Core Viewpoint - The stock ETF market has experienced a significant outflow of funds, totaling over 640 billion yuan in the last ten trading days, indicating a bearish sentiment despite the Shanghai Composite Index maintaining above 4100 points [1]. Group 1: ETF Market Overview - As of January 27, the total scale of all stock ETFs (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day alone [1]. - The outflow trend has persisted for ten consecutive trading days, with a cumulative net outflow exceeding 640 billion yuan [1]. Group 2: ETF Performance by Type - Industry and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs faced significant outflows, totaling 570 billion yuan [3]. - The SGE Gold 9999 index ETFs led the inflows with a net inflow of 35.7 billion yuan, while the ETFs tracking the CSI 300 index saw a net outflow of 385.49 billion yuan [3]. Group 3: Notable ETF Inflows - The Huaxia Nonferrous Metals ETF and Gold Stock ETF recorded the highest single-day net inflows of 16.57 billion yuan and 5.45 billion yuan, respectively [4][5]. - The E Fund Gold ETF also saw a net inflow of 8.75 billion yuan, contributing to the overall strength of gold-related ETFs [6]. Group 4: Notable ETF Outflows - The top ten ETFs with the highest net outflows were all broad-based ETFs, with three CSI 300 ETFs collectively experiencing over 330 billion yuan in net outflows [8]. - The CSI 500 ETF had a significant net outflow of 93.23 billion yuan, indicating a trend of investors pulling back from broader market exposure [8]. Group 5: Market Outlook - Analysts from Guotai Fund suggest that the recent rise in gold prices is driven by its safe-haven appeal and concerns over U.S. asset confidence, alongside a potential interest rate cut cycle [7]. - The outlook for the non-ferrous sector remains positive, with supply disruptions and strong demand expected to support prices for metals like copper and lithium [7].

新华财经北京1月28日电近期，全球外汇市场经历显著波动，美元指数自19日以来持续下跌，短短七个交易日内累计跌幅达3.62%。隔 夜，美元指数暴跌1.32%，创下2022年2月以来的最低水平。市场分析普遍将此次美元急跌与美国总统特朗普近期的政策言论直接关联。 分析认为，美元走弱主因在于特朗普政策缺乏连贯性，美国政策前景充满不确定性，尤其是其在汇率与贸易政策上的表态。 Corpay首席市场策略师指出，在特朗普持续以关税战施压他国、且美国政府面临再度关门风险的背景下，"抛售美国"交易进一步加剧。 他形象地表示，"没有人愿意去接住美元这把正在下坠的电锯。" 巴哈马纳苏银行首席经济学家评论称，特朗普的讲话"引发了新一轮抛售"，可能推动美元进一步下行，但也警示"一旦局势失控，后果不 堪设想"。他强调，外汇市场最能反映投资者对一国政策连贯性与经济治理能力的信心。 特朗普在淡化美元贬值风险的同时，亦暗示了自身具备操控汇率的能力，称可让美元"像悠悠球一样"上下波动。但他同时批评部分亚洲 经济体通过货币贬值获取贸易优势，其立场呈现矛盾性。 当前美元疲软还受到多重外部因素助推：日元近期显著反弹，市场对美日可能协同干预汇市的预期升温 ...

Core Viewpoint - The recent significant decline of the US dollar has been welcomed by President Trump, who believes it could help reduce the trade deficit, although he does not seek further depreciation [1][3]. Group 1: Dollar Performance - The US dollar index has dropped to a four-year low, falling 9% last year, marking its worst performance since 2017 [1][3]. - On January 27, the dollar index fell to 95.566, the lowest since February 2022, while the euro and pound reached their highest levels since mid-2021 [3]. Group 2: Market Reactions - The decline in the dollar has benefited some companies by lowering the cost of converting overseas profits into dollars and enhancing the international competitiveness of US exports [3][4]. - The weakening dollar has also eased the debt repayment pressure for foreign countries and companies with dollar-denominated debts [3]. Group 3: Investor Sentiment - The drop in the dollar reflects investor concerns about the strength of the US economy, potentially increasing import costs and inflationary pressures [3][5]. - Market participants are increasingly skeptical about the stability of the dollar, with ongoing themes of "selling America" as international investors doubt the end of the dollar's decline [4][5]. Group 4: Economic Factors - Factors contributing to the dollar's pressure include expectations of continued interest rate cuts by the Federal Reserve, uncertainties surrounding tariff policies, and the widening US fiscal deficit [5][6]. - Speculation about potential coordinated intervention by the US and Japan to support the yen has also added pressure on the dollar [5]. Group 5: Long-term Outlook - Analysts suggest that the Greenland issue has reignited risk premiums on the dollar, indicating long-term adverse effects on the currency as investors may reduce their dollar asset allocations [7]. - Many investors anticipate further weakening of the dollar by 2026, with ongoing reasons to remain bearish on the currency [7].

截至2026年1月28日 09:45，中证沪深港黄金产业股票指数(931238)强势上涨4.32%，成分股晓程科技涨 超12%，中国黄金、莱绅通灵、豫园股份、湖南黄金均涨停。 黄金股ETF(517520)高开高走涨超4%。买贵金属，就看黄金股ETF(517520)。拉长时间看，截至2026年1 月27日，黄金股ETF近1周累计上涨15.09%。 紫金矿业表示，在当前金价已大幅上涨的背景下，通过进一步找矿勘探、经济技术重新评价以及技术升 级改造等措施，联合黄金资源储量有进一步提升空间。 相关机构指出，近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场 对美国资产信心产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力。目前黄金波动率有所提 高，但市场结构或仍相对健康。展望后市，美联储降息周期、海外不确定性加剧、全球去美元化趋势、 央行和Tether等发行商购金等，黄金的长逻辑仍然稳固。 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 ...

Group 1 - President Trump expressed confidence in the performance of the US dollar, stating it is not a concern for him and that a return to its "proper level" is reasonable [2] - Following Trump's comments, the US dollar index (DXY) initially rose but then fell sharply, dropping over 50 points to a new low since February 2022, closing at 96.219 [2] - The euro and British pound strengthened against the dollar, with the euro rising to 1.1979 and the pound to 1.3780 [2] Group 2 - The weakening dollar has led to a rebound in non-US currencies, with the offshore yuan approaching the 6.93 mark [4] - Safe-haven assets like gold have benefited, with spot gold reaching a historical high above $5,180 per ounce [4] Group 3 - Market sentiment is influenced by uncertainty surrounding Trump's trade policies and the independence of the Federal Reserve, contributing to the ongoing "sell America" trend [5] - Concerns over a potential government shutdown due to disagreements in Congress have further pressured the dollar [5] - Investors are closely monitoring the Federal Reserve's upcoming policy meeting, with expectations that interest rates will remain unchanged [5][6] Group 4 - The focus in the forex market has shifted to the Japanese yen, which has appreciated approximately 3% over the past two trading days, with the dollar falling to 152.77 yen [8] - Reports of the New York Federal Reserve inquiring about dollar-yen quotes have raised expectations of potential intervention, impacting broader dollar assets [8][9] - Barclays suggests that potential intervention in the yen market could further weaken the dollar's flow picture, despite no official confirmation of such actions [9]

2026.01. 28 本文字数：1472，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 当地时间1月27日，美国总统特朗普在美国艾奥瓦州出席经济政策相关活动期间接受媒体采访时表示，并不 担心美元出现明显贬值，称美元"表现良好"，并认为汇率回归"自身应有的水平"是合理现象。 当被问及是否担心美元走软时，特朗普回应称："不，我认为美元表现很好。我希望回归自身应有的水平， 这是合理的做法。"他还暗示自己具备影响美元走势的能力，称"我可以让它像悠悠球一样涨跌"。 特朗普言论发布后，美元指数（DXY）短线一度小幅拉升，但随后快速转跌，盘中跌超50点，刷新2022年2 月以来新低。衡量美元对六种主要货币的美元指数当天下跌0.84%，在纽约尾盘报96.219。截至纽约汇市尾 市，1欧元兑换1.1979美元，高于前一交易日的1.1875美元；1英镑兑换1.3780美元，高于前一交易日的 1.3679美元。 "抛售美国"交易升温 本月以来，美元持续承压。市场普遍认为，特朗普的贸易政策不确定性，以及围绕美联储独立性的争议，是 压制美元的重要因素。 支付公司科佩支付（Corpay）首席市场策略师卡尔·沙莫塔（Karl Scha ...

非美货币与黄金同步走强，日元成外汇市场焦点。 当地时间1月27日，美国总统特朗普在美国艾奥瓦州出席经济政策相关活动期间接受媒体采访时表示，并不担心美 元出现明显贬值，称美元"表现良好"，并认为汇率回归"自身应有的水平"是合理现象。 当被问及是否担心美元走软时，特朗普回应称："不，我认为美元表现很好。我希望回归自身应有的水平，这是合 理的做法。"他还暗示自己具备影响美元走势的能力，称"我可以让它像悠悠球一样涨跌"。 特朗普言论发布后，美元指数（DXY）短线一度小幅拉升，但随后快速转跌，盘中跌超50点，刷新2022年2月以 来新低。衡量美元对六种主要货币的美元指数当天下跌0.84%，在纽约尾盘报96.219。截至纽约汇市尾市，1欧元 兑换1.1979美元，高于前一交易日的1.1875美元；1英镑兑换1.3780美元，高于前一交易日的1.3679美元。 美元走弱带动非美货币集体反弹。离岸人民币兑美元一度逼近6.93关口。 避险资产继续受益，黄金延续强势走势，现货黄金刷新历史高位至每盎司5180美元上方。 "抛售美国"交易升温 本月以来，美元持续承压。市场普遍认为，特朗普的贸易政策不确定性，以及围绕美联储独立性的争议 ...

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 现货黄金冲破5000美元/盎司，资金面看，黄金基金ETF（518800）近20日资金净流入超43亿元 ，黄金 价格中枢仍有望上行。 相关机构表示，近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场 对美国资产信心产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力。目前黄金波动率有所提 高，但市场结构或仍相对健康。展望后市，美联储降息周期、海外不确定性加剧、全球去美元化趋势、 央行和Tether等发行商购金等，黄金的长逻辑仍然 ...

Core Insights - Recent geopolitical tensions have led to a surge in gold prices, surpassing the $5000 mark, with gold stock ETFs experiencing significant inflows [1][3][6] Geopolitical Context - The former Canadian central bank governor, Mark Carney, announced at the World Economic Forum that the "rules-based international order" is over, indicating a shift towards unrestrained geopolitical competition [3] - Concerns over U.S. credit risk have prompted major pension funds, including Denmark's and Sweden's Alecta, to sell off U.S. Treasury bonds [3] Gold Market Dynamics - The Polish central bank has approved a plan to purchase 150 tons of gold, emphasizing gold's role as a risk-free asset and a stabilizer for the economy [4] - Analysts predict that the current rise in gold prices may be just a precursor to a more significant upward trend, with expectations for an average gold price of $4741.97 by 2026, a 38% increase from the previous year [5] Future Price Predictions - Analysts have varying predictions for gold prices, with some forecasting a peak of $7150 this year due to geopolitical risks and increased retail demand from Latin America [5] - The overall sentiment remains bullish, with expectations that gold will continue to rise amid a backdrop of U.S. monetary policy changes and geopolitical tensions [6] Investment Opportunities - Investors are encouraged to consider gold ETFs, particularly those tracking gold mining stocks, as a means to capitalize on the current market conditions [7]

Core Viewpoint - The trend of "selling America" continues among global investors, despite temporary market stabilization following President Trump's withdrawal of tariff threats against eight European countries at the Davos Forum [1][2]. Group 1: Market Reactions - Following Trump's announcement, the U.S. stock market experienced a brief recovery, with the market sentiment shifting from decline to increase [2]. - On January 23, the U.S. dollar index fell by 0.78%, closing at 97.593, indicating ongoing pressure on the dollar [2]. - U.S. stock funds saw a net outflow of $16.8 billion in the previous week, while European stock funds experienced their strongest inflow in six weeks since June of the previous year [2]. Group 2: Capital Flows and Investment Strategies - Concerns over U.S. domestic policies and attractive investment opportunities abroad are driving capital away from U.S. assets towards diversification [2][3]. - Denmark's AkademikerPension announced its exit from $100 million in U.S. Treasury bonds due to worries about fiscal discipline and the weakening dollar [3]. - The Reserve Bank of India has also been reducing its holdings of U.S. Treasury bonds, with its long-term bond holdings dropping to $174 billion, a 26% decrease from the peak in 2023 [3]. Group 3: Global Asset Diversification - The International Monetary Fund reported that the dollar's share in global foreign exchange reserves has fallen below 60%, the lowest in decades, as central banks diversify their asset allocations [4]. - Gold is becoming a more favored reserve asset among central banks, with Poland's central bank planning to increase its gold reserves by 150 tons [4]. - Investors are increasingly wary of potential risks associated with U.S. domestic policies, which are seen as more systemic compared to geopolitical threats [4]. Group 4: Emerging Markets and Investment Opportunities - Record inflows into emerging market funds are being observed, with the MSCI Emerging Markets Index reaching historical highs [5][6]. - The index has gained approximately 7% since the beginning of the year, driven primarily by Asian technology stocks [6]. - The attractiveness of non-U.S. assets is leading to a quiet "sell-off" of U.S. bonds as investors seek better opportunities elsewhere [6].