黄金无疑是近年来表现最好的资产之一， 2024年上涨 28%， 202 5 年以来已经上涨超过 25 %。 在此背景下，银行理财、公募FOF、保险资管等机构纷纷推出"黄金+"多资产策略产品。在我们看 来，"黄金+"策略日益受到资管机构重视和个人投资者青睐，标志着黄金的角色正逐步从 资产配置 "战术工具"向"战略底仓"进阶。 A. " 黄金 +" ：从 "战术工具"到"战略底仓" 提供长期稳健回报 以人民币计价计算，过去 20年黄金年化收益超10%，在10年和5年维度同样跑赢多数主流资产。金 融市场投资者经常主导短期金价走势，而黄金的长期收益则更多由全球GDP增长推动的实物黄金需求 （包括央行购金、金融投资、金条金币、金饰和科技用金）所驱动。这也是为什么黄金可以提供稳健 长期收益来源的原因。 黄金应被视为宏观对冲、货币对冲及获取稳健长期回报的 "战略底仓"，而非获取短期回报的"战术工 具" 。 当前宏观 环境 及外部冲击（如对等关税、半导体行业限制、国际地缘政治冲突 等 ）对人民币资产 （权益、固收）的整体影响远超单一资产自身变量。同时，在经济增速换挡、低利率常态化的环境 下，低风险偏好客户难以继续 "躺赢"高 ...

Core Viewpoint - The global capital system is undergoing a deep reassessment, with asset management institutions shifting from a "return-first" approach to a "certainty-first" strategy, highlighting the renewed importance of gold as a stabilizing asset in diverse investment portfolios [1][14]. Group 1: Gold's Role in Asset Management - Gold's unique attributes, such as independence from cash flow and sovereign credit, make it a crucial stabilizing asset, or "ballast," in various investment strategies [1][14]. - The price of gold has increased by over 27% this year, leading to a surge in "gold+" financial products, with some products achieving annual returns of 31.38% [2]. - Asset management institutions are accelerating the development of "gold+" products as a new source of stable returns amid declining fixed-income yields and increased volatility in equity assets [2][3]. Group 2: Domestic vs. Global Trends - Domestic insurance asset management institutions have a higher allocation to "gold+" compared to banks and public funds, with some products allocating up to 50% to gold [3]. - In contrast to global asset managers who view "gold+" as a strategic component for hedging against extreme market conditions, domestic managers often see it as a tactical investment tool [3][11]. - The understanding of "gold+" as a long-term strategic asset is still developing in domestic markets, with many managers focusing on short-term gains rather than long-term stability [11][12]. Group 3: Factors Driving "Gold+" Adoption - Global asset managers are increasingly adopting "gold+" strategies to hedge against stock and bond market volatility, currency depreciation, geopolitical risks, and inflation [7][8]. - The performance of gold during past financial crises has demonstrated its effectiveness as a protective asset, leading to a growing interest in increasing gold allocations in investment strategies [8]. - A report indicates that 21% of family offices globally plan to increase their allocation to gold and precious metals, particularly in the Asia-Pacific and Middle East regions, which may drive further development of "gold+" products [9]. Group 4: Challenges and Future Outlook - Domestic asset management firms face challenges in integrating "gold+" into their long-term strategies, often viewing it as a short-term tactical investment rather than a strategic asset [11][12]. - There is a need for improved communication within the industry to enhance understanding of gold's role in risk mitigation and long-term returns [4][12]. - The World Gold Council is working with domestic asset management institutions to promote the benefits of "gold+" strategies in navigating financial market risks and achieving stable returns [13].

今年以来，黄金价格累计涨幅突破27%，带火了"黄金+"理财产品。 一家保险资管机构的投资部负责人胡君表示，要让更多理财产品管理人与基金经理重视"黄金+"的配置 价值，仍需加强业界沟通，让他们了解到在固收类资产收益率下行与权益类资产波动加大的情况下，黄 金在对冲股债波动风险与博取长期稳健回报方面的独特作用。 "黄金+"的多重价值 近年来，"黄金+"已成为全球资管机构优化资产配置策略的重要工具。 Wind（万得）数据显示，截至8月7日，挂钩贵金属指数的华夏理财天工日开8号产品年内收益率达 31.38%，引发市场关注。 随着固收类资产收益率下行与权益类资产波动加大，越来越多境内资管机构开始加快"黄金+"产品的研 发步伐，作为获取稳健回报的新来源。 招银理财总裁助理董倩此前表示，招银理财充分借助多资产多策略工具，构建"黄金+"等方面的含权策 略体系，力争为投资者获取稳健投资回报。 世界黄金协会中国区CEO王立新表示，所谓"黄金+"投资产品或配置策略，主要是在资产配置策略里， 黄金配置比例超过5%的理财产品或投资策略。当前，境内银行理财市场与FOF（基金中的基金）产品 领域均已出现"黄金+"产品，多数产品的黄金配置比例 ...

中经记者 郝亚娟 夏欣 上海、北京报道 7月14日，COMEX黄金期货开盘报3376.5美元/盎司。受俄乌冲突可能大规模升级的影响，市场避险情 绪升温，国际金价继续走高。 浙银理财发行的浙银理财琮融九溪添利180天持有2号黄金策略增强理财产品，风险等级为R2（中低风 险），业绩比较基准（年化）为中债新综合全价（1年以下）指数收益率（CBA00113.CS）×95%＋黄金 指数收益率（AU9999.SGE）×5%。 普益标准方面指出，目前银行理财在黄金资产配置上持谨慎乐观态度。黄金与股债的相关性相对较低， 兼具避险属性和对冲通胀等优势，与股债进行多元搭配，分散风险。比如，"固收+黄金"策略，以固收 资产（≥80%）为底仓，搭配黄金ETF（≤20%），平衡收益与风险；结构化产品策略则是挂钩黄金衍生 品（如二元看涨期权），增强收益弹性，同时设置下行保护。 现在还能入局"黄金+"吗？ 针对投资者关注的"入局时机"，普益标准方面指出，当前市场预期不确定的情况下，投资者对黄金的态 度可能呈现分化，而投资者对于配置"黄金"理财产品的主要驱动力包括：一是避险需求，全球经济不确 定性（如美联储降息、地缘冲突）、股市波动及存款利 ...

Core Viewpoint - The significant rise in gold prices, particularly in RMB terms, has reignited interest in gold as a traditional safe-haven asset, with the "gold+" strategy becoming a key trend in global asset allocation [1] Group 1: Gold Price Trends - Gold prices in RMB surged by 28% in 2024 and continued to rise by over 24% in the first half of 2025, highlighting its appeal as a safe-haven asset [1] - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and Middle East instability, are expected to sustain the geopolitical risk premium associated with gold [1] - The increasing U.S. debt, which grew by $13 trillion (+56%) from 2020 to 2024, alongside projected future increases, enhances gold's role as a hedge against traditional financial assets [1] Group 2: "Gold+" Strategy - The "gold+" strategy is defined as multi-asset portfolios that allocate over 5% to gold, with some products allocating as much as 30% [2] - This strategy signifies a shift from viewing gold merely as a tactical tool for inflation or market volatility to recognizing its structural value as a strategic asset [2] - Historical data shows that gold has provided an annualized return of approximately 10% over the past 20 years, outperforming many mainstream assets over 5 and 10-year periods [2] Group 3: Risk Mitigation and Portfolio Resilience - Gold's long-term returns are primarily driven by global GDP growth and diverse demand sources, including central bank purchases and jewelry [3] - The "gold+" strategy enhances portfolio resilience, as gold typically performs well during corrections in traditional stock-bond portfolios, providing a risk buffer [3] - In the current global capital system, there is a shift from "yield priority" to "certainty priority," with gold's unique attributes gaining renewed attention as a stabilizing asset [3] Group 4: Advantages of "Gold+" - The "gold+" strategy transitions from short-term speculation to long-term allocation, enhancing overall portfolio resilience and risk management [4] - Gold effectively hedges against equity volatility, making it a crucial factor for navigating through uncertain economic cycles [4]

Core Viewpoint - The price of gold priced in RMB has significantly increased by 28% in 2024 and continues to rise in 2025, with a more than 24% increase in the first six months. However, the CEO of the World Gold Council's China division, Wang Lixin, notes that few investors have truly benefited from this surge despite the high returns compared to mainstream financial assets [1]. Group 1: Investment Challenges - Ordinary investors face three main challenges when investing in gold: decision-making difficulties, timing issues, and holding challenges. The psychological aspect of investing is crucial, especially as gold prices reach new highs [1]. - Wang Lixin suggests that ordinary investors consider "Gold+" products, which allow professional institutions to manage gold investments [1]. Group 2: "Gold+" Products - "Gold+" products are defined as multi-asset portfolios that allocate more than 5% of their assets to gold. Currently, various public funds and bank wealth management products have emerged that include gold in their asset allocation [1]. - Most publicly available "Gold+" products allocate between 5% to 10% of their assets to gold, with some products reaching up to 30% [1]. Group 3: Broader Investment Strategy - The broader concept of "Gold+" refers to an investment philosophy that integrates gold into multi-asset portfolios as a key factor for risk hedging and smoothing returns [3]. - The number of FOF products that invest in gold ETFs has nearly doubled each year over the past few years, indicating a significant growth in direct investment in gold by professional institutions [3]. Group 4: Long-term Investment Perspective - Individual investors often engage in short-term trading of gold, which contradicts the long-term investment philosophy that gold is typically associated with. "Gold+" products aim to shift investors from short-term speculation to long-term allocation, enhancing gold's strategic role in investment portfolios [6]. - The World Gold Council emphasizes that the value of "Gold+" lies in its ability to enhance the overall resilience and risk management of investment portfolios, especially in the context of increasing global uncertainty [6].

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]