平安基金基金经理李严表示，黄金股与黄金趋势保持正相关，节日停市期间黄金进一步创历史新高，今 日期货市场开盘沪金直接涨近5%，黄金股存在较为确定性补涨机会。 他表示，当前市场偏好于业绩持续性佳和业绩叙事的行业品种，今年黄金权重股2025年利润增速预期较 2024年有明显增长，市场一致预期乐观，行情有望持续。应重点关注黄金股在三季报披露前后是否会产 生波动。从技术面看，黄金股指数在9月中下旬经历了一段时间盘整，在9月30日出现了跳空突破走势， 叠加假期期间黄金走势催化，黄金股有望破除顶背离风险走出新一波上行形态。（张凌之） 中证网讯 Wind数据显示，10月8日，COMEX黄金期货收涨0.79%，报4007.9美元/盎司。此外，中国人 民银行数据显示，中国9月末黄金储备报7406万盎司（约2303.523吨），环比增加4万盎司（约1.24 吨），为连续第11个月增持黄金。截至10月9日收盘，黄金股票ETF基金(159322)涨幅为9.32%。 ...

流动性方面，黄金股票ETF基金盘中换手18.49%，成交1843.53万元，市场交投活跃。拉长时间看，截至9月30日，黄金股 票ETF基金近1月日均成交2637.18万元。 美国政府因预算僵局陷入停摆，这是自2019年以来首次，预计将持续至10月中旬。方正证券指出，政府停摆导致9月非农就 业数据及CPI通胀数据推迟公布，市场进入"数据盲飞"状态，叠加ADP就业人数意外转负，进一步强化了美联储开启连续降 息周期的预期。在此背景下，金银被视作对抗财政失控与货币政策不确定性的核心工具，中长期上涨逻辑顺畅，看好金银 走出长牛行情。 华西证券观察到，国庆假期期间，在美国政府停摆引发避险情绪上升的背景下，黄金价格续创新高。替代指标显示美国经 济动能趋缓，9月ADP就业人数减少3.2万人，ISM制造业PMI仍处荣枯线下方，市场对美联储10月降息的预期高达96%。在 全球流动性宽松预期不变、区域政治不确定性犹存的环境下，黄金作为抗通胀与避险资产的配置价值进一步凸显。 截至2025年10月9日 13:19，中证沪深港黄金产业股票指数(931238)强势上涨5.74%，成分股铜陵有色(000630)上涨10.07%， 江西铜业( ...

截至2025年10月9日 09:53，中证沪深港黄金产业股票指数(931238)强势上涨4.98%，成分股江西铜业(600362)上涨10.00%， 白银有色(601212)上涨10.00%，四川黄金(001337)上涨10.00%，山东黄金(600547)，铜陵有色(000630)等个股跟涨。黄金股 票ETF基金(159322)上涨7.09%，实现3连涨。最新价报1.74元。拉长时间看，截至2025年9月30日，黄金股票ETF基金近2周 累计上涨5.53%，涨幅排名可比基金1/6。 流动性方面，黄金股票ETF基金盘中换手10.35%，成交1032.01万元，市场交投活跃。拉长时间看，截至9月30日，黄金股 票ETF基金近1月日均成交2637.18万元。 国庆期间，Comex黄金价格成功站上4000美元/盎司大关，创下历史新高。中信建投证券指出，美国政府停摆加速美元信用 衰减，市场避险需求显著上升，全球各大央行持续购金，中国的黄金储备已连续11个月增长，占外储比例升至7.7%，未来 央行增持黄金仍是大方向。单一货币主导的金融秩序正向以实物信用为锚的多元体系转变，黄金的战略价值进一步凸显。 资金流入方面，黄金股 ...

Group 1 - The price of precious metals, particularly gold, is on an upward trend due to its attributes of yield, safety, and liquidity, with a shift in core pricing factors from yield to safety post-2022 amid geopolitical tensions [1] - As of September 29, 2025, the London gold spot price reached a historical high of $3,819.81 per ounce, indicating strong market performance supported by expectations of Federal Reserve rate cuts [1] - The UBS Wealth Management CIO predicts that gold prices may reach $3,900 per ounce by mid-2026, reflecting a bullish outlook for the medium to long term [1] Group 2 - As of September 30, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index rose by 2.09%, with significant gains in constituent stocks such as Jiangxi Copper and Zijin Mining [3] - The Gold Stock ETF Fund (159322) experienced a 2.08% increase, marking its third consecutive rise, with a recent price of 1.62 yuan [3] - Over the past week, the Gold Stock ETF Fund has accumulated a 4.07% increase, indicating strong investor interest [3] Group 3 - The Gold Stock ETF Fund has seen a net value increase of 48.20% over the past six months, ranking in the top 10.66% among index stock funds [4] - The fund's highest single-month return since inception was 16.59%, with a historical one-year profit probability of 100% [4] - The fund's management fee is 0.50%, and the custody fee is 0.10%, reflecting competitive cost structures [4] Group 4 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [5]

Group 1 - Spot gold has surpassed $3,800 per ounce, reaching a new historical high, driven by the onset of a second round of interest rate cuts and increasing inflation expectations [1] - Silver is expected to show greater elasticity in the current macro environment characterized by enhanced global monetary easing, weakened dollar credibility, and escalating regional conflicts [1] - The current silver-to-gold ratio is at a historically low level, indicating potential for silver prices to catch up, similar to the market behavior observed in May 2020 [1] Group 2 - As of September 29, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) has risen by 3.46%, with notable increases in constituent stocks such as Zhaojin Mining (up 7.36%) and Tongling Nonferrous Metals (up 7.14%) [4] - The Gold Stock ETF (159322) has increased by 3.00%, with a recent price of 1.58 yuan, and has shown a cumulative increase of 4.50% over the past week [4] - The trading volume for the Gold Stock ETF has been active, with a turnover of 13.13% and a total transaction value of 12.72 million yuan [4] Group 3 - The Gold Stock ETF has seen a net asset value increase of 44.34% over the past six months, ranking 406 out of 3,678 index stock funds, placing it in the top 11.04% [5] - The fund has achieved a maximum monthly return of 16.59% since inception, with a historical one-year profit probability of 100% [5] - The fund's Sharpe ratio over the past year is 2.06, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] Group 4 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.52% of the index, with Zijin Mining and Shandong Gold being the largest constituents [6] - The top ten stocks include Zijin Mining (10.84% weight), Shandong Gold (10.02% weight), and Zhongjin Gold (7.37% weight), among others [8]

Group 1 - Gold prices have been rising since September, driven by consumer sentiment and the popularity of collaborations between two-dimensional IPs and gold jewelry among young consumers, leading to significant price premiums and supply shortages [1] - The CME FedWatch Tool indicates a 91.9% probability of a 25 basis point rate cut in October, which is a key factor pushing gold prices higher, with expectations that prices may stabilize after reflecting these rate cut anticipations [1] - The gold stock ETF fund has seen a 60.31% increase in net value over the past year, with a maximum monthly return of 16.59% since its inception, indicating strong performance compared to benchmarks [4] Group 2 - As of September 25, 2025, the gold stock ETF fund has a year-to-date return of 5.73%, with a trading volume of 2,374.21 million yuan on average over the past month [3] - The top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [5] - The gold stock ETF fund has a management fee rate of 0.50% and a custody fee rate of 0.10%, closely tracking the performance of the CSI Hong Kong and Shanghai Gold Industry Index [4]

Group 1 - The Federal Reserve has officially initiated a rate cut of 25 basis points, with a projection of an additional 50 basis points cut within the year, highlighting the financial and safe-haven attributes of precious metals, particularly gold [1] - The gold sector shows clear long-term investment value, with short-term fluctuations in gold and gold stocks due to market reactions to the rate cut not affecting the overall long-term trend [1] - The gold stock ETF (159322) has shown a significant upward trend, with technical indicators suggesting a continued upward movement, making it a favorable investment opportunity [1] Group 2 - As of September 22, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) has risen by 3.45%, with notable increases in constituent stocks such as Xiaocheng Technology (300139) up by 12.78% and Hunan Silver (002716) up by 9.93% [3] - The gold stock ETF (159322) has increased by 3.41%, with a recent price of 1.52 yuan, and has accumulated a 17.27% increase over the past month [3] - The trading volume for the gold stock ETF has been active, with a turnover of 14.94% and a total transaction value of 17.32 million yuan [3] Group 3 - The gold stock ETF has achieved a net value increase of 34.88% over the past six months, ranking 394 out of 3645 in the index stock fund category, placing it in the top 10.81% [4] - Since its inception, the gold stock ETF has recorded a maximum monthly return of 16.59% and a historical one-year profit probability of 100% [4] - The ETF has a Sharpe ratio of 2.09 over the past year, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [4] Group 4 - The management fee for the gold stock ETF is 0.50%, and the custody fee is 0.10% [5] - The CSI Hong Kong-Shenzhen Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in the mainland and Hong Kong markets [5] - The top ten weighted stocks in the index account for 66.52% of the total index, with companies like Zijin Mining (601899) and Shandong Gold (600547) among the largest constituents [5]

Group 1 - The Federal Reserve lowered interest rates by 25 basis points in September, with potential for two more rate cuts within the year, reinforcing expectations for liquidity easing [1] - Continuous gold purchases by central banks and weakening dollar credit are identified as core drivers for the upward shift in gold prices, presenting opportunities for investment in precious metals [1] - Increased geopolitical risks have led to a significant rise in SPDR gold holdings, indicating accelerated allocation of gold assets by overseas investors, supporting a long-term bullish trend in gold prices [1] Group 2 - As of September 19, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.65%, with notable increases in constituent stocks such as Deyun Co. (10.01%) and Shandong Gold (6.13%) [3] - The Gold Stock ETF (159322) increased by 1.24%, with a recent price of 1.47 yuan, and has seen a cumulative rise of 17.27% over the past month [3] - The trading activity for the Gold Stock ETF was robust, with a turnover of 10.65% and a total transaction value of 12.35 million yuan on the day [3] Group 3 - The Gold Stock ETF has achieved a net value increase of 34.88% over the past six months, ranking 394 out of 3645 index stock funds, placing it in the top 10.81% [4] - Since its inception, the Gold Stock ETF has recorded a maximum monthly return of 16.59% and a longest consecutive monthly gain of 31.09%, with an average return of 8.13% during up months [4] - The fund has a Sharpe ratio of 2.09 over the past year, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [4] Group 4 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index accounted for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [5]

Group 1 - The Federal Reserve's interest rate cut has led to fluctuations in international gold prices, with London gold stabilizing and rising [1] - As of September 19, 2025, the CSI Hong Kong and Shanghai Gold Industry Stock Index (931238) surged by 2.00%, with notable increases in constituent stocks such as Deyun Co., Ltd. (10.01%), WanGuo Gold Group (5.30%), and Shandong Gold (5.12%) [1] - The Gold Stock ETF (159322) rose by 1.79%, closing at 1.48 yuan, and has seen a cumulative increase of 2.69% over the past two weeks, ranking 2nd out of 6 comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Stock Index (931238) include Zijin Mining, Shandong Gold, and Zhongjin Gold, collectively accounting for 66.52% of the index [2]

Economic Overview - Recent US inflation data met expectations, with core CPI remaining flat, while signs of weakness in the labor market emerged, as non-farm payroll data was revised down by 910,000 [1] - Initial jobless claims rose to a nearly four-year high, reinforcing expectations for a Federal Reserve interest rate cut [1] Gold Market Insights - The combination of economic indicators supports a downward trend in real interest rates, alongside low volatility in gold prices, which is building upward momentum [1] - External prices have broken previous highs, attracting momentum funds into the gold market, suggesting a continuation of strong performance in gold prices [1] Gold ETF Performance - As of September 15, 2025, the gold stock ETF fund has seen a net value increase of 45.51% over the past six months, ranking 121 out of 3621 index funds, placing it in the top 3.34% [4] - The fund's highest monthly return since inception was 16.59%, with the longest consecutive monthly gains being four months and a maximum increase of 31.09% [4] - The fund has a historical one-year profit probability of 100% and has outperformed its benchmark with an annualized excess return of 4.29% since inception [4] Fund Liquidity and Trading Activity - The gold stock ETF fund had an average daily trading volume of 38.25 million CNY over the past week, indicating active market participation [3] - The fund's turnover rate was 19.73%, with a total transaction value of 22.58 million CNY [3] - Over the last five trading days, there were net inflows on three days, totaling 39.90 million CNY, with an average daily net inflow of 7.98 million CNY [3] Risk and Return Metrics - The gold stock ETF fund has a Sharpe ratio of 2.28 over the past year, ranking in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] - The fund has experienced a relative drawdown of 3.00% compared to its benchmark this year, with a recovery time of 7 days, the fastest among comparable funds [5] Fund Fee Structure - The management fee for the gold stock ETF fund is 0.50%, and the custody fee is 0.10% [6] - The fund closely tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [6] Top Holdings Performance - The top ten holdings of the gold stock ETF fund account for 66.52% of the index, with notable companies including Zijin Mining, Shandong Gold, and Zhongjin Gold [6][8]