金价新高也不慌？资管机构认可黄金压舱石地位 核心仓位保持稳定

Core Viewpoint - The rising gold prices have led domestic asset management institutions to increasingly recognize gold's unique value in asset allocation, with a significant price increase of approximately 27% in 2024 and over 70% since 2025, outperforming most mainstream assets [1] Group 1: Reasons for Gold as a Strategic Asset - Gold's negative correlation with traditional financial assets like stocks and bonds, its ability to hedge against inflation and currency devaluation, and its function as a "cash substitute" during liquidity crises are the three main reasons for its inclusion in asset allocation [3][4] - Gold's long-term inflation resistance is emphasized, particularly in the context of high global debt and challenges to the dollar's credibility, making it a valuable non-sovereign credit asset [3] - The liquidity management aspect of gold allows asset managers to quickly convert it into cash during market stress, thus stabilizing the overall investment portfolio [4] Group 2: Market Outlook and Strategic Positioning - Despite concerns about potential price corrections due to recent highs, asset managers maintain that gold's strategic value in portfolios remains intact, supported by ongoing central bank purchases and geopolitical risks [5][6] - The long-term support for gold prices is attributed to continuous central bank buying, the trend of "de-dollarization," and the macroeconomic environment of declining real interest rates [5][6] - Asset managers are advised to maintain a stable core position in gold while tactically adjusting based on market conditions, focusing on risk hedging and long-term returns rather than short-term speculation [5][6] Group 3: Growth Potential of Gold in Asset Management - The domestic gold ETF market, currently around 240 tons with a market value close to 240 billion yuan, has significant room for growth compared to the 150 trillion yuan asset management market [7] - The "golden+" product strategy is seen as having immense potential in the domestic market, driven by a strong consumer base, low interest rates, and the influx of new capital from insurance and pension funds [7][8] - International experiences indicate that gold is increasingly viewed as a strategic core asset in portfolios, with successful strategies involving a mix of long-term holdings and tactical adjustments [8][9]