每日经济新闻 有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从沪深市场中选取涉及有色金属采 选、冶炼与加工的上市公司证券作为指数样本，覆盖铜业、黄金、铝、稀土和锂等主要领域。该指数反 映了有色金属行业的整体表现，具有明显的周期性特征，并受到经济周期及新能源产业发展的影响。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 广发证券指出，2025年有色金属行业表现领先，背后是围绕美元信用走弱和AI科技革命的一系列宏观 叙事驱动。工业金属如铜价涨幅显著，COMEX铜较去年底上涨26.8%。2026年随着全球叙事收敛，有 色金属可能从定价远期转向远近结合，真实需求定价权上升。此外，反内卷政策及南方国家工业化带来 的出口需求可能成为结构性支撑。 ...

截至2025年11月24日 10:10，黄金ETF基金(159937)上涨0.15%，最新价报8.83元。拉长时间看，截至2025年11月21日，黄金ETF基金近2周累计上涨0.48%。 流动性方面，黄金ETF基金盘中换手0.64%，成交2.48亿元。拉长时间看，截至11月21日，黄金ETF基金近1周日均成交15.75亿元。 平安证券指出，黄金市场受降息预期摇摆影响呈现震荡走势，短期金价或因预期不明朗维持较强震荡。长期来看，美国债务问题未解，美元信用走弱的主线 逻辑持续，叠加央行购金及黄金投资需求增长，贵金属价格重心或继续上移。海外宏观不确定性延续，中期黄金避险属性仍处于放大阶段；长期特朗普上任 后，美元信用走弱趋势愈加清晰，黄金货币属性加速凸显，持续看好黄金中长期走势。 从资金净流入方面来看，黄金ETF基金近5天获得连续资金净流入，最高单日获得3.65亿元净流入，合计"吸金"10.61亿元，日均净流入达2.12亿元。 11月17日-11月21日，上周周初美联储官员连续释放鹰派言论，非农就业数据高于预期，降息预期降温，金价震荡走低，随着周五纽约联储威廉姆斯做出鸽 派发言，金价止跌回升。截至收盘，COMEX黄金 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 平安证券指出，黄金市场受降息预期摇摆影响呈现震荡走势，短期金价或因预期不明朗维持较强震荡。 长期来看，美国债务问题未解，美元信用走弱的主线逻辑持续，叠加央行购金及黄金投资需求增长，贵 金属价格重心或继续上移。海外宏观不确定性延续，中期黄金避险属性仍处于放大阶段；长期特朗普上 任后，美元信用走弱趋势愈加清晰，黄金货币属性加速凸显，持续看好黄金中长期走势。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金票ETF（517400）。 ...

【导读】海外投资者持有美国国债总额为9.249万亿美元，低于8月的9.2662万亿美元 中国基金报记者 储是 美国财政部公布 了 8月和9月 美债持仓情况。 数据显示，9月，外国投资者 持有 美国国债 规模 有所下降，其中，日本的美债持仓量在8月和9月大幅增加，中国和英国在9月减持美 债。 日本增持 英国和中国减持 因美国政府停摆， 美国财政部 于美东时间周二才发布 8月和9月的国际资本流动报告 （ TIC ） 。 数据显示，9月， 海外投资者持有的美国国债总额为9.249万亿美元，低于 8月 的9.2662万 亿美元。 具体来看， 美债第一大持有国 日本 持有 规模达到1.189万亿美元，9月 份持仓量增加 89亿 美元 、 8月增加290亿美元。 9月， 英国 的 美国国债 持仓量罕见减少 393亿 美元， 至8650亿美元，持仓规模 保持第二 位。英国近两年持续增持美债，于今年3月超越中国成为第二大持有国。 中国持有的美国国债规模从8月的7010亿美元降至9月的7005亿美元 。 有券商分析师向中国基金报记者表示，央行对美债操作的不同方向，反映出不同的外部资产 配置方向，短期来看，对全球资本流动影响不大 ...

Group 1 - The core viewpoint of the news highlights the rising trend of gold ETFs, driven by increased risk aversion due to the prolonged U.S. government shutdown, which has reached a record 36 days, impacting economic forecasts negatively [1][2] - As of November 5, 2025, the gold ETF fund has seen a 4.10% increase over the past month, with a trading volume of 6.51 billion yuan and a turnover rate of 1.76% [1] - The COMEX gold futures price rose by 0.75% to 3990.40 USD per ounce, reflecting market reactions to the ongoing government shutdown and its potential economic impacts [1] Group 2 - Historical analysis indicates that gold prices are closely linked to geopolitical tensions and economic conditions, with upward movements typically associated with geopolitical chaos and weak U.S. economic performance [2] - Current risks to gold prices, such as a recovering U.S. economy or a hawkish Federal Reserve, are not significantly present at this time, suggesting a favorable environment for gold [2] - The long-term outlook for gold remains positive due to ongoing global liquidity expansion and increased preference for gold as a safe-haven asset, with expectations of continued price increases driven by multiple factors [2] Group 3 - Recent data shows that the gold ETF fund experienced a net outflow of 46.82 million yuan, but over the past 20 trading days, there were 11 days of net inflow totaling 5.099 billion yuan, indicating a strong interest in gold investments [2]

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 彭悦：今年以来确实金价一路水涨船高，伦敦金涨幅约为55.8%，是比较惊人的。而且它的上涨速度特 别快，尤其是八月下旬到十月中旬这段时间，金价在两个多月的时间里创下了30%左右的涨幅。 可能有很多小伙伴在懊悔，这么快的上涨速度没有来得及配置，那么等到它回调的时候，是不是较好的 布局时点。那么我们的观点是：金价整体的上涨趋势维持不变。 这里做进一步的分析。本轮金价启动，三月份主要是源于特朗普政策的不确定性，包括对于高关税可能 拉升全球通胀的预期。到四月份之后，关税的冲突有所缓和，金价出现了三个月左右的盘整。 2025年10月28日，"招财杯"ETF实盘大赛系列直播邀请到了国泰基金量化投资部基金经理彭悦、国泰基 金首席市场策略师朱海飞一起探讨《一克千金，黄金还能涨吗？》。 彭悦表示：我们对于金价走势的观点是：短期波动回调，长期上升趋势不变。 金价上涨的长逻辑，主要还是来自美元信用的走弱。2022年俄乌冲突以来，金价 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][66]. Core Views - Precious Metals - Gold: The marginal weakening of risk aversion has led to a decline in gold prices. As of October 31, the COMEX gold futures contract reached $4,077.2 per ounce, a month-on-month decrease of 1.2%. The SPDR Gold ETF saw a 0.7% decrease to 1,039.2 tons. The Federal Reserve's recent interest rate cut and the decision to halt balance sheet reduction are expected to keep gold prices fluctuating in the short term, while the long-term outlook remains positive due to ongoing U.S. debt issues and weakening dollar credit [4]. - Industrial Metals: Improved macro sentiment has strengthened the fundamentals for copper. As of October 31, the SHFE copper futures contract fell by 0.81% to 87,010 yuan/ton. Domestic copper social inventory reached 182,600 tons, with a slight increase of 0.1 tons. The LME copper inventory stood at 134,600 tons. The tightening supply of copper resources and improving macro sentiment are expected to support copper prices [5][6]. Summary by Sections Precious Metals - Gold prices are expected to remain volatile in the short term due to reduced risk aversion, but the long-term outlook is positive as the monetary attributes of gold are expected to strengthen [4][7]. Industrial Metals - **Copper**: The fundamentals are improving with a slight increase in domestic inventory and tightening supply from overseas. The macro sentiment is also improving, which is expected to support copper prices [6][5]. - **Aluminum**: The LME aluminum price increased by 1.1% to $2,888 per ton. Domestic aluminum social inventory reached 619,000 tons, with a slight increase. The supply-demand balance is expected to tighten, supporting aluminum prices [6]. - **Tin**: The SHFE tin futures contract fell by 0.1% to 283,900 yuan/ton. Domestic social inventory decreased by 144 tons. The supply of tin remains tight, and prices are expected to trend upwards [6]. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. For gold, the recommendation is to pay attention to Chifeng Jilong Gold Mining. For copper, the focus is on Luoyang Molybdenum. For aluminum, Tianshan Shares is recommended [7][63].

Core Viewpoint - The international gold price continues to decline, with significant intraday fluctuations observed in both London and COMEX markets, indicating a potential short-term adjustment phase in the gold market [1][2][4]. Market Performance - As of October 22, the London gold price fell by 1.36%, reaching $4,070.461 per ounce, with a low of $4,047.21 during the day [1][2]. - COMEX gold futures also experienced a drop of 1.47%, trading at $4,084.8 per ounce, with a minimum of $4,060.9 [2][4]. Market Dynamics - The recent price adjustments are attributed to crowded trading conditions and geopolitical news disturbances, according to industry experts [4]. - Long-term perspectives on gold remain optimistic due to factors such as global order restructuring, scarcity of safe-haven assets, and uncertainties in U.S.-China relations, which are expected to support gold as a value storage asset [4]. Economic Influences - The Federal Reserve's monetary policy is highlighted as a key determinant of global asset prices, with upcoming FOMC meetings in November and December being crucial for assessing inflation and employment trends [5][6]. - A potential shift towards a more accommodative monetary policy could provide upward momentum for gold prices, while continued high interest rates may limit rebound potential [6]. Investment Sentiment - Analysts suggest that the recent rapid increase in gold and silver prices has led to a normal market correction phase, but the underlying factors supporting gold's rise remain intact [6]. - Investors are encouraged to view the current adjustment as a potential buying opportunity, maintaining a bullish outlook on gold's long-term trajectory [6].

Core Viewpoint - Gold prices have experienced a significant decline, with London gold dropping over 5%, attributed to easing geopolitical tensions and a softening of Trump's trade stance, leading to a decrease in safe-haven demand [1][2] Market Analysis - The recent rise in gold prices reflects the weakening of the US dollar's credibility, indicating a shift towards gold as an independent asset rather than being tied to the dollar [2][3] - The current high valuation of gold, driven by rapid price increases, has led to profit-taking among investors, contributing to the recent price correction [2] - A joint statement from European leaders supporting negotiations for a ceasefire in the Russia-Ukraine conflict has further diminished safe-haven demand for gold [2] Long-term Outlook - The fundamental value of gold as a core investment remains unchanged, as the US dollar credit system faces significant structural challenges, exacerbated by rising government debt and concerns over debt sustainability [3] - Central banks are expected to continue increasing their gold reserves, with projections indicating a rise to 74.06 million ounces by September 2025, reflecting a monthly increase of 40,000 ounces [3] Investment Opportunities - Current price corrections in gold may present a favorable entry point for long-term investors looking to capitalize on future price increases [4] - Investment options include: 1. **Gold ETFs**: These funds hold physical gold and closely track the price of gold contracts, providing direct exposure to gold [5] 2. **Gold Mining ETFs**: These track the gold industry stocks across the entire supply chain, offering exposure to both gold price movements and related mining sectors [6] 3. **Mining ETFs**: These focus on a broader range of metals, including copper and lithium, alongside gold, allowing investors to capture rebounds in multiple sectors [7]

Core Viewpoint - The long-term outlook for non-ferrous metals, particularly gold, is still in its early stages, with significant potential for growth driven by macroeconomic factors and liquidity support [1] Group 1: Non-Ferrous Metals Market - The non-ferrous metals theme index has outperformed the second-best communication industry index by over 20% this year, indicating strong performance [1] - Key drivers for the strength in non-ferrous metals include macro liquidity issues, particularly the Federal Reserve entering a rate-cutting phase, supply-demand mismatches, and a recovery in manufacturing [1] - Global economic recovery is expected to increase demand for metals like copper, aluminum, and zinc due to infrastructure projects and domestic consumption upgrades [1] Group 2: Gold Market - The upward trend in gold prices began last year and is expected to continue for the next two to three years, primarily due to the weakening of the US dollar's credit rather than just interest rate cuts [1] - The current rise in gold prices reflects heightened risk aversion and confidence issues, with central bank gold purchases and de-dollarization remaining significant long-term themes [1] Group 3: Copper's Role - Copper is described as the "king of commodities" and is essential for industrial applications, with its resource not being significantly overvalued [2] - The narrative surrounding non-ferrous metals is largely driven by copper, which is expected to attract market attention and investment due to increased consumption [2]