Core Viewpoint - The gold ETF fund is experiencing a significant upward trend, driven by expectations of interest rate cuts by the Federal Reserve and ongoing geopolitical uncertainties, which are likely to enhance the appeal of gold as a safe-haven asset [3][4]. Group 1: Gold ETF Fund Performance - As of October 9, 2025, the gold ETF fund (159937) has risen by 4.66%, marking three consecutive days of gains, with the latest price at 8.74 yuan [3]. - Over the past two weeks, the gold ETF fund has accumulated a rise of 2.17% [3]. - The fund's liquidity is notable, with an intraday turnover of 0.69% and a transaction volume of 226 million yuan [3]. - The average daily transaction volume over the past month is 982 million yuan, ranking it among the top two comparable funds [3]. Group 2: Market Conditions and Influences - International gold prices are on the rise, with COMEX gold prices surpassing 4060 USD per ounce on October 8 [3]. - The ongoing U.S. government shutdown has entered its second week, contributing to market uncertainty and reinforcing expectations for a 25 basis point rate cut by the Federal Reserve [3]. - The combination of government shutdown and weak employment data is expected to lead to a prolonged bullish trend for gold and silver [3]. Group 3: Fund Inflows and Market Sentiment - The gold ETF fund has reached a new high of 3.685 billion shares, indicating strong investor interest [4]. - In the last three days, the fund has seen continuous net inflows, with a peak single-day net inflow of 618 million yuan, totaling 665 million yuan over the period [4]. - The average daily net inflow stands at 222 million yuan, reflecting robust demand for gold assets [4].

alexandra.paulus@gs.com Goldman Sachs & Co. LLC 1 October 2025 | 7:09PM EDT Commodities Research Precious Comment: Gold: Still Our Favorite Long Commodity 1 We estimate contributions to the 14% rally since August 26 from rising Western ETF holdings of 3pp, and from rising speculative positioning of 1pp. While our nowcast for September central bank buying is not available yet, we suspect that a pick-up in central bank buying reflects a large share of the 10pp remainder of the price rally based on seasonality ...

Group 1: AI Video Development - The development of AI video is accelerating, leading to diverse innovations in PGC (Professionally Generated Content) and UGC (User Generated Content) applications [2] - In PGC, Sora2 enhances character control and explores revenue-sharing models, providing new opportunities for IP holders and creators, and promoting the upgrade of short dramas and interactive dramas [2] - In the UGC sector, AI video is being applied across various scenarios including entertainment, social media, e-commerce marketing, and education [2] Group 2: AI Industry Trends - The AI industry is witnessing clear trends, with significant advancements in the AI supply chain, including the release of Sora2 and partnerships between AMD and OpenAI [3] - There is a notable explosion in demand for AI infrastructure, particularly in IaaS (Infrastructure as a Service) providers, both domestically and internationally [3] - The demand for databases and data governance in the inference stage is increasing, highlighting key participating firms [3] Group 3: Content and Platform Opportunities - Technological breakthroughs represented by models like Sora2 are expected to drive new enthusiasm for AI applications, creating new opportunities in the content sector [4] - The valuation increase of leading companies like OpenAI benefits their ecosystem partners indirectly, while AI technology is reshaping content production paradigms [4] - Key areas of focus include micro-short dramas, films, animations, and the digital marketing sector, particularly mainstream community platforms like Douyin and Xiaohongshu [4] Group 4: Manufacturing Sector Recovery - The global manufacturing cycle is on the rise, which is expected to be a key variable influencing major asset trends [5] - Factors driving this recovery include a dual easing of fiscal and monetary policies globally, along with accelerated capital expenditures related to AI [5] - Investment recommendations include high-probability assets such as large-cap tech stocks, precious metals, and non-ferrous metals [5] Group 5: Gold Market Insights - The long-term support for gold remains solid due to factors like the restructuring of the global monetary credit system and ongoing central bank purchases [6] - Short-term dynamics indicate that while upward momentum may have been absorbed, continued investment demand and geopolitical risks will support gold prices [6] - The current expansion of dollar credit cracks is seen as a long-term driving force for gold prices, suggesting that gold is entering a new phase of long-term upward movement [7]

国际金价涨疯了！ 当地时间8日，黄金价格延续连日来涨势，再创盘中历史新高。纽约黄金期价在8日欧洲交易时段一度触 及每盎司4071.50美元，伦敦现货黄金价格一度触及每盎司4049.43美元，均创盘中历史新高。 截至北京时间8日20时25分，纽约商品交易所12月黄金期价报每盎司4060.60美元，涨幅为1.40%。伦敦 现货黄金报每盎司4037.35美元，涨幅为1.35%。 金价这一轮猛涨让金融机构措手不及，纷纷上调目标价。金价为何如此疯狂？ 首先来看短期因素，美国联邦政府"停摆"，让市场避险情绪显著升温。一方面，政府"停摆"导致多项公 共服务陷入停滞，美国劳工统计局已经暂停公布所有经济数据。一旦"停摆"持续过久，原定于10月15日 公布的美国9月CPI数据也会被波及。结果就是，缺失了关键经济数据作为参考，美联储制定货币政策 就如同"盲飞"。在这种情况下，市场押注美联储更倾向于先"预防式"降息，而不是"等等看"，来应对潜 在的就业市场恶化和经济增长放缓风险。目前，市场预计美联储在10月和12月降息是大概率事件。 同时，美国联邦政府近年来频频陷入"停摆"风波，也在一定程度上动摇了全球投资者对美债和美元资产 的信心 ...

国庆中秋长假，黄金价格涨不停。10月8日，在假期的最后一天，水贝黄金市场人潮涌动、热闹非凡。 尽管金价接连创出新高，市民购金热情依然不减。 金价节节攀升，金市消费回收热潮滚滚 "这几天金价一直在涨，您这会儿不买的话，待会可能又要多花几百！""早上开盘910，最高931，一天 又涨了差不多20元……"8日下午，水贝某黄金商铺柜员向顾客展示着计算器里的金额，并时不时望向身 后大屏上的实时金价。柜台前的人群中，不少人豪掷千金，也有的则表示还要"再看看"。 昨日下午，记者来到水贝黄金市场看到，前来选金、购金的顾客络绎不绝。"国庆中秋期间，我们商场 人流量日均达3万人次，同比增长10%左右，环比上个月基本上翻2到3倍。"水贝一家黄金珠宝商场负责 人表示。 随着国际金价近日大涨,金市行情迅速升温，水贝金价几乎"一小时一个价"。当日下午2点30分到3点30 分，一个小时左右的时间，水贝市场大屏幕显示的金价即从926元上涨到了927元。"假期和朋友来深圳 旅游，一直听说水贝的黄金性价比高，款式也很多样，这次来看看。"拖着行李箱，计划晚上前往罗湖 站赶火车的孟女士说。 水贝黄金市场人气火爆。 深圳特区报记者 赖犁 摄 黄金饰品 ...

Group 1 - Zijin Mining, originally a leader in the mining industry, holds 856 tons of gold reserves, ranking ninth globally, with an annual production of 40.4 tons, ranking eleventh worldwide [1] - The recent listing of Zijin Mining has attracted significant attention, with crowds gathering at the Hong Kong Stock Exchange, indicating a strong public interest in gold investments [1] - The gold market has shifted from being a safe haven for the public to a speculative arena for capital, with various new investment products emerging, such as "gold futures" and "overseas platforms" [2][4] Group 2 - The recent surge in gold stocks, particularly those from Fujian, has led to significant price increases, with some stocks doubling in market value within a short period [3][5] - Social media discussions reflect a mix of excitement and caution among retail investors, with some celebrating profits while others express concerns about potential losses [4][6] - Regulatory scrutiny is increasing, with recent proposals aimed at managing the volatility in the gold market, yet the trading frenzy continues unabated [5][6]

Core Insights - The individual has 15 years of experience in financial services, focusing on macro investment strategies and identifying undervalued sectors and thematic ideas such as metals, gold, and cryptocurrency [1] - The individual emphasizes the importance of diligent saving and investing, showcasing a personal journey from a middle-class background to co-managing a seven-figure investment account [2] - The investment portfolio includes a diverse range of assets, including broad market ETFs, sector-specific funds, alternatives like Bitcoin and gold, and individual stocks, indicating a well-rounded investment strategy [3] Investment Strategy - The investment approach includes maintaining an up-to-date portfolio that reflects actual investments, which is shared with followers to enhance transparency [3] - The focus on managed income portfolios targeting safe and reliable yields of approximately 8% highlights a strategy aimed at both active and passive investors [3] - The inclusion of high-yield opportunities in closed-end funds (CEF) and exchange-traded funds (ETF) suggests a tactical approach to income generation [3] Portfolio Composition - Broad market investments include DIA, VOO, QQQM, and RSP, indicating a focus on major indices [3] - Sector and non-US investments feature XLE, IXC, VPU, IDU, BUI, and various international ETFs, reflecting a global investment perspective [3] - Alternatives in the portfolio include Bitcoin and gold-related funds, showcasing a diversification strategy that includes both traditional and digital assets [3]

Core Viewpoint - There are multiple investment avenues available for gold, including futures contracts and exchange-traded funds [1] Investment Methods - Futures contracts are one of the ways to invest in gold, allowing investors to speculate on future price movements [1] - Exchange-traded funds (ETFs) provide another method for investing in gold, offering a more liquid and accessible option for investors [1]

【机构预计#金价有望站上每盎司4900美元##现在还能上车买黄金吗#↓】国际金价涨疯了！纽约黄金期 价昨天历史上首次收于每盎司4000美元整数关口上方，紧接着，伦敦现货黄金价格今天盘中站上每盎司 4000美元关口。金价这轮猛涨让金融机构措手不及，纷纷上调目标价。金价为何如此疯狂？首先来看短 期因素，美国联邦政府停摆，让市场避险情绪显著升温。同时，美国联邦政府近年来频频陷入停摆风 波，也在一定程度上动摇了全球投资者对美债和美元资产的信心，转而增加黄金配置。从中长期来看， 全球央行推进资产配置多元化、不断增持黄金，正是金价近年来震荡上行的"中枢"力量。突破每盎司 4000美元关口后，金价还会继续上涨吗？从各大投行的反应来看，答案基本是肯定的，摩根大通和瑞银 两家机构最新上调短期黄金目标价至每盎司4200美元，高盛预计，金价在2026年12月有望涨至每盎司 4900美元的水平。不过，需要提示的是，今年以来，纽约黄金期价已累计上涨51.6%，伦敦现货黄金价 格累计上涨51.8%。金价近期快速上行，积累了不少回调风险。美国银行本周的最新研报指出，黄金市 场中的投机性头寸激增，金价走势图已出现明显的"超买"信号。要知道， ...

Core Viewpoint - The recent surge in international gold prices has led to a significant increase in domestic gold jewelry prices, with consumer demand rising sharply during the National Day holiday period. Group 1: Price Trends - International gold prices have recently risen, with domestic gold jewelry prices exceeding 1160 RMB per gram for brands like Chow Sang Sang and Chow Tai Fook [3] - During the National Day holiday, gold prices in the Shenzhen Luohu Shui Bei market reached historical highs, surpassing 930 RMB per gram, reflecting a nearly 300 RMB per gram increase compared to the same period last year [10] Group 2: Consumer Behavior - The influx of consumers in the Shui Bei market has increased, with daily foot traffic around 40,000, marking a 15% increase compared to the previous year [5] - Many consumers are motivated to purchase gold jewelry due to rising prices, with some opting to buy gold bars and other forms of gold investment, spending tens of thousands to over a million RMB [10] Group 3: Market Dynamics - The current market is characterized by a dual trend of consumption and investment, with many consumers choosing to buy gold for weddings, gifts, or asset allocation [10] - Some merchants express concerns about the high gold prices potentially destabilizing the market, leading to a segment of consumers adopting a wait-and-see approach [10][12] Group 4: Seasonal Factors - October is traditionally a peak wedding season, and the rising gold prices are causing pressure on couples preparing for their weddings, prompting them to make purchases sooner than planned [8] - Merchants have increased their inventory in anticipation of higher consumer traffic during the holiday season, driven by both promotional activities and improved accessibility [7]