贵金属迎来右侧布局机会，上海金ETF嘉实(159831)上涨1.24%，份额创近1月新高！

Group 1 - The Federal Reserve has lowered interest rates by 25 basis points in September, with potential for two more rate cuts within the year, reinforcing expectations for liquidity easing [1] - Continuous gold purchases by central banks and the weakening of the US dollar credit are identified as core drivers for the upward shift in gold prices, presenting opportunities for precious metals investments [1] - As of September 22, 2025, the Shanghai Gold ETF (Jia Shi) has seen a 1.24% increase, with a trading volume of 10.78 million yuan, and an average daily trading volume of 37.96 million yuan over the past month [1] Group 2 - The latest share count for the Shanghai Gold ETF (Jia Shi) reached 89.16 million, marking a one-month high, with a net inflow of 9.57 million yuan [3] - Over the past five trading days, there have been net inflows on four days, totaling 38.45 million yuan [3] - The net asset value of the Shanghai Gold ETF (Jia Shi) has increased by 72.32% over the past two years, with a maximum monthly return of 10.00% since inception [3] Group 3 - CITIC Construction Investment Securities emphasizes the significant long-term allocation value of gold, with short-term price fluctuations influenced by profit-taking [3] - The three main supports for gold prices in the long term include the Fed's rate-cutting cycle, ongoing global political uncertainties, and continuous gold purchases by central banks [3] - Guoxin Futures indicates a clear medium to long-term upward trend in the precious metals market, driven by liquidity support from the Fed, diversified foreign exchange reserves, and heightened risk aversion due to regional conflicts [3]