2025年，黄金市场以超过70%的年涨幅和创纪录的54次历史新高震撼了全球投资者。在美联储降息周期 深化、全球央行持续购金以及地缘政治不确定性延续的背景下，黄金市场在年终岁初迎来新的机遇，而 选择一个靠谱的交易平台，是投资人的第一步。领峰环球凭借其国际权威监管、尖端科技与专业服务， 成为众多投资者参与黄金投资的首选平台。 02 创新服务模式：教育与实时指导并重 领峰环球的直播间课堂是平台的一大特色服务。由经验丰富的实战派分析师团队每日授课教学，涵盖宏 观经济分析、技术指标解读、风险控制策略等内容，实时追踪黄金新动态，免费分享布局策略和投资心 得。遇上非农报告、利率决议等重大行情时，还有专场课程解码数据背后玄机，帮助投资者理清金价波 动轨迹，把握市场机遇。 平台的教学资源适合不同投资者的需求。新手投资者可以通过官网《投资知识》专栏系统性学习投资基 础知识与技巧，以及《MT5教学》、《财经事 轻松聊》等视频进一步丰富拓展知识面。 03 新岁献礼：特别优惠活动助力投资启航 2026新岁启新程，领峰环球推出一系列优惠活动，为投资者提供实实在在的交易成本优化。 01 四大核心优势：构筑领峰环球的实力基石 ◇在贵金属投资 ...

2026年的开年大戏，依旧是黄金唱主角。只是这一次，银行似乎想把普通散户"劝退"到观众席。 月初，工商银行更新关于个人积存金业务的风险提示，公告核心内容直指风险等级：积存金产品的风险 评级被正式固化为R3（平衡型）。 这意味着，过去那些习惯把积存金当做"强制储蓄"或"零钱理财"的稳健型（R2）客户，在2026年将失去 入场资格。 但堵门同时，银行又悄悄开了另一扇窗，不少外资行、股份行、城商行已挂出了"开门红"新王牌——黄 金挂钩结构性存款。 例如星展银行旗下"星展丰盛理财"首推看涨黄金主题结构性存款，期限为12个月，年化收益分为1.5%和 4%，最低认购金额为1万美元； 汇丰中国推出与金矿公司挂钩的结构性存款，风险等级为2级，2万美元起投、期限3年，票息年化 4.5%、触发水平103%，最低回报率为0.1%； 招商银行2026年已发行15只挂钩黄金的结构性存款，期限从7天至90天不等，预期到期年化利率 1%-1.78%，起存金额从1万元到30万元不等；； 江苏银行也推出挂钩黄金的结构性存款产品，3-6个月存款的产品起存金额均为1万元。 从银行端看，这是"揽储神器"，积存金资金在表外、且随时可能赎回，但结构性存 ...

Core Viewpoint - The current gold market is experiencing a tug-of-war between bullish and bearish forces, influenced by short-term passive selling due to the BCOM annual rebalancing, mid-term focus on U.S. non-farm payroll data, and long-term support from low interest rate expectations and geopolitical risks [2][3][4]. Group 1: Market Conditions - The U.S. dollar index has slightly increased, trading around 99.106, while gold prices are at $4470.89 per ounce, reflecting a 0.15% decline [1]. - The BCOM annual rebalancing, which started on January 9, is expected to lead to passive selling of approximately 240 million ounces (6800 tons) of gold, potentially causing short-term volatility [3]. - The market anticipates the U.S. non-farm payroll data to be a key indicator, with expectations of 60,000 new jobs; a significant deviation from this could influence the Federal Reserve's interest rate decisions [3]. Group 2: Long-term Outlook - Geopolitical complexities and rising global fiscal debt are increasing the demand for gold as a safe-haven asset, with institutions maintaining a bullish consensus on gold prices [4]. - Major financial institutions have raised their gold price forecasts, with HSBC predicting $5000 per ounce in the first half of 2026, and Morgan Stanley and CITIC Securities adjusting their targets to $4800 and $5100 respectively [4]. Group 3: Technical Analysis - Current gold prices are above the 200-day exponential moving average (EMA) of $4315.87, indicating a bullish trend, with technical indicators suggesting that the downward pressure is diminishing [5][6]. - The MACD indicator shows a reduction in bearish momentum, while the RSI is at 56, indicating a neutral stance with potential for further upward movement [5][6]. - A breakthrough above the $4500 level could strengthen bullish sentiment, while a drop below the 200-day EMA may signal a deeper correction [6].

2026年的开年大戏，依旧是黄金唱主角。只是这一次，银行似乎想把普通散户"劝退"到观众席。 月初，工商银行更新关于个人积存金业务的风险提示，公告核心内容直指风险等级：积存金产品的风险 评级被正式固化为R3（平衡型）。 这意味着，过去那些习惯把积存金当做"强制储蓄"或"零钱理财"的稳健型（R2）客户，在2026年将失去 入场资格。 部分股份行、城商行的动作比国有大行更快。 2025年6月，宁波银行、中信银行已先后发布类似公告：宁波银行明确保守型、稳健型客户不可办理积 存金、定存金购买，中信银行则将相关业务的客户限制在C3-平衡型及以上。 银行的逻辑很现实。 自2024年开启的黄金超级牛市延宕至2026年，金价重心不断上移，但高位波动的剧烈程度已非昔日可 比，单日跌幅超过3%的"闪崩"在过去一年已发生四次。 对于激进型（R3以上）投资者，银行提供积存金、ETF，甚至贵金属递延交易，给予风浪里搏杀的机 会；对于稳健型（R2）投资者，银行关上了直接交易的大门，将客户引导至结构性存款的"温室"里。 这既是合规的压力，也是商业的算计。黄金投资的草莽时代，或许已经结束了。 但堵门同时，银行又悄悄开了另一扇窗，不少外资行、股 ...

Core Insights - The article highlights that the Gold ETF (518880) has been selected as a core asset in the physical asset category for the 2026 "Betting on China" list, reflecting its significance in the current investment landscape [2][3]. Selection Logic and Analysis - In 2025, global financial market volatility increased, leading to a historic bull market for gold, with London spot gold prices rising over 67% to exceed $4,400 per ounce, marking it as the best-performing asset class globally [3]. - The demand for gold as a "credit hedge tool" has intensified due to the emphasis on asset safety and wealth preservation in the 14th Five-Year Plan, showcasing gold's triple attributes of anti-inflation, risk aversion, and asset allocation [3]. - The domestic Gold ETF market surged from 73 billion yuan to 236.1 billion yuan in 2025, a 223% increase, effectively meeting market demand for risk aversion and asset allocation [3]. Competitive Barriers - The unique asset attributes of gold create an irreplaceable advantage, as it is the only asset class that combines commodity, financial, and currency properties, making it a core tool for hedging credit risk [7]. - Gold ETFs offer superior liquidity and convenience, with an average daily trading volume exceeding 5 billion yuan in 2025, allowing investors to enter and exit the market quickly [7]. - The management fee for Gold ETFs is generally below 0.5%, significantly lower than that of actively managed funds and physical gold, reducing the entry barrier for investors [7]. Supply and Demand Dynamics - Global gold reserves are limited to 59,000 tons, with current mining rates only sustainable for 19 years, providing long-term support for gold prices [8]. - In 2025, central banks net purchased 244 tons of gold, continuing a trend of over 1,000 tons for four consecutive years, driven by both central bank purchases and investment demand [8]. Industry Trends - The ongoing global liquidity easing cycle, initiated by the Federal Reserve in September 2025, is expected to continue into 2026, significantly lowering the opportunity cost of holding gold [11]. - Geopolitical uncertainties, such as the ongoing Russia-Ukraine conflict and rising tensions in the Middle East, have increased demand for gold as a safe-haven asset [11]. - The demand for gold is further supported by the need for risk diversification among investors, as gold has a low correlation with stocks and bonds, making it an effective stabilizer in investment portfolios [12]. Investment Value Analysis - Gold's anti-inflation property serves as a hedge against currency depreciation, with a projected inflation rate of 4.5% in the U.S. for 2025, making gold a classic tool for preserving asset value [14]. - Gold's unique characteristics make it a "ultimate safe asset" in extreme scenarios, outperforming other safe-haven assets during market turmoil [14]. - Including Gold ETFs in investment portfolios can enhance overall returns, especially during economic downturns, where average returns on gold have been significantly higher than domestic stocks and bonds [15]. 2026 Investment Outlook - The core logic supporting gold's price increase—liquidity easing, weakened dollar credit, central bank purchases, and geopolitical risks—remains unchanged for 2026, suggesting a continued upward trend in gold prices [16]. - Predictions indicate that COMEX gold prices may reach between $4,750 and $4,900 per ounce in 2026, with potential to challenge $5,200 per ounce [16]. - The Gold ETF (518880) is positioned to benefit directly from rising gold prices, offering substantial asset appreciation opportunities for investors [16]. Conclusion - The Gold ETF (518880) is recognized as a composite core asset that transcends ordinary investment categories, providing hedging against inflation, risk aversion, and asset optimization [19]. - Investing in Gold ETFs represents a strategic opportunity to capitalize on the ongoing trends of global liquidity easing, credit system restructuring, and asset allocation upgrades in 2026 [19].

Core Viewpoint - The upcoming non-farm payroll report is particularly significant as it will be the first data released on time after the government shutdown, with mixed signals from previous employment data creating uncertainty in the market [1][6]. Employment Data - The previous non-farm report showed an unexpected increase of 64,000 jobs, but the unemployment rate rose to 4.6%, the highest in four years, indicating a paradox where job growth exists but job searching has become more difficult [1][3]. - Economists predict around 73,000 new jobs for December, with a slight decrease in the unemployment rate to 4.5%, although some institutions remain less optimistic, suggesting the rate may stay at 4.6% [3][5]. - Initial jobless claims were reported at 208,000, slightly below expectations, indicating no significant layoffs, while continuing claims rose to 1.914 million, suggesting increased difficulty in finding new jobs [6][8]. Market Reactions - The rise in 10-year U.S. Treasury yields to 4.18% has created anxiety among investors, as higher yields typically pressure gold prices due to the comparative attractiveness of interest-bearing assets [3][12]. - The current economic environment is characterized by a cooling job market and a lack of clear direction in interest rates, making it challenging for gold to establish a strong upward trend [10][12]. Investor Sentiment - Consumer sentiment reflects rising inflation expectations at 3.4%, while confidence in job opportunities has dropped to the lowest level since the survey began, indicating a growing concern about the economic outlook [8][10]. - Investors are advised to consider their motivations for holding gold, as the current market volatility may not align with short-term speculative strategies but could serve as a hedge in uncertain times [12].

Core Viewpoint - The price of gold is primarily determined by supply and demand dynamics, with investment demand playing a crucial role in influencing gold prices rather than consumer demand [2][3][6]. Supply and Demand - The total global supply of gold is approximately 210,000 tons, with an annual mining output of around 3,000 tons, indicating a stable supply that does not fluctuate significantly with price changes [2]. - Jewelry consumption accounts for 60% of gold demand, with India and China being the largest consumers, but this demand is not the primary driver of gold prices [2][3]. Investment Demand - Investment demand, particularly during times of geopolitical uncertainty, significantly impacts gold prices. For instance, in 2024, gold prices surged by 28% due to increased investment demand amid geopolitical tensions, while jewelry consumption fell by 11% [3][6]. - Historical trends show that gold prices have risen dramatically during periods of economic instability, such as during the Great Depression and the wars in Afghanistan and Iraq, where prices increased from $20 to $35 and from $250 to $1,900 respectively [4][5]. Economic Indicators - The relationship between the strength of the US dollar and gold prices is inverse; a weaker dollar typically leads to higher gold prices [6][7]. - Current economic forecasts indicate a slowdown in global economic growth, with the UN projecting a growth rate of only 2.7% by 2025, which could further drive investment in gold as a safe haven [8][9]. Central Bank Activity - Central banks have been increasing their gold reserves significantly, with purchases exceeding 1,000 tons annually in recent years, indicating a strategic shift towards gold amid economic uncertainties [9][10]. - As of March 2023, China's gold reserves reached 2,292 tons, marking a continuous increase, while Poland's central bank made substantial purchases, reflecting a broader trend among central banks to accumulate gold [10].

当前黄金市场处于"宽松政策预期+地缘风险升温"的双重利好环境中，多数券商及机构对2026年黄金长 期上涨趋势持乐观态度，目标价普遍指向4800-5100美元/盎司区间，部分机构甚至认为极端情况下可达 5400美元/盎司。 素有金价放大器之称的黄金股ETF（517520），在金价上涨的阶段呈现出更高弹性！买黄金资产，就买 弹性更大，流动性佳的黄金股ETF（517520）。 永赢$黄金股ETF(517520)$及其联接基金（A类:020411 / C类:020412）紧密跟踪中证沪深港黄金产业股 票指数(931238.CSI)，精选沪深港三地优质黄金产业链上市公司。通过投资这只基金，或可高效捕捉金 价上行红利，充分分享优质黄金矿企的成长收益，并能有效分散个股风险，布局整个黄金产业赛道。 基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不 同。在任何情况下，本文中的信息或所表述的意见并不构成对任何人的投资建议。 截至2026年1月9日 09:56，中证沪深港黄金产业股票指数(931238)强势上涨2.07%，成分股山东黄金 (01787)上涨4.57%，西部黄金(601069) ...

截至2026年1月9日 09:48，中证沪深港黄金产业股票指数(931238)强势上涨1.21%，成分股老铺黄金 (06181)上涨3.28%，西部黄金(601069)上涨3.13%，山东黄金(01787)上涨2.45%，紫金矿业(601899)，华 钰矿业(601020)等个股跟涨。黄金股票ETF基金(159322)上涨1.22%，最新价报1.74元。 数据显示，截至2025年12月31日，中证沪深港黄金产业股票指数(931238)前十大权重股分别为紫金矿业 (601899)、山东黄金(600547)、中金黄金(600489)、赤峰黄金(600988)、招金矿业(01818)、山金国际 (000975)、山东黄金(01787)、紫金矿业(02899)、紫金黄金国际(02259)、湖南黄金(002155)，前十大权重 股合计占比63.58%。 消息面上，世界黄金协会发布报告，2025年全球黄金ETF创下年度资金流入历史新高，北美市场领跑。 2025年黄金ETF资产管理总规模翻倍以上增长，持仓量亦大幅上升，双双刷新纪录。12月黄金市场交易 量保持平稳，全年日均交易额达3610亿美元，创历史新高。 风险提示：基金 ...

据悉，在周二的会议上，英法签署文件确认未来在乌部署军队的意向。马克龙称可能派遣数千法军，斯 塔默则表示此举为英法等国部队在乌行动(含空海防御、协助重建乌军)奠定法律基础。 俄方警告：西方在乌部署军队、设施等行为将被定性为外国干涉，严重威胁俄欧安全，"所有相关部队 及设施均属俄武装力量合法打击目标"。声明强调，"意愿联盟"与乌当局的军国主义言论已构成"战争轴 心"，其计划不仅危及欧洲大陆未来，更迫使欧洲民众为西方野心买单。 【最新现货黄金行情解析】 摘要今日周五(1月9日)亚盘时段，现货黄金最新报价1000.47元/克，较前一交易日下跌4.83美元，跌幅 0.48%，日内高位盘整。当日开盘价1004.88元/克，最高价1006.56元/克，最低价999.62元/克。 今日周五(1月9日)亚盘时段，现货黄金最新报价1000.47元/克，较前一交易日下跌4.83美元，跌幅 0.48%，日内高位盘整。当日开盘价1004.88元/克，最高价1006.56元/克，最低价999.62元/克。 【要闻速递】 俄罗斯周四强烈回应英法向乌派兵计划，明确任何西方军队入乌都将成为"合法军事打击目标"。俄外交 部声明称，英法官宣的"军 ...