2025上半年黄金ETF盘点：华安黄金ETF“一骑绝尘”，博时易方达新增超120亿

Core Viewpoint - The performance of gold ETFs in the first half of 2025 shows significant growth, with a total scale of 1488.99 billion yuan and an increase of 793.40 billion yuan, driven by rising risk aversion among investors due to geopolitical tensions and economic uncertainties [1][3]. Group 1: Gold ETF Market Overview - The gold ETF market is dominated by commodity-type ETFs, which account for nearly 1500 billion yuan in total scale, with the top five products being commodity-type [3]. - The Huaan Gold ETF (518880.SH) leads the market with a scale of nearly 600 billion yuan, experiencing a substantial increase of 311 billion yuan in the year [2][3]. - Other notable products include Bosera and E Fund, each adding over 120 billion yuan in scale [1][3]. Group 2: Commodity-type Gold ETFs - Commodity-type gold ETFs are directly linked to SGE Gold 9999 or Shanghai Gold spot prices, providing an efficient channel for investors to allocate physical gold [1][3]. - The surge in scale is attributed to heightened risk aversion, with investors seeking traditional safe-haven assets like gold amid global uncertainties [3]. Group 3: Stock-type Gold ETFs - Stock-type gold ETFs have a significantly smaller scale, totaling approximately 57 billion yuan, with the Yongying Gold Stock ETF (517520.SH) leading at 47.5 billion yuan [4]. - Other stock-type products generally have scales below 10 billion yuan, indicating a cautious investor sentiment towards "gold mining stocks" [4]. - The performance of stock-type ETFs is less correlated with gold prices and more influenced by the A-share market and corporate earnings [4].