作为国际金融中心，香港市场已布局多款黄金ETF产品，为投资者提供了灵活的配置渠道。市场近期动态频频，例如恒生黄金ETF（3170.HK） 已于今年1月 30日成功在港交所挂牌，作为本港首只银行可赎回的实物黄金ETF，其持有的黄金直接保管于香港的指定金库，进一步丰富了市场的选择。 近日，香港特区政府财政司司长发表网志，宣布将与上海黄金交易所（上金所）签署合作备忘录，并即将公布加强黄金中央清算系统建设的最新路线图，为 未来实现与内地黄金市场的"互联互通"铺设关键基石。 百惠金控预计，此举将进一步巩固香港在"一国两制"下作为"超级联系人"和"超级增值人"的战略角色，推动香港从传统金融中心向全方位的商品交易枢纽迈 进，而黄金交易所买卖基金（ETF）作为衔接个人与机构投资者的核心工具，有望借势迎来配置热潮。 百惠金控获悉，香港当局与上金所拟签订的非约束性合作备忘录，将聚焦于多个战略维度的深度合作，包括共同研发贵金属投资产品及探索跨市场互联互通 机制。百惠金控分析认为，在巩固股票、债券等传统优势产业的同时，香港正积极为金融市场注入新的发展内涵。其中，黄金ETF作为成熟的场内投资工 具，会迎来全新增长空间。 百惠金控表示， ...

Core Viewpoint - The Hong Kong SAR government has signed a cooperation agreement with the Shanghai Gold Exchange, marking a new milestone in the deepening collaboration between the gold markets of Hong Kong and Shanghai, aiming to enhance Hong Kong's position as an international financial center [1] Group 1: Cooperation Agreement Details - The agreement establishes a high-level governance framework for the Hong Kong Gold Central Clearing System, with the Financial Secretary of Hong Kong serving as the chairman and a representative from the Shanghai Gold Exchange as the vice-chairman [1] - The system is expected to begin trial operations within the year, facilitating efficient construction of the clearing platform and aligning it with international standards [1] Group 2: Infrastructure and Market Connectivity - The agreement includes plans to explore physical infrastructure collaboration and market connectivity, leveraging the Shanghai Gold Exchange's physical warehousing management system to provide storage services for local and international market participants [2] - Hong Kong aims to establish gold storage facilities at the airport, with a projected capacity exceeding 2,000 tons within three years, surpassing the storage capacity of most central banks [2] Group 3: Financial Center Advantages - Hong Kong's financial center status will be utilized to encourage more investors to hold gold, with over 2,700 family offices present, nearly 900 of which have wealth exceeding $100 million [2] - The government plans to submit legislative proposals to include precious metals in the tax incentive investment scope for relevant funds and family offices in the first half of the year [2] Group 4: Central Bank Support - The central bank has announced support for the development of Hong Kong's gold market, enhancing the functionality of the offshore RMB market, which handles over 75% of global offshore RMB payment settlements [3] - The offshore RMB market is expected to closely integrate with the gold market, providing more investment products [3]

Core Viewpoint - The Hong Kong government is promoting the establishment of a centralized gold settlement system to enhance the integration and efficiency of the local and overseas gold markets [1] Group 1: Centralized Gold Settlement System - The Hong Kong Precious Metals Central Clearing Company will be chaired by the Secretary for Financial Services and the Treasury, with a representative from the Shanghai Gold Exchange as vice-chair [1] - The company aims to attract qualified participants to invest in the Hong Kong gold market [1] Group 2: Market Integration and Infrastructure - The goal is to create a truly integrated and efficient open gold ecosystem, encompassing storage, refining, trading, delivery, clearing, and related financial products [1] - The Hong Kong Airport Authority plans to expand its storage facilities to accommodate up to a thousand tons, addressing local storage, trading, delivery, and transit needs [1] Group 3: Collaboration and Legislative Initiatives - A memorandum of cooperation has been signed between the Hong Kong Financial Services and Treasury Bureau and the Shenzhen local financial management bureau to promote processing trade cooperation [1] - The Hong Kong government plans to submit legislative proposals to include precious metals in the eligible investment scope for relevant funds and single-family office tax incentives in the first half of this year [1]

Core Viewpoint - Hong Kong is accelerating the establishment of a central gold settlement system to enhance the reliability and efficiency of gold trading and physical delivery, aiming for a trial run within the year [1][2]. Group 1: Central Gold Settlement System - The Hong Kong government is working on a central gold settlement system to improve trading efficiency and reduce costs, addressing current inconveniences in the OTC market where parties must clear trades themselves [1][3]. - A memorandum of cooperation will be signed with the Shanghai Gold Exchange to strengthen the construction of the central clearing system and prepare for future connectivity with mainland markets [2][3]. Group 2: Market Demand and Growth - There is a significant demand for gold storage and trading in Hong Kong, with the government aiming to position the city as a regional gold reserve hub, targeting over 2000 tons of gold storage in collaboration with financial institutions [1][2]. - The average daily trading volume of gold in Hong Kong has more than doubled year-on-year, reaching 2.9 billion HKD as of November last year, indicating a more active market [2]. Group 3: Global Gold Market Trends - Global gold demand value increased by 44% year-on-year, reaching 146 billion USD, with a notable rise in gold prices, which have accumulated over a 60% increase since 2025, marking the largest rise since 1979 [2][4]. - The demand for gold as a diversified investment and a hedge against inflation is growing, with expectations for central bank net purchases to reach 950 tons in 2026, up from previous estimates [4]. Group 4: Future Outlook - UBS Wealth Management has raised its gold price targets for 2026, forecasting a price of 5000 USD per ounce, reflecting continued confidence in gold as a valuable asset and risk hedge [4].

Core Viewpoint - The Hong Kong government is accelerating the establishment of a gold central clearing system, aiming for a trial run within the year, and is inviting the Shanghai Gold Exchange to participate [1][3]. Group 1: Market Demand and Trends - There is a growing demand from international investors for diversified asset allocation beyond US dollar assets, with gold's role as a central bank reserve, investment product, and risk hedging tool being reinforced [3]. - Gold prices have increased by over 60% cumulatively in 2025, marking the largest rise since 1979 [3]. - Global gold demand value rose by 44% year-on-year, reaching $146 billion by the third quarter of 2025 [3]. Group 2: Hong Kong Gold Market Activity - The Hong Kong gold spot trading market has become significantly more active, with the average daily trading volume of the Hong Kong Gold Exchange increasing by over twofold year-on-year to HKD 2.9 billion by November 2025 [3]. - Currently, the over-the-counter gold trading in Hong Kong requires both parties to settle transactions independently, which presents inconveniences [3]. Group 3: Infrastructure Development - The Hong Kong government is pushing for the establishment of a gold central clearing system as a crucial financial infrastructure to enhance the reliability and efficiency of gold trading and physical delivery, reduce transaction costs, and increase liquidity [3]. - A memorandum of cooperation will be signed with the Shanghai Gold Exchange at the upcoming 19th Asian Financial Forum to announce the latest plans for strengthening the gold central clearing system and prepare for future connectivity with the mainland Chinese market [3].