Group 1: Economic Logic Behind Gold's Safe-Haven Attribute - Gold's safe-haven property is rooted in its physical scarcity and stability, which ensures its role as a value store [1][2] - The global proven gold reserves are only 170,000 tons, which contributes to its inflation-resistant nature [2] - Gold typically shows low correlation with traditional assets like stocks and bonds, making it a preferred destination during market sell-offs [2] Group 2: Historical Context of Gold During Economic Crises - During the 2008 financial crisis, gold's price dropped to $712 per ounce but surged to over $1900 by 2011 due to quantitative easing [2] - In the early stages of the COVID-19 pandemic, gold briefly fell by 12% but later reached a historical high of $2075 per ounce, showcasing its stability compared to more volatile assets like Bitcoin [2] - In the 1970s, gold prices skyrocketed from $35 to $850 per ounce during high inflation, demonstrating its ability to preserve purchasing power [2] Group 3: Gold's Position in the Modern Financial System - Central banks have increased their gold reserves from 30,000 tons in 2000 to 35,000 tons in 2023, indicating a trend towards "de-dollarization" amid geopolitical risks [2] - The average daily trading volume of COMEX gold futures is $110 billion, highlighting its role in risk hedging [2] - The emergence of gold ETFs and digital gold tokens has lowered investment barriers, with global gold ETF holdings reaching 3100 tons and a management scale exceeding $200 billion in 2023 [2]

2025年，公募FOF基金的持有人的账户应该不错。根据iFinD数据，截至2025年8月25日，近九成FOF产 品成立以来实现正收益，其中49家管理人旗下FOF主份额成立以来收益全线飘红，其中也包括全市场 FOF管理规模最大的兴证全球基金。 中国公募FOF市场发轫于2017年，目前存续的514只公募FOF产品中，有318只成立于2021年至2023年， 这些产品成立后经历了一段较长时期的下跌，使得公募FOF品类一度承受了较大的市场压力。 伴随权益市场回暖，成立于上一轮市场高点的公募FOF产品也陆续翻红。业绩转好之外，公募FOF多元 配置、风格清晰、降低波动等优势逐渐显现，以兴证全球基金为代表的公募基金行业在探索多元资产配 置、精细刻画业绩比较基准、追求稳定且可持续的超额收益等方面取得了长足进步。 更低波动提升持有体验 经典的资产配置理论认为，通过多种资产的组合配置，可以在不降低预期收益的情况下，显著降低波动 ——从过去三年实证数据来看，FOF基金相较普通基金的确表现出了相对更低的年化波动率。 具体来看，我们根据银河证券分类，将权益资产占比60-95%的混合型FOF和权益资产占比60—80%的养 老目标风险FO ...