关税风暴推高避险需求，黄金再创历史新高，黄金股票ETF备受关注

Core Viewpoint - The gold industry is experiencing a strong performance, driven by geopolitical tensions and macroeconomic factors, leading to increased demand for gold as a safe-haven asset [1][2]. Group 1: Market Performance - As of January 19, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.50%, with significant gains from constituent stocks such as Sichuan Gold (+9.99%) and Zhaojin Mining (+9.71%) [1]. - The Gold Stock ETF (159322) increased by 1.66%, with the latest price reported at 1.9 yuan [1]. Group 2: Geopolitical Factors - On January 18, multiple EU countries are considering imposing tariffs on U.S. goods worth €93 billion in response to U.S. tariffs on European nations regarding Greenland [1]. - President Trump announced a 10% tariff on goods from several European countries, effective February 1, with plans to increase the rate to 25% starting in June [1]. Group 3: Investment Insights - Huafu Securities noted that rising macroeconomic and regional risks are enhancing the safe-haven appeal of precious metals [1]. - In the short term, expectations for U.S. Federal Reserve interest rate cuts are fluctuating, creating a market environment where gold prices are likely to rise [1]. - In the long term, uncertainties surrounding global tariff policies and regional politics will continue to support gold as a core investment for hedging and inflation concerns [1]. Group 4: Index Composition - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [2]. - As of December 31, 2025, the top ten weighted stocks in the index accounted for 63.58% of the total index weight, with major companies including Zijin Mining and Shandong Gold [2].