黄金市场2025年最后一周出现一定获利了结，主要受到其他贵金属品种的集中兑现压力影响。适逢圣 诞与新年假期，市场交投较为清淡，放大了短期价格波动。 市场观点方面，过往一周（12．29~1．2）国际黄金市场在2025年收官之际呈现了一定的获利了结， 本身市场适逢圣诞与新年假期，交投较为清淡。其他贵金属品种的兑现压力传导至黄金市场，从而引 发了较大的价格波动。 黄金在12月以来的贵金属暴动中显得较为克制，金银比价一度跌至50下方。其期权隐含的波动率仍处 于相对较低水平，涨势较为稳健。因此其他贵金属品种的调整虽对其有短期情绪影响，但出现明显下 跌的可能性不高。同时，与其他金属比价的修复也可能吸引套利资金参与黄金买盘。 2026新年伊始，国际地缘又发生重大事件，美军在1月3日凌晨对委内瑞拉发动军事打击，这使外界对 这一南美国家未来的治理走向充满不确定性。此外，由于美军的快速战术实施能力，市场如今被迫重 新定价的不仅是委内瑞拉风险，还有美国的不可预测性与军事投射能力，这都可能引发避险情绪的再 度升温。 1月8日起，高盛商品指数将进行年度权重调整，金银由于2025年涨幅较大，将进行一些权重下调。因 此贵金属市场的短期调整 ...

集团 21世纪经济报道 理财公司混合类公募 潮州 近六月业绩榜单 (投资周期3-6个月 | F 특 | 产品名称 | 電信機 三十人 长率 | 最大回撤 | 年化波动 网 | | --- | --- | --- | --- | --- | | | 一赢平衡增利智能制造混 | | | | | | 合类理财5号(最短持有6 个月） | 宁银理财 9.47% | 1.95% | 6.20% | | | 宁赢平衡增利混合类开放 | | | | | | 式理财3号(景短信有180 | 宁银理财 9.28% | 1.88% | 6.04% | | | B | | | | | | 幸福99卓越混合(多元恒 | 杭银理财 8.68% | 4.82% | 7.70% | | | 利)180天持有期建成 | | | | | 4 | 幸福99卓越混合(国企红 利精选FOF)100天得有期 杭银理财 8.06% | | 2.91% | 4.10% | | | PETIC | | | | | 5 | 荣竹混合抗通胀策略半年 | 民生理财 7.11% | 1.48% | 2.72% | | | SEEHEWTHA | | | | | 6 ...

近期，国际金银市场迎来"史诗级狂欢"。 | OC (00 0 0 | | --- | 在本轮金银牛市行情中，主要驱动因素有哪些？短期因素与长期逻辑如何共振？经历整年上涨行情后，后市空间如何？普通投资者如何合理配置贵金属资 产？ 为此，中国基金报记者采访了： 博时黄金ETF基金经理 王祥 截至12月24日，伦敦现货黄金价格首次突破4500美元/盎司关口，最高触及4531美元；现货白银价格更是强势冲高至75.5美元/盎司，年内涨幅分别超70% 和近150%，大幅跑赢全球多数资产类别。其中，2025年的伦敦金价累计涨幅已创下1990年以来的最佳年度表现。 汇添富黄金及贵金属基金经理 过蓓蓓 中信保诚中证800有色指数基金经理 黄稚 受访基金经理认为，本轮贵金属行情是"短期催化"与"长期逻辑"共振的结果。黄金价格持续攀升并刷新历史纪录，核心推手为美联储降息周期的持续推 进，以及全球避险情绪的升温；白银的行情则来自"贵金属属性"与"工业属性+战略储备"的叙事得到市场认可。 不过，这些基金经理普遍认为，本轮行情虽然有基本面支撑，但短期快速上涨后，市场波动可能加剧，需要警惕回调风险。中长期来看，黄金仍受到美元 信用弱化、央 ...

市场概况 12月15日两市ETF两融余额为1179.79亿元，较前一交易日增加6158.22万元。其中融资余额为1105.2亿元，较前一交易日增加6.14亿元；融券余额为74.6亿 元，较前一交易日减少5.52亿元。 ETF融资融券余额 12月15日ETF两融余额前三位分别为：华安易富黄金ETF（75.56亿元）、易方达黄金ETF（56.47亿元）和华泰柏瑞沪深300ETF（39.56亿元），前10具体见 下表： | 代码 | 基金名称 | | --- | --- | | 518880.SH | 华安易富黄金ETF | | 159934.SZ | 易方达黄金ETF | | 510300.SH | 华泰柏瑞沪深300ETF | | 159920.SZ | 华夏恒生(QDII-ETF) | | 512880.SH | 国泰中证全指证券公司E | | 159937.SZ | 博时黄金ETF | | 588000.SH | 华夏上证科创板50成份E | | 513090.SH | 易方达中证香港证券投资主 | | 510500.SH | 南方中证500ETF | | 511360.SH | 海富通中证短融ETF | ...

Core Insights - The gold market in 2025 is experiencing unprecedented volatility, with prices soaring from $2,650 per ounce at the beginning of the year to a peak of $4,304.6 in October, marking an annual increase of over 60%, the highest since 1979 [1][4] - The surge in gold prices has led to the emergence of illegal betting traps, causing significant financial losses for many investors [1][6] Group 1: Decision-Making Challenges - The core issue in decision-making is the fundamental shift in gold pricing logic, where the correlation between real interest rates and gold prices has changed since 2022, leading to a positive correlation instead [4] - Central banks' strategic gold purchases are reshaping market fundamentals, with China's central bank increasing its reserves to 2,305.39 tons as of November 2025, and global central banks' net gold purchases rising by 36% month-on-month to 53 tons in October [4][6] Group 2: Timing Difficulties - The extreme volatility in the market is exemplified by a single-day drop of 6% in gold prices on October 21, the largest decline since 2013, resulting in significant losses for investors who chased high prices [6] - Illegal platforms are luring investors with offers like "1,500 yuan to lock in 100 grams of gold" while providing 60 times leverage, which are not connected to legitimate markets, leading to direct betting against investors [6][8] Group 3: Holding Challenges - Holding gold at high prices is becoming increasingly difficult, with risk levels reaching 71.67 after prices surpassed $4,000, indicating increased short-term correction pressure [9] - The costs associated with physical gold storage and the significant discounts on liquidation, combined with the risks of illegal online platforms, create anxiety for investors [9] Group 4: Strategic Recommendations - To address decision-making challenges, two core trends should be anchored: the long-term support from central bank gold purchases and the favorable monetary policy environment following the Federal Reserve's interest rate cuts [12] - Legal investment tools, such as gold ETFs, are recommended for timing difficulties, as they offer advantages like T+0 trading and no storage costs, allowing for precise tracking of gold prices [14] - For holding challenges, it is advised to limit gold and silver allocations to no more than 10% of the portfolio to balance potential gains with risk management [16]

ETF 日报 2025.12.09 市场概况： ◼ 今日 A 股上证综指下跌 0.37%，收于 3909.52 点，深证成指下跌 0.39%，收于 13277.36 点，创业板指上涨 0.61%，收于 3209.60 点， 两市 A 股成交金额为 19179 亿元。涨幅靠前的行业有：综合 （3.45%）、通信（2.23%）、电子（0.78%），跌幅靠前的行业有：有 色金属（-3.03%）、钢铁（-2.47%）、房地产（-2.10%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华泰柏瑞中证 A500ETF 下跌 0.56%，贴水率为-0.56%；华夏中证 A500ETF 下跌 0.26%，贴水率 为-0.34%；南方中证 A500ETF 下跌 0.57%，贴水率为-0.43%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.01%， 贴水率为-0.00%；南方上证基准做市公司债 ETF 上涨 0.06%，贴水 率为-0.28%；广发上证 AAA 科技创新公司债 ETF 上涨 0.01%，贴水 率为-0.27%。 2025 年 12 月 10 日 ETF ...

Market Overview - On December 10, 2025, the Shanghai Composite Index declined by 0.23% to close at 3900.50 points, the Shenzhen Component Index rose by 0.29% to 13316.42 points, and the ChiNext Index fell by 0.02% to 3209.00 points. The total trading volume of A-shares in the two markets was 1791.8 billion yuan. The top-performing sectors were real estate (2.53%), commerce and retail (1.97%), and social services (1.22%), while the worst-performing sectors were banking (-1.58%), power equipment (-0.87%), and computer (-0.63%) [2][6] Stock ETF - The top-traded stock ETFs on this day were Huatai-PineBridge CSI A500 ETF (up 0.16% with a discount rate of 0.17%), ChinaAMC CSI A500 ETF (down 0.17% with a discount rate of 0.05%), and Southern CSI A500 ETF (down 0.08% with a discount rate of 0.04%) [3][7] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Bond ETF (up 0.00% with a discount rate of -0.00%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (up 0.03% with a discount rate of 0.03%), and Southern Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF (up 0.06% with a discount rate of -0.21%) [4][9] Gold ETF - Gold AU9999 rose by 0.40% and Shanghai Gold rose by 0.46%. The top-traded gold ETFs were Huaan Gold ETF (up 0.54% with a discount rate of 0.46%), E Fund Gold ETF (up 0.48% with a discount rate of 0.42%), and Bosera Gold ETF (up 0.50% with a discount rate of 0.42%) [12] Commodity Futures ETF - Dacheng Nonferrous Metals Futures ETF rose by 0.80% with a discount rate of -0.05%, ChinaAMC Feed Soybean Meal Futures ETF rose by 0.36% with a discount rate of 1.92%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell by 0.42% with a discount rate of -0.88% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell by 0.38%, the Nasdaq rose by 0.13%, the S&P 500 fell by 0.09%, and the German DAX rose by 0.49%. On this day, the Hang Seng Index rose by 0.42% and the Hang Seng China Enterprises Index rose by 0.20%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.58% with a discount rate of -0.83%), Huatai-PineBridge Hang Seng Tech ETF (unchanged with a discount rate of 0.08%), and ChinaAMC Hang Seng Tech ETF (up 0.13% with a discount rate of 0.32%) [15] Money Market ETF - The top-traded money market ETFs were Silver Hua Dayli ETF, Huabao Tianyi ETF, and Jianxin Tianyi Money Market ETF [17]

截至三季度末，国泰海通善远平衡配置一年持有混合（FOF）A基金前十大持仓基金分别为华泰保兴安悦债券C、易方达中债7-10年期国开行债券指数C、博 时黄金ETF、国泰黄金ETF、华夏恒生中国企业ETF（QDII）、南方中证500ETF、华夏纳斯达克100ETF（QDII）、华宝量化对冲混合D、华宝可转债债券 C、信澳信用债债券C。 12月2日，国泰海通资管发布国泰海通善远平衡配置一年持有混合（FOF）基金清算报告。该基金的清算期间为自2025年11月4日至11月11日。基金财产清算 小组按照法律法规及《基金合同》的规定履行基金财产清算程序对本基金的资产、负债进行清算。 国泰海通善远平衡配置一年持有混合（FOF）基金成立于2022年7月20日，该基金刚成立时的净认购金额约为2.1亿元，到了2025年三季度末，该基金资产净 值仅剩下0.47亿元。三季报显示，该基金于2025年8月18日至9月30日期间资产净值连续低于5000万元。 截至三季度末，国泰海通善远平衡配置一年持有混合（FOF）A基金成立以来的单位净值增长1.47%，跑输业绩比较基准12.26个百分点；过去一年的单位净 值增长3.41%，跑输业绩比较基准2 ...

Market Overview - As of December 4, the total ETF margin balance in the two markets reached 118.93 billion yuan, an increase of 423 million yuan from the previous trading day [1] - The financing balance was 110.98 billion yuan, up by 436 million yuan, while the securities lending balance decreased by 13.31 million yuan to 7.96 billion yuan [1] - In the Shanghai market, the ETF margin balance was 83.38 billion yuan, increasing by 454 million yuan, with a financing balance of 76.39 billion yuan, up by 445 million yuan [1] - In the Shenzhen market, the ETF margin balance was 35.55 billion yuan, decreasing by 30.89 million yuan, with a financing balance of 34.59 billion yuan, down by 8.89 million yuan [1] ETF Margin Balances - The top three ETFs by margin balance on December 4 were: - Huaan Yifu Gold ETF (7.71 billion yuan) - E Fund Gold ETF (5.73 billion yuan) - Huatai-PB CSI 300 ETF (4.07 billion yuan) [2] - The total margin balances of the top ten ETFs are detailed in the provided table [2] ETF Financing Amounts - The top three ETFs by financing buy-in amounts on December 4 were: - Hai Futong CSI Short Bond ETF (1.43 billion yuan) - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (853 million yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (828 million yuan) [3][4] ETF Net Financing Amounts - The top three ETFs by net financing buy-in amounts on December 4 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (141 million yuan) - Huaxia Hang Seng Technology (QDII-ETF) (76.63 million yuan) - Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (74.78 million yuan) [5][6] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on December 4 were: - Huatai-PB CSI 300 ETF (17.24 million yuan) - Huaxia CSI 1000 ETF (7.88 million yuan) - Southern CSI 500 ETF (7.41 million yuan) [7][8]

Market Overview - As of December 3, the total ETF margin balance in the two markets reached 118.509 billion yuan, an increase of 0.248 billion yuan from the previous trading day [1] - The financing balance was 110.539 billion yuan, up by 0.363 billion yuan, while the securities lending balance decreased to 7.97 billion yuan, down by 0.115 billion yuan [1] - In the Shanghai market, the ETF margin balance was 82.928 billion yuan, increasing by 0.166 billion yuan, with a financing balance of 75.941 billion yuan, up by 0.278 billion yuan [1] - The Shenzhen market's ETF margin balance was 35.581 billion yuan, increasing by 0.082 billion yuan, with a financing balance of 34.598 billion yuan, up by 0.084 billion yuan [1] ETF Margin Balances - The top three ETFs by margin balance on December 3 were: - Huaan Yifu Gold ETF (7.787 billion yuan) - E Fund Gold ETF (5.735 billion yuan) - Huatai-PB CSI 300 ETF (4.158 billion yuan) [2] - The detailed top 10 ETFs by margin balance are provided in the table [2] ETF Financing Amounts - The top three ETFs by financing purchase amounts on December 3 were: - Hai Fudong CSI Short Bond ETF (0.928 billion yuan) - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (0.882 billion yuan) - E Fund CSI Hong Kong Securities Investment Theme ETF (0.718 billion yuan) [3][4] ETF Net Financing Amounts - The top three ETFs by net financing amounts on December 3 were: - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (0.136 billion yuan) - Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (74.9634 million yuan) - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF (59.4706 million yuan) [5][6] ETF Securities Lending Amounts - The top three ETFs by securities lending sell amounts on December 3 were: - Southern CSI 500 ETF (35.2777 million yuan) - Huatai-PB CSI 300 ETF (23.2742 million yuan) - Guotai CSI A500 ETF (5.8883 million yuan) [7][8]