Wind数据显示，建信上海金ETF(518860)近10个交易日内有7日资金净流入，合计"吸金"1.72亿元。 美联储降息再度升温！当地时间11月24日，美联储理事克里斯托弗·沃勒重申其观点，支持在12月降 息。其表示，自美联储上次会议以来，现有数据显示变化不大，通胀并非大问题。"我担心的是劳动力 市场，主张在12月降息。"高盛认为，美联储最可能的政策路径是在12月议息会议上启动降息，2025年 续降三次使基准利率降至3%-3.25%区间。若12月会议确认50基点，业内多家机构预测金价将继续抬 升。 中泰证券认为，展望未来，在多极化格局深化、去全球化进程加速的背景下，对安全资产的需求将持续 存在。美国债务高企、美股估值处于历史高位等因素，都可能成为影响全球金融市场稳定的潜在风险。 新兴市场国家持续工业化带来的财富积累，以及其对黄金的传统偏好，将为金价提供坚实支撑。尽管短 期内金价可能面临调整压力，但中长期来看，黄金仍具备显著的配置价值。 中金公司指出，2022年以来，在地缘政治、"去美元化"、持续增长的美债等影响下，黄金价格持续攀 高。从供需来看，黄金产量增长稳定，价格主要取决于需求，其中央行购金是近几年主要 ...

经过8月下旬以来的"狂飙"，黄金价格近期迎来调整。Choice数据显示，10月21日至22日，COMEX黄金 期货累计跌幅超过6%。业内人士普遍认为，短期黄金投资需要注意节奏，但其中长期投资价值并未发 生改变。 黄金"变盘" 机构研判后市投资节奏 ◎记者 朱妍 对于此次调整，永赢中证沪深港黄金产业股票ETF基金经理刘庭宇对上海证券报记者分析称，这次黄金 调整的触发因素主要是相关地缘政治事件迎来进展，使得市场风险偏好提升，避险情绪短期有所消退。 "而且前期金价快速上涨已经推高了市场拥挤度，短期资金兑现动力较强，叠加海内外期货交易所提高 保证金比例并提示风险，部分被迫平仓的资金进一步放大了调整幅度。另外，美元指数反弹也给黄金市 场带来了额外压力。"刘庭宇解释称。 多家机构表示，短期黄金价格或震荡加剧，需关注投资节奏，但其长期配置价值未发生改变。 国泰基金发表观点称，短期来看，黄金或受一些因素影响有所回调，但支撑贵金属上涨的长期基本面因 素尚未改变。因此，潜在买盘或对后续回调幅度形成限制，从中长期看，黄金价格中枢仍有望上行，可 考虑逢低分批布局。 华安基金方面在接受上海证券报记者采访时表示，短期来看，随着黄金避险情 ...

国内"双节"期间，国际黄金期价再创历史新高。Wind数据显示，10月8日，伦敦现货黄金盘中最高价突 破每盎司4000美元关口，创历史新高；10月7日，纽约黄金期货主力合约价格也突破4000美元，创历史 新高。相关产品——建信上海金ETF(518860)近3天获得连续资金净流入，合计"吸金"6445.76万元。 建信上海金ETF(518860)，场外联接(A：009033；C：009034；D：023685)。 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。 浙商证券表示，2025年以来黄金的这轮快速上涨行情可以理解为三大因素共同驱动：其一，美联储降息 预期持续升温；其二，各种地缘风险事件发酵；其三，在逆全球化背景下，各国央行持续增持黄金且减 持美债。而近日美国政府停摆则进一步推动了黄金的需求。从三大驱动因素的角度分析，虽然当前金价 再创新高，但主升浪或仍可持续。 近期贵金属价格有所波动，投资者需做好风险防范工作，合理控制仓位理性投资。 方正证券指出，美国政府停摆叠加就业数据疲软，强化了美联储开启连续降息周期的预期，叠加滞胀风 险上升，金银将继续走出长牛行情。政府停摆导致9月非农及CPI ...

Group 1 - Gold prices continue to rise, reaching historical highs with spot gold hitting $3689.56 per ounce and COMEX gold futures reaching $3728.4 per ounce on September 15 [1] - The market anticipates a new round of interest rate cuts from the Federal Reserve during its upcoming meeting on September 16 and 17, with President Trump expecting a "significant rate cut" announcement [1] - Morgan Stanley has raised its gold price forecast, predicting spot gold could exceed $4000 per ounce by Q1 2026, driven by strong investor demand and potential impacts on the Fed's independence pushing prices to $5000 [1] Group 2 - Dongwu Securities notes that while U.S. commodity inflation continues to rise, service sector inflation is slowing, and labor market data is weakening, suggesting that precious metals will benefit from these trends [2] - The recent fluctuations in precious metal prices indicate the need for investors to manage risks and control positions rationally [2]

Core Insights - The total margin balance of ETFs in the two markets reached 109.711 billion yuan, an increase of 610 million yuan from the previous trading day, representing a 0.56% increase [1] - The financing balance of ETFs increased by 1.02% to 102.776 billion yuan, while the margin balance decreased by 4.28 million yuan [1] Group 1: ETF Financing and Margin Balances - The latest margin balance for Shenzhen market ETFs is 33.863 billion yuan, a decrease of 232 million yuan, while the financing balance is 33.023 billion yuan, down by 163 million yuan [1] - The latest margin balance for Shanghai market ETFs is 75.848 billion yuan, an increase of 842 million yuan, with a financing balance of 69.753 billion yuan, up by 1.202 billion yuan [1] Group 2: Notable ETFs by Financing Balance - The ETF with the highest financing balance is Huaan Gold ETF at 7.364 billion yuan, followed by E Fund Gold ETF and Huaxia Hang Seng ETF with financing balances of 6.232 billion yuan and 4.119 billion yuan respectively [2] - The ETFs with the largest increases in financing balance include Wanjia CSI A500 ETF, Digital Economy ETF, and Morgan CSI A500 ETF, with increases of 416.51%, 381.67%, and 243.81% respectively [2][3] Group 3: Net Buying and Selling of ETFs - The top three ETFs by net buying amount are Huaxia Sci-Tech 50 ETF, Huatai-PB CSI 300 ETF, and Southern CSI 1000 ETF, with net buying amounts of 209.148 million yuan, 153.000 million yuan, and 116.493 million yuan respectively [4] - The ETFs with the highest net selling amounts include GF CSI Hong Kong Innovation Drug ETF, Huaan ChiNext 50 ETF, and Huabao ChiNext AI ETF, with net selling amounts of 78.084 million yuan, 74.816 million yuan, and 70.430 million yuan respectively [4] Group 4: Margin Trading Changes - The latest margin balance for Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF are 2.290 billion yuan, 2.226 billion yuan, and 408 million yuan respectively [5] - The ETFs with the largest increases in margin balance include Guotai CSI All-Share Securities Company ETF, Huabao CSI Bank ETF, and Tianhong CSI Photovoltaic Industry ETF, with increases of 2.912 million yuan, 2.176 million yuan, and 1.879 million yuan respectively [5][6] Group 5: Margin Volume Changes - The highest increase in margin volume is seen in the Photovoltaic 50 ETF, with a 318.09% increase, followed by GF CSI All-Share Information Technology ETF and Tianhong CSI Photovoltaic Industry ETF with increases of 238.36% and 76.59% respectively [6] - The ETFs with the largest decreases in margin volume include Huaxia CSI Sci-Tech Entrepreneurship 50 ETF, Huatai-PB Shanghai Dividend ETF, and Huabao Convertible Bond ETF [6]

近期贵金属价格有所波动，投资者需做好风险防范工作，合理控制仓位理性投资。 据上周公布数据，美国7月非农就业新增7.3万人远低于预期，前两月数据下修，劳动力市场疲软迹象增 强美联储降息预期。美联储部分官员主张降息，CME数据显示9月降息25个基点概率达94.4%，高盛预 计9月起连续三次降息。 华源证券表示，中期来看，"特朗普2.0"主线中的关税和减税交易或在后续趋向平稳，"降息交易"将为 黄金价格走强提供较强动能。下半年预计美国货币政策变化将接力财政政策为黄金价格提供支撑，建议 关注阶段性配置机会。 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。 当地时间8月4日，COMEX黄金期货收涨0.85%，报3428.6美元/盎司。Wind数据显示，建信上海金 ETF(518860)近4天获得连续资金净流入，备受资金关注。 建信上海金ETF(518860)，场外联接(A：009033；C：009034；D：023685)。 ...

中美贸易谈判达成重要共识推动短期乐观情绪。5月12日，中国商务部发布了《中美日内瓦经贸会谈联 合声明》。消息一出，全球金融市场立即大幅波动。A股三大股指集体收涨，港股市场大幅上涨，美股 指数期货也快速拉升。在外汇市场，人民币走强，离岸人民币跳涨百点。 此前因中美贸易战而一度大涨的避险资产黄金价格应声下挫。同日，也有14只黄金ETF收跌逾2%。 美股、A股、港股等悉数上涨 5月12日，在《中美日内瓦经贸会谈联合声明》发布后，人民币汇率、港股等纷纷大涨。其中，Wind数 据显示，截至15时22分，在岸人民币对美元汇率报7.2109，日内升幅0.36%；离岸人民币对美元汇率涨 超300点，报7.2061，升值0.47%，盘中最高来到7.1982。 A股三大股指集体收涨，上证指数报收3369.24点，涨0.82%；深成指报收10301.16点，涨1.72%；创业板 指报收2064.71点，涨2.63%。此外，美股期货涨幅扩大，道指、标普500指数期货涨超2%，纳斯达克 100指数期货涨超3%。港股恒生科技指数涨幅一度扩大至6%，恒生指数则一度涨超3%。 特朗普政府推出所谓"对等关税"政策以来，持续对人民币汇率构成扰动 ...

Core Viewpoint - The article highlights the surge in gold prices and the significant inflow of funds into gold ETFs, driven by global risk aversion and expectations regarding U.S. tariffs, with many ETFs showing over 22% returns year-to-date [1][2][3]. Group 1: Gold Price and ETF Performance - As of April 11, the spot price of gold in London reached a record high of $3,220.12 per ounce, with the Shanghai gold futures contract rising by 2.71% and a weekly increase exceeding 5% [3]. - The World Gold Council reported that in Q1 2025, global physical gold ETF net inflows reached 226 tons, valued at $21 billion, marking the highest quarterly inflow in nearly three years [3]. - The total estimated scale of 14 gold ETFs in the market is approximately 121.6 billion yuan, showing significant growth since the beginning of the year [3][4]. Group 2: Fund Inflows and Growth - Several smaller gold ETFs have experienced explosive growth, with some seeing their shares increase by over 100% year-to-date, such as the Jianxin Shanghai Gold ETF (161.31% increase) and the Bank of China Shanghai Gold ETF (148.02% increase) [4]. - Four gold ETFs have surpassed the 10 billion yuan scale, with the Huaan Gold ETF leading at 49.46 billion yuan, accounting for a significant market share [3]. Group 3: Premium Risks and Investor Caution - The rising gold prices have led to high premium risks for several gold funds, with some trading prices significantly exceeding their net asset values [6][7]. - Fund managers have warned investors about the dangers of blindly chasing high premiums, which could lead to substantial losses if market sentiment reverses [6][7]. - It is advised that ordinary investors closely monitor premium levels and policy trends when allocating gold assets through ETFs, and consider medium to long-term holding strategies to mitigate risks [7].