以及当前美国财政和金融市场情况重新考量，未 必为必然的紧缩性前景。周内美联储多位官员发表讲话，米兰已经辞去白宫经济顾问委员会主席一职， 意味着可能会继续担任美联储理事，也是特朗普阵营的鸽派代表，其表示美联储今年有必要将利率下调 超过100个基点。因此周内市场情绪开始逐渐修复，同时中长期资金仍逢低有望将黄金纳入配置。 周内地缘政治风险边际缓和，美国和伊朗重启谈判，第一轮谈判已经结束后续还将继续谈判。中美领导 人通电话，4月美国总统特朗普计划访华，短期风险偏好边际上升。 整体而言，在经历短期距离震荡后，前期累积的高杠杆头寸受到一定瓦解，但市场波动率仍较历史水平 显著过高，后续降波完成后或迎来较好的投资机会。 上周市场动态，美国1月制造业PMI显著回 ...