央行连续14个月增持黄金，黄金基金ETF（518800）连续5日净流入超14亿元，规模超300亿元

Group 1 - The People's Bank of China has increased its gold reserves for 14 consecutive months, with a total of 7.415 million ounces as of the end of 2025, an increase of 30,000 ounces from the end of November last year [1] - Gold ETFs have seen a net inflow of over 1.4 billion yuan for five consecutive days, bringing the total scale to over 30 billion yuan [1] - Long-term outlook suggests a weakening of the US dollar's credibility, supporting the central bank's continued gold purchases and a bullish sentiment on gold prices [1] Group 2 - The current geopolitical tensions, a weak dollar, and loose liquidity conditions have initiated a trend of rising precious metal prices, despite recent volatility due to deleveraging [1] - The supply-demand balance and differentiated inventory structures are expected to provide price support for gold in the long term [1] - Investors are encouraged to consider direct investments in physical gold and tax-exempt gold ETFs (518800), as well as gold stock ETFs (517400) that cover the entire gold industry chain [1]