ETF日报：全球地缘动荡频发推动资产储备多元化，黄金作为安全资产的需求持续提升，可关注黄金基金ETF

Market Overview - The A-share market experienced overall fluctuations today, with the Shanghai Composite Index rising by 0.21% to 3387.57 points, the Shenzhen Component Index increasing by 0.44%, and the ChiNext Index up by 0.83%. The Sci-Tech Innovation Board Index fell by 0.27% [1] - The trading volume in both markets was approximately 11,734.78 billion yuan, an increase of about 37.75 billion yuan compared to the previous trading day [1] - The market sentiment appears to be weak in the short term, with more stocks declining than rising, as nearly 3,400 stocks fell across the two markets [1] Coal Industry Analysis - The coal sector has seen a significant decline this year, with the main reasons being deteriorating fundamentals leading to a double hit on earnings and valuations. The main business revenue of the coal index component stocks dropped by 18.45%, and net profit fell by 28% [3] - The coal price, a key variable for coal company profitability, has decreased significantly, with thermal coal prices dropping from 830 yuan/ton to around 610 yuan/ton, a decline of 26.5%, and coking coal prices down by 24.9% [3] - Despite the increase in dividend yield from 5.79% to 6.29%, the overall sentiment remains pessimistic regarding future growth, as high dividends often indicate a lack of growth expectations [3] Gold Market Insights - Tensions in the Middle East have led to a rebound in gold prices, with gold stock ETFs and gold fund ETFs rising by 4.15% and 3.19%, respectively [4][5] - The increase in gold prices is supported by rising demand for safe-haven assets due to geopolitical uncertainties and changes in tariff policies that have exacerbated inflation risks in the U.S. economy [5] - China's central bank has continued to increase its gold reserves, with the latest data showing a rise to 73.77 million ounces, marking the sixth consecutive month of increases [5] Future Outlook - The coal industry is showing signs of demand recovery, but profitability remains under pressure due to ongoing price declines. Short-term gains do not yet indicate a definitive upward trend [7] - Investors are advised to maintain a cautious stance and monitor any signs of stabilization in coal prices to identify potential investment opportunities in coal ETFs [7]