央行连续15个月增持黄金！上海金ETF(159830)连续3日净流入超4亿元

Core Viewpoint - The Shanghai Gold ETF (159830) has seen significant inflows and a rise in share value, indicating strong investor interest and confidence in gold as a stable asset amid changing economic conditions [1][2]. Fund Performance - The Shanghai Gold ETF (159830) achieved a record high in shares since its inception as of February 6, 2026 [1]. - Over the past three days, the ETF experienced continuous net inflows, with a peak single-day inflow of 386 million yuan, totaling 402 million yuan [2]. Product Highlights - The management and custody fee for the Shanghai Gold ETF (159830) is 0.30% (0.25% management fee + 0.05% custody fee), which is lower than the average fee of 0.6% per year for most mainstream gold ETFs [2]. Related Events - The People's Bank of China has increased its gold reserves for 15 consecutive months, with a month-on-month increase of 40,000 ounces in January [2]. - As of the end of January 2026, China's gold reserves stood at 7,419 million ounces, up from 7,415 million ounces at the end of December 2025 [2]. Institutional Insights - Galaxy Securities suggests that the leadership change at the Federal Reserve should not be automatically interpreted as a major market trend shift, emphasizing that the impact on the U.S. economy will be crucial for dollar pricing [3]. - The report anticipates a short-term strengthening of the dollar, with a long-term "slow bear" trend, while maintaining that the core logic for a long-term bull market in gold remains intact due to ongoing central bank purchases [3].