永赢黄金股ETF基金经理 刘庭宇表示，该政策的出台有望从三个维度推动黄金产业公司实现价值重 估：首先是黄金产业在国家层面的战略地位再度提升，后续或有望获得更多的政策关注和资源倾斜；第 二，方案为企业提出了较为清晰的发展路径指引，包括资源量、产量等，鼓励黄金企业以资本为纽带开 展整合，引导企业做强做优做大，对具体企业及矿山的发展具备重要意义；最后，对于黄金企业来说， 该方案的出台为企业提供了一个政策红利期，黄金企业或将在此期间提高产量、提升效率、整合资源， 从而实现非金价方面的业绩提升，使得黄金股投资吸引力提升。 金价方面，近日中东冲突有所缓和导致金价回调。但从中长期来看，黄金的主线逻辑——即美元美债的 信用走弱趋势，更加值得关注。世界黄金协会发布《2025年全球央行黄金储备调查》显示， 95%受访 央行认为，未来12个月内全球央行将续增持黄金，比例创自2019年进行调查以来最高，同比升17个百分 点。随着美国关税不确定性和赤字率上行进一步侵蚀美元和美债信用，全球"去美元化"趋势加剧，市场 参与方都更有动力持续增加黄金资产的配置。 文/永赢黄金股ETF基金经理 刘庭宇 昨天，工业和信息化部等九部门印发《黄金产业 ...

Core Viewpoint - The recent increase in international gold prices is driven by heightened risk aversion and economic concerns, with potential long-term benefits for gold and gold-related stocks [1][2]. Group 1: Market Trends - International gold prices have resumed an upward trend, with COMEX gold surpassing $3,400 per ounce and London spot gold rising by 2.5% to exceed $3,370 per ounce [1]. - The rise in gold prices is attributed to renewed risk aversion due to increased tariffs on steel and aluminum by the U.S. and retaliatory measures from the EU, alongside escalating geopolitical risks from the Russia-Ukraine conflict [1]. Group 2: Economic Indicators - Recent economic data, including the U.S. May ISM Manufacturing PMI and the final value of the S&P Global Manufacturing PMI, fell below expectations, indicating negative impacts from tariff conflicts on the economy [1]. - The weakening of the U.S. dollar is noted as a contributing factor to the rise in gold prices [1]. Group 3: Investment Opportunities - Gold stocks are highlighted as having a higher investment value compared to gold assets, with strong first-quarter earnings reports from gold mining companies exceeding market expectations [2]. - The ongoing upward movement in gold prices and the expansion of gold mining companies are expected to sustain high growth in corporate earnings [2]. - Current valuations of major gold stocks are below historical averages, suggesting potential for systemic valuation increases as gold prices rise [2]. - Investors are encouraged to focus on gold stocks and assets, seizing the historical opportunity as the gold industry transitions from "cyclical beta" to "growth alpha" [2].