如果放在十年前，你跟别人说"全球的黄金会往东方流动"，大概率会被人笑话：怎么可能？ 先看看数字最直观，到2025年8月底，中国的黄金储备已经来到了7402万盎司，而且这是连续第十个月增持，刷新了历史纪录。 要知道，中国央行一般不会随便在外汇储备上"折腾"，它的操作都极具战略性。 那时候，美元一家独大，美债被视作最安全的资产，而黄金都被认为是"老古董"，基本上就是动荡时期的避险小玩意儿。 然而十年过去，世界潮水真的悄悄改变了方向。 今天的现实是，中国央行连续十个月增持黄金，总量更是不断突破新高，并且我们还直接邀请友好国家的央行把黄金存放在中国。 那么，中方如此大胆且具有前瞻性的举动，背后究竟有着何种深刻的考量？ 这意味着中国并不是单纯跟风去囤黄金，而是在做更长远的布局。 其实从全球范围来看，这一波"买黄金"的热潮不是中国一家。 根据世界黄金协会的数据，2024年全球央行净购金量达到1136吨，这是有史以来第二高。 而到了2025年一季度，光是中国、波兰和土耳其三个国家，就占了全球央行购金总量的一半以上。 能看到一个趋势：全世界的央妈们都在悄悄给自己"换保险"，过去动不动往美债里砸钱，现在更多是拿黄金来分散风险。 ...

Group 1 - The core viewpoint of the report indicates that while gold jewelry consumption in China weakened in Q2 2025, the demand for gold bars and coins surged, with sales increasing by 44% year-on-year to 115 tons, driving retail investment demand up to 239 tons, a 26% increase year-on-year [1][3] - The report identifies three key factors supporting the strong demand for gold bars and coins: the strong momentum of gold prices attracting market attention, limited investment options enhancing gold's appeal, and the influence of central bank purchases, with the People's Bank of China continuing to buy gold from January to June [3] - The World Gold Council anticipates that gold will remain one of the most favored assets in China, especially if further interest rate cuts are implemented to stimulate economic growth, which would lower the opportunity cost of holding gold for domestic investors [3] Group 2 - In the jewelry sector, the World Gold Council suggests that gold jewelry consumption may continue to face pressures from low consumer confidence and high gold prices in the second half of the year, although seasonal trends indicate a potential gradual recovery in consumption after Q2 [5] - The Chinese gold jewelry market is experiencing a trend of consumer segmentation, with market participants promoting lighter weight products to address the purchasing power decline due to rising gold prices, which also allows retailers to achieve higher profits [5] - The demand for high-end, heavier gold jewelry remains strong, driven by emerging brands rather than established national or regional chain brands, characterized by exquisite craftsmanship and premium experiences [5]