2025年，是我国指数化投资高质量发展的启航之年。在监管引导、机构努力和投资者认知升级的共同推动下，指数化投资经历了产品体系丰富、投资生态 优化、体验感和获得感双升等深刻变化，ETF市场焕然"E"新！ 2026年，是"十五五"开局之年，在经济发展"稳中求进、提质增效"的总基调之下，资本市场结构性机遇仍然丰富。在此背景下，ETF不仅有望成为越来越 多"E"人投资理财的新潮工具，也将伴随各类投资策略的普及，成为多元化资金进行资产配置的标准选择。 新旧岁交替之际，让我们一起回溯一下2025年ETF高质量发展"来时路"，整装再出发！ 关键词： 6万亿 2025年以来，在《促进资本市场指数化投资高质量发展行动方案》、《推动公募基金高质量发展行动方案》等相关政策引领之下，公募基金管理的总资产 净值攀升至约37万亿元历史新高。（数据来自基金业协会，截至2025/10/30） 稳步扩容的背后是居民财富管理需求的持续释放，投资者借权益基金"入市"趋势明显，其中被动投资规模赶超主动，ETF产品规模和数量"双提速"。根据 iFinD数据，截至2025年12月29日，全市场ETF资产总规模达到6.00万亿元，较年初增长2.28万亿元 ...

Wind数据显示，截至12月29日，全市场ETF数量达到1393只，数量较去年年底增加三分之一；总规模超 过6万亿元，年内涨幅超过六成；全年2.27万亿元的增量规模不仅创下同期历史新高，更超过过去两年 增量之和。值得注意的是，此次突破第六个万亿元级整数关口仅用了4个月左右的时间。 规模攀升的"加速度"背后，年末围绕中证A500ETF的激烈角逐成为关键推动力。Wind数据显示，截至 12月29日，跟踪中证A500指数的ETF产品总规模已突破2960亿元，仅12月单月资金净流入就达931.6亿 元，断层领跑所有股票型ETF品类。 这一赛道的头部效应尤为显著。具体来看，南方、华泰柏瑞等机构旗下中证A500ETF12月以来的规模增 量均超200亿元，华夏、国泰等公司旗下产品同期亦净流入超140亿元，资金向头部产品集中，推动上述 产品规模迅速扩张。其中南方、华泰柏瑞、华夏基金等公司的中证A500ETF规模均突破400亿元。 年末，一场席卷行业的ETF"更名潮"正推动产品走向"透明化"。 "买ETF越来越像在超市挑选商品了，标签清清楚楚，拿了就走。"投资者小胡滑动手机屏幕，看着ETF 列表名称对第一财经感慨道。屏幕上，" ...

今年以来，金价持续震荡走高，跟踪上海金的上海金ETF嘉实（159831）年内累计涨幅超50%，表现亮 眼。而随着金价的持续上涨，资金也在持续涌入场内ETF布局。截至12月9日，近半年来上海金ETF嘉 实（159831）实现资金净流入超6亿元。 消息面上，美联储周二已启动为期两天的政策会议，尽管通胀率仍高于2%的目标，交易员普遍预计本 周将降息25个基点。此外，特朗普在最新访谈中表示，支持立即大幅降息将成为其选择新任美联储主席 的关键标准。美联储主席的任命将直接影响未来数年的货币政策走向。特朗普对降息的明确偏好，可能 促使其选择倾向于宽松货币政策的候选人。 有分析指出，近期公布的经济数据指向降息会继续，叠加多位联储官员发声支持12月降息，市场预期再 度转鸽，风险偏好回升利好金银。 近期金价持续稳步走强，现货黄金今日早盘小幅上涨。热门ETF中，上海金ETF嘉实（159831）盘中涨 约0.6%。 黄金作为一类特殊的资产，具有金融、货币和商品属性，在历史上多次证明了其在应对不确定性时的优 势。短期看，美联储打开降息通道，驱动黄金的估值中枢上移；长期看，在地缘政治风险、逆全球化趋 势和美元信用体系弱化的背景下，强化了 ...

2025年12月4日，现货黄金短线走高，涨破4210美元/盎司，涨幅0.15%。 上海金ETF嘉实(159831)紧密跟踪上海金基准价，直接投资于上海黄金交易所的黄金现货合约，为投资 者提供透明、高效的黄金投资工具。 没有股票账户的投资者还可以通过场外联接基金(016582)布局黄金投资机遇。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 有分析指出，黄金作为兼具避险、抗通胀属性的核心资产，2026年价格走势将继续受多重复杂因素交织 影响。国际货币基金组织最新预测显示，2026年全球经济增速将从2025年的3.2%放缓至3.1%，美国经 济增速降至2.0%，欧元区与日本增速维持在1.0%-1.2%区间，新兴市场增速虽保持在4.5%左右，但内部 分化加剧。 迈科期货表示，12月3日晚间海外市场情绪从日本央行加息的担忧中逐步恢复，美国三大股指均小幅收 涨，受到欧美货币政策预期差影响，特朗普并没有立即宣布美联储新任主席人选，市场认为其当选后将 推动倾向宽松的货币政策，受此影响，美联储12月份降息概率回升，基本完全定价降息预期，欧元区 CPI同比增速回升，贵金属价格表现继续分化，其中黄金价格 ...

Core Viewpoint - The performance of various ETFs showed mixed results, with notable gains in communication and education sectors, while gold ETFs experienced significant declines [1] Group 1: ETF Performance - Communication ETF Guangfa (159507) increased by 4.48% [1] - France CAC40 ETF (513080) rose by 2.04% [1] - Education ETF (513360) saw a gain of 1.07% [1] Group 2: Gold ETF Performance - Shanghai Gold ETF Jiashi (159831) decreased by 5.09% [1] - Bank of China Shanghai Gold ETF (518890) fell by 5.05% [1] - Gold ETF AU (518860) dropped by 5.04% [1]

Group 1 - Spot gold prices reached a historical high, surpassing $4,380 per ounce, driven by expectations of further interest rate cuts by the Federal Reserve and ongoing safe-haven buying [1] - As of October 21, 2025, the Shanghai Gold ETF (嘉实, 159831) increased by 2.33%, with a 4.63% rise over the past week as of October 20, 2025 [1][3] Group 2 - The Shanghai Gold ETF (嘉实) recorded a turnover of 6.77% during trading, with a transaction volume of 80.8975 million yuan, and an average daily transaction of 150 million yuan over the past week [3] - The ETF has seen continuous net inflows over the past 10 days, with a maximum single-day net inflow of 87.5857 million yuan, totaling 376 million yuan [3] - Over the past three years, the net value of the Shanghai Gold ETF has increased by 142.60%, with the highest monthly return since inception being 11.45% and an average monthly return of 3.40% [3] Group 3 - The long-term advantages of gold as a safe-haven and investment are becoming more prominent, with expectations of increased gold jewelry demand due to rising gold prices influenced by trade tensions and Federal Reserve rate cut expectations [3] - Domestic gold jewelry companies are expected to see sales growth and improved performance in 2025, driven by trends in traditional and IP gold jewelry [3]

Group 1 - The core viewpoint of the articles highlights a significant increase in gold prices, with COMEX gold futures rising by 3.40% to $4344.3 per ounce, and spot gold surpassing the $4300 per ounce mark, reflecting a year-to-date increase of over 60% and a doubling of prices since the beginning of 2024 [1][4] - The divergence in monetary policy perspectives among Federal Reserve officials and the stable stance of the European Central Bank contribute to the attractiveness of safe-haven assets amid multiple global economic challenges [1] - The Shanghai Gold ETF (嘉实) has shown strong performance, with a 2.70% increase, marking five consecutive days of gains, and a total increase of 5.81% over the past week as of October 16, 2025 [1][4] Group 2 - In terms of liquidity, the Shanghai Gold ETF (嘉实) recorded a turnover of 9.15% with a transaction volume of 97.1 million yuan, reaching a new high of 111 million shares [4] - The fund has experienced continuous net inflows over the past eight days, with a peak single-day net inflow of 87.6 million yuan, totaling 251 million yuan in net inflows [4] - The net asset value of the Shanghai Gold ETF (嘉实) has increased by 139.08% over the past three years, with the highest monthly return since inception being 11.45% and the longest streak of monthly gains being six months [4] Group 3 - Analysts from CITIC Futures indicate that expectations of Federal Reserve interest rate cuts, escalating trade tensions, and regional political risks are driving demand for gold as a safe-haven and investment asset [4] - Despite being in an overbought territory in the short term, the increase in volatility reflects an expansion of market sentiment rather than a reversal of trends, suggesting that the medium-term bullish outlook remains intact [4] - Investors without stock accounts can still access gold investment opportunities through off-market linked funds [4]

Core Insights - Spot gold has surpassed $4240 per ounce, reaching a new historical high, with an increase of over $1610 or more than 61% year-to-date [1] - The A-share gold-themed ETFs have attracted over 85.1 billion yuan in investments this year, reflecting strong market interest [1] - Since gold prices broke the $4000 mark, the buying enthusiasm has remained high, with net inflows into gold-themed ETFs exceeding 15 billion yuan since October 9 [1] - As of October 15, the total scale of 20 gold-themed ETFs, including commodity and stock types, has reached 217.5 billion yuan [1] ETF Inflows - The top gold ETFs by monthly fund inflows include: - 518880 Gold ETF: 3.695 billion yuan - 518800 Gold Fund ETF: 2.363 billion yuan - 159937 Gold ETF Fund: 2.108 billion yuan - 159934 Gold ETF: 2.040 billion yuan - 517520 Gold Stock ETF: 1.409 billion yuan - 518850 Gold ETF Huaxia: 597 million yuan - 518680 ETF: 369 million yuan - 518660 Gold ETF Fund: 501 million yuan - 159562 Gold Stock ETF: 573 million yuan - 518600 Shanghai Gold ETF: 261 million yuan - 518860 Gold ETFAU: 217 million yuan - 518890 Bank of China Shanghai Gold ETF: 252 million yuan - 159831 Shanghai Gold ETF Jiashi: 189 million yuan - 159830 Shanghai Gold ETF: 22 million yuan - 159812 Gold Fund ETF: 109 million yuan - 517400 Gold Stock ETF: 146 million yuan - 159834 Buy EIL: 13 million yuan - 159321 Gold Stock ETF: 96 million yuan - 159315 Gold Stock ETF Fund: 61 million yuan - 159322 Gold Stock ETF Fund: 28 million yuan [3]

Core Viewpoint - The Shanghai Gold ETF managed by Jiashi has shown significant liquidity and performance, with a focus on the increasing demand for gold as a safe-haven asset amid ongoing macroeconomic uncertainties [2] Liquidity - The Shanghai Gold ETF Jiashi recorded an intraday turnover of 1.12%, with a transaction volume of 9.301 million yuan. Over the past week, the average daily transaction volume reached 52.2488 million yuan as of October 10 [2] Performance - As of October 10, the net value of the Shanghai Gold ETF Jiashi has increased by 121.77% over the past three years. The highest monthly return since inception was 11.45%, with the longest consecutive monthly gains lasting 6 months and the maximum consecutive gain percentage being 8.28% [2] Market Outlook - Ping An Securities indicates that ongoing macroeconomic uncertainties abroad are amplifying gold's safe-haven attributes in the medium term. The weakening of the dollar's credit is becoming increasingly evident, enhancing gold's monetary properties and supporting a positive long-term outlook for gold [2] - Guosheng Securities notes that the U.S. government shutdown and renewed global trade disruptions are increasing the demand for gold as a safe haven. With both safe-haven demand and liquidity easing, gold prices are expected to continue rising [2] Investment Opportunities - Investors without stock accounts can consider the off-market linked fund (016582) to capitalize on gold investment opportunities [2]

Group 1 - The core viewpoint indicates that international precious metal futures have generally risen, with COMEX gold futures up 0.33% at $3780.5 per ounce and COMEX silver futures up 2.89% at $45.47 per ounce. This rise is influenced by complex policy signals from Federal Reserve officials, reflecting a dilemma between inflation and employment targets, which may increase market uncertainty regarding monetary policy direction [1][3]. Group 2 - In terms of liquidity, the Shanghai Gold ETF (嘉实) had a turnover of 0.6% with a transaction volume of 4.7167 million yuan. Over a longer period, the average daily transaction volume for the past week was 48.6503 million yuan [3]. - Regarding capital inflow, in the last 10 trading days, there were net inflows on 6 days, totaling 47.9724 million yuan. As of September 25, the net value of the Shanghai Gold ETF has increased by 76.38% over the past two years [3]. - The highest monthly return since inception for the Shanghai Gold ETF was 10.00%, with the longest consecutive months of increase being 6 months and the longest increase percentage being 8.28% [3]. Group 3 - According to the World Gold Council, global gold ETF holdings have seen the fastest growth in three years, with total gold holdings reaching 3779.4 tons, the highest since August 2022 [3]. - The main reasons for the recent rise in gold prices include increased expectations for Federal Reserve rate cuts, demand for safe-haven assets amid fiscal expansion, and speculative funds returning quickly. The ongoing deterioration in U.S. non-farm employment has accelerated expectations for rate cuts, with anticipated cuts next year likely exceeding expectations [3].