上半年国内黄金ETF增仓量同比翻倍！8只主题基金规模超百亿元

Core Insights - China's gold production in the first half of 2025 was 179.083 tons, a year-on-year decrease of 0.31%, while gold consumption was 505.205 tons, down 3.54% year-on-year [4][5] - The increase in gold prices is attributed to geopolitical tensions and inflationary pressures in the U.S., with the London spot gold price rising by 24.31% since the beginning of the year [4][5] - Despite high gold prices suppressing jewelry consumption, demand for gold bars and coins has surged, reflecting a shift in consumer preferences towards investment [5][6] Gold Production and Consumption - In the first half of 2025, gold production included 139.413 tons from mining and 39.670 tons from by-products, with total production reaching 252.761 tons, a slight increase of 0.44% year-on-year [3][4] - The decline in gold consumption is primarily due to a 26% drop in jewelry demand, while gold bars and coins saw a 23.69% increase [5][6] Market Trends and Investment - As of the end of Q2 2025, the total scale of gold ETFs and related funds reached 260.337 billion yuan, marking a 49.73% increase quarter-on-quarter [6][7] - The average return for gold funds in the first half of 2025 was 23.01%, with the highest return recorded at 24.14% [7] - The trend of central banks increasing gold reserves is expected to support long-term price increases, despite short-term uncertainties due to tariff policies [8]