西部证券指出，贵金属方面，宽货币类滞胀+美元信用裂痕扩大+高债务持续发酵，金价易涨难跌。此 外，外部地缘政治扰动下，主要国家将关键矿产安全提升至国家战略高度，安全溢价上行有望推动这些 商品价格重估。 黄金股票ETF（517400）跟踪的是SSH黄金股票指数（931238），该指数从市场中选取50只涉及黄金采 掘、冶炼及销售的上市公司证券作为指数样本，以反映黄金产业相关上市公司证券的整体表现。该指数 成分股主要覆盖黄金产业链核心环节，兼具中小市值特征与行业龙头效应，集中体现黄金采掘、冶炼及 销售领域的市场动向。 （文章来源：每日经济新闻） ...

截至2025年12月10日 13:34，中证沪深港黄金产业股票指数(931238)上涨0.74%，成分股晓程科技 (300139)上涨14.66%，深中华A(000017)上涨4.11%，山金国际(000975)上涨2.83%，曼卡龙(300945)上涨 2.72%，湖南白银(002716)上涨2.72%。黄金股票ETF基金(159322)上涨0.58%，最新价报1.57元。 消息面上，当地时间9日，美联储开始举行为期两天的货币政策例会，并将于会后公布议息决定。市场 普遍认为，美联储再次降息的可能性较大。 国开证券认为，2026年黄金价格趋势将受多重因素共同影响，整体或呈现上涨格局但波动加剧。若美联 储开启"激进"降息进程且通胀压力持续，实际利率下行将直接推高黄金价格；同时全球区域政治风险升 级及经济增长不确定性增强，也将显著提升黄金的避险需求。此外，央行购金行为与黄金ETF资金流向 将成为关键变量，为金价提供长期支撑。预计2026年黄金年内最高价或突破4700美元/盎司。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采 ...

Group 1 - The company, Shangshan Gold (01939), has signed a trademark licensing agreement with Jinya Fu Holdings Group, allowing its wholly-owned subsidiary, Hong Kong Shangshan Technology Development Co., Ltd., to use certain trademarks in regions outside mainland China for an annual fee of 1 HKD [1] - The licensed trademarks include "Jinya Fu Smart Gold Store," "KINGHOOD GOLD ATM," and "KINGHOOD SMART GOLD STORE," which are owned by Jinya Fu Group [1] - The agreement is non-exclusive, non-transferable, and limited to specific regions, with a validity period of 6 years starting from September 16, 2025 [1] Group 2 - The board believes that this agreement will help the company expand into overseas markets, leveraging the Jinya Fu brand's influence in the international jewelry and gold industry [2] - The company aims to accelerate the international application of related technologies and products, creating new growth opportunities [2]

Core Insights - Sanmenxia is leveraging its unique geographical advantages and rich mineral resources to transition towards green and low-carbon development, achieving a balance between ecological protection and high-quality economic growth [1][2][3] Group 1: Economic Growth and Development - The city's GDP is projected to grow at an average annual rate of 4.8% from 2021 to 2024, with per capita GDP consistently ranking in the top four within the province [1] - Retail sales of consumer goods are expected to grow at an average annual rate of 5.8%, while fixed asset investment is anticipated to increase at an average annual rate of 9.2% [1] Group 2: Innovation and Talent Development - Sanmenxia has adopted a strategy focused on innovation, education, and talent, resulting in the introduction of 57 academicians and 135 high-level talent projects [2] - The city has established 11 Central Plains Scholar Workstations and a total of 833 innovation platforms, enhancing its technological innovation capabilities [2] Group 3: Industrial Upgrading - Traditional industries such as gold, aluminum, and liquor have entered the billion-level industrial chain, while new industries are emerging rapidly, including renewable energy with installed capacity exceeding 3 million kilowatts [3] - The city’s metal new materials industry cluster has been recognized as a strategic emerging industry cluster, with copper foil production ranking first in the country [3] Group 4: Infrastructure Development - A comprehensive transportation network is being developed, with significant rail and highway connectivity improvements, achieving full coverage of administrative villages [4] - A smart water network system is being constructed to manage water resources effectively [4] Group 5: Urbanization and Rural Revitalization - The urban framework has expanded by 60 square kilometers, with a focus on integrated development of various functional areas [5] - The city is promoting six major agricultural clusters, achieving national leadership in the cultivation of certain crops [5] Group 6: Cultural and Economic Initiatives - Sanmenxia is enhancing its cultural brand recognition through events and initiatives, contributing to its economic development [5] - The city has been approved as a pilot for innovative customs clearance models, enhancing its logistics capabilities [5] Group 7: Future Development Goals - The municipal government aims to implement major requirements for economic stability, innovation, structural adjustment, and risk prevention, contributing to the modernization of the region [6]

Group 1 - The core viewpoint of the articles highlights a strong performance in the gold industry stocks, particularly driven by the recent comments from the Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts and a flexible inflation targeting framework [2][3] - The China Securities Index for gold industry stocks (931238) saw significant gains, with notable increases in stocks such as Jiangxi Copper Co., Ltd. (up 8.56%), Hunan Silver (up 7.14%), and Zijin Mining (up 5.54%) [1] - The expectation of interest rate cuts and the prevailing economic conditions are seen as supportive factors for gold prices, with analysts suggesting that the market may experience upward momentum rather than downward [2] Group 2 - The Northeast Securities analysis indicates that low volatility and economic weakness combined with rising inflation and potential rate cuts create a favorable environment for gold prices to rise [2] - The article emphasizes that the largest gold stock ETF (517520) serves as an efficient tool for investors to gain exposure to the gold sector, allowing them to capture the benefits of rising gold prices and share in the growth of quality gold mining companies [3] - The investment in the Yongying Gold Stock ETF and its linked funds (A class: 020411 / C class: 020412) is presented as a strategy to effectively diversify individual stock risks while participating in the overall gold industry [3]

Group 1 - Recent fluctuations in US inflation data have created disturbances in the precious metals market, with Northeast Securities noting that despite the July CPI meeting expectations, a rebound in core service inflation and higher-than-expected PPI data have led to market disagreements regarding the Federal Reserve's interest rate cut pace [1] - Gold remains strongly supported in the current environment, particularly due to ongoing regional risks and a continued trend of central bank gold purchases, suggesting a long-term upward trajectory for gold prices [1] - Huatai Securities indicates that if the Federal Reserve implements interest rate cuts, it will drive real interest rates down, providing substantial benefits for gold [1] Group 2 - As of August 19, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) has decreased by 0.94%, with mixed performance among constituent stocks [3] - The Gold Stock ETF Fund (159322) has seen a decline of 1.43%, with a latest price of 1.24 yuan, while over the past week, it has accumulated a rise of 1.78%, ranking 1/6 among comparable funds [3] - The Gold Stock ETF Fund has a one-year net value increase of 33.22%, with a maximum monthly return of 16.59% since inception and a historical one-year profit probability of 100% [4] Group 3 - The Gold Stock ETF Fund closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which selects 50 large-cap companies involved in gold mining, refining, and sales to reflect the overall performance of gold industry stocks in the mainland and Hong Kong markets [5] - As of July 31, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.02% of the index, including companies like Zijin Mining and Shandong Gold [5]

Group 1 - The long-term outlook indicates that the dollar credit system is under challenge due to excessive monetary issuance and the monetization of fiscal deficits, leading to increased demand for gold as a safe asset amid global geopolitical instability [1] - The trend of "de-dollarization" globally suggests that gold may become a new pricing anchor, providing upward momentum for precious metals [1] - The People's Bank of China continues to increase its gold reserves, reporting a total of 73.9 million ounces as of the end of June, with an increase of 70,000 ounces month-on-month, marking the eighth consecutive month of gold accumulation [1] Group 2 - The gold stock ETF (code: 517400) tracks the SSH Gold Stock Index (code: 931238), which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap listed companies involved in gold mining, smelting, and sales from the mainland and Hong Kong markets [1] - The index constituents include gold mining companies and jewelry firms, reflecting significant industry concentration characteristics [1] - Investors without stock accounts can consider the Cathay CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Link C (021674) and Initiated Link A (021673) [1]

Core Viewpoint - The Ministry of Industry and Information Technology, along with nine other departments, has issued the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)", focusing on improving the recovery rates of gold, silver, and associated valuable elements like copper, lead, and zinc [1] Group 1 - The plan supports the comprehensive utilization of low-grade, difficult-to-process, and co-associated resources [1] - It encourages the secondary resource development of gold tailings, aiming to recover valuable metals and prepare construction materials [1] - The initiative promotes the recycling of gold and silver from waste electrical and electronic products, retired photovoltaic components, gold and silver-containing waste catalysts, and old gold and silver products [1]

Core Viewpoint - The implementation plan for the high-quality development of the gold industry from 2025 to 2027 emphasizes the importance of green and efficient resource utilization, promoting sustainable practices in exploration, mining, and production [1] Group 1: Green Practices - The plan advocates for the principles of "source reduction, process control, end treatment, and resource utilization" to enhance green exploration and mining [1] - It aims to promote the replacement of traditional energy sources with clean energy and the establishment of green mines and factories [1] Group 2: Technological Innovations - The initiative supports the technological transformation of cyanide gold extraction processes, including the harmless filling of cyanide tailings and the recovery of cyanide wastewater [1] - There is encouragement for the comprehensive utilization of low-grade, difficult-to-process, and associated resources to improve the recovery rates of gold, silver, and valuable elements like copper, lead, and zinc [1] Group 3: Resource Recovery - The plan promotes the secondary resource development of gold tailings, focusing on recovering valuable metals and producing construction materials [1] - It emphasizes the recycling of gold and silver from waste electrical and electronic products, retired photovoltaic components, and waste catalysts [1] Group 4: Market and Standards - The establishment of a comprehensive gold recovery ledger and transaction reporting system is encouraged, along with fostering partnerships between refining and recovery enterprises [1] - Industry organizations are supported in developing implementation standards and guidelines for the recovery of precious metals, aiming to regulate recovery practices by individuals and companies [1]

Group 1 - The situation has rapidly escalated following Israel's attack on Iran, leading to increased risk aversion and a rise in gold prices, which have once again surpassed 3400 [1] - Market sentiment is being affected by trade negotiations and geopolitical developments, resulting in increased volatility in gold prices; a "double top" pattern has formed, indicating potential resistance at the previous high of 3430 [1] - In the medium to long term, factors such as the Federal Reserve entering a rate-cutting cycle, increasing uncertainty in overseas macro policies, and a global trend towards de-dollarization are expected to provide support for gold prices, suggesting opportunities for strategic buying during pullbacks [1] Group 2 - The gold stock ETF (code: 517400) tracks the SSH Gold Stock Index (code: 931238), which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap companies involved in gold mining, smelting, and sales to reflect the overall performance of the gold industry [1] - The index constituents include gold mining companies and jewelry firms, showcasing significant industry concentration [1] - Investors without stock accounts can consider the Guotai CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Link C (021674) and Link A (021673) [1]