Group 1: Gold Price Fluctuations - On May 27, 2025, international gold prices dropped significantly, with London spot gold falling below $3,300 per ounce, closing at $3,300.46, a daily decline of 1.25% [1] - COMEX gold futures also fell by 1.27% to $3,299.7 per ounce, influenced by reduced expectations for Federal Reserve interest rate cuts, a rebound in the dollar index, and easing geopolitical tensions [1] Group 2: Domestic Gold Jewelry Price Adjustments - Domestic gold jewelry prices have been adjusted downwards in response to the international gold price decline, with brands like Chow Sang Sang and Chow Tai Fook reducing their gold prices to 986 CNY per gram, a decrease of 10-29 CNY per gram [3] - Lao Miao's gold price has dropped to 997 CNY per gram, while the Shenzhen Shui Bei wholesale market offers a competitive price of 756 CNY per gram with low processing fees [3] Group 3: Core Reasons for Price Volatility - Market sentiment and policy impacts include cautious statements from Federal Reserve officials indicating no imminent rate cuts, which diminishes gold's appeal [4] - Progress in US-EU trade negotiations and the postponement of tariff increases by Trump have alleviated market tensions [4] - Technical adjustments are evident, with gold prices having risen over 20% since mid-April, leading to profit-taking [4] - Changes in consumer behavior show a shift towards high-value channels and lighter wedding jewelry designs, with average weights decreasing from 40 grams to 30 grams [4] Group 4: Investor Sentiment and Future Trends - Investor sentiment is polarized, with some leveraged traders facing losses exceeding 470,000 CNY in a single day, while long-term investors remain optimistic about gold's inflation-hedging properties [5] - China's gold imports surged by 73% month-on-month in April to 127.5 tons [5] - Short-term price fluctuations are expected around the $3,300 per ounce support level, with potential volatility of 5%-10% if the Federal Reserve signals a hawkish stance in June [5] - Morgan Stanley forecasts gold prices to oscillate between $3,000 and $3,350 [5] - Long-term support factors include ongoing global central bank gold purchases and a weakening trend in dollar credit, with Goldman Sachs predicting gold prices could challenge $4,000 per ounce by 2026 [5] Group 5: Consumption and Investment Recommendations - For essential consumption, it is advisable to prioritize bank gold bars (with a premium of about 3%) or wholesale market options to avoid high processing fees associated with branded gold jewelry [6]

近期国际金价持续波动，呈现震荡下行趋势。截至2025年5月28日，伦敦现货黄金价格跌破3300美元/盎 司，报3293.68美元/盎司，较前一日下跌0.2%；国内金饰价格同步调整，周生生、周六福等品牌足金饰 品报价降至986元/克，周大福、六福珠宝为1006元/克，较月初高点回落明显。以下是具体动态与分 析： 技术性调整：前期金价快速上涨后积累的获利盘回吐，部分投资者选择抛售黄金兑现收益。 中长期支撑逻辑 地缘政治不确定性：俄乌冲突、中东局势紧张等风险事件仍存，黄金作为避险资产的中长期价值未改 变。 全球央行购金需求：中国4月黄金进口量达127.5吨，创11个月新高，持续支撑金价。 美元信用弱化：美国财政赤字扩张及债务问题引发市场对美元体系的担忧，推动黄金作为替代性储备资 产的需求。 市场现状与波动原因 短期回调驱动因素 避险情绪降温：美国推迟对欧盟加征关税的决定缓解了贸易摩擦担忧，市场风险偏好回升，黄金作为避 险资产的吸引力减弱。 美元走强：美国经济数据韧性及美联储降息预期推迟推动美元指数上涨，抑制以美元计价的黄金需求。 未来趋势展望 短期震荡延续：国际金价预计在3100-3500美元/盎司区间波动，技术面 ...

在产品换将或逐步追平比较基准的预期下，炒作资金将溢价幅度与空间瞄准业绩比较基准的操作套路，使 得业绩比较基准已翻倍的易方达黄金主题基金在场内的溢价出现罕见情形。 易方达基金5月26日发布公告，该产品的二级市场交易价格已远超基金产品份额净值，当前溢价幅度已超 25%。而在不久前，易方达黄金主题基金产品发布基金经理变更公告，之后即出现产品的交易溢价飙升至 67%，该基金产品在二级市场上的涨幅一度高达119%，截至5月26日，易方达黄金主题基金产品的年内价格涨 幅仍有56.84%的高收益，远高于该基金32%的年内净值收益。 值得一提的是，自基金合同生效至最新一期的基金定期报告期末，易方达黄金主题基金产品的A类基金份额净 值增长率为25.60%，同期业绩比较基准收益率为126.25%，而产品换将后的价格涨幅高度接近126.25%的基金 业绩比较基准，也暗含出炒作资金对该基金产品之后净值收益的预期。 公募提醒基金交易风险 5月26日，易方达基金发布公告称，旗下易方达黄金主题基金的A类人民币份额在二级市场交易价格已经明显 高于基金份额净值。按2025年5月22日数据计算，该只黄金主题基金的基金份额净值为1.307元，而同 ...

5月27日下午，现货黄金跌破3300美元/盎司，日内跌1.45%。 国内黄金现货也出现下跌。 今年以来，黄金总是重复以两种方式登上热搜：大涨与大跌。 尤其进入5月，这种趋势更为明显，屡创历史新高的金价开启了波动更为剧烈的过山车模式。过去两周 内，国际金价逐渐跌破每盎司3500美元、3400美元和3300美元关口。曾经一夜之间靠黄金"赚翻"的投资 者，经此震荡纷纷感叹"亏麻了"。 中国(香港)金融衍生品投资研究院院长王红英告诉记者，近期黄金出现巨大震荡行情，主要源于影响黄 金价格的利多与利空因素之间的结构性矛盾，以及市场情绪的放大作用。 "黄金价格受到国际经济形势变化、主要货币走势、地缘政治摩擦等多重因素影响，短期内多重因素的 博弈导致黄金价格经历了暴涨暴跌的剧烈波动。"王红英说道。 花旗在研报中明确表示，此轮金价从最高点下调的核心原因在于全球关税谈判取得突破性进展。报告强 调："此前推动金价上涨的关键因素——关税担忧正在明显缓解，这直接导致黄金市场进入阶段性盘 整。" 招商期货金融衍生品主管徐世伟从交易角度对记者进一步分析，金价站上高位后，震荡较大属于正常现 象，直接原因在于大资金涌入造成了更大波动性。 世界 ...

证券研究报告 | 公司深度报告 2025 年 05 月 27 日 潼关黄金（00340.HK） 高品金脉，紫金赋能步入高速成长期 周期/金属及材料 公司 2017 年成功转型为黄金采选冶公司，从潼关出发，2023 年成功布局甘肃 黄金资源，资源禀赋优异，增储增产潜力突出，2025 年引入紫金战略入股，有 望进入高速成长期，充分享受高金价红利。 强烈推荐（首次） 当前股价：1.63 港元 基础数据 | 总股本（百万股） | 4398 | | --- | --- | | 香港股（百万股） | 4398 | | 总市值（十亿港元） | 7.2 | | 香港股市值（十亿港元） | 7.2 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 8.5 | | 资产负债率 | 43.0% | | 主要股东 | 蒋薇 | | 主要股东持股比例 | 26.98% | 股价表现 % 1m 6m 12m 绝对表现 23 245 178 相对表现 16 223 153 资料来源：公司数据、招商证券 -100 -50 0 50 May/24 Sep/24 Jan/25 Apr/25 (%) 潼关黄金 恒生指数 相关报 ...

Core Viewpoint - A gold investment company in Hangzhou has faced a payment crisis since May 20, leading to significant financial losses for numerous investors, including high-education families [1][2][8]. Group 1: Company Background - The company had previously promised a fourfold return on investments in 2021, which attracted many investors [4][8]. - It claimed to have a "state-owned background" and "bank custody" as credit endorsements, which contributed to its credibility among investors [8]. Group 2: Investment Products and Services - The company offered a "guaranteed redemption" service, where investors would incur a fee of 2 yuan per gram if gold prices increased, while facing no losses if prices fell [5][8]. - Many investors, including retirees, invested their pensions into this company, drawn by the attractive promises of high returns [7][8]. Group 3: Current Crisis - The company's e-commerce platform has experienced widespread payment issues, with initial estimates indicating unpaid amounts reaching several hundred million yuan [8]. - Reports suggest that the company's executives have gone missing, and the financial officer has fled to Yunnan, exacerbating the crisis [8]. - Local law enforcement has initiated an investigation into the company's operations due to the financial irregularities [10]. Group 4: Industry Context - The gold investment sector has seen similar crises, with other companies like Fujian Keguan Jewelry also facing payment issues, indicating a broader trend of instability in the industry [10]. - The rise in gold prices has created significant risks for gold investment companies, as they struggle to meet their promised returns amidst increasing costs [13].

以下文章来源于公募排排网 ，作者观在看 公募排排网 . 这是一个每天都在想尽办法为你找到好基金的良心公众号。 本文首发于公众号"公募排排网"。 （点击↑↑ 上图查看详情 ） 如何找到上涨动力、弹性较强的基金？ 如何找到当前市场上的比较热门、上涨弹性较大的基金？大部分基民在买基金时，考虑的是基金经理、估值、净值表现等，但所有 的这些因素最终归因都是基金底层所持有的证券标的。 所以，要想找到当前市场上涨动力、弹性较大的基金，不妨从基金持有的证券标的出发探寻一二。 公募排排网 数据显示，截至一 季度末，全市场13221只基金持有3103只个股(包含344只港股)，合计持有市值约为4.61万亿(其中港股标的持有市值约为8130.27亿 元)。 要想找到当前市场上涨弹性较大的基金，先从一季度基金增持的个股中，筛选出一季度末以来涨幅在20%以上的个股(以下称为强 劲股)，再按如下规则进行基金筛选：1)基金在一季度持有的强劲股在3只以上；2)基金在一季度持有强劲股的市值占基金股票投资 市值比在20%以上。 在进行基金筛选之前，我们先来看看当前市场上基金重仓股有哪些，以及一季度基金增持、减持方向表现如何？ 数据可靠 / 服务 ...

Market Overview - The Shanghai Composite Index fell by 0.57% to 3348.37 points, with a weekly high of 3394.75 points [1] - The Shenzhen Component Index decreased by 0.46% to 10132.41 points, reaching a high of 10325.92 points [1] - The ChiNext Index dropped by 0.88% to 2021.5 points, with a peak of 2077.48 points [1] - Global markets saw declines, with the Nasdaq Composite down 2.47%, the Dow Jones Industrial Average down 2.47%, and the S&P 500 down 2.61% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 1.1%, while the Nikkei 225 Index fell by 1.57% [1] ETF Market Performance - The median weekly return for stock ETFs was -0.34% [2] - The highest weekly return among scale index ETFs was 1.49% for the Southern Deep Shenzhen Main Board 50 ETF [2] - The highest return in industry index ETFs was 3.18% for the China Tai Zhong Zheng 800 Automotive and Parts ETF [2] - The highest return in strategy index ETFs was 1.57% for the China Fortune Zhong Zheng All Index Free Cash Flow ETF [2] - The highest return in thematic index ETFs was 6.63% for the China Xia Zhong Zheng Hu Shen Gang Gold Industry Stock ETF [2] ETF Performance Rankings - The top five performing ETFs were all gold-related, with returns ranging from 6.12% to 6.63% [5][6] - The worst-performing ETFs included the Huabao Zhong Zheng Financial Technology Theme ETF at -4.01% and the Guotai Chuangye Ban Artificial Intelligence ETF at -3.84% [5][6] ETF Liquidity - Average daily trading volume for stock ETFs decreased by 22.9%, and average daily trading value fell by 16.2% [7] ETF Fund Flows - The top five ETFs with the highest inflows included the Southern Zhong Zheng 1000 ETF with an inflow of 233 million yuan [10] - The ETFs with the largest outflows included the Huaxia Shanghai 50 ETF, which saw an outflow of 402 million yuan [11] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 41.9403 billion yuan to 41.232 billion yuan [12] ETF Market Size - The total market size for ETFs reached 4.094595 trillion yuan, a decrease of 12.659 billion yuan from the previous week [15] - Stock ETFs accounted for 72.2% of the total ETF market size [17] ETF Issuance and Establishment - No new ETFs were issued last week, but 13 new ETFs were established [18] Institutional Insights - Zhongyou Securities noted a bullish trend in gold prices, suggesting continued investment opportunities in gold stocks [19] - Industrial Securities highlighted the acceleration of valuation recovery for gold stocks due to the changing market perception and macroeconomic factors [19]

步入年中，黄金市场多空力量激烈博弈，尽管短期价格波动加剧，但从基本面到政策面，多重利好因素 正为黄金的长期价值提供坚实支撑。当前金价震荡格局为投资者提供了绝佳的布局窗口，皇御贵金属平 台(bibgw.top/XZMPz8)同步推出如"免费领取18美元"、"自助申请50000美元赠金"、"交易回赠$26/手点 差"等多重新客福利，助投资者轻松布局，抓取行情红利！ 1. 地缘风险与关税不确定性"双保险" 全球地缘时政局势持续紧张，中东冲突反复、俄乌和谈进展缓慢，叠加市场对"全球贸易战2.0"的担忧 不断升温。与此同时，美联储主席鲍威尔近期坦言"关税对经济的影响远超预期"，进一步加剧了市场对 政策不确定性的焦虑。历史经验表明，地缘冲突与贸易摩擦的叠加效应往往推动资金涌入黄金，使其成 为对冲风险的核心工具。 A：新客登录用户中心，激活交易账户，并一键参与积分活动，达标可领取1800积分福利！ Q：通过什么方式获得赠金？ 2. 降息预期与美元信用的长期角力 尽管美联储5月会议维持利率不变，但美国经济数据疲软、债务率攀升至124%，因此市场仍押注年内降 息1-2次。在降息预期下，实际利率下行将直接削弱美元吸引力，而黄金作 ...

中信证券发布研报称，近期特朗普政府关税政策反复，大体转向温和。中信证券认为这种转向并不稳 定，或仅为市场压力下的临时性安抚措施。 上周末，国际金价大涨逾2%，COMEX黄金期货结算价上涨70.80美元，涨幅2.15%，报3365.80美元/盎 司。 后续关税摩擦仍然可能持续，或在今年底至明年初才会走向"雷声大，雨点小"。 减税法案也是特朗普核心诉求，若顺利落地有利于经济短期表现和确定性提前到来，但需要观察特朗普 的政策方向选择。 大类资产方面黄金仍最具确定性，美债或仍为区间震荡，美股胜率较低，美元或震荡偏弱。 特朗普若聚焦内政则美股和美元拐点或提前到来。 智通财经APP获悉，近期黄金市场表现强势，中信建投发布多篇研报分析黄金价格走势及投资前景。 研报指出，中东地缘紧张局势升级、穆迪下调美国主权信用评级等因素引发避险情绪，推动金价上涨， COMEX 黄金期货盘中站上 3350 美元 / 盎司上方，年内涨幅超 27%。各团队从不同角度对黄金投资进 行展望，包括期权 VIX 指标提示黄金回调风险、中国处于普林格周期第一阶段建议黄金超配、黄金多 维择时与定投策略优化等。此外，还探讨了关税谈判、避险需求、通胀预期等因素 ...