智通财经APP获悉，国盛证券发布研报称，2025年黄金市场虽因高波动性带来挑战，但并未改变上市银 行深化贵金属业务的趋势。在全球央行持续增持黄金等基本面支撑下，以黄金为代表的贵金属业务，对 上市银行盈利稳定性的贡献或将日趋凸显。关税政策或对出口短期带来冲击，但中长期看，国内稳地 产、促消费、加大民生保障等扩张性政策有望加速落地，托底经济稳增长。而银行板块受益于政策催 化，顺周期主线的个股或有α;同时，由于经济修复需要一定的时间、且预计降息仍有空间，红利策略或 仍有持续性。 国盛证券主要观点如下： 政策与市场环境：奠定银行黄金业务的发展基础 截至2025年9月末，中国官方黄金储备为7406万盎司，已连续11个月增持，较8月末增加4万盎司。全球 范围内，2025年二季度央行共增储166吨，尽管购金增速有所放缓，但世界黄金协会调查显示，2025年 中时有95%的受访央行预计未来12个月内全球央行黄金储备将进一步增加。 2025年2月，金融监管总局发布《关于开展保险资金投资黄金业务试点的通知》，推出保险资金投资黄 金业务试点。确定中国人民财产保险股份有限公司等10家试点保险公司，可投资上海黄金交易所主板的 黄金现货实 ...

Core Viewpoint - The international gold price has reached a new high, surpassing $3600 per ounce, driven by increased market risk aversion and a significant year-to-date increase of over 36% in gold prices [1][10]. Retail Gold Business Expansion - Banks are actively expanding their retail gold business in response to rising consumer demand, with products like investment gold bars and accumulation gold being promoted to capture market share [1][3]. - Industrial and Commercial Bank of China launched a marketing campaign during the Qixi Festival, offering zero-fee accumulation gold purchases through platforms like Alipay and Tencent Finance [1]. - The retail gold business is seen as enhancing customer loyalty and service capabilities, with products like accumulation gold meeting asset allocation and preservation needs, thereby increasing transaction frequency and cross-selling opportunities in wealth management and insurance [3]. Performance Metrics - Postal Savings Bank reported a significant increase in gold accumulation trading amounting to 5.569 billion yuan, a year-on-year growth of 238.78%, and gold sales of 1.424 billion yuan, up 69.16% [4]. - The appeal of retail gold among younger consumers is growing, with nearly 100 million views on social media platforms discussing bank gold bars [4]. Gold Repurchase Services - Banks are enhancing their gold repurchase systems, with Industrial and Commercial Bank establishing 133 new gold repurchase service outlets to improve service coverage and volume [5]. Institutional Gold Business - The institutional gold business is also crucial, offering services such as gold leasing, price hedging, and the sale of precious metal products to corporate clients [6]. - The Shanghai Gold Exchange has approved 13 market makers for interbank gold inquiry trading, with Postal Savings Bank becoming a trial market maker [6]. Insurance Capital Involvement - The entry of insurance capital into the gold market is expected to drive banks' intermediary income through services like transaction execution and asset custody [9][10]. - China Bank reported a 37% increase in precious metal income in the first half of the year, while Industrial Bank led in interbank gold trading volume with over 3 trillion yuan [9][10].

Group 1 - The core viewpoint of the articles is that the inclusion of insurance companies in gold trading through the Shanghai Gold Exchange marks a significant shift in investment strategies, allowing for diversification and potential higher returns amidst a declining interest rate environment [2][3]. - The pilot program initiated by the financial regulatory authority allows ten insurance companies to invest in various gold-related products, which is expected to enhance their asset-liability management and overall investment capabilities [2][3]. - The entry of insurance capital into the gold market is anticipated to inject long-term funds, thereby increasing market depth and promoting the healthy development of the gold market, while also enhancing the pricing power of the RMB in gold transactions [3]. Group 2 - Insurance companies are expected to benefit from gold investments as a hedge against inflation and economic volatility, providing a low correlation with traditional asset classes, which can improve portfolio stability and risk management [3]. - Experts emphasize the importance of establishing robust risk management frameworks for insurance institutions, including the use of risk assessment models to monitor market and operational risks associated with gold investments [4]. - A comprehensive approach involving fundamental, technical, sentiment, and quantitative analyses is recommended to understand the factors influencing gold prices, which will aid in making informed investment decisions [4].

Core Viewpoint - The entry of insurance capital into the gold market marks a significant development, with major companies like China Life and Ping An completing their first gold transactions, indicating a shift from planning to execution in gold investment strategies [3][4]. Group 1: Insurance Companies' Actions - China Life completed the first gold inquiry transaction by a domestic insurance institution at the Shanghai Gold Exchange on March 25 [3]. - Ping An Life executed the first Shanghai gold transaction by a domestic insurance institution on the same day [3]. - Other insurance companies also completed their first on-site bidding and bulk trading transactions [3]. Group 2: Investment Strategy and Benefits - China Life emphasized a long-term investment philosophy, focusing on the unique value of gold in optimizing portfolios, hedging risks, and resisting inflation, aiming to enhance the long-term risk-return ratio of its overall investment portfolio [4]. - Ping An Life highlighted the importance of this historical opportunity, planning to actively research gold investment strategies to optimize asset allocation and improve capital utilization efficiency [4]. - The entry of insurance capital into gold investment is expected to optimize asset allocation, enhance potential returns, promote the development of the RMB gold market, and improve RMB gold pricing functions [5]. Group 3: Regulatory Framework - In February, the National Financial Regulatory Administration announced a pilot program for insurance capital investment in gold, with ten insurance companies selected as the first pilot units [5]. - The scope of pilot investments includes various gold contracts and borrowing services at the Shanghai Gold Exchange [5]. - On March 24, the Shanghai Gold Exchange accepted several major insurance companies as members, facilitating their participation in the gold market [6].

Core Viewpoint - The recent approval of four insurance companies as members of the Shanghai Gold Exchange marks a significant entry of insurance funds into the gold market, driven by rising gold prices and the need for diversified asset allocation [1][2]. Group 1: Membership Approval - Four insurance companies, including China People's Property Insurance, China Life Insurance, Ping An Life Insurance, and China Pacific Life Insurance, have been approved as members of the Shanghai Gold Exchange [1]. - Membership allows these companies to engage in gold and precious metal trading, enhancing their investment capabilities [2]. Group 2: Regulatory Framework - The criteria for becoming a member of the Shanghai Gold Exchange include having a registered capital of at least 50 million RMB and maintaining profitability over the last three years [2]. - The initiative to allow insurance funds to invest in gold aims to broaden investment channels and optimize asset allocation within insurance companies [2]. Group 3: Investment Pilot Program - A pilot program initiated by the National Financial Regulatory Administration allows ten insurance companies to invest in gold, focusing on various gold trading contracts [2][3]. - The pilot program is expected to enhance the pricing power of Chinese capital markets in gold, similar to the purchasing behavior of central banks [3]. Group 4: Market Impact - Insurance funds are anticipated to become significant marginal price setters in the gold market, although their impact on global gold supply and demand is expected to be manageable [3][4]. - Projections suggest that the long-term gold holdings of Chinese insurance funds could reach between 208 to 555 tons, with a minimal impact on global demand [4].