全球最大的黄金ETF增加持仓，黄金ETF华夏（518850）规模再创新高

Core Viewpoint - International gold prices experienced fluctuations and a slight decline, while related ETFs showed modest gains, indicating ongoing investor interest in gold and precious metals [1] Group 1: ETF Performance - As of the report, the 华夏黄金ETF (518850) increased by 0.33%, the 黄金股ETF (159562) rose by 0.75%, and the 有色金属ETF基金 (516650) gained 0.87% [1] - Notably, the 华夏黄金ETF (518850) saw net inflows in 17 out of the last 20 trading days, accumulating over 1.363 billion yuan in total [1] - The latest share count for the 华夏黄金ETF reached 1.103 billion, with a total scale of 10.079 billion yuan, marking a new high [1] Group 2: Global ETF Holdings - As of December 4, 2025, the SPDR Gold Trust, the world's largest gold ETF, held 1,050.58 tons of gold, an increase of 4.00 tons from the previous trading day [1] - The iShares Silver Trust, the largest silver ETF globally, reported a holding of 16,094.45 tons, up by 95.90 tons from the previous trading day [1] Group 3: Market Outlook - According to a recent report from 中金公司, the cyclical demand and structural trends are expected to continue to resonate, suggesting that gold and silver prices may remain in an upward channel through 2026 [1] - 恒泰期货 indicated that due to the deterioration of the US credit system, global monetary system restructuring, and asset revaluation, non-US assets are likely to outperform, with gold remaining a long-term asset allocation choice [1]