回顾2023年，黄金市场就曾上演过类似行情。 当年黄金从年初1822美元/盎司起步，一路震荡上行至年底突破2100美元，全年涨幅超过17%。 推动那轮上涨 的核心逻辑与当前有诸多相似之处：美联储货币政策转向预期、地缘政治冲突不断、央行持续购金。 2023年赚到钱的投资者，多数采用了分批买入、控制 仓位的策略。 2025年的市场表现更加激进，金价在3月突破3000美元/盎司，4月突破3500美元，10月突破4000美元，12月下旬更是站上4500美元关口。 这种 加速上涨让部分分析师开始警惕。 中金公司研究部大类资产配置研究负责人李昭提醒，金价在三年内累计上涨2.4倍，已明显高于模型计算的估值中枢，可 能存在一定泡沫。 黄金市场的狂热也带动了相关投资产品的活跃。 2025年前三季度，中国国内黄金ETF增仓量达到79.015吨，同比增长164.03%。 至9月底，国内黄金ETF持仓 量达193.749吨。 A股市场上，多只黄金概念股在2025年实现翻倍上涨，招金黄金年内涨幅超238%，兴业银锡涨幅超215%。 黄金矿业公司正利用这一轮牛 市积极增储上产。 以紫金矿业为例，其2025年前三季度实现归母净利润378. ...

黄金成为贯穿2025年投资的关键词。截至发稿，现货黄金（伦敦金现）报4373.499美元/盎司，全年累计涨幅达67%。Wind数据显示，年内现货黄金价格 累计超50次刷新历史新高，成为全球表现最优的大类资产之一。 金饰克价一年涨约560元 现货黄金价格2025年走势可谓波澜壮阔。 Wind数据显示，现货黄金价格3月14日历史性突破3000美元/盎司关口，经过短暂整理后，于4月突破3500美元/盎司。虽在年中经历回调，但金价在9月后 启动新一轮强势上涨，10月8日突破4000美元/盎司，并于12月下旬成功站上4500美元/盎司。 这股上涨势头同样传导至消费端。2025年年初，中国主流黄金品牌首饰金价约在800元/克上下波动。而到了年末，周大福、老庙黄金、六福珠宝、潮宏基 等品牌的首饰金价已普遍来到1360元/克附近，以此计算，克价一年涨约560元。 资料图 中新经纬摄（下同） 世界黄金协会中国区研究负责人贾舒畅对中新经纬表示，2025年黄金的强劲表现得益于多重因素的共同推动，包括地缘政治与经济不确定性加剧、美元走 弱以及持续上涨的金价势能。投资者与各经济体央行纷纷增持黄金，以寻求资产的多元与稳定。 中金公司研究 ...

蚂蚁财富 信虎 2025 年轻人 × Ant Fortune TEE FLE A 甚至是对抗不确定性的「定心丸」。 工资到账买一笔的银行积存金; OOTD里不士气的古法小金饰; 恋爱日常里共同攒下的金豆子; 在工资波动、感情流动、 房价也在变动的时代， 年轻人终于找到了一个「不会跑」的东西 質金。 但它不再是妈妈抽屉里压箱底的金镯子, 也不是暴富神话里的投机筹码。 今天的年轻人，把黄金变成了 通勤路上随手定投的黄金ETF; 黄金, 正在从「重资产」蜕变为「轻生活方式」。 为此，后浪研究所联合蚂蚁财富 发起了一项年轻人含金量小调查, 邀请911位「黄金猎人」 分享了他们的买金偏好。 调查对象 性别: 年轻人的真香定律,终于轮到黄金了。 数据显示，88.4%的年轻人都买过黄金。 11 - 男性 29.9% 女性 70.1% 年龄层: 00后 24.4% 85后 7.4% - - - - - - - - - - - - - - 95后 39.2% 85前 2.9% 90后 26.1% 我们从中提炼了 2025年轻人买黄金的十大现象 试图回答一个问题 : 为什么这代年轻人, 把买黄金变成了一种日常习惯? 黄金不是潮流 ...

) 蚂蚁财富 后傻 × 2025 年轻人 I III EE 00后 24.4% 85后 7.4% 95后 39.2% 85前 2.9% - - - - - - - - - - 在工资波动、感情流动、 房价也在变动的时代 , 年轻人终于找到了一个「不会跑」的东西 -黄金。 但它不再是妈妈抽屉里压箱底的金镯子, 也不是暴富神话里的投机筹码。 今天的年轻人，把黄金变成了 通勤路上随手定投的黄金ETF; 工资到账买一笔的银行积存金; OOTD里不土气的古法小金饰; 恋爱日常里共同攒下的金豆子; 甚至是对抗不确定性的「定心丸」 。 黄金, 正在从「重资产」蜕变为「轻生活方式」。 为此，后浪研究所联合蚂蚁财富 发起了一项年轻人含金量小调查, 邀请911位「黄金猎人」 分享了他们的买金偏好。 调查对象 性别: 男性 29.9% 女性 70.1% 年龄层: 90后 26.1% 我们从中提炼了 2025年轻人买黄金的十大现象 试图回答一个问题 : 为什么这代年轻人 , 把买黄金变成了一种日常习惯? 黄金不是潮流, 是标配 年轻人的真香定律，终于轮到黄金了。 数据显示，88.4%的年轻人都买过黄金。 曾经被视作「士气」和「妈妈专 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2025年的黄金市场，用"疯狂"来形容并不为过。国际金价如脱缰野马接连突破历史关口，国内银行及金店的投资金条销售持续火热，银行积存 金业务的门槛更是一再调高……黄金，正前所未有地主导着投资者的情绪与决策。 然而，当金价站上令人目眩的高峰，普通投资者在亢奋之余也难免陷入"追高怕回调，观望又恐踏空"的恐慌之中。如何才能跳出短期价格博弈 的桎梏，真正锚定黄金的长期配置价值？ 当前，将黄金作为战略资产进行配置的"黄金+"策略及其相关产品，正从专业领域加速进入大众理财视野，成为越来越多普通投资者的理性选 择。 理解"黄金+" 告别投资焦虑，"黄金+"收益跑赢大市 "黄金+"的兴起，代表着黄金投资从单一资产交易向多元化战略配置的演进。它并非纯粹的黄金价差投资，其核心是将黄金相关资产作为一类 战略性资产，纳入多元组合并进行长期配置，发挥其对冲风险、平滑收益的"压舱石"作用。 这类产品通常以固收资产为稳健底仓，同时战略性地配置一定比例的黄金ETF等黄金相关资产。世界黄金协会于2022年提出相关概念，意在引 导投资机构重视黄金的长期战略价值，并为个人投资者提供了 ...

Group 1 - The article presents three mid-to-long-term gold investment options suitable for different budget levels, emphasizing a stable allocation strategy rather than following market trends [1][3] Group 2 - The first option is a bank accumulation gold product with a minimum investment of 1200 yuan for China Construction Bank and 1500 yuan for China CITIC Bank, recommended for those with stable spare cash. It suggests a monthly fixed investment approach to average costs over time, focusing on large banks for stability and ease of liquidation, with a minimum holding period of 1-2 years [3] - The second option is a low-threshold gold ETF linked fund, allowing investments starting from as low as 10 yuan or 100 yuan. This option is ideal for beginners with limited funds, as it tracks gold prices without the need for physical storage. A monthly investment strategy is also recommended to mitigate short-term volatility [3] - The third option is a gold-themed index fund that invests in quality companies within the gold industry, such as mining and processing firms. This option provides exposure to both gold price appreciation and industry growth, with a low entry point of a few hundred yuan. It is advised to select funds with experienced managers and significant holdings in leading companies, with a recommended holding period of 3-5 years [3][4] Group 3 - All three investment strategies avoid short-term speculation and align with a mid-to-long-term investment logic, allowing investors to choose based on their budget and risk tolerance [4]

Core Viewpoint - The recent volatility in gold prices, with a peak at $4,400 per ounce followed by a drop to around $4,080, reflects market uncertainty and investor sentiment towards gold as a safe haven amid global economic challenges [1][3]. Group 1: Market Dynamics - Central banks have been net buyers of gold for 16 consecutive years, indicating a shift in trust from the US dollar to gold as a more stable asset [3]. - Geopolitical conflicts and debt crises are driving funds towards gold, reinforcing its status as a "safe haven" [3]. Group 2: Investment Strategy - Gold should be viewed as "risk insurance" rather than a tool for wealth accumulation, with a recommended allocation of 5%-10% of total assets [3]. - Preferred investment vehicles include gold ETFs for low fees and T+0 trading, and bank gold accumulation plans for physical gold exchange, while avoiding high-premium gold jewelry [3]. - Suggested trading strategy involves buying in increments during sharp declines and selling decisively during spikes, cautioning against the belief that prices will always rise [3].

Market Overview - The market is experiencing a significant downturn, with the probability of a Federal Reserve rate cut in December dropping from 67% to below 50% in just one month [1][2] - The strong performance of the Nasdaq index contrasts sharply with the decline in Chinese concept stocks, indicating a split market sentiment [1] Impact on Chinese Concept Stocks - Chinese concept stocks are facing severe declines, with Alibaba down nearly 4%, JD down over 4%, and XPeng down more than 5% [1][4] - JD's recent earnings report revealed a 55% year-over-year drop in net profit, exacerbating concerns about the sustainability of growth in the e-commerce sector [4][5] - The competitive landscape in the electric vehicle market has shifted from a "blue ocean" to a "bloody battleground," leading to significant losses for companies like XPeng and NIO [5] Economic and Regulatory Concerns - The potential introduction of a property tax has raised concerns in the market, particularly as the real estate sector has not fully recovered [10] - Ongoing uncertainties regarding U.S.-China audit regulations continue to create a precarious environment for Chinese companies listed in the U.S., with some facing potential delisting [10] Gold Market Dynamics - Gold prices have seen a dramatic drop, with futures falling 2.62% in a single day, attributed to a new tax policy that increased costs for non-investment gold [3][12] - The recent easing of geopolitical tensions has diminished gold's appeal as a safe-haven asset, leading to significant outflows from gold ETFs [12] Investor Sentiment - Investors are divided on whether to buy into the current market downturn or to remain cautious, with some viewing the low valuations of Chinese concept stocks as a buying opportunity while others prefer to shift to defensive sectors [14]

Group 1 - The core of the new tax policy is to differentiate between investment and consumption in the gold market, with a significant change being the introduction of a special invoice blocking mechanism for investment-grade gold, which will now incur a 7% VAT cost that was previously deductible, leading to a price surge in Shenzhen's gold market from 930 yuan to nearly 1000 yuan per gram [3][5] - The new policy aims to address the chaotic attributes of the gold market in China, where 70% of gold purchases are for jewelry and 20% for investment, but speculative activities have turned many consumers into amateur traders, leading to significant financial losses for merchants [5][7] - The rapid growth in personal gold investment demand, which surged by 42% in 2024, and the average annual growth rate of over 35% in bank gold investment users over the past three years, indicates a potential market volatility if there is a rush to redeem gold [5][7] Group 2 - The new policy is also a response to the ongoing monetary competition between China and the US, as the country aims to establish a closed-loop system for the renminbi and gold, with measures to ensure that non-physical transactions remain tax-exempt while tracking the flow of physical gold [7][9] - Recommendations for consumers include purchasing jewelry as needed, avoiding high-stakes speculation in physical gold bars, and prioritizing investments in compliant channels such as gold ETFs and futures, emphasizing that gold should be viewed as a stabilizing asset rather than a get-rich-quick tool [9]

Core Viewpoint - The recent tax policy adjustment in China's gold market aims to enhance tax regulation and management, addressing issues of tax evasion and arbitrage in the context of a sustained "gold buying frenzy" [1][8]. Tax Policy Mechanism - The new policy introduces a dual classification of gold usage: "investment purposes" and "non-investment purposes," with specific tax implications for each category [2]. - For investment gold, a "special invoice blocking mechanism" is established to prevent tax deductions from being passed down the supply chain, effectively closing loopholes for tax evasion [2]. - Non-investment gold will have a fixed deduction rate of 6%, ensuring a tax base while allowing reasonable deductions for industrial enterprises [3]. Market Impact - The new tax policy is expected to reshape investment flows and channel choices in the gold market, favoring transactions through exchanges due to lower tax burdens compared to non-exchange channels [4][5]. - Ordinary investors may increasingly prefer exchange channels for large investments, while also considering virtual trading options like gold ETFs and futures to balance convenience and tax advantages [5]. Compliance and Risk Management - The policy imposes stringent compliance requirements on exchange members, necessitating precise internal accounting and usage declarations for physical gold deliveries [6]. - A strict record-keeping system is mandated, requiring members to maintain detailed documentation of gold purchases and sales for tax verification [6][7]. - The policy includes severe penalties for non-compliance, emphasizing the importance of tax compliance for market participants [7]. Future Outlook - The new tax policy is seen as a significant step towards tax fairness, risk prevention, and market standardization, enhancing China's gold market's international competitiveness and pricing power [8].