2025-09-26 10:09:09 作者：狼叫兽 站在2025年的时间节点回望，全球货币政策转向、地缘博弈常态化、经济周期波动加剧，黄金正从"可选资 产"变为"必配资产"。当通胀预期与避险需求交织，普通人如何在黄金市场中分得一杯羹？关键在于把握"低成 本"核心逻辑——既要选对工具，更要控好开支；既需理性布局，也需灵活应对。以下是专为中小投资者设计 的实操方案。 一、低成本工具选择：避开"隐性成本杀手" 小额投资者需优先选择交易成本低、流动性强的工具，不同工具的成本差异显著： 1、实物黄金：银行金条溢价约2%-3%，回购时需支付1%-2%手续费，单次交易成本高达300-500元，占本金 3%-5%。 2、黄金ETF：如华安黄金ETF（518880），管理费仅0.5%/年，交易佣金与股票一致（约0.01%），流动性堪比 股票，但需通过证券账户操作，对新手有一定门槛。 3、黄金积存：银行"积存金"支持1克起购（约500元），按日均价成交，避免"追高杀跌"，但需关注银行点差 （买入价与卖出价差约0.3元/克）。 4、现货黄金（伦敦金）：通过万洲金业等合规平台交易，支持0.01手起投（约10美元），点差低至0.2美 ...

Market Performance - On September 3, A-share market indices showed mixed performance, with the Shanghai Composite Index and Shenzhen Component Index closing down, while the ChiNext Index rose by 0.95% [1] - The Gold ETF (518880) increased by 1.28%, closing at 7.768 yuan, with a turnover rate of 6.94% and a trading volume of 4.159 billion yuan, ranking first among similar ETFs [1] Fund Flow - Over the past 20 trading days, the Gold ETF experienced a net outflow of 2.038 billion yuan, but in the last 5 trading days, it saw a net inflow of 460 million yuan [1] Gold Price Trends - International gold prices continued to rise, surpassing 3545 USD/ounce on September 3, following a previous day where it crossed the 3500 USD mark, setting a new historical high [2] - The increase in gold prices is attributed to macro policy expectations and political risk concerns, with dovish statements from the Federal Reserve Chairman boosting market expectations for interest rate cuts [2] Analyst Predictions - Morgan Stanley has raised its year-end gold price target to 3800 USD/ounce, highlighting a significant negative correlation between gold prices and the US dollar index [3] - UBS expects gold prices to continue reaching new highs in the coming quarters, driven by a low interest rate environment, weak economic data, and rising macro uncertainty [3] Fund Overview - The Huaan Gold ETF, established on July 18, 2013, is one of the first gold ETFs in China, managed by experienced fund manager Xu Zhiyan [4] - The fund serves as an important tool for investors to allocate gold assets, allowing direct trading or participation through its linked funds [4]

8月5日，黄金ETF（518880）上涨0.12%，最新价7.455元。该ETF全天成交活跃，换手率达4.02%，成交 额录得24.09亿元，显示市场参与度较高。截止2025-08-04，黄金ETF（518880）流通规模596.90亿元。 展望现货黄金后市，银河期货分析指出，短期避险情绪推升黄金、压制风险资产。总体上看，由于本次 美国非农数据意外爆冷，导致市场预期美联储9月降息概率大增。经济及地缘政治的不确定性导致的避 险需求、美国债务高企、去美元化导致各国央行购金以及黄金投资需求增长等因素仍然支撑贵金属市 场，而短期内非农数据造成的黄金上涨仍将延续。黄金市场可高看一线。 华安黄金ETF是国内成立最早的黄金ETF之一，成立于2013年7月18日，其业绩比较基准为国内黄金现 货价格收益率，基金经理为许之彦。凭借先发优势和持续运营，该产品在规模与业绩上确立了头部地 位，已成为投资者便捷配置黄金的可靠工具。投资者可以通过华安黄金ETF（518880）及其联接基金 （A类000216，C类000217）采取分批布局或定投策略参与投资。 风险提示：基金有风险，投资需谨慎！ MACD金叉信号形成，这些股涨势不错！ | ...

7月23日，市场全天冲高回落，沪指3600点得而复失。黄金市场表现亮眼，华安黄金ETF（518880）当 日上涨0.99%，收报7.548元，换手率达3.94%，成交额23.68亿元。 华安黄金ETF（518880）成立于2013年7月18日，以国内黄金现货价格为业绩比较基准，由基金经理许 之彦管理，投资目标为紧密跟踪黄金现货价格表现。投资者或可通过华安黄金ETF（518880）及其联接 基金（A类000216，C类000217）采取分批布局或定投策略参与投资。 风险提示：基金有风险，投资需谨慎！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 截至当日15：15，伦敦金现货价格盘中最高触及3438.8美元/盎司，逼近6月16日创下的近期高位3451美 元/盎司。金价走强主要受以下因素支撑：美指和美债疲软增强了黄金对投资者的吸引力，市场预期美 国可能出现货币政策调整和经济增速放缓，全球多国央行增储黄金和全球避险需求为国际金价提供了支 持。在地缘局势紧张和美国关税政策不确定性加剧的情况下，无论机构还是个人投资者均继续将黄金视 为投资组合多元化的重要工具。 独立分析师吕超认为，由于特朗普政府 ...

Core Viewpoint - The recent performance of the Huaan Gold ETF (518880) indicates a mixed sentiment in the market, with significant net outflows despite a slight increase in price, suggesting cautious investor behavior amid external economic pressures [1][2][3]. Group 1: Market Performance - As of July 22, the Huaan Gold ETF (518880) rose by 0.51% to a price of 7.484 CNY, with a trading volume of 1.747 billion CNY and a turnover rate of 2.91% [1][2]. - The ETF has experienced a net outflow of 876 million CNY over the past five trading days and a total of 1.054 billion CNY over the last ten trading days [1][2]. Group 2: Economic Context - Major financial institutions like Morgan Stanley and Goldman Sachs have identified gold as a preferred investment choice due to tariffs imposed by the Trump administration on key trading partners [1]. - The fund manager of Huaan Gold ETF, Xu Zhiyan, highlighted several factors supporting gold's investment value, including increasing U.S. fiscal deficit pressures, the impact of tariffs on U.S. inflation, and a continued accommodative monetary policy from the Federal Reserve [1][2]. Group 3: Investment Strategy - The Huaan Gold ETF was established on July 18, 2013, aiming to closely track the performance of gold spot prices, managed by Xu Zhiyan [3]. - Investors are encouraged to consider phased investment or dollar-cost averaging strategies through the Huaan Gold ETF and its linked funds [3].

Group 1 - The current price of the Gold ETF (518880) is 7.407 CNY, with a decline of 0.51% [1][2] - The trading volume shows a turnover rate of 3.13% and a transaction amount of 19.02 billion CNY [1][2] - Over the past 5 trading days, there has been a net inflow of 539 million CNY, and over the past 20 trading days, the net inflow is 1.908 billion CNY [1][2] Group 2 - Liu Yuhui, a chief economist, indicates that the current market is in the third wave of a bull market that began in 2019, driven by competition between China and the U.S. [1] - He suggests that after a potential agreement between China and the U.S., gold may experience a mid-term adjustment, but the long-term outlook remains positive [1] - The current bull market in gold may exceed the magnitude and duration of previous cycles, indicating that the current phase might just be the beginning [1] Group 3 - Yang Zhenhai from the World Gold Council states that gold prices are influenced by factors such as the scale of debt in Europe and the U.S., Federal Reserve policy expectations, and geopolitical risks [3] - He predicts that gold prices will likely experience wide fluctuations in the second half of 2025, but the downside potential is limited [3] - The acceleration of gold purchases by global central banks is expected to raise the yield center for gold, providing a stable long-term return source in a low-interest-rate environment [3] Group 4 - The Huaan Gold ETF (518880) was established on July 18, 2013, and aims to closely track the performance of gold spot prices [3] - Investors are encouraged to adopt a phased investment or dollar-cost averaging strategy when participating in investments through the Huaan Gold ETF and its linked funds [3]

Core Viewpoint - The recent increase in the price of gold ETFs, particularly the Huaan Gold ETF (518880), is driven by geopolitical tensions and economic uncertainties, with a notable year-to-date increase of over 25% [1][3]. Group 1: Market Performance - On June 23, the Huaan Gold ETF (518880) rose by 0.38%, reaching a latest price of 7.464 yuan, with a trading volume of 27.50 billion yuan and a turnover rate of 4.56% [1]. - The fund's scale has surpassed 602.58 billion yuan, maintaining its position as the largest gold ETF in Asia [1]. - The ETF has shown a 120-day increase of 25.91% and a 250-day increase of 42.52% [2]. Group 2: Geopolitical Factors - The escalation of geopolitical conflicts in the Middle East, particularly between Israel and Iran, has heightened demand for safe-haven assets like gold [2][3]. - The potential closure of the Strait of Hormuz, a critical route for global oil trade, poses risks to the commodity and financial markets [2]. Group 3: Investment Strategy - Analysts suggest that while gold has seen significant gains, the upward trend is expected to continue, driven by factors such as the U.S. government deficit and demand for U.S. debt amid a backdrop of de-globalization [3]. - Investors are advised to maintain a gold allocation of 5%-15% in their portfolios as a risk-hedging tool, with recommendations for new investors to consider gradual investment strategies through the Huaan Gold ETF [4].