注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 全球最大黄金ETF--SPDR Gold Trust持仓较上日增加0.57吨，当前持仓量为921.6吨。 2025-05-05 -4.87吨 -1.15吨( 2025-05-02 +1.15吨 2025-05-01 -2.87吨 2025-04-30 +0.86吨 2025-04-29 -8 -2 0 2 -6 -4 4 -10 减仓 增仓 ...

Core Viewpoint - The article discusses the significance of gold as a hard currency, its historical context, investment methods, and associated risks, emphasizing its enduring value and various applications in modern finance and industry [1][2][3][4][5][6] Group 1: Gold as Hard Currency - Gold's value is attributed to its scarcity, with approximately 200,000 tons mined throughout human history, equating to less than 30 grams per person if divided among 8 billion people [2] - Gold possesses three main attributes: 1. Currency attribute, being one of the earliest forms of money and used extensively in trade and rewards throughout history [3] 2. Commodity attribute, characterized by its resistance to corrosion and diverse applications in various industries beyond jewelry [3] 3. Safe-haven attribute, where gold prices often surge during economic crises or loss of trust in major currencies [3] Group 2: Investment Methods - Gold investment options include: 1. Physical gold, such as gold bars, coins, and jewelry, with investment-grade gold priced lower than jewelry due to craftsmanship premiums [4] 2. Gold accumulation accounts offered by financial institutions, allowing clients to invest without holding physical gold, with low transaction costs [4] 3. Gold ETFs, which provide high liquidity but do not allow for physical gold redemption and incur management fees [4] Group 3: "Gold+" Concept - The "Gold+" concept integrates a certain percentage of gold into investment portfolios, gaining traction among institutional investors and financial products [5] Group 4: Investment Risks - Gold investment carries several risks: 1. Market price volatility influenced by global economic conditions, monetary policies, and geopolitical tensions [6] 2. Purchase channel risks, particularly when buying from unverified sources, increasing the likelihood of acquiring counterfeit or subpar gold [6] 3. Repurchase and liquidity risks, as the avenues for selling physical gold are limited and may involve significant price discrepancies [6]

Group 1 - The core factors driving the recent rise in gold prices include increased market uncertainty due to the Federal Reserve's policy shifts, ongoing geopolitical risks, and fluctuations in the US dollar and bond yields [3][5][6] - The Federal Reserve's decision to maintain interest rates in May, coupled with higher-than-expected CPI data, has led to divided expectations regarding potential rate cuts in September, enhancing gold's appeal as a non-USD asset [3][5] - Geopolitical tensions, such as the ongoing Russia-Ukraine conflict and Middle East instability, have prompted central banks to increase gold reserves, with a record net addition of 1136 tons in 2024, supporting long-term gold prices [3][5] Group 2 - The current gold market is characterized by high volatility and differentiation, necessitating a strategic approach to capture structural opportunities [5][6] - Investors are advised to combine technical and fundamental analysis for trading decisions, focusing on key price levels such as the resistance at $3280 and potential breakout points [5][6] - Diversification is recommended, with gold constituting 10%-20% of an asset portfolio, utilizing various gold products to balance long-term value and short-term trading opportunities [6][7] Group 3 - Utilizing trading platform tools can enhance the trading experience, such as tracking Federal Reserve policy changes and employing stop-loss mechanisms to manage risks during market fluctuations [7][10] - The inherent volatility of leveraged trading in spot gold necessitates strict position control and risk management strategies to mitigate potential losses [9][10]

Core Viewpoint - The current bank gold bar prices are closely linked to the global macro environment, with prices around 770 RMB per gram as of May 20, 2025, reflecting both financial and commodity attributes of physical gold [7]. Group 1: Bank Gold Bar Prices - The price of gold bars varies among banks, with the Agricultural Bank of China offering the highest price at 770.90 RMB per gram, while the Industrial and Commercial Bank of China offers the lowest at 763.2 RMB per gram [4][5]. - Investment gold bar prices are typically based on the Shanghai Gold Exchange AU9999 gold price, with an additional handling fee of 10 to 20 RMB per gram [3]. Group 2: Market Dynamics - The London gold price is at 2120 USD per ounce, and the Shanghai gold AU9999 main contract is priced at 478.5 RMB per gram, indicating a premium for craftsmanship gold bars of about 4.5% [7]. - The strong performance of the RMB has not led to a decrease in domestic gold bar prices, highlighting a contradiction where geopolitical risks in the Middle East increase demand for safe-haven assets [7]. Group 3: Investment Considerations - Investors should consider three key factors: currency hedging to mitigate single currency risk, the current low volatility of gold, and the cultural attributes of craftsmanship gold bars as a new choice for wealth inheritance [9]. - The demand for gold as a hedge against inflation is increasing among domestic residents, with a reported 22% increase in transaction volume for the Industrial and Commercial Bank's gold bars [7].

随着市场避险需求下降，黄金正在迎来年内最大降幅。 据记者统计，截至目前，国际金价已从一个月前的3500美元/盎司高点下跌了近10%。连日来，金价下 跌的话题不断登上热搜，不少网友纷纷发帖表示"亏麻了"。 今年以来，黄金价格不断攀升，并多次刷新历史纪录。如今持续"高位跳水"，是否又一个买入的良机? 若投资者还想"上车"，又有哪些现况必须了解? 国际金价一个月跌去近10% 北京时间5月17日，现货黄金价格再次跳水，失守3200美元整数关，一度跌至3160美元下方，日内跌超 2%。 市场分析人士认为，贸易紧张局势有所缓解，是此轮国际金价持续下调的主要原因之一。 截至当天收盘，伦敦现货黄金、COMEX黄金期货分别下跌1.15%、0.65%，报3202.28美元/盎司、 3205.6美元/盎司。 至此，现货黄金价格距离一个月前最高的3500美元/盎司，已经下跌了近10%。 与此同时，国内金饰价格也相应回调，品牌足金饰品单克价格已集体回落至千元下方，并还在持续下 跌。 | 黄金品牌 | 黄金品种 | 今日价格 | 报价时间 | | --- | --- | --- | --- | | 周大福 | 黄金价格 | 976元/克 ...

Group 1 - The core viewpoint indicates that the short-term easing of tariff sentiment is suppressing gold prices, but this pressure is more about volatility suppression and cleaning up trading positions. In the medium to long term, fiscal deficits, interest rate cut expectations, and concerns about stagflation are expected to gradually drive increased low-level allocations to gold [2] - As of May 19, the gold ETF fund has seen a net inflow of 5400.64 million yuan, with 12 out of the last 18 trading days showing net inflows totaling 31.29 billion yuan, averaging 1.74 billion yuan per day [2] - The gold ETF fund has a recent financing buy amount of 1083.56 million yuan and a financing balance of 37.16 billion yuan, indicating ongoing leverage positioning [2] Group 2 - The gold ETF fund has appreciated by 86.95% over the past five years, ranking second among comparable funds. The highest monthly return since inception was 10.62%, with the longest consecutive monthly gains being six months and a maximum increase of 16.53% [3] - The fund's year-to-date relative drawdown is 0.31% as of May 19, 2025, and it has a Sharpe ratio of 2.21 for the past year [3] - The management fee for the gold ETF fund is 0.50%, and the custody fee is 0.10% [3]

换资前言： 5.20黄金行情走势分析： 黄金技术面分析：黄金昨日小阳星K线整理收平，日线进入钝化震荡当中，周K线图仍有调整需求，局 部处于高位横向整理蓄势，结合此前的颈线3200破位后重新回到之上确认阻力，以双高的调整空间来 看，目前还未调整到位，周线和日线仍有进一步调整空间。黄金昨天还是多次承压3250一线回落，虽然 看似反弹强势，不过每次承压回落的幅度也不小，黄金昨日反弹高位还是连续放空两连胜。 4小时图收缩整理当中，昨日围绕上轨处3250附近连续两次承压震荡，回撤至中轨附近启稳整理，空间 没走出来，暂时围绕上轨与中轨之间来回拉锯，同时次高点3265仍是防守关键防守点，低位反弹之后是 启稳回升还是受阻回落，短线继续在争夺当中，今日仍留意上轨3250与中轨3200间的争夺，破位中轨将 向下轨回落，反之站上3255之上则进一步反弹，亚盘靠近上轨仍选择先空，突破再调整思路，稳健者也 可等失守中轨3205-3200后再反弹顺势跟进。黄金1小时均线虽然上穿，不过向上的力度并不是很强，黄 金早盘如果承压3250下还是可以继续空，反弹高点还在以前降低，昨天美盘二次反弹3240附近就开始回 落，那么黄金早盘首先关注324 ...

5月20日亚市早盘，comex黄金期货盘中小幅探底拉升，早盘一度跌至3215美元，目前报3233美元/盎 司；黄金相关ETF纷纷走强，截至发稿，黄金ETF华夏(518850)盘中一度涨0.18%，黄金股ETF(159562) 强势拉升涨1.5%冲击三连涨，其持仓股曼卡龙涨超12%，潮宏基涨超8%，特力A、菜百股份、老铺黄 金等金饰个股涨幅居前。 消息面上，老凤祥官微消息，天猫618已于5月16日晚8点开卖，淘宝天猫珠宝饰品行业首届"超级首饰发 布"启幕，老凤祥作为首场深度合作品牌，带来近百款古法高工艺黄金饰品。该发布秀全程6小时吸引了 超过百万人观看，当日品牌成交额突破千万，刷新老凤祥线上单日成交的最高纪录。据淘天超级首饰发 布相关负责人介绍，去年淘宝平台上高工艺金饰成交额同比增长超过400%，这次超级首饰发布的首秀 成绩，证明了工艺黄金消费的巨大潜力。 国信证券此前在研报中指出，复盘黄金股股价走势，其涨跌与黄金价格走势紧密相关，金价上行过程会 提振黄金的投资需求，黄金股易享受到业绩与估值同步提升的乘数效应，表现出较金价更大的弹性。 拉长时间来看，国际金价近一年大幅走强。自去年5月21日以来金价震荡走强，截至 ...

自4月下旬创出历史新高后，国际黄金期价一直维持弱势盘整。受此影响，国内沪金期货各合约也跟随 下滑，其中主力合约2508也在创出837.4元/克新高后走低，截至5月19日收盘，2508合约已跌至755元/ 克。 多位分析人士向《证券日报》记者表示，近期国际黄金价格走势疲软，主要缘于国际贸易形势的变化， 但从中长期走势看，黄金资产的配置价值依然凸显。 中粮期货有限公司研究院资深研究员曹姗姗对《证券日报》记者表示，由于目前避险情绪降温，加之黄 金价格此前上涨过高，市场存在回调需求。"目前黄金ETF持仓也有所下降，黄金股票也相应出现震荡 整理态势，但黄金期权中的深虚看涨期权和深实看跌期权成交表现较好，这反映出部分交易者依然中长 期看好金价走势，短期则存在较多不确定性。" 金瑞期货股份有限公司贵金属研究员吴梓杰也告诉记者，近期黄金期价呈弱势震荡态势，短期多空因素 交织导致上行承压，但中长期配置价值依然凸显。"需注意的是，近期国内黄金期价波动率仍处于高 位，交易方向不太清晰，建议交易者把握震荡节奏，严控风险敞口，加强头寸与风险管理，避免盲目追 涨杀跌。" 记者根据上海期货交易所盘后持仓数据梳理，截至5月19日，沪金主力合 ...

报 告 摘 要 一、美国公募基金市场月度收益 2025年 4月，美国股票型基金业绩弱于国际股票基金、债券基金和资产配置基金。 具体 来看，4月美国股票型基金、国际股票型基金、债券型基金、资产配置型基金收益中位 数分别为-1.55%、0.97%、0.01%、0.11%。 二、 美国非货币基金资金流向 三、 头部资管机构资金净流入 四、美国公募基金市场新发产品 2025年 4月，美国基金市场新成立基金共42只，其中包括36只ETF和6只开放式基金产品； 按资产类别区分，2025年4月新成立股票型基金30只、债券型基金8只、资产配置型基金4 只。 五、海外资管机构观点梳理 我们围绕海外头部资管机构近期较为关注的主题，从资管机构公开发布的报告及文章中， 整理海外头部资管机构的市场观点及配置建议摘要。本月热点主题包括：欧美政策走势、 外资对股票市场观点等。 一 引言 据晨星统计，截至2024年末，美国市场共同基金总规模达20.2万亿美元，ETF总规模达10.3万亿美元，是全球最大的公募基金市场之一；作为基金市场的风向标，美国基金市场 的最新表现对全球投资者具有重要的参考意义。 本报告中，我们基于月度数据，从收益表现、基 ...