长期持有黄金类ETF的优势： 来源：市场资讯 （来源：ETF万亿指数） 地缘政治的紧张、美联储的降息预期、各国央行的持续增持，让金银价格全年飙升 黄金市场里许多投资者，金价上涨心跳加速冲进场，待到金价回调又开始手心冒汗"是不是见顶了"。 从整体看，黄金的核心属性——长期保值与风险对冲 黄金类ETF完美继承了黄金的这些长期属性，因此更适合作为长期资产配置的工具 平滑短期波动，捕捉长期趋势 为何说短线挑战大？ 并附上了近一年的涨幅与近三个月资金流入情况 每日尾客 黄金ETF年度黑马涨幅榜 | 代码 | 证券间称 | | 规模/亿 | | | --- | --- | --- | --- | --- | | 517520 | 黄金股ETF | SSH黄金股票 | 125.50 | 91.91% | | 159562 | 黄金股ETF | | 30.33 | 91.17% | | 159315 | 黄金股ETF基金 | | 1.56 | 90.01% | | 517400 | 黄金股票ETF | | 4.56 | 88.13% | | 159322 | 黄金股票ETF基金 | | 0.99 | 88.04% | | 1 ...

国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格较昨日均有上调，老凤祥报价1406元/克，老庙黄金报价1402元/克，周生生报价 1411元/克，周大福报价1410元/克，六福珠宝报价1401元/克。 金价大幅上涨，在信用货币体系重构下，各国央行扫货黄金，ETF资金跑步进场，以及地缘政治风险扰动、美联储开启降息周期等成主要推手。 目前，黄金正迈向1979年以来最佳年度表现。目前，国际主流机构对2026年黄金价格的预测普遍"站上4000美元"。 另外，黄金类ETF也成为ETF资金流入的主力品种。Wind数据显示，截至12月22日收盘，年内黄金类ETF净流入额超千亿元，占同期ETF总流入额的比例 约十分之一，成为ETF资金流入的主力品种 紫金财经12月24日消息 经过短暂回调后，全球黄金价格再创新高。12月24日，现货黄金首次涨破4500美元/盎司关口，现报4520美元/盎司，年内累计劲升 71%，盘中最高4530.80美元/盎司，再创历史新高。COMEX白银盘中最高升至70.155美元/盎司，年内涨幅高达138%，领跑贵金属市场。 ...

来源：中原网 在震荡2个月后，国际金价重回巅峰。Wind数据显示，12月23日，COMEX黄金期货盘中一度冲至 4530.8美元/盎司，再创历史新高。 国际金价站上4500美元/盎司，年内黄金类ETF净流入额超千亿元 今年，黄金成为资本市场上表现最亮眼的资产之一。Wind数据显示，截至12月22日收盘，COMEX黄金 期货年内涨幅已超60%，达60.84%。 年内，金价屡创新高，COMEX黄金期货接连突破3000美元/盎司、3500美元/盎司、4000美元/盎司及 4500美元/盎司的历史大关。 在国际金价的推动下，零售黄金克价也水涨船高，年初数百元克价的黄金首饰如今已普遍达到千元一 克。金价查询网显示，12月23日，周大福、周生生、六福珠宝、潮宏基的克价已涨至1403元，老凤祥、 周六福则分别为1399元/克，1389元/克。 金价如此狂飙，在信用货币体系重构下，各国央行扫货黄金，ETF资金跑步进场，以及地缘政治风险扰 动、美联储开启降息周期等成主要推手。 世界黄金协会数据显示，2022年至2024年，全球央行年度购金量连续三年超过1000吨。今年前三季度， 全球央行净购金总量达634吨，尽管低于过去三年的 ...

Group 1 - The international gold price has reached a new peak, with COMEX gold futures hitting $4530.8 per ounce on December 23, marking a historical high after two months of volatility [1][8] - The driving factors for gold prices include the restructuring of the credit monetary system, heightened demand for hedging against geopolitical and policy uncertainties, and continuous gold purchases by global central banks [1][2] - Major institutions predict that gold prices will exceed $4000 per ounce by 2026, but there is disagreement on whether prices will surpass $5000 per ounce [1][8] Group 2 - Gold has emerged as one of the best-performing assets in the capital market this year, with COMEX gold futures increasing by over 60% year-to-date [2][9] - The retail price of gold jewelry has also surged, with prices for gold per gram reaching around 1403 RMB for major brands as of December 23 [2][9] - Central banks globally have been purchasing gold, with net purchases totaling 634 tons in the first three quarters of this year, although this is lower than the previous three years' highs [2][9] Group 3 - The share of the US dollar in global foreign exchange reserves has declined, dropping from 57.79% to 56.32% between the first and second quarters of 2025, marking 11 consecutive quarters below 60% [3][10] - Gold ETFs have become a primary focus for ETF fund inflows, with over 100 billion RMB net inflows this year, accounting for about 10% of total ETF inflows [3][10] - Geopolitical tensions, including the US's "reciprocal tariffs" and conflicts in Ukraine and the Middle East, have highlighted gold's safe-haven attributes [3][10] Group 4 - Some prominent investors have exited the gold market, with notable figures selling their holdings at the $4500 per ounce mark [4][11] - Historical trends indicate that central bank actions, such as large-scale gold sales, can significantly impact long-term gold prices [4][11] - The recent sale of gold reserves by the Russian central bank serves as a critical signal for the market, indicating potential shifts in gold demand [5][11][12] Group 5 - Major financial institutions remain optimistic about gold prices, with Morgan Stanley predicting prices could reach $4800 per ounce by the end of 2026, while JPMorgan forecasts $5055 per ounce based on strong future demand [5][12] - Goldman Sachs anticipates a 14% increase in gold prices by December 2026, projecting prices to reach $4900 per ounce, with ongoing demand from central banks [5][12] - The future trajectory of gold prices hinges on whether central banks will continue to purchase gold and the sustained demand from the market [5][12]

国际金价站上4500美元/盎司，年内黄金类ETF净流入额超千亿元 今年，黄金成为资本市场上表现最亮眼的资产之一。Wind数据显示，截至12月22日收盘，COMEX黄金 期货年内涨幅已超60%，达60.84%。 年内，金价屡创新高，COMEX黄金期货接连突破3000美元/盎司、3500美元/盎司、4000美元/盎司及 4500美元/盎司的历史大关。 在国际金价的推动下，零售黄金克价也水涨船高，年初数百元克价的黄金首饰如今已普遍达到千元一 克。金价查询网显示，12月23日，周大福、周生生、六福珠宝、潮宏基的克价已涨至1403元，老凤祥、 周六福则分别为1399元/克，1389元/克。 金价如此狂飙，在信用货币体系重构下，各国央行扫货黄金，ETF资金跑步进场，以及地缘政治风险扰 动、美联储开启降息周期等成主要推手。 在震荡2个月后，国际金价重回巅峰。Wind数据显示，12月23日，COMEX黄金期货盘中一度冲至 4530.8美元/盎司，再创历史新高。 信用货币体系重构、地缘与政策不确定性对冲需求高涨、全球央行持续购金等支撑金价的因素未变。目 前，国际主流机构对2026年黄金价格的预测普遍"站上4000美元"，但能否 ...

Core Viewpoint - The new tax policy for gold aims to reshape the industry ecosystem, promote the maturity and internationalization of the gold market, and enhance market transparency and compliance [2][9][10]. Group 1: Background and Impact of the New Tax Policy - The new tax policy is a response to the increasing investment enthusiasm in gold, driven by rising gold prices, and aims to address accumulated tax issues within the gold industry [9]. - The policy encourages trading around exchanges, strengthens the position of member units, and aims to eliminate non-compliant small enterprises, thereby enhancing overall market efficiency [9][10]. - The long-term effect of the policy is expected to attract more compliant capital into the market, supporting healthy growth in the gold market [9][10]. Group 2: Specific Provisions and Their Effects on the Industry Chain - The new policy introduces three main provisions: adjustments to input tax deduction ratios, detailed rules for invoice issuance, and differential treatment between member and non-member units, leading to differentiated impacts on the industry chain [13][15]. - Upstream mining companies are largely unaffected, while member units enjoy more tax deductions on investment gold, allowing them to expand and consolidate their market position [13][18]. - Non-member units may face increased costs and compliance pressures, potentially leading to a market exit for some non-compliant enterprises [16][20]. Group 3: Changes in Different Segments of the Gold Sector - The new policy is expected to benefit leading mining companies, as they will not face additional tax burdens, while processing and retail segments may see increased market concentration towards larger companies [18][20]. - Retail companies that are members of the exchange may experience increased tax costs, but their core competitiveness in product and service quality will help maintain stable profits [18][20]. - The policy is likely to lead to price increases for gold jewelry, as companies may pass on cost pressures to consumers [16][20]. Group 4: Compliance and Transparency in the Industry - The new policy is designed to close long-standing tax loopholes and promote fair taxation, thereby increasing market transparency and compliance [11][22]. - The elimination of "offshore tax evasion" practices is expected to enhance the competitive advantage of compliant enterprises, leading to a more transparent and stable market environment [22][23]. - The policy is anticipated to improve the profitability and market share of quality enterprises, as the competitive landscape shifts towards product and channel strength [22][23]. Group 5: Attraction of Gold ETFs - Gold ETFs and other financial derivatives are expected to gain attractiveness due to their tax advantages, as they are not affected by the new VAT adjustments [26][30]. - Ordinary investors may find the appeal of physical gold investments declining, while gold ETFs will become more attractive due to lower investment thresholds and operational simplicity [26][30]. - The new policy is likely to lead to increased inflows into gold ETFs, helping investors balance convenience and tax burdens [26][30]. Group 6: Future Price Trends of Gold - The long-term outlook for gold prices remains positive, supported by factors such as inflation, central bank policies, and geopolitical tensions [30][32]. - Short-term fluctuations may occur, but the structural demand for gold, particularly from emerging market central banks, is expected to provide solid support for prices [32][30]. - The anticipated monetary easing in the coming years is likely to benefit gold assets, making significant declines in gold prices unlikely [32][30].

Core Viewpoint - The recent adjustments in gold and gold stocks are primarily due to a temporary easing of risk aversion, leading to some profit-taking, but the long-term bullish logic for gold remains unchanged [2][4] Group 1: Market Performance - After a significant rise since August, COMEX gold peaked at $4,398 per ounce in late October and has since consolidated around the $4,000 mark, closing at $4,007.8 on November 7, with a slight increase of 0.42% [2] - As of November 7, domestic gold ETFs have seen a total net subscription of 27.3 million shares in November, with the largest being Huaan Gold ETF, which gained 6.97 million shares [3] Group 2: Investment Trends - Several funds have begun recommending gold ETFs, with a notable allocation of 15% to Huaan Gold ETF by a wealth management product, reflecting a strategic shift towards gold amid increased market volatility [4] - The fund managers believe that the recent gold price adjustments are indicative of a temporary easing of geopolitical risks, and they anticipate a new cycle for gold driven by its monetary attributes in response to dollar credit issues [4] Group 3: Tax Implications and Investment Strategy - The recent tax changes on gold do not directly affect gold prices but increase the transaction costs for physical gold, while gold ETFs remain unaffected as they do not involve physical delivery [5] - It is recommended to adopt a dollar-cost averaging strategy for long-term investments in gold ETFs, with a suggested allocation of 5% to 15% of total assets [5]

Market Performance - The A-share market experienced a strong upward trend this week, with the technology growth sector outperforming [1] - According to Go-Goal ETF data, technology-related ETFs, particularly in artificial intelligence and communication sectors, saw significant gains, with most rising over 12% [1] ETF Performance - The top-performing ETFs included: - Southern China A-share AI ETF, up 13.98% with a latest scale of 272 million [2] - Huabao A-share AI ETF, up 13.77% with a scale of 3.49 billion [2] - Huaxia A-share AI ETF, up 13.71% with a scale of 637 million [2] - Communication ETF, up 13.57% with a scale of 9.64 billion [2] - Conversely, gold-related ETFs experienced the largest declines [1] Fund Flows - The overall net inflow in the ETF market was 12.923 billion, with stock ETFs seeing a net outflow of 30.676 billion [2] - Cross-border ETFs, money market ETFs, and commodity ETFs recorded net inflows of 9.127 billion, 13.754 billion, and 15.348 billion respectively [2] Upcoming ETFs - Six new ETFs are set to be issued next week, including Hong Kong stock information technology ETF and Hong Kong stock technology ETF [3] - One ETF, the Shanghai 180 ETF, is scheduled to be listed next week [4]

Market Overview - A-shares experienced a significant rebound from October 20 to October 24, with the CSI 300 index rising by 3.24%, and the ChiNext and STAR 50 indices increasing by 8.05% and 7.27% respectively [1][2] - The Hong Kong tech stocks also saw a rebound, with the Hang Seng Tech Index rising by 5.2% during the same period [1] ETF Market Performance - The ETF market saw a strong recovery, with a total increase of 1630.76 billion yuan, marking the highest weekly growth since September [2][3] - Stock ETFs led the growth, increasing by 1068 billion yuan, with broad-based ETFs contributing over 70% of this increase [2][3] - Cross-border ETFs also reversed their recent decline, with money market ETFs recovering from earlier losses [1][2] Key ETF Highlights - The CSI 300 index-linked ETFs were the main focus, with a weekly increase of 343 billion yuan, bringing the total scale to over 1.2 trillion yuan [1][4] - Major fund managers like Huaxia Fund and E Fund saw their ETF scales increase by over 300 billion yuan each, with Huaxia Fund's ETF management scale surpassing 900 billion yuan [1][7] Gold ETFs - Gold ETFs were among the products that saw a decrease in scale, but there was a notable trend of "buying the dip," with over 5 billion yuan net subscriptions for two prominent gold ETFs [1][11] ETF Scale and Growth - As of October 25, the total scale of all ETFs reached 56.9 trillion yuan, with stock ETFs accounting for 37.2 trillion yuan [3][4] - Year-to-date, the total increase in ETF scale has reached 1.96 trillion yuan, with stock ETFs contributing 823.99 billion yuan [3][4] Fund Management Rankings - The top 20 ETF management firms saw significant growth, with Huaxia Fund and E Fund leading the way, each increasing by over 300 billion yuan this week [7][9] - Notably, the performance of traditional fund managers like Huatai-PB and Jiashi Fund was also strong, with each increasing their ETF scales by over 100 billion yuan [7][9] ETF Index Performance - Among the top 20 indices linked to ETFs, only one index, the SGE Gold 9999 index, saw a decrease in scale, while others like the CSI 300 and Hang Seng Tech indices experienced significant recoveries [4][6] - The CSI 300 index-linked ETFs have seen a year-to-date growth of 218.69 billion yuan, while the Hang Seng Tech index-linked ETFs have increased by 96.51 billion yuan [7][6]

Group 1 - The A-share market is seeing a shift towards dividend assets due to "high cut low" demand, adjustments in the technology sector, and the calendar effect in the fourth quarter, leading to concentrated purchase limits on several dividend funds [1] - The main sectors attracting net inflows include semiconductors, new energy vehicles, PCB boards, military industry, and new energy vehicle components [1] - The top concepts with net inflows are domestic chips, Huawei supply chain, artificial intelligence, 5G, and robotics [1] Group 2 - Recent credit risk events in two U.S. regional banks have caused market turbulence, but overall corporate cash flow remains healthy and bank liquidity is sufficient, keeping credit risk manageable [3] - The U.S. banking sector faces long-term integration pressures due to a large number of small banks and rising deposit costs, which may challenge their business models [3] - Global risk asset valuations are high, and market volatility is increasing due to tariff risks and overseas credit issues, suggesting a shift from broad market optimism to a focus on fundamental performance [3] Group 3 - International gold prices have surged, with gold ETFs seeing increased management scale and investment interest, driven by geopolitical risks and global credit conditions [5] - Despite potential short-term fluctuations, the long-term importance of gold as a core asset remains strong, supported by ongoing institutional buying [5] - The recent rise in gold prices is largely driven by speculative factors rather than fundamental changes, making future price movements difficult to predict [5] Group 4 - The Shanghai Composite Index has reached new highs, with financial stocks leading the market, and insurance funds diversifying their investment sources [11] - The Huawei Harmony ecosystem is highlighted for its combination of technology growth and self-sufficiency themes, with positive catalysts expected in September [11] - The A-share allocation strategy suggests focusing on sectors poised for recovery, such as AI computing, CROs, and basic metals, which are expected to benefit from the Federal Reserve's interest rate cuts [11]