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 ...

Group 1: Innovation Drugs and Gold ETFs Performance - Innovation drug-themed ETFs have shown significant growth, with the top two funds, WanKe ZhongZheng HongKong Innovation Drug ETF and JingShun ChangCheng HongKong Innovation Drug ETF, reporting net value increases of 9.02% and 9.01% respectively [2] - Other innovation drug ETFs also performed well, with several exceeding an 8% increase in net value [2] - The ASCO annual meeting, scheduled for May 30 to June 3, will showcase research results from companies like BeiGene and Kelun Biotech, which is expected to attract attention from the pharmaceutical industry and investors [2] - Gold-themed ETFs also performed strongly, with six funds reporting net value increases exceeding 6% [2] Group 2: Gold Price Trends - COMEX gold prices increased by 5.35%, while London gold saw a rise of 4.86%, and SHFE gold rose by over 4% [3] - Short-term adjustments in gold prices may occur, but long-term demand for inflation hedging and safe-haven assets is expected to support gold prices [3] Group 3: Fund Flows into Defense and Military ETFs - A total of 31 ETFs saw net inflows exceeding 100 million yuan, with significant inflows into military-themed ETFs such as Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF and Fuguo Zhongzheng Military Leader ETF, each exceeding 900 million yuan [4] - The military industry is anticipated to experience a turning point in orders, driven by new technologies and products aimed at enhancing equipment performance and reducing costs [4] Group 4: Support for Technology Enterprises - Recent policies from seven departments aim to enhance credit support for technology enterprises, with a focus on early-stage investments and long-term financing for hard technology [5] - The establishment of a bond market technology board is proposed to raise long-term, low-interest funds for technological innovation [5]

Group 1 - The core viewpoint of the articles highlights the significant performance of innovative drug and gold-themed ETFs, driven by geopolitical tensions and supportive government policies for technology enterprises [1][4][6] - A total of 139 ETFs recorded a growth rate exceeding 1%, with 18 ETFs surpassing 6% growth. The top performers were innovative drug ETFs, with the leading ones showing growth rates of 9.02% and 9.01% [2][3] - The COMEX gold price increased by 5.35%, while London gold saw a rise of 4.86%. Despite potential short-term adjustments, long-term demand for gold as an inflation hedge and safe haven is expected to support its price [5] Group 2 - Significant inflows were observed in defense and military ETFs, with several funds attracting over 1 billion yuan in net inflows. Notably, the Huaxia and Fortune military ETFs saw inflows exceeding 9 billion yuan [6][8] - The recent government policies aimed at enhancing credit support for technology enterprises are expected to benefit the Sci-Tech 50 ETF, which has also attracted significant investment [9] - The upcoming ASCO annual meeting is anticipated to showcase innovative drug research results from leading companies, further influencing the market dynamics in the pharmaceutical sector [3][4]

近日，国际金价剧烈波动，投资者的心情也仿佛坐上了过山车。 自4月22日突破历史高点3500美元/盎司后，国际金价一路跌至3120美元/盎司附近。过去一周，国际金价又迎来大幅反弹，回升至3300美元/盎司附近。受此 影响，国内多个品牌金饰价格也再度站上千元大关。 即便是见惯风浪的资深投资者，面对这一轮"黄金巨震"，也直呼"行情太刺激"。为何金价在近期波动异常剧烈？未来走势可能如何变化？潮新闻记者采访多 位资深业内人士。 "情绪跟着金价起起落落" 今年3月，杭州00后小伙朱华（化名）第一次开通了黄金投资账户，购买了一笔积存金。但5月13日至15日，三天时间，账户一下子从盈余3000多元到亏损 6000多元。"忍痛清仓了，结果金价又连涨，我忍不住追加了投资。"朱华最近看到金价连续"翻红"，心里五味杂陈。 朱华算了算，如果要把之前亏损的赚回来，至少要等积存金涨到810元/克。不过截至5月24日，他购买的积存金实时金价停留在781.75元/克。 在新手黄金投资者李默微（化名）的理财本上，红色、绿色数字分别代表着黄金投资盈亏金额。目前，她还有近40万元"套"在黄金投资里，没有回本。最近 半个月，她的积存金账户一度从盈利5 ...

5月23日，现货黄金价格跌破3300美元/盎司关口，周大福、周大生、周六福、潮宏基等主流品牌今日金价仍在1012元/克高位。当黄金首饰消费遇 冷、金条投资热度飙升，作为国内A股首家时尚珠宝上市公司的广东潮宏基实业股份有限公司（以下简称"潮宏基"）为何逆市启动H股上市计划， 在资本市场上演"双城记"？ 黄金首饰消费需求疲软珠宝行业集体承压 产品质量"被点名" 超六成黄金产品依赖代工 近年来，旗下潮宏基珠宝品牌通过加盟模式，加强渠道的拓展，并制定了在2025年达到2000家门店的目标。尽管2024年二季度以来行业出现了一 波闭店潮，但"CHJ潮宏基"珠宝总店数仍较年初净增129家，总店数增至1505家，其中加盟店1268家，加盟店较年初净增158家。 5月20日晚，潮宏基发布关于股票交易异常波动的公告，并披露了一则重磅消息。公司目前正筹划在港交所发行H股上市事项，相关细节和方案尚 未确定。目前公司生产经营情况正常，内外部经营环境未发生重大变化。 潮宏基称，本次H股上市是为进一步推进公司的全球化战略布局，提升国际品牌形象，加强与境外资本市场对接。本次H股上市不会导致公司控股 股东和实际控制人发生变化。 作为国内A股 ...

Group 1: Market Trends and Drivers - The relationship between gold prices and U.S. Treasury yields exhibits a "see-saw effect," with rising yields due to long-term U.S. deficit concerns, yet gold prices are strengthening, indicating deep-seated market anxiety about the U.S. dollar's credit system [1] - Despite the upward pressure on gold prices from rising Treasury yields, concerns over inflation and debt default risks are driving gold as a safe-haven asset [1] Group 2: Investment Strategies - Gold investment is complex due to its multiple attributes as a commodity, currency, and safe-haven asset; margin trading in the Shanghai gold futures market allows investors to leverage their positions, but this can amplify both gains and losses [3] - As of May 23, 2025, the price difference between London and Shanghai gold indicates a structural opportunity, with a spread of 12.9% requiring real-time monitoring of exchange rates and capital flow policies [3] Group 3: Risk Assessment - Current risks in the gold market can be summarized as three uncertainties: potential hawkish shifts in Federal Reserve policy, U.S. government debt issues leading to reduced safe-haven demand, and decreased physical demand from emerging market central banks [5] - Technical analysis shows that gold prices faced profit-taking pressure after reaching $3,300.80, indicating volatility in high price regions [5] Group 4: Historical Data Comparison - Comparing current gold prices with historical cycles reveals significant differences; the current support logic for gold is more diversified than in 2011, with low opportunity costs for holding gold as indicated by TIPS yields [6] Group 5: Structural Changes in the Market - The development of the Shanghai gold market highlights structural changes, with daily trading volumes increasing from under 50 tons in 2011 to over 300 tons in 2025, reflecting the rise of Asian market pricing power [8] Group 6: Conclusion and Navigation - Investors need a "multi-dimensional compass" to navigate the current gold market, focusing on macro indicators like Federal Reserve decisions and micro signals such as the Shanghai-London price spread [9] - Risk managers should assess the volatility contribution of gold assets in their portfolios to avoid excessive exposure to a single asset [9]

在美国众议院周四通过特朗普的税收和支出法案后，对美国政府债务不断增加的担忧继续造成压力，美 元走低。德国商业银行货币分析师Antje Praefcke在一份报告中表示，该法案旨在使特朗普引入的减税政 策永久化，但为此提供的资金不稳定，因此可以假设预算赤字将继续膨胀。她说："我很好奇，市场什 么时候会意识到这是美元的下一个主要结构性负担。" 【黄金技术面分析】 技术面来看，黄金日线昨日收阴，在连阳之后转阴一般是看修正，阴线后面继续看转阳上升，周四收线 仍站在中轨之上，5日均线上穿10日均线粘合于中轨交于3285，10日线上移至3253附近，下一波上涨就 有可能会去日线布林上轨*点3400附近，所以上涨还有不错的空间。4小时级别中，黄金昨日突破上轨后 走了一波回踩，确认了中轨支撑，目前布林带开口，均线仍是保持多头排列，周期性仍是强势，日内支 撑点也是强弱关键点的转换位置在3280，短线支撑在3293前期高点，日内回落支撑位多，上方3315- 3340-3365-3380-3400逐渐上看。 【基本面解析】 在美元走软以及对美国财政和经济前景的担忧的支撑下，黄金本周涨幅有望超过3%。德国商业银行研 究部大宗商品分析 ...

Core Insights - The article highlights a significant trend in gold investment across different generations in China, showcasing a unique blend of motivations and strategies among older, middle-aged, and younger consumers [2][10] - The rising gold prices, currently around $3300 per ounce, have prompted increased interest and investment in gold as a traditional safe-haven asset [2][10] Group 1: Older Generation - The older generation, represented by individuals like Zhang Dama, views gold as a deeply ingrained belief and a safeguard against economic uncertainty, stemming from past experiences with inflation [3][5] - Zhang Dama's investment strategy focuses on physical gold, emphasizing simplicity and stability, with an average annual return of 8%, significantly higher than bank deposit rates [3][6] - The older generation relies on personal experiences and word-of-mouth for investment decisions, contrasting with younger generations' reliance on technology and market trends [5][10] Group 2: Middle-Aged Generation - The middle-aged demographic, exemplified by Wang Zhiqiang, approaches gold investment with a rational mindset, using it as a stabilizing asset in their diversified portfolios [6][7] - Wang Zhiqiang's investment strategy includes paper gold and gold ETFs, prioritizing liquidity and convenience, while also considering broader economic factors like currency fluctuations and family expenses [6][7] - This group has formed investment communities to share insights and strategies, focusing on informed decision-making rather than speculative gains [7][8] Group 3: Younger Generation - The younger generation, represented by Lin Xiaoxuan, views gold as both a fashionable accessory and an investment, integrating it into their lifestyle and social media presence [8][9] - Young consumers are engaging in gold purchases through innovative platforms, lowering the barriers to entry for investment and creating a new trend of "wearable wealth" [8][9] - The shift in perception of gold from a traditional asset to a social currency reflects changing values and investment behaviors among younger consumers [9][10]