黄金配置的三大核心支撑

Core Viewpoint - Global central banks are increasing their gold reserves, reinforcing long-term confidence in gold as a safe-haven asset amid high geopolitical risks and market volatility, making gold ETFs (518800) an attractive investment option at this time [1] Group 1: Central Bank Actions - As of January 2026, China's central bank holds 2,305.37 tons of gold, having increased its reserves for 13 consecutive months [1] - Countries such as Russia, Turkey, India, and Saudi Arabia are also maintaining net purchases of gold, indicating a shift from "hedging against dollar risks" to "asset diversification strategies" [1] Group 2: Market Conditions - The expectation of potential interest rate cuts by the Federal Reserve, with 1-2 cuts of 25 basis points anticipated throughout 2026, is expected to support gold prices as actual interest rates trend downward [1] - Geopolitical risks remain high, particularly in regions like the Middle East and Eastern Europe, contributing to sustained demand for gold as a safe-haven asset [1] Group 3: Gold ETF (518800) Overview - The gold ETF (518800) is the only A-share market ETF backed by physical gold contracts, exempt from value-added tax, and has a market size exceeding 30 billion yuan, making it a preferred asset for investment [1] - The ETF has a 13-year operational history, with a latest scale of 31.387 billion yuan and an annualized return of 11.61% since inception, outperforming inflation and most fixed-income products [2] - The fund's net asset value as of January 8, 2026, is 9.43 yuan per unit, corresponding to the price of 1 gram of gold, with a management fee of 0.50% and a custody fee of 0.10%, both lower than active gold funds [2]