黄金ETF增仓量，同比增长164%

Core Insights - Domestic gold ETF holdings increased significantly, with a year-on-year growth of 164.03% in the first three quarters of 2025, reaching 79.015 tons [1] - Gold production in China saw a slight increase of 3.6% year-on-year, totaling 392.931 tons, driven by strategic mining projects and advancements in mining technology [2] - The trading volume of gold on the Shanghai Gold Exchange rose by 2.45%, while the trading volume of gold futures and options on the Shanghai Futures Exchange surged by 59.98% [3] Gold Production and Imports - Domestic gold production reached 271.782 tons, marking a 1.39% increase year-on-year, while imported gold production was 121.149 tons, up 8.94% [2] - Major gold mining projects, such as the Dadonggou gold mine in Liaoning, are progressing, with estimated gold resources of nearly 1500 tons [2] Gold Consumption Trends - Total gold consumption in China decreased by 7.95% year-on-year to 682.73 tons, with jewelry consumption dropping by 32.50% [5] - Demand for gold bars and coins increased by 24.55%, reflecting a strong market for investment-grade gold amid economic uncertainties [5] Regulatory Changes - Recent tax policy changes by the Ministry of Finance and the State Administration of Taxation aim to promote gold trading by exempting value-added tax on standard gold transactions [5][6] - The new policy is expected to enhance the transparency and regulation of gold trading, benefiting both investment and consumer demand [6]