华福证券也表示，短期而言，美"对等关税"的潜在风险及不确定性引发市场避险情绪支撑金价，整体呈 现易涨难跌格局；中长期而言，全球关税政策和区域政治的不确定性背景下，避险和滞涨交易仍是黄金 交易的核心，长期配置价值不改。 华富永鑫灵活配置混合(A/C：001466/001467)聚焦黄金股投资，分散化持有A股黄金相关的上市公司， 既可充分反映金价上升对相关公司盈利和股价的利好，也可规避持有单一黄金股的经营风险。 消息面上，国际金价大涨，周一现货黄金突破3380美元/盎司，为5月8日来首次。周二亚洲早盘黄金继 续高开高走，盘中最高突破3390美元/盎司。周一COMEX黄金期货收涨2.74%，报3406.4美元/盎司。 中邮证券指出，贸易逆差缩减的本质是美债买盘的衰减，美国长债利率上行概率加大，黄金的配置价值 凸显。具体来说，只要长端美债名义利率位于4%以上，黄金上涨趋势大概率就会持续。黄金上行开 始，持续关注黄金股投资机会。 Wind数据显示，2025年6月3日，黄金股板块走强， 西部黄金涨停， 曼卡龙涨超16% 、菜百股份逼近涨 停、潮宏基涨超9%、 晓程科技涨近7%、赤峰黄金涨超5% 、莱绅通灵 、特力Ａ等个股 ...

Group 1 - Gold prices have surged, reaching a historic high of $3,500 per ounce, with a year-to-date increase of 33% and a maximum rise of over $400 in the last 10 trading days, driven by strong global demand for safe-haven assets [1] - The Hua Fu Yong Xin Flexible Allocation Mixed Fund has heavily invested in gold-related companies such as Zijin Mining, Shandong Gold International, and others, achieving a year-to-date increase of 37.31% as of April 21, 2025 [1] - The fund manager believes that the declining trust in credit currencies, particularly the US dollar, amid complex international political and economic conditions, will continue to drive investor preference for gold, suggesting a potential for stable price increases in the future [1] Group 2 - The market risk appetite has rebounded due to ongoing growth stabilization policies, with gold stocks experiencing valuation recovery following external shocks like tariffs [2] - Domestic gold mining companies are increasing capital investments, with new production capacity expected to come online gradually, while gold mining costs remain stable [2] - Gold stocks are currently valued at historical lows, with the SSH Gold Stock Index at a low valuation percentile of 19.71% and a price-to-earnings ratio of approximately 17.8, indicating potential for significant upward movement in profits and valuations [2]