明起降费！黄金股ETF（159562）震荡回调，机构：维持黄金股“底部布局”判断

Group 1 - International gold prices declined, with COMEX gold futures down 0.33% as of the report date [1] - The China Gold ETF (518850) fell by 0.46%, while the Gold Stock ETF (159562) decreased by 0.94% [1] - Notably, Huaxia Fund announced a reduction in trading fees for the Gold Stock ETF (159562) and its linked funds, effective May 15, 2025, lowering management fees from 0.50% to 0.15% and custody fees from 0.10% to 0.05%, making it the lowest fee level in the market for similar products [1] Group 2 - Guojin Securities believes that the core drivers for gold price increases in 2025, amid U.S. "stagflation" expectations, have not yet fully played out, indicating significant potential for the current gold upcycle [1] - The firm has constructed a gold space measurement framework, predicting that increased "stagflation" pressures in the U.S. will initiate a new round of gold price increases [1] - The outlook for gold stocks remains positive, with expectations of a "Davis Double" effect combined with undervaluation and increased institutional allocation, maintaining a "bottom layout" judgment [1] Group 3 - Huatai Futures noted that while the Federal Reserve is currently holding steady, other central banks are still engaging in rate cuts, leading to a temporary recovery in market risk sentiment [2] - Despite concerns about U.S. economic recession easing, the market's rate cut expectations have adjusted to 56 basis points, aligning with Federal Reserve forecasts, suggesting limited negative impact on gold prices from interest rate logic [2] - Tianfeng Futures indicated that the recent alleviation of external disturbances may prolong the time needed for gold prices to rebound, as credit logic's headwinds could continue to develop [2]