12月22日，贵金属集体大涨，多个品种创新高。现货黄金日内涨超1%，突破4380美元关口，报4383美 元/盎司，再创历史新高。截至11:30，国内现货黄金Au9999涨1.10%，报986.20元/克，冲击四连涨。 消息面上，美国11月CPI同比增速降至2.7%，核心CPI同比增长2.6%，为2021年3月以来最低水平，通胀 压力显著降温增强了市场对美联储实施更宽松货币政策的预期。同时，市场对明年1月降息信心继续下 降，据CME"美联储观察"，美联储2026年1月降息25个基点的概率为21%，较之前有所下降，维持利率 不变的概率为79%。美联储到明年3月累计降息25个基点的概率为47.1%，维持利率不变的概率为 43.4%，累计降息50个基点的概率为9.5%。 看好黄金的投资者可以关注天弘上海金ETF发起式联接基金（A类：014661；C类：014662），其紧密 跟踪金价，买卖便捷，无实物交易损耗，上支付宝、天天基金、京东金融搜索"天弘上海金"即可了解。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。基金过往业绩不代表未来表 现，基金管理人及基金经理管理的其他基金的业绩并不构成对本基金业 ...

Core Viewpoint - Tianhong Fund has announced a reduction in the minimum subscription and redemption thresholds for over fifty funds to 0.1 yuan, marking a shift from the "1 yuan era" to the "fractional era" in fund subscriptions, driven by customer acquisition needs, internet marketing, and pressure to avoid fund liquidation [1][2][4]. Group 1: Fund Threshold Adjustments - Tianhong Fund will lower the minimum subscription amount to 0.1 yuan and the minimum redemption amount to 0.1 shares for various fund types, including index funds, actively managed equity funds, QDII, and bond funds [2][4]. - Other fund companies, such as Taikang Fund and Huaren Yuanda Fund, have also reduced their minimum subscription thresholds, indicating a broader trend in the industry [4][5]. Group 2: Market Trends and Drivers - The trend of lowering fund thresholds is influenced by the increasing popularity of internet platforms for fund purchases, with many companies adapting to online sales styles [3][4]. - Fund companies are motivated by the need to attract new customers and meet the demand for small-scale investments, allowing investors to experience fund investments with minimal amounts [4][7]. Group 3: Strategic Considerations - Some fund companies may be lowering redemption and holding thresholds to retain customers and mitigate the risk of fund liquidation, especially for funds with low investor numbers [5][7]. - The adjustments in thresholds may also be a strategic move to ensure compliance with regulations regarding fund holder numbers and asset values, thereby avoiding forced liquidation [6][7].

Core Viewpoint - Tianhong Fund has announced a reduction in the minimum subscription and redemption thresholds for over fifty funds to 0.1 yuan, marking a shift from the "1 yuan era" to the "fractional era" in fund subscriptions, driven by the need for customer acquisition, internet marketing, and pressure to avoid fund liquidation [1][2][3] Group 1: Fund Threshold Adjustments - Starting November 10, Tianhong Fund will adjust the minimum subscription amount to 0.1 yuan for various fund types, including index funds, actively managed equity funds, QDII, and bond funds [1] - Other fund companies, such as Taikang Fund and Huaren Yuanda Fund, have also lowered their minimum subscription amounts, with some money market funds dropping to a minimum of 0.01 yuan [2][3] Group 2: Market Trends and Drivers - The trend of lowering fund thresholds is influenced by multiple factors, including the need for public funds to attract more investors, the marketing strategies of distribution channels, and the requirements of investment advisory strategies [3] - The reduction in thresholds allows more investors to participate in fund investments, catering to the demand for managing small amounts of idle cash [3] Group 3: Strategic Considerations - Some fund companies are lowering redemption and holding thresholds to retain clients and mitigate the risk of fund liquidation, especially for funds with a small number of investors [5] - The adjustments in redemption thresholds may also be a strategy to prevent forced redemptions that could occur if the number of fund holders falls below regulatory requirements [5]