“黄金 +” 产品正式崛起，资管行业开启多元配置新时代

Core Viewpoint - Despite recent price corrections, gold remains one of the best-performing assets in recent years, with a 27% increase in 2024 and over 70% since 2025. This has led banks and institutions to launch "gold+" multi-asset strategy products [1] Group 1: Market Trends and Product Development - The acceptance of gold as a strategic asset has increased, with 45% of domestic FOF products holding gold by mid-2025, up from 20% at the end of 2020 [1] - The number of bank wealth management products containing "gold" reached 52 by December 30, 2025, compared to only a few two years prior [1] - In 2025, 40 out of 89 newly established FOF funds included gold indices in their performance benchmarks, indicating a significant rise in gold's popularity in multi-asset allocations [5] Group 2: Performance of "Gold+" Products - Several "gold+" wealth management products have shown impressive returns this year, with notable examples including a 21.7% return for 招银理财 and 23.0% for 兴证全球基金 [2] - The average annualized return for wealth management products with "gold" in their names was 4.56%, outperforming other types of products [2] Group 3: Strategic Positioning of Gold - Asset managers emphasize that gold's role in "gold+" products is not solely for yield growth but also for its hedging capabilities to reduce portfolio volatility [2] - The long-term value of gold in asset allocation is supported by its anti-inflation properties and negative correlation with other assets [3] Group 4: Innovations in Product Offerings - Banks are innovating "gold+" products, with two main types: "fixed income + gold" and structured products linked to gold derivatives [5][6] - The introduction of structured wealth management products has gained traction, allowing for capturing gold price increases while mitigating volatility [6] Group 5: Regulatory and Market Context - The regulatory environment is encouraging long-term capital to enter the market, with banks increasing their equity asset allocation [7] - The insurance sector is also exploring gold investments, recognizing its liquidity and long-term return potential compared to traditional assets [9]