Core Insights - The long-term bullish trend for gold remains intact, with institutional funds making counter-cyclical investments, suggesting a potential technical rebound in gold prices is imminent [1] Group 1 - The foundation for a long-term bull market in gold has not changed, indicating sustained investor confidence in the asset [1] - Institutional investors are positioning themselves strategically, indicating a shift in market sentiment towards gold [1] - A technical rebound in gold prices is anticipated, which could present new investment opportunities [1]

智通财经APP获悉，MetalsFocus发布报告称，2025年迄今黄金表现极为强劲，以美元和印度卢比(以及 其他货币)计价的金价都迭创历史新高。尤其引人注目的是，4月后期印度国内金价涨破100,000卢比/10 克(含商品及服务税)，之后短暂回调，撰写该报告之时5月初已重返该重要心理关口下方。金价持续走 强已导致消费者的黄金首饰购买力下降。有鉴于此，MetalsFocus认为印度市场上18K金饰和较低克重金 饰可能会加速渗透。 首先来看金价涨至创纪录高位对需求的影响，2025年一季度印度黄金首饰消费量同比下降25%，至71 吨，创出2020年三季度以来单季消费量的新低。由于消费者购买首饰的预算通常为固定预算，金价涨至 创纪录高位意味着可购买的金饰重量下降。此外，金价涨速很快，存在近期回落的预期，也促使印度消 费者暂缓购买金饰。 消费者用于购买低价位或日常佩戴首饰的非必需品支出降幅尤其大。相比之下，婚礼相关首饰购买量则 更具韧性，反映出婚礼首饰为刚性需求，不可能长期推迟购买。除零售店客流量明显下降外，越来越多 的印度消费者因零售商提供颇具吸引力的换购方案，选择以旧首饰换购新首饰。MetalsFocus的估算显 ...

Core Viewpoint - Gold prices are experiencing a continuous decline, influenced by a rebound in the US dollar and easing trade tensions, raising questions about whether this is a short-term fluctuation or a trend reversal, and whether expectations of Federal Reserve interest rate cuts can provide relief [1] Group 1 - The recent drop in gold prices is attributed to a strengthening US dollar [1] - Easing trade tensions are contributing to the current market dynamics affecting gold prices [1] - There is uncertainty regarding whether the current situation represents a temporary fluctuation or a more significant trend reversal in the gold market [1] Group 2 - The potential impact of Federal Reserve interest rate cut expectations on gold prices is being closely monitored [1]

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 ...

Core Insights - The gold ETF fund (159937) has seen a recent increase of 0.16%, with a latest price of 7.43 yuan and a transaction volume of 2.57 billion yuan as of May 27, 2025 [1] - The fund has maintained a strong performance, with a 91.39% increase in net value over the past five years, ranking second among comparable funds [1] - The fund's year-to-date relative drawdown is 0.32% as of May 26, 2025, indicating resilience against market fluctuations [3] Trading Activity - The gold ETF fund has experienced significant trading activity, with an average daily transaction volume of 9.98 billion yuan over the past month, placing it among the top three comparable funds [1] - Leveraged funds have been actively buying into the gold ETF, with a net inflow of 24.19 million yuan on the highest single day, bringing the latest financing balance to 3.738 billion yuan [1] Performance Metrics - The fund's Sharpe ratio over the past year stands at 2.36, indicating a favorable risk-adjusted return [2] - Historical performance shows that the fund has achieved a maximum monthly return of 10.62%, with the longest streak of consecutive monthly gains being six months [1] Fees and Management - The management fee for the gold ETF fund is 0.50%, while the custody fee is 0.10% [4]

Core Insights - The domestic gold price in Shanghai on May 27, 2025, is 775.98 CNY per gram, which is 4.58 CNY higher than the international gold price of 771.4 CNY per gram [1]. Group 1 - The domestic gold price exceeds the international gold price [3].

金十图示：2025年05月26日（周一）上海金午盘价为774.33元/克，较国际金价(769.08元/克)，高5.25元/克 l 注:■ 国内金价>国际金价 ■ 国内金价＜国际金价 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM . . --------- ...

广东潮宏基实业股份有限公司投资者关系活动记录表 证券代码：002345 证券简称：潮宏基 投资者关 系活动类 别 □√ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □ 一对一沟通 □其他 参与单位 名称及人 员姓名 中信证券、海通国际、浙商证券、长江证券、信达证券、申万宏源证券、 华泰证券、国泰海通证券、天风证券、华西证券、国海证券、中泰证券、 中邮证券、国金证券、中兵财富、雪石资产、彼立弗投资、开源自营、 闻天投资、国开丝路、Cyber Atlas Capital、人保资产、创金合信基金、 融通基金、诺安基金、宝盈基金、申万菱信、宽潭资本、华能信托、 浩成资产、海富通基金、宝盈基金、银华基金、怀澄基金、博时基金、沁源 投资、盛宇投资、永赢基金、云溪投资 等 53 人 时间 2025 年 5 月 23 日 地点 公司会议室 上市公司 接待人员 董事、副总裁 徐俊雄 董事会秘书 林育昊 证券事务代表 江佳娜 投资者关 系活动主 要内容介 绍 一、参观公司及臻宝博物馆； 二、问答环节： 1、近期金价波动比较厉害，有没有观察到终端动销受影响？ 答：门店店均流水仍能延续 ...

或因一些投资者在美国假期前选择回补空头头寸，两油有所反弹，日内涨超1%，WTI原油期货先跌后涨，并在美盘时段急速拉升至61美元上方，最终收涨 1.56%，报61.74美元/桶。欧佩克+增产加剧了市场对原油供应过剩的担忧，但以色列对加沙的新一轮军事打击以及美伊核谈判陷入僵局也限制了油价跌幅。 油价上周走势偏震荡，周五下探60关口后反弹回升，大涨逾1%，一度逼近62关口，目前没有消息或者数据很难打破震荡走势，上方关注65一线的阻力。四 小时线，上周油价冲高64关口后回落，下方触及60关口后反弹回升，可以看出60关口存在支撑，油价处于布林带中上轨之间运行，KDJ有形成金叉的迹象， MACD金叉后向上运行，短线走势震荡偏强。 综合来看，目前油价处于震荡走势之中，暂时很难打破这种僵局，上周五在下探60关口后回升收涨逾1%，短线走势震荡偏强，日内操作上可以参考61-61.50 区域布局多单，看至63.50-64区域。 投资的首要原则是规避好风险，如果不能规避风险，那么赚再多的钱，有一天还是会回去，任何一个人成功都有其方法，而投资交易也必有其原则，积少成 多，以小损失博大是交易的根本，而有很多人却忘记了初衷，把利益放在眼前 ...

Core Viewpoint - Recent fluctuations in gold prices have led to increased caution among institutional and individual investors regarding gold asset allocation, particularly with a notable outflow from gold ETFs [1][5][6] Price Fluctuations - Gold prices experienced a rebound after a decline from May 7 to May 19, with the London spot gold price reaching a high of $3345.4 per ounce on May 22, marking a 3.31% increase from May 20 to 22 [2][3] - The previous two weeks saw a significant drop of 5.88%, with prices falling to a low of $3120.2 per ounce [2][3] Investor Sentiment - There is a growing cautious attitude among investors towards gold, as evidenced by a shift from net inflows to net outflows in gold ETFs since April 22, with a notable outflow of 31 billion yuan from nine out of thirteen ETFs from May 1 to 22 [6][7] - The market sentiment has shifted towards a more bearish outlook, with increased short positions in gold and a decrease in long positions [6][7] Long-term Outlook - Despite short-term volatility, the long-term demand for gold remains strong due to ongoing global economic uncertainties, inflation expectations, and central bank policies [4][8] - Analysts suggest that the fundamental logic supporting gold as an investment has not changed, and long-term capital continues to flow into gold-related assets [8] Geopolitical and Economic Factors - Recent geopolitical risks, including the downgrade of the U.S. credit rating and tensions in the Middle East, have provided support for gold prices [3][4] - The potential for a "global capital flow transformation" has been noted, as investors shift from traditional safe-haven assets like the U.S. dollar and bonds to gold [3][4]