每日经济新闻 （责任编辑：张晓波 ） 资金面看，黄金基金ETF（518800）连续5日净流入超12亿元，规模突破300亿元，市场关注黄金长 期配置逻辑。 光大证券指出，在降息周期下依然看好海外资金对黄金ETF的配置需求；长周期看美元信用弱化， 央行持续购金逻辑不变，继续看好金价上行。黄金现货方面，在地缘政治局势升级、美元弱势和流动性 宽松的情况下，贵金属开启趋势性上涨行情，近期因去杠杆交易出现显著波动，但长期来看供需紧平衡 与库存结构分化、美元走弱主导金融属性定价，有望带来价格支撑。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投 资实物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF （517400）。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的 ...

A股市场全天高开高走，上证指数上涨1.38%报收4023.42点，重新站上4000点；深证成指创下本轮新 高，上涨2.24%报收13828.63点。两市相较前一交易日大幅放量，共计成交超2.56万亿元。涨跌分布方 面，传媒、医药生物等板块领涨，石油、银行等红利板块遇冷，两市共计超4100家个股上涨。展望后 市，在年初开门红效应与宏观政策的有力支持下，A股有望延续走牛姿态。 游戏ETF（516010）今日上涨4.55%。近期，游戏板块资金面显著活跃，显示出主力资金对该板块2026 年"开门红"行情的强烈信心。与此同时，年前的《2025年中国游戏产业报告》为行业注入了一剂强心 针：2025年国内游戏市场实际销售收入突破3500亿元大关，同比增长7.68%，创下历史新高。 深入分析来看，支撑游戏板块走强的逻辑已从单纯的"估值修复"转向坚实的"业绩驱动"，主要体现在以 下三个微观维度： //// 首先，增量市场爆发力惊人。传统端游保持稳健，"小程序游戏"则成为了最大的黑马。数据显示，2025 年国内小程序游戏市场收入达到535.35亿元，同比激增34.39%。这一细分赛道的高速增长，为相关上市 内地休市期间港股表现强 ...

Group 1 - The A-share market experienced a strong performance with the Shanghai Composite Index rising by 1.38% to close at 4023.42 points, while the Shenzhen Component Index increased by 2.24% to 13828.63 points, indicating a bullish trend supported by policy measures and the "opening red" effect at the beginning of the year [1] - The total trading volume in the two markets reached 2.56 trillion yuan, with over 4100 stocks rising, particularly in the media and pharmaceutical sectors [1] - The Hong Kong stock market showed strong performance during the A-share market's break, with the Hang Seng Technology Index experiencing a rebound of over 4%, suggesting a favorable long-term outlook for the technology sector despite potential short-term volatility [1] Group 2 - The gaming sector showed active performance, with significant capital inflow indicating strong confidence in the sector's "opening red" trend for 2026, shifting from mere valuation recovery to performance-driven growth [2] - The Gaming ETF (516010) is highlighted as a quality tool for investors to capitalize on the gaming industry's recovery, with a focus on medium to long-term investment strategies [2] - The Semiconductor Equipment ETF (159516) rose by 5.96%, driven by surging AI demand and significant price increases in storage-related products, suggesting that storage capacity constraints may become a key investment theme through 2026 [2] Group 3 - The Gold Fund ETF (518800) and Gold Stock ETF (517400) saw increases of 2.09% and 2.41% respectively, supported by rising geopolitical risks and active trading in precious metals [3] - Short-term gold prices may experience high-level fluctuations due to profit-taking risks after recent highs, while the long-term outlook remains supported by factors such as the Federal Reserve's potential interest rate cuts and increasing global uncertainty [3] - Investors are encouraged to monitor investment opportunities in gold ETFs amidst these market dynamics [3]

1月5日，黄金基金ETF（518800）涨超1.7%，资金面看，连续3日净流入超3.6亿元，资金持续关注 光大证券指出，黄金方面，降息周期依然看好海外资金对黄金ETF的配置需求；长周期看美元信用弱 化，央行持续购金逻辑不变，继续看好金价上行。黄金现货方面，在地缘政治局势升级、美元弱势和流 动性宽松的情况下，贵金属开启趋势性上涨行情，近期因去杠杆交易出现显著波动，但长期来看供需紧 平衡与库存结构分化、美元走弱主导金融属性定价，有望带来价格支撑。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 每日经济新闻 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 ...

中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 资金面看，黄金基金ETF（518800）连续2日资金净流入超1.7亿元，贵金属价格支撑逻辑引关注。 华创证券指出，美元走弱、避险及供需紧张带动贵金属价格集体上行。美元贬值叠加当前全球宏观经济 形势充满不确定性，叠加近期美国针对委内瑞拉的石油制裁不断升级，投资需求和避险属性共振或带动 贵金属价格高位运行。长期看好贵金属价格表现，黄金的避险需求和投资需求或长期持续，央行购金需 求仍有上行空间，价格长期维持上行趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 ...

Market Overview - The market experienced a continuous pre-holiday rally, with the Shanghai Composite Index achieving ten consecutive gains, while the Shenzhen Component and ChiNext Index both rose over 0.5% during the session [1][13] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 3.2 billion yuan compared to the previous trading day [1][13] A-share Outlook - Several favorable factors are expected to support the performance of A-shares in the coming year, including a marginal improvement in manufacturing driven by "anti-involution," global liquidity easing, and a low interest rate environment encouraging institutional and individual investors to enter the market [1][13] - Investors are advised to focus on broad-based products like the CSI A500 ETF (159338) that bundle leading companies across various industries, and consider a "barbell" strategy combining technology and dividends as a satellite strategy [1][13] Gold and Precious Metals - The gold ETF (518800) fell by 2.05% due to overnight market fluctuations, although long-term support for gold prices remains strong from factors such as interest rate cuts, de-dollarization, and geopolitical tensions [3][16] - Recent volatility in precious metal prices was influenced by a significant rise in silver prices, which briefly surpassed $84 per ounce, marking a nearly 10% increase from the previous week's closing price [3][16] - The Chicago Mercantile Exchange raised silver futures margins by 25% to address recent volatility, potentially forcing leveraged traders to partially liquidate positions [4][17] Robotics Sector - The robotics sector saw a notable increase, with the Robotics Industry ETF (159551) rising by 3.20% and the Industrial Mother Machine ETF (159667) increasing by 2.23% [6][18] - The growth in this sector is attributed to robotics being the ultimate carrier of AI, with expectations of significant developments in the U.S.-China competition landscape [6][19] - Tesla's upcoming V3 version is anticipated to evolve towards lightweight, compact, and highly integrated designs, with mass production expected to commence in Q1 next year [6][19] Chemical Industry - The chemical sector performed well, with the Chemical Leaders ETF (516220) rising by 1.79% [7][22] - PX prices have been increasing due to tight supply driven by rising demand for upstream toluene/xylene and the impact of downstream polyester filament and BOPET [8][22] - The polyester industry chain shows strong potential for "anti-involution," supported by nearing capacity limits, sustained demand growth, and high market share among leading companies [9][23]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 12月26日，黄金股票ETF（517400）涨超2%，黄金价格或有持续上涨空间 每日经济新闻 随前期不确定性因素落地，宏观不确定性和避险需求有望支撑黄金价格在高位震荡后重启上行趋势。中 长期"美联储降息周期+海外不确定性加剧+全球去美元化趋势"对于金价依然构成一定支撑。关注直接 投资实物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF （517400）。 申万宏源表示，2026年黄金价格有上涨空间，主要由于美国财政赤字高企和去美元化趋势。战略层面， 黄金供应缺口扩大和需求增加将支撑金价，尤其央行购金量增加。战术层面，需关注美国周期性变化下 的美债利率走势及波动率，预计2026年黄金波动性将提高。定量分析表明，在不同假设下，202 ...

Group 1 - Multiple A500 ETFs have seen significant inflows, with the largest A500 ETF, Huatai-PB (563360), reaching a historical high for 11 consecutive trading days from December 10 to December 24 [1][3][12] - The A500 ETFs, including Huatai-PB (563360), A500 ETF Fund (512050), and others, have collectively attracted over 100 billion yuan in net inflows this month, with A500 ETF Southern (159352) alone exceeding 200 billion yuan [3][4][12] - On December 25, the trading volume of two A500 ETFs surpassed 10 billion yuan, indicating active market participation [2][11][17] Group 2 - The commercial aerospace concept remains active, with satellite-themed ETFs leading the gains on December 25, while gold stock-themed ETFs experienced notable declines [1][14][16] - The trading volume for short-term bond ETFs (511360) reached 22.737 billion yuan, making it the top ETF in the market on December 25 [18][19] - The market outlook suggests that A-shares may present more structural investment opportunities in 2026, with a focus on technology, manufacturing, cyclical sectors, and consumer goods [19]

上证指数收涨0.47%，录得7连阳； 创业板指涨0.3%。 商业航天概念股掀涨停潮， 机器人概念股爆发， 稳定币、存储器、智能交通题材涨幅居前， 造纸、 包装、 保险板块表现活跃。 海南自贸区、 黄金、 锂矿方向调整。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 ETF方面，商业航天概念股掀涨停潮，永赢基金卫星ETF、卫星ETF广发和卫星ETF易方达分别涨 6.93%、5.91%和5.86%。迷你规模港股ETF连续第二日上涨，广发基金恒生ETF港股通涨4.92%，最新溢 折率为9.22%。机器人板块突然爆发，景顺长城基金机器人50ETF涨4.23%，机器人ETF富国涨4.15%。 贵金属板块回调，黄金股走低，黄金股票ETF、黄金股ETF基金和黄金股票ETF基金跌1%。部分 港股科 技ETF走低， 港股通50ETF跌1%。 ...

Group 1 - The core viewpoint of the articles is that gold and silver prices have reached historical highs, with gold rising over 2.3% to $4442.22 per ounce and silver increasing by 3.3% to $69.46 per ounce, marking the largest annual gains since 1979, with gold up 69% and silver up 137% for the year [1][16]. Group 2 - Several factors are driving the strength of precious metal prices, which have become widely accepted [3][18]. - One key factor is the strengthening of monetary policy expectations, as the U.S. unemployment rate rose to 4.6%, higher than the expected 4.3%, prompting a reassessment of the Federal Reserve's policy direction [4][19]. - The market's pricing probability for interest rate cuts in the first half of 2026 has increased from 52% to 78%, leading to lower actual interest rates, which reduces the holding cost of gold, a non-yielding asset [4][19]. - Another factor is the continuous decline of the U.S. dollar index, which lowers the purchasing cost of gold for non-U.S. currency holders, enhancing its attractiveness in the international market [5][20]. - Central banks are also increasing their gold reserves, with global gold demand reaching a historical high of 1313 tons in Q3 2025, supported by central bank purchases [6][21]. - As of the end of November, China's gold reserves increased to 7.412 million ounces, marking the 13th consecutive month of gold accumulation [6][21]. Group 3 - The narrative around gold pricing is undergoing a transformative change, moving beyond traditional frameworks of the U.S. dollar and actual interest rates [8][23]. - The correlation between gold prices and traditional indicators has been breaking down since 2023, indicating a shift in the pricing logic of gold [8][23]. - Gold is transitioning to a multi-factor framework that includes central bank purchases, de-dollarization, supply rigidity, and event premiums, rather than relying solely on actual interest rates and the dollar [10][24]. - The long-term upward trend of gold prices is expected to remain intact as long as core trends such as the weakening of U.S. dollar credit and the restructuring of the reserve system persist [10][24]. Group 4 - A new tax policy on gold introduced in November is expected to enhance the attractiveness of gold jewelry as an investment, while gold ETFs are becoming more appealing due to tax advantages [12][26]. - Investors are increasingly turning to exchange-traded products like gold ETFs, which do not require physical possession of gold, making them a balanced choice for ordinary investors [12][26]. - Gold ETFs and related investment products are designed to provide exposure to gold without the burden of physical ownership, thus appealing to a broader range of investors [12][26].