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 ...

Core Viewpoint - The current gold market sentiment is cautiously optimistic, supported by fundamental factors such as the downgrade of the US credit rating, ongoing geopolitical risks, and expectations of interest rate cuts by the Federal Reserve [3][5]. Price Movement Summary - On May 19, spot gold prices rose to $3236.91 per ounce, marking a 1.08% increase from an opening price of $3216.39, with a high of $3249.02 and a low of $3205.04 [1]. - The market is currently experiencing a short-term adjustment phase, with prices near key support levels, indicating traders are awaiting clearer directional signals [3]. Market Analysis - The downgrade of the US sovereign credit rating by Moody's to "AA+" has led to increased demand for gold as a safe-haven asset, causing gold prices to rise despite a broader market sell-off [5]. - Technical indicators suggest that if gold prices fall below the $3170 support level, they may further decline to the $3100 region or even test the $3000 mark [3]. Trading Strategy - A trading strategy has been suggested to short gold at the current price of $3245, with a protective stop at $3251 and a target of $3207 [7]. - The analysis emphasizes the importance of risk management and capital allocation in trading decisions, advocating for a cautious approach to avoid significant losses [7].

国际金价如坐"过山车"，这是怎么了？ 消息面上，美国发起的贸易战又有升温迹象，黄金作为避险资产已应声上涨。周日，美国财政部长斯科 特・贝森特表示，若各国在90天关税暂停期内未达成贸易协议，关税税率将很快恢复至"对等"水平。贝 森特透露，美国正重点与18个"重要"贸易伙伴敲定协议，但未说明关税恢复"对等"税率的具体速度。 影响国际金价走势的另一个因素是，周末穆迪将美国信用评级下调，增加了市场的担忧情绪。国际信用 评级机构穆迪公司16日宣布，由于美国政府债务及利息支出增加，该机构决定将美国主权信用评级从 Aaa下调至Aa1，同时将其评级展望从"负面"调整为"稳定"。 穆迪当日发布公告说，评级下调反映出过去十多年来美国政府债务和利息支付比例升至显著高于拥有类 似评级国家的水平。穆迪认为，持续的大规模财政赤字将进一步推高政府债务和利息支出负担。与美国 以往以及其他高评级主权国家相比，美国财政状况很可能会恶化。 世界黄金协会发布的数据显示，今年第一季度，全球央行净购入黄金243.7吨，购金力度较上一季度 （365吨）已显著下调。国际投行对于黄金预期也出现了分化。 短短一个月，国际金价从历史高点3500美元/盎司下跌了近 ...

在全球金融市场中，黄金被视为"避险资产"和价值储存的重要工具。投资者通过分析各种经济指标，掌 握市场变化趋势，从而做出科学的买入和卖出决策。作为靠谱的券商平台代表，ZFX山海证券不断提供 丰富的数据资源和分析工具，帮助客户深入理解影响黄金价格的经济指标。本文将详细探讨在黄金投资 中需要关注的主要经济指标，助力投资者把握市场脉搏，实现稳健盈利。 一、关注宏观经济增长指标 GDP（国内生产总值）：GDP反映一国经济的总产出水平。国家经济增长强劲，通常会推升其货币价 值，反而抑制黄金需求。反之，经济放缓或负增长，黄金作为避险资产，需求可能增加，导致金价上 涨。投资者应密切关注美国、欧洲、中国等主要经济体的GDP增长数据，对黄金市场的短中期走势做出 预判。 二、通胀数据对金价的影响 非农就业报告（NFP）：由美国劳工部每月公布，是市场关注的重点经济指标之一。就业好坏直接反映 经济活跃度，影响美元走势，进而影响黄金价格。非农数据走强，美元走强，黄金可能下行。若数据低 迷或意外差于预期，美元疲软，黄金需求提升，金价反弹。投资者应结合非农数据分析市场情绪，灵活 捕捉交易机会。 五、通货膨胀预期指标 PPI（生产者物价指数） ...

今天（5月19日） "金价"冲上热搜 引发关注 在创下近六个月最大单周跌幅后 黄金价格强势反弹 5月19日早上 现货黄金价格突然直线拉升 站上3240美元/盎司 涨幅扩大至1.3% | < W | 伦敦金现 | | | | O | | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | 3243.370 #结 | 3201.780 | 总量 | | | 0 | | +41.590 | 3216.590 +1.30% 开盘 | 现手 | | | 0 | | 最高价 | 3244.910 持 世 0 | 外 盘 | | | 0 | | 最低价 | 3205.668 早 ਦੇ 0 | 内 盘 | | | 0 | | 分时 | モ日 目K 周Ｋ | 月K | 更多 | | (0) | | 叠加 | | 均价:0.000 | | | | | 3244.910 | | | 1.35% 卖一 3243.650 | | | | | | | दौर- | 3243.370 | | | | | | 7:16 3243.370 | | 0 | | | ...

Core Insights - The article emphasizes the growing interest in gold investment due to its safe-haven attributes amid global economic uncertainties, with global gold demand reaching 1,206 tons in Q1 2025 and China's central bank increasing its gold reserves for 18 consecutive months [1][5]. Group 1: Market Context - The recent regulatory changes by five ministries in China regarding the management of gold trading platforms highlight the importance of choosing compliant platforms for investment safety [1]. - The volatility in the gold market is evident, with a significant drop of 3.20% in the main gold futures contract price on May 15, 2025, and a trading volume of 744,100 contracts, indicating a tense market environment [5]. Group 2: Company Compliance and Security - Gold盛贵金属, as an AA class member of the Hong Kong Gold Exchange, ensures transaction transparency with unique transaction codes for trades over 0.1 lots, allowing real-time tracking of trading records [3]. - The platform employs a bank-level risk control standard, segregating client funds in licensed bank accounts and conducting daily reconciliations, complemented by independent audits [3]. Group 3: Technological Innovations - The introduction of an "Intelligent Market Alert System" utilizing AI algorithms to analyze global financial data aligns with the increasing demand for efficient decision-making tools, especially as gold ETF sizes surpass 2,500 tons in 2025 [4]. - The platform's MT4/MT5 dual platform supports automatic stop-loss and take-profit features, maintaining order execution speeds below 0.03 seconds and a slippage rate of 0.05%, crucial during market volatility [3]. Group 4: Investment Strategies and Recommendations - Investors are advised to adopt a "staggered entry + stop-loss and take-profit" strategy, utilizing the platform's intelligent alert tools to dynamically adjust positions in response to market changes [5]. - The article suggests that investors verify platform qualifications through a "three checks and three looks" principle, ensuring compliance and transparency in their investment choices [5].

Group 1 - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1 due to "huge fiscal deficits and rising interest costs," marking the loss of the last AAA rating after Fitch's downgrade in 2023, which caused global market turbulence [1] - Following the downgrade, spot gold prices surged, with SGE9999 gold price surpassing 750 yuan per gram, and the Shanghai Gold ETF (518600) seeing a trading volume exceeding 90 million yuan, indicating high market activity [1] - The rise in gold prices is attributed to multiple factors, including increased market concerns over U.S. dollar assets and historical data showing that gold prices typically rise in the three months following U.S. rating downgrades [1] Group 2 - Current gold prices have retraced approximately 8.1% from the peak on April 22, with mixed opinions on future trends; some believe gold prices may continue to adjust due to easing geopolitical risks, while others emphasize long-term support from global central bank gold purchases and U.S. fiscal deficit monetization [2] - The World Gold Council reported that global gold demand is expected to reach 1,206 tons in Q1 2025, a 1% year-on-year increase, providing solid buying support for gold prices [2] - The Shanghai Gold ETF (518600) and its linked funds offer efficient tracking of gold price movements without physical gold delivery, with flexible T+0 trading, making them effective tools for participating in gold market trends [2][4]

Group 1 - Gold prices experienced an increase, surpassing $3240 per ounce, driven by investor concerns over global economic recovery and a shift towards safe-haven assets [1] - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1 due to rising government debt and interest expenses, which raised concerns about the U.S. fiscal situation and stimulated demand for gold [1] - The recent decline in gold prices was attributed to a stronger U.S. dollar and reduced trade tensions, which diminished the demand for gold as a safe-haven asset [1] Group 2 - Over the past three weeks, gold has faced pressure due to reduced concerns over "stagflation" risks and a reassessment of the Federal Reserve's monetary policy path, with current expectations of a rate cut of about 58 basis points [2] - Despite short-term pressures, the long-term upward trend for gold remains intact, as macroeconomic conditions suggest that the Federal Reserve will eventually implement monetary easing, benefiting gold prices [2] - The ongoing trend of central banks purchasing gold and the continuous net inflow into gold ETFs indicate strong demand for gold, even after price corrections [3] Group 3 - The easing of trade tensions and geopolitical risks is expected to continue suppressing safe-haven demand for gold, leading to a potential maintenance of a corrective trend in gold prices [3] - The inflationary effects of tariffs have not yet fully transmitted to consumer prices, but there are risks of rising inflation data in May, which could impact economic performance [3] - The gold ETF (159937) allows investors to trade gold without the costs associated with physical gold, enhancing capital efficiency through a T+0 mechanism [3]

Core Viewpoint - The international gold price has recently reversed its trend, with spot gold rising over 1% on May 19, reaching $3,240.68 per ounce, while COMEX gold futures increased by 1.93% to $3,248.6 per ounce [1][5]. Price Movements - As of May 19, spot gold was reported at $3,240.68 per ounce, showing a daily increase of $38.9 or 1.21% [3]. - COMEX gold futures closed at $3,248.6 per ounce, up $61.4 or 1.93% from the previous close of $3,187.2 [2]. Recent Trends - The gold price had previously peaked at approximately $3,430 per ounce on May 7, followed by a significant decline, including a drop of about $72 per ounce on May 14, marking a daily decrease of 2.23% [5]. - Factors contributing to the recent decline included improved market risk appetite following U.S.-China trade talks and a noticeable outflow from global gold ETFs due to profit-taking [5]. Market Analysis - Analysts suggest that the recent drop in gold prices reflects a short-term bearish sentiment influenced by trade easing, a rebound in the U.S. dollar, and technical overbought conditions [6]. - Despite short-term pressures, the long-term outlook for gold remains positive due to ongoing concerns about U.S. dollar credit risk and expectations of continued central bank gold purchases [6].

现在年轻人流行拿家里的旧金饰去小店改款式，工费一克才15-40块，比大牌省多了！武汉有家打金店一天订单翻了一倍多。不过要小心，有些黑店会用化 学药水偷金，熔金时还可能掺假，最好全程盯着称重。 4. 炒黄金风险大，有人亏到想哭 有人借钱炒黄金，结果金价暴跌，亏了几十万。银行都急了，发通知警告：信用卡不能拿来炒黄金！还有骗子平台用假数据坑人，温州有个团直接被骗走几 个亿。 5. 专家支招：普通人怎么买黄金？ 最近黄金市场真是热闹得像过山车，金价涨涨跌跌，热搜一个接一个！我来给你捋捋最火的话题，保准你看得明明白白～ 1. 金价玩心跳，一天跌掉一部手机钱 前阵子黄金价格飙到历史新高，周大福这些大牌的金饰一克要985块！结果没几天，国际金价突然暴跌，一天就跌了2%，国内金饰也跟着掉到"9字头"，周 大福、老凤祥这些牌子一克便宜了快50块。有人刚花大钱买了金镯子，半个月亏了2000多，直接哭晕在厕所。 2. 买金饰还是金条？网友吵翻了 同样是一克黄金，大牌金店卖985块，银行金条只要753块，差价能买部手机！网友吐槽："买金饰就是交智商税？"不过银行金条也不是稳赚，回收时可能倒 贴钱，有网友去年买的金条，现在回收每克亏3 ...