Core Viewpoint - The Shanghai Gold ETF managed by Jiashi has shown significant liquidity and performance, with a focus on the increasing demand for gold as a safe-haven asset amid ongoing macroeconomic uncertainties [2] Liquidity - The Shanghai Gold ETF Jiashi recorded an intraday turnover of 1.12%, with a transaction volume of 9.301 million yuan. Over the past week, the average daily transaction volume reached 52.2488 million yuan as of October 10 [2] Performance - As of October 10, the net value of the Shanghai Gold ETF Jiashi has increased by 121.77% over the past three years. The highest monthly return since inception was 11.45%, with the longest consecutive monthly gains lasting 6 months and the maximum consecutive gain percentage being 8.28% [2] Market Outlook - Ping An Securities indicates that ongoing macroeconomic uncertainties abroad are amplifying gold's safe-haven attributes in the medium term. The weakening of the dollar's credit is becoming increasingly evident, enhancing gold's monetary properties and supporting a positive long-term outlook for gold [2] - Guosheng Securities notes that the U.S. government shutdown and renewed global trade disruptions are increasing the demand for gold as a safe haven. With both safe-haven demand and liquidity easing, gold prices are expected to continue rising [2] Investment Opportunities - Investors without stock accounts can consider the off-market linked fund (016582) to capitalize on gold investment opportunities [2]

黄金的冰与火：投资热浪下的首饰寒潮。 2025年"双节"假期期间，全球黄金市场迎来了一轮"史诗级"行情——伦敦金现价格一路飙升至4040.42美元/盎司，历史性地突破了4000美元大关。至此，国际金价 年内累计涨幅已超过50%。 伴随国际金价屡创新高，国内首饰金价格也持续攀升，一举突破1100元/克。以10月8日为例，周大福足金饰品报价已飙至1162元/克；老庙黄金的足金价格也达到 1151元/克。 对比去年国庆期间，周大福、周生生等主流品牌的足金首饰价格普遍在766–768元/克。也就是说，仅仅一年时间，头部品牌金饰的每克价格已上涨约400元，同比 涨幅超过50%。 然而， 与金价走势形成反差的是终端市场的冷清。 图源：同花顺 笔者走访多家品牌金店发现，国庆假期期间店内消费者寥寥，显得颇为安静。一位连锁金店的老板坦言："这两年生意很不好做。金价持续上涨导致成本飙升，而 消费者又'买不起'，已经有不少同行撑不下去关门了。" 中国黄金协会发布的数据也印证了这一现象：今年上半年，全国黄金消费量为505.205吨，同比下降3.54%。其中，黄金首饰消费量同比下降幅度更为显著，达到 26%。 很多人感到不解： 金价明 ...

Core Viewpoint - International gold prices have surged significantly, breaking the $4000 per ounce mark for the first time on October 8, 2023, and reaching a new high of over $4060 per ounce shortly after, driven by various economic and geopolitical factors [2][7]. Gold Price Predictions - UBS Wealth Management's CIO predicts that gold prices will rise to $4200 per ounce in the coming months, while Goldman Sachs has raised its 2026 year-end forecast to $4900 per ounce, an increase of $600 from previous estimates [2][7]. ETF Market Activity - There has been a notable increase in investment in gold-themed ETFs, with a net inflow of 593 million shares across 20 ETFs from October 9 to October 10, 2023. Year-to-date, these ETFs have seen a total increase of 14.213 billion shares [2][3]. Performance of Gold-themed ETFs - The performance of gold-themed ETFs has been strong, with an average year-to-date increase of over 44%. Some ETFs, such as those tracking "SSH Gold Stocks," have seen returns of up to 94.31% [3][6]. Significant Growth in ETF Sizes - The Huaan Gold ETF has experienced the most significant growth, reaching a size of 70.817 billion yuan, an increase of 42.142 billion yuan from the end of the previous year. Other ETFs, like Bosera and E Fund, have also seen substantial growth [4][5]. New Entrants to the Billion Club - Two additional gold-themed ETFs have joined the "billion club," with the Yongying Gold Stock ETF growing from 1.651 billion yuan to 12.41 billion yuan, and the Guotai Gold Fund ETF surpassing 10 billion yuan, reaching 21.126 billion yuan [5]. Market Sentiment and Economic Factors - The surge in gold prices is attributed to investor confidence in a potential Federal Reserve rate cut, a weakening dollar, and geopolitical uncertainties such as the U.S. government shutdown and the Russia-Ukraine conflict. This reflects a growing demand for defensive assets amid economic uncertainty [7][8].

Group 1 - The media is criticized for sensationalism, reporting on the liquidation of long and short positions in a misleading manner during price fluctuations [1] - There is a lack of consensus among major financial institutions regarding gold price predictions, with Goldman Sachs forecasting $4,900 and Citigroup predicting a drop to $3,800, causing confusion among investors [2] - Since August 15, gold prices have risen from $3,200, showing strong upward momentum without significant pullbacks, with a potential breakthrough of $4,060 [3] Group 2 - Recent market volatility, driven by Trump's trade policies, has led to significant declines in cryptocurrencies, while gold has remained resilient, with investors increasingly bullish on gold [3] - The upcoming Federal Reserve interest rate decision and potential government shutdown are key factors influencing market sentiment, with expectations of rate cuts likely to support gold prices [3] - Current trading strategies suggest a bullish outlook for gold, with support levels identified at $4,010 and targets set between $4,060 and $4,080 [5]

平安证券表示，海外宏观不确定性持续，中期黄金避险属性仍处于放大阶段。长期来看，美元信用走弱 的主线逻辑愈加清晰，黄金货币属性加速凸显，持续看好黄金中长期走势。 消息面，10月13日亚市早盘，现货黄金继续冲高，一度突破4060美元/盎司，刷新历史新高。 黄金基金ETF（518800）涨超2%，持续吸金，当前规模超210亿元。 黄金基金ETF（518800）紧密跟踪黄金价格走势，一手黄金基金ETF对应1克黄金，相当于实物黄金的 持有凭证，T+0交易，场内流动性较好。 （文章来源：每日经济新闻） ...

消息面，10月13日亚市早盘，现货黄金继续冲高，一度突破4060美元/盎司，刷新历史新高。黄金基金 ETF（518800）涨超2%，持续吸金，当前规模超210亿元。 平安证券表示，海外宏观不确定性持续，中期黄金避险属性仍处于放大阶段。长期来看，美元信用走弱 的主线逻辑愈加清晰，黄金货币属性加速凸显，持续看好黄金中长期走势。 风险提示：数据来源Wind，时间截止2025/9/22，基金规模变化波动，仅供参考，不预示未来表现，也 不构成投资建议或承诺，基金有风险，投资需谨慎。金价短期涨幅过快，请关注可能存在的回调风险， 投资需谨慎。黄金基金ETF主要投资对象为黄金现货合约，预期风险收益水平与黄金资产相似，不同于 股票基金、混合基金、债券基金和货币市场基金。如需购买相关基金产品，请关注投资者适当性管理相 关规定，提前做好风险测评，根据自身的风险承受能力购买与之匹配的基金产品。 每日经济新闻 黄金基金ETF（518800）紧密跟踪黄金价格走势，一手黄金基金ETF对应1克黄金，相当于实物黄金的 持有凭证，T+0交易，场内流动性较好。 ...

高晓峰：10.13突破在即！黄金多头集结，新一轮上攻或将启动 从技术形态看，上周金价在成功测试3950美元关键支撑后企稳反弹，日线图上收出的带长下影线阳线， 明确显示了低位存在强劲的买盘兴趣。目前，价格正试图稳定于4010美元上方，这为后续挑战4080- 4100美元区间乃至历史高点奠定了基础。在四小时图上，布林带收口预示着金价可能进入高位整理。整 体技术结构偏向积极，只要不出现明确的反转信号，中长期走势仍乐观。 综合基本面与技术分析，当前操作的核心策略应坚持顺势而为，逢低做多。避免盲目猜测顶部，而应耐 心等待价格回调至关键支撑区域再行布局。日内操作上，下方需重点关注4030一线的支撑效力，回落至 此区域并出现企稳迹象时可考虑介入多单。上行目标则首先关注-4060美元的短期阻力，有效突破后有 望进一步向上测试前期高点乃至4100美元关口。总而言之，市场主导倾向未变，关键在于把握回调中的 进场时机。 文/高晓峰专业国际市场点评 ，本人解读世界经济要闻，剖析全球投资大趋势，对原油、黄金、白银等 大宗商品等有深入的研究，以上内容属于个人建议，因网络发文有时效性，仅供参考，风险自担，实时 思路现价给出， 美联储最新会 ...

金价在每盎司4060美元上方创出纪录新高，连续八周上涨。黄金的上涨受到央行购买、ETF持仓增加以 及美联储降息的支撑。贸易紧张局势的反复出现、美联储独立性受到威胁、美国政府关门也助长了对避 险资产的需求。 今日A股三大指数均以2%的跌幅跳空低开，黄金继续创历史新高，带动黄金ETF华夏强势上涨2.2%，年 内涨幅扩大至48%，黄金股ETF涨0.35%。 资金面上，黄金ETF华夏近20个交易日有19日获资金净申购，净流入额高达9.68亿元。黄金股ETF近20 日净流入额超15亿元。 同标的最低费率的黄金ETF、可T+0交易：黄金ETF华夏(518850)，+2.2% 华泰证券认为，中美谈判是慢变量，波折反复难以避免，对中期行情的弹性和节奏有影响。继续持有黄 金，对冲中美摩擦的不确定性。天风研究复盘上一轮黄金牛市发现，黄金股最具弹性区间往往发生在黄 金价格中枢上移趋势的进一步确认之后，认为本轮黄金大周期的黄金股最具弹性区间刚刚启动。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 ...

Core Insights - The gold ETF fund (159937) has shown a strong upward trend, rising by 2.24% to a price of 8.78 yuan as of October 13, 2025, with a cumulative increase of 5.45% over the past two weeks [3] - The liquidity of the gold ETF fund is robust, with a turnover of 0.17% and a transaction volume of 55.96 million yuan, while the average daily transaction volume over the past month reached 1.038 billion yuan, ranking it among the top two comparable funds [3] - The gold market is experiencing significant momentum, with London gold prices reaching 4046.66 USD/oz, a 0.29% increase from the previous trading day, and New York gold futures rising by 1.47% to 4059.1 USD/oz, marking a recent trading high [3] - The Federal Reserve's dovish signals, including a 97.8% probability of a 25 basis point rate cut, are contributing to the bullish sentiment in the gold market [3][4] Market Sentiment - Ray Dalio, founder of Bridgewater Associates, has publicly stated that gold serves as a better safe-haven asset than the US dollar, reinforcing market confidence in precious metals [4] - Geopolitical tensions in the Middle East are heightening risk aversion among investors, further driving up demand for gold and silver [4] - Concerns regarding US government shutdowns, potential rate cuts, and recession expectations are increasing global investor worries about the creditworthiness of the US dollar and sovereign debt, which is pushing precious metal prices higher [4] Fund Performance - The gold ETF fund has seen continuous net inflows over the past five days, with a peak single-day net inflow of 722 million yuan, totaling 1.691 billion yuan in net inflows, averaging 338 million yuan per day [5] - The latest share count for the gold ETF fund has reached 3.804 billion shares, marking a new high for the past month [4]

Macro Economy - The Chinese Ministry of Commerce expressed strong opposition to the U.S. announcement of imposing a 100% tariff on Chinese goods, stating that it severely harms China's interests and disrupts the atmosphere for bilateral economic talks. China maintains a consistent stance of not wanting to engage in trade conflicts but is not afraid to do so if necessary [5] - The State Post Bureau reported that as of October 11, the express delivery volume in China has exceeded 1.5 billion packages this year, reaching this milestone 37 days earlier than in 2024 [5] Investment News - Bitcoin surged above $115,000, increasing by 4.25% in the past 24 hours, while Ethereum rose over 11% to above $4,100, currently priced at $4,147.5 [7] - A total of 58 restricted shares will be unlocked this week, amounting to 3.603 billion shares with a market value of 84.144 billion yuan. Among these, China Merchants Port leads with 11.967 billion yuan in unlocked shares [7] - As of October 12, 51 A-share companies have disclosed their third-quarter earnings forecasts, with 42 companies expecting positive results, resulting in a positive forecast ratio of 82.35% [8] - Since September, brokerage firms have conducted research on over 880 listed companies, with the highest numbers in the machinery, electronics, and pharmaceutical sectors [8] Company Movements - Wentai Technology announced that its control over Anshi is temporarily restricted, with trading resuming on October 13. The company condemned attempts by certain foreign management to alter the ownership structure through legal means, which are linked to political pressure [10] - Microsoft will cease providing security updates and technical support for Windows 10 starting October 14, which may expose many users' computers to increased cybersecurity risks [10]