华福证券指出，美联储降息预期再升温叠加贸易摩擦助攻，黄金价格再创历史新高。金银价格的最新突 破，直接源于国际贸易关系的再度恶化，美国威胁对中国加征100%关税，叠加中东和平进程的脆弱 性，潜在冲突风险随时可能爆发，进一步推高黄金作为全球避险资产的吸引力。美联储的货币政策动向 已成为黄金上涨的强大引擎。交易员们普遍认为，美联储10月份降息25个基点的可能性高达97%，而12 月份降息的概率更是达到100%。 金ETF(159834)，场外联接(A类：018391；C类：018392；I类：021004)。 截至2025年10月21日 09:46，金ETF(159834)上涨2.50%，盘中换手5.99%，成交7173.88万元。 拉长时间看，截至10月20日，金金ETF(159834)最新份额创近1月新高。从资金净流入方面来看，金 ETF(159834)近6天获得连续资金净流入，合计净流入1.97亿元。 截至10月20日，相关场外基金——南方中证沪深港黄金产业股票指数A(021958)今年以来涨幅已达 81.48%。 东方财富证券指出，黄金长期上涨的核心逻辑在于全球法币信用的稀释，尤其是在财政赤字高企与货币 超 ...

Core Viewpoint - The stock market experienced significant adjustments, while gold prices reached new highs for five consecutive days, leading to a 2.7% increase in gold ETFs, with a year-to-date gain of 60% [1] Group 1: Market Performance - Gold ETFs have seen a year-to-date increase of 60%, with a notable 2.7% rise recently [1] - The non-ferrous metal ETF has a year-to-date increase of 76%, with a net inflow of 4.49 billion yuan over the last ten trading days [1][2] - The non-ferrous metal ETF currently has a total scale of 18.235 billion yuan, making it the only non-ferrous industry ETF exceeding 10 billion yuan in the market [2] Group 2: Economic and Regulatory Environment - The U.S. Senate's tenth rejection of a temporary funding bill has led to a government shutdown, increasing market uncertainty [1] - Concerns over bad debts in the banking sector have arisen following loan issues disclosed by two regional banks, resulting in widespread declines in bank stocks [1] - Trade tensions and indications from Federal Reserve Chairman Jerome Powell about potential interest rate cuts have heightened demand for safe-haven assets [2] Group 3: ETF Characteristics - Gold ETFs closely track the spot prices of gold contracts on the Shanghai Gold Exchange, offering high transparency and liquidity, supporting T+0 intraday trading [2] - The non-ferrous metal ETF tracks the CSI Zhongshan Shenwan Non-ferrous Metal Index, covering key sectors such as copper, aluminum, lithium, rare earths, and gold, with a focus on leading companies in these segments [2]

Group 1 - The core viewpoint of the articles highlights the significant rise in gold ETFs and spot gold prices, driven by expectations of interest rate cuts by the Federal Reserve [1][2] - As of October 17, 2025, the gold ETF (159834) experienced a near 3% increase, currently up 1.43%, marking a potential five-day consecutive rise with a trading volume of 52.24 million yuan [1] - The gold ETF (159834) has seen a total net inflow of 83.21 million yuan over the past four days, indicating strong investor interest [1] Group 2 - On October 16, spot gold reached a high of 4,380.79 USD/ounce, while COMEX futures hit 4,392.0 USD/ounce, both setting new historical records [2] - The World Gold Council notes that overall gold holdings remain low, suggesting that the market is not yet saturated, as speculative positions have not reached historical peaks [2] - Short-term outlook indicates that most metals are rising due to ample liquidity, with gold's financial attributes likely to support further price increases [2]

截至2025年10月15日 10:02，金ETF(159834)上涨2.13%，冲击3连涨。盘中换手3.91%，成交3954.76万 元。 招商证券指出，短期内需求将继续支撑金价维持强势，而中长期来看，全球央行持续购金以对冲美元信 用风险、黄金ETF由净卖出转为净买入，以及货币与金融属性的双重驱动，均将推动黄金价格中枢上 移。在全球局势复杂多变、逆全球化趋势加剧的背景下，黄金的战略价值进一步凸显。 截至10月14日，相关场外基金——南方中证沪深港黄金产业股票指数A(021958)今年以来累计涨幅已达 88.39%。 金ETF(159834)，场外联接(A类：018391；C类：018392；I类：021004)。 美联储降息再度升温！当地时间10月14日，美联储主席鲍威尔暗示，美国的劳动力市场持续恶化，尽管 政府关门影响了对经济的判断，仍保留了本月降息的可能性。市场人士认为，鲍威尔的最新讲话"巩固 了进一步降息的预期"，让美联储保持在再次降息的轨道。据CME"美联储观察"，截至北京时间10月15 日06:30，美联储10月降息25个基点的概率达97.3%。 受此影响，国际金价应声大涨。10月15日亚市早盘，现 ...

金ETF密切跟踪上海黄金交易所黄金现货实盘合约价格，透明度高而且流动性好，支持T+0日内交易， 场外联接基金（A：018391，C：018392)。 美国银行和法国兴业银行的分析师目前预计，2026年黄金价格将达到每盎司5000美元。 格隆汇10月14日｜黄金市场正在上演一场波澜壮阔的上涨行情，现货黄金升破4140美元/盎司关口，至 4149美元，再创历史新高。 金价上涨中，截至10月13日，南方中证沪深港黄金产业股票指数A(021958)，今年以来收益高达 95.09%。 截至发稿，金ETF(159834)今日涨超2%，年内涨幅超52%，净值创历史新高。 资金持续净流入，金ETF(159834)最新规模较年初增长4.7亿元。 MACD金叉信号形成，这些股涨势不错！ 美银全球研究团队预计金价2026年升至5000美元/盎司，该团队在一份研究报告中称："白宫非同寻常的 政策框架应会继续为黄金提供支撑"，并援引财政赤字、债务上升和降息压力等驱动因素。法国兴业银 行也将2026年金价预期升至5000美元/盎司，理由是受ETF和央行提振。 国信证券认为，当前黄金市场的支撑体系依然稳固。长期而言，全球货币信用体系重构、 ...

格隆汇9月24日｜美联储持续降息预期叠加避险需求，推动金价不断创历史新高，COMEX黄金一度突 破3800美元/盎司。 金ETF(159834)是商品型ETF，密切跟踪上海黄金交易所黄金现货实盘合约价格，支持T+0日内交易，场 外联接基金（A：018391，c：018392) 本轮金价上涨最直接的引擎，无疑来自于市场对美联储将进一步降息的强烈预期。虽然美联储主席鲍威 尔仍强调未来降息路径将保持谨慎，但市场仍预计美联储未来将大幅降息。 在美联储降息、各国央行增加黄金储备，以及持续的地缘政治紧张推动避险需求的背景下，黄金已成为 今年表现最强劲的大宗商品之一，高盛等主要投行均预计价格将进一步上涨。 金ETF(159834)年内涨幅超37%，成为表现最好的商品型ETF。 金价上涨中，资金持续净流入，金ETF(159834)年内资金净流入额2.09亿元。 来源：格隆汇APP 申银万国期货报告称，国财政赤字、债务持续膨胀，以中国为代表的央行持续增持黄金，黄金方面长期 驱动仍然明确。 ...

Group 1 - COMEX gold futures prices surged to a historical high of $3552 per ounce, with gold ETFs experiencing a significant increase of over 2% and a trading volume of 1.73 billion yuan [1] - The non-ferrous metals sector showed strong performance, with the non-ferrous metals ETF rising over 2% and achieving a trading volume of 6.24 billion yuan, while the index tracking the sector increased by 2.10% [1] - Goldman Sachs predicts gold prices will reach $3700 per ounce by the end of 2025 and $4000 per ounce by mid-2026, indicating a bullish outlook for the gold sector [1] Group 2 - Citic Securities noted that the core PCE inflation indicator's moderate rise stabilized market expectations for a potential interest rate cut by the Federal Reserve, leading to a weaker dollar and enhancing the appeal of gold and copper [2] - The non-ferrous metals ETF closely tracks the CSI Non-ferrous Metals Index, which includes 50 listed companies to reflect the overall performance of the non-ferrous metals sector in the market [2]