Core Viewpoint - The gold ETF (518880) experienced a slight decline of 0.46% to 7.354 CNY, with a trading volume of 10.67 billion CNY, indicating a mixed sentiment in the market [1][2]. Fund Performance - Over the past 10 trading days, the gold ETF saw a net outflow of 23.17 billion CNY, while the last 5 days recorded a net outflow of 17.42 billion CNY, followed by a net inflow of 5.13 billion CNY in the last 2 days [1]. - As of July 28, 2025, the circulating scale of the gold ETF reached 576.41 billion CNY [1]. Market Analysis - Long-term outlook remains bullish for precious metals due to ongoing global central bank gold purchases and persistent supply-demand gaps in silver, despite short-term bearish pressures from easing risk aversion as global trade negotiations progress [2]. - The recent passage of the "Big and Beautiful" bill by the U.S. Senate and the potential increase in fiscal deficit rates are expected to provide long-term support for gold prices [2]. Product Overview - The Huaan Gold ETF, established on July 18, 2013, is one of the earliest gold ETFs in China, benchmarked against domestic gold spot price returns, and has established a leading position in terms of scale and performance [3]. - Investors are advised to consider phased investment or dollar-cost averaging strategies when participating in the Huaan Gold ETF (518880) and its linked funds [3].

Group 1: Silver Price Dynamics - Silver prices have seen a significant increase, with a year-to-date rise of 30.85%, surpassing gold's increase of 26.91% [1] - On July 14, the London silver spot price reached $39 per ounce, marking a nearly 13-year high since September 2011 [1] Group 2: Short-term Drivers of Silver Price Increase - The decline in the US dollar index since June 5 has positively impacted silver's monetary attributes [3] - Increased risk appetite due to better-than-expected job growth in the US has favored silver over gold, leading to a decrease in the gold-silver ratio [3] - Silver's smaller trading volume compared to gold makes it more susceptible to capital flows, with daily trading volume for silver at $119.5 billion, only 10.7% of gold's $1,119.9 billion [3] Group 3: Supply Dynamics - Global silver supply is projected to reach approximately 31,574 tons in 2024, a 1.7% increase year-on-year [5] - The supply of silver is highly concentrated, with the top five producing countries (Mexico, China, Peru, Bolivia, and Chile) accounting for a significant portion of global output [5] - The supply of primary silver mines is characterized by rigidity due to declining ore grades and frequent disruptions [8][10] Group 4: Demand Trends - Global silver demand has entered a structural expansion phase, maintaining a demand level above 34,000 tons since 2021, although a slight decline of 2.9% is expected in 2024 [15] - Industrial demand for silver has been the primary driver, with a compound annual growth rate (CAGR) of 5.4% from 2019 to 2024 [16] - The electronics sector, particularly the photovoltaic industry, is a major contributor to silver demand, with expectations of increased consumption due to the transition to N-type solar cells [21][23] Group 5: Company Insights - China Silver Group (00815) is a key player in the silver market, with a comprehensive business model covering silver manufacturing and trading, although it reported a 20.97% decline in revenue in 2024 [28] - Zijin Mining (02899), a global mining giant, benefits from rising silver prices as silver is a byproduct of its copper and gold mining operations, showing strong financial performance in early 2025 [28] - Jiangxi Copper (00358) is the largest copper producer in China, with a stable silver output as a byproduct, which could provide additional revenue if silver prices continue to rise [29]

立足银、锡、锌，公司资源版图由内蒙走向全球。公司上市以来经历了2011、2014-2016、2023-至今三 轮矿山资源扩充。立足银、锌、锡资源压舱石，目前旗下银漫、乾金达、融冠已具备三座亿级利润的大 型矿山，成为支撑公司高成长的现金奶牛。2023 年起，公司陆续完成了博盛矿业（黄金）、宇邦矿业 （（ 银锌锌）收购，托管大股东旗下布敦银根矿业（银锌锌），拟要约收购大西洋锡业（锡），完成 新一轮资源版图扩充。 手握三座世界级银矿，扬帆起航正当时。目前子公司银漫矿业拥有白银资源量8058 吨，平均品位185g/ 吨；宇邦矿业保有白银资源量1.79 万吨，平均品位125g/吨，单体银矿储量排名位列亚洲第一，全球第 五；托管大股东的布敦银根矿业拥有白银资源量1.1 万吨，平均品位158g/吨。根据世界白银协会披露的 全球前十大在产矿山，剔除第一大KGHM 后（资源量8.3 万吨，平均品位58.3g/吨）平均资源量7100 吨，平均品位166g/吨，可见公司三座矿山资源量均有潜力支撑产量进入全球前十。 远期规划银矿石产能有望增长2.7 倍，成长性领跑全球矿企。全球前十大在产矿山白银产量均超过350 吨/年，而公司银漫、 ...