首只规模突破千亿元的黄金ETF诞生！

Core Viewpoint - The article highlights the significant growth of the Huaan Gold ETF, which has become the first commodity ETF in China to surpass 100 billion yuan in size, indicating a strong interest from investors in gold as an asset class [3][6]. Group 1: ETF Growth and Performance - As of January 14, 2026, the Huaan Gold ETF (518880.SH) reached a scale of 100.76 billion yuan, making it the eighth ETF in China to exceed this threshold [3]. - The E Fund ChiNext ETF (159915.SZ) follows closely with a scale of 98.89 billion yuan, poised to cross the 100 billion yuan mark soon [4]. - The total scale of gold ETFs surged from 71.28 billion yuan at the beginning of 2025 to 269.7 billion yuan by January 14, 2026, reflecting a multi-fold increase across all gold ETF products [8]. Group 2: Factors Driving Growth - The growth in the gold ETF's scale is attributed to a "dual drive" of increased holdings and rising net asset values, with circulating shares increasing from 4.86 billion at the start of 2025 to 10.16 billion by January 14, 2026, a growth of 110% [6]. - Institutional holdings rose from 3.23 billion shares at the end of 2024 to 5.28 billion shares in mid-2025, accounting for 64.7% of total holdings, indicating strong interest from diverse funding sources [6]. - Gold prices have significantly contributed to this growth, with the gold ETF appreciating by 57.6% in 2025 and an additional 6.45% in early 2026 [6]. Group 3: Market Context and Future Outlook - The expansion of gold ETFs is closely linked to macroeconomic factors, including continuous gold purchases by global central banks, the onset of a Federal Reserve rate-cutting cycle, and escalating geopolitical risks, which have collectively driven gold prices into an upward trajectory [8]. - The London gold price reached over $4,630 per ounce in January 2026, reflecting the changing dynamics in gold pricing, which has shifted from being primarily influenced by U.S. Treasury yields to a more diversified set of drivers [8]. - Over the past 15 years, gold has delivered an average annual return exceeding 8%, outpacing China's consumer price index (CPI), and has shown an average price increase of 18% in years where inflation exceeds 3% [8]. Group 4: Investment Implications - The emergence of the 100 billion yuan gold ETF enhances the asset allocation toolkit for professional investors, although caution is advised regarding volatility management [10]. - The maximum drawdown for gold ETFs since their inception in 2013 was 22% in August 2015, with the maximum drawdown in the last five years around 20%, highlighting the importance of understanding risk in this asset class [10]. - The growth of gold ETFs signifies a shift towards diversified and defensive asset allocation strategies in a volatile market environment, underscoring their increasing value in investment portfolios [10].