ETF日报：黄金价格的上涨不仅源于其避险属性，也受益于“抛售美国”交易逻辑的再现

Market Overview - The A-share market experienced fluctuations today, with the Shanghai Composite Index slightly up by 0.08% at 4116.94 points, while the Shenzhen Component Index rose by 0.70%, the ChiNext Index by 0.54%, and the Sci-Tech Innovation Index by 2.32% [1][15] - The total trading volume in the Shanghai and Shenzhen markets was approximately 26,007.01 billion yuan, a decrease of about 1,770.97 billion yuan compared to the previous trading day [1][15] - The technology and gold sectors led the gains, with integrated circuits, chips, and non-ferrous metals performing well, while financials, coal, and transportation sectors lagged [1][15] - Overall market sentiment was neutral to strong, with 3,096 stocks rising and 2,197 falling [1][15] Gold Market - Gold stocks ETF (517400) surged by 6.33%, and gold fund ETF (518800) increased by 2.93%, driven by geopolitical tensions leading to higher gold prices [1][15] - As of 3 PM on the 21st, the London spot gold price reached a high of $4,888 per ounce [1][15] - Year-to-date, gold fund ETF has risen by 11.60%, and gold stocks ETF has increased by 26.73%, ranking among the top performers in ETFs [19][20] Semiconductor Sector - The semiconductor sector was active today, with CPU prices being a major driver. Integrated circuit ETF (159546) rose by 5.47%, chip ETF (512760) by 4.28%, and Sci-Tech chip ETF (589100) by 4.14% [1][21] - The current shortage of Intel's fourth and fifth generation CPUs is attributed to order mismatches, and the sixth generation CPUs require more time for customer adaptation [21] - The AI wave is expected to drive significant growth in the CPU market, with Nvidia GPUs and other major ASIC manufacturers projected to maintain high double-digit growth in 2026 [21][22] Central Bank Gold Purchases - The Polish central bank approved a plan to purchase 150 tons of gold, aiming to increase its gold holdings limit from 550 tons to 700 tons by the end of the year [4][17] - The Polish central bank has emphasized the special role of gold in its reserve structure, which contributes to the stability of the Polish economy [4][17]