截至2026年1月28日收盘，中证沪深港黄金产业股票指数(931238)上涨7.59%，成分股掀涨停潮，晓程科技、曼卡龙 20CM涨停，中国黄金、白银有色、中金黄金、招金黄金等个股10CM涨停 黄金股ETF(517520)强势涨停。买贵金属，就看黄金股ETF(517520)。拉长时间看，截至2026年1月27日，黄金股 ETF近1周累计上涨15.09%。 基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。在任何情 况下，本文中的信息或所表述的意见并不构成对任何人的投资建议。 MACD金叉信号形成，这些股涨势不错！ 消息面上，1月28日下午，现货黄金突破5280美元/盎司，继续刷新历史最高纪录。 金价持续的上涨，已经让市场没有了对黄金看空的声音，对于黄金的展望更是一家比一家高。目前，高盛最新报告 已经将今年底黄金价格预测由每盎司4900美元上调至5400美元，因私人投资者及央行的需求不断增强。高盛预计， 今年各国央行每月将购买60吨黄金，同时随着美联储降息，ETF所购买的黄金规模也会增加，进一步推升估值。 银河证券指出，美元资产吸引力因政治干预担忧而减弱，叠加美联储新主 ...

截至2026年1月28日 09:45，中证沪深港黄金产业股票指数(931238)强势上涨4.32%，成分股晓程科技涨 超12%，中国黄金、莱绅通灵、豫园股份、湖南黄金均涨停。 黄金股ETF(517520)高开高走涨超4%。买贵金属，就看黄金股ETF(517520)。拉长时间看，截至2026年1 月27日，黄金股ETF近1周累计上涨15.09%。 紫金矿业表示，在当前金价已大幅上涨的背景下，通过进一步找矿勘探、经济技术重新评价以及技术升 级改造等措施，联合黄金资源储量有进一步提升空间。 相关机构指出，近期黄金价格的上涨不仅源于其避险属性，也受益于"抛售美国"交易逻辑的再现，市场 对美国资产信心产生动摇、降息周期与地缘局势紧张形成黄金价格上行的合力。目前黄金波动率有所提 高，但市场结构或仍相对健康。展望后市，美联储降息周期、海外不确定性加剧、全球去美元化趋势、 央行和Tether等发行商购金等，黄金的长逻辑仍然稳固。 素有金价放大器之称的黄金股ETF（517520），在金价上涨的阶段呈现出更高弹性！买黄金资产，就买 弹性更大，流动性佳的黄金股ETF（517520）。 永赢$黄金股ETF(517520)$及其联接基 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the gold industry, with the China Securities Index for gold stocks rising by 2.07% as of January 9, 2026, driven by significant gains in individual stocks such as Shandong Gold (up 4.57%) and Western Gold (up 4.06%) [1][2] - The U.S. Treasury Secretary has expressed a desire to lower interest rates, which is expected to create approximately one million jobs without triggering inflation, indicating a supportive environment for gold investments [2] - The People's Bank of China reported an increase in gold reserves to 74.15 million ounces (approximately 2,306.323 tons) as of the end of December, marking the 14th consecutive month of gold accumulation, which provides non-speculative demand support for the gold market [2] Group 2 - The current gold market is characterized by a dual benefit environment of "loose policy expectations and rising geopolitical risks," leading to an optimistic long-term outlook for gold prices, with target prices generally ranging from $4,800 to $5,100 per ounce, and some institutions suggesting a potential extreme price of $5,400 per ounce [2] - The gold stock ETF (517520) is noted for its higher elasticity during periods of rising gold prices, making it an attractive option for investors seeking to capture the benefits of gold price increases while maintaining liquidity [2][3] - The Yongying Gold Stock ETF (517520) and its linked funds closely track the China Securities Index for gold stocks, allowing investors to efficiently capture the upside of gold prices and share in the growth of quality gold mining companies while effectively diversifying individual stock risks [3]

Group 1 - The core point of the news is that geopolitical events have activated the global gold market, leading to a significant increase in gold prices and related stocks, particularly following a military action by the US against Venezuela [2] - The China Securities Index for gold industry stocks rose by 1.34%, with notable increases in stocks such as Hunan Silver (up 5.49%) and Xiaocheng Technology (up 4.68%) [1] - Zijin Mining announced an expected net profit of 51-52 billion yuan for 2025, marking a year-on-year increase of approximately 59%-62%, driven by growth in core metal production and rising sales prices [2] Group 2 - The ETF tracking gold stocks (517520) is expected to benefit from the strong performance of its largest component, Zijin Mining, which has a combined weight of about 15% in the index [2] - Long-term outlook suggests that the trend of rising precious metals prices may continue, despite short-term volatility influenced by economic data and oil price fluctuations [2] - The gold stock ETF (517520) is highlighted for its higher elasticity during gold price increases, making it an attractive investment option for capturing gold price gains while diversifying individual stock risks [3]

Group 1 - The overall commodity market has experienced significant volatility, with high-volatility assets like silver undergoing deep corrections, impacting gold prices [1] - Gold, as a hard currency, is expected to have stronger and longer-term upward momentum due to the ongoing de-dollarization trend and escalating geopolitical conflicts [1] - As of December 30, 2025, the CSI Gold Industry Stock Index (931238) rose by 0.06%, with notable increases in constituent stocks such as Zijin Mining (02899) up 2.87% and Jiangxi Copper (600362) up 2.84% [1] Group 2 - The US dollar has entered a depreciation cycle, with the dollar index dropping approximately 10% in 2025, which typically benefits gold prices due to their inverse relationship [3] - The tense situation in Venezuela and global geopolitical risks have heightened the market's focus on gold's safe-haven attributes, supporting gold prices [4] - Three key factors supporting the current gold bull market include the Federal Reserve's resumption of easing, declining confidence in the dollar, and escalating geopolitical risks [4] Group 3 - The Gold Stock ETF (517520) is known for its higher elasticity during gold price increases, making it an attractive investment for those looking to gain from rising gold prices [5] - The ETF closely tracks the CSI Gold Industry Stock Index (931238) and selects high-quality gold industry companies from the Shanghai, Shenzhen, and Hong Kong markets, allowing investors to capture gold price gains effectively [5] - Investing in this ETF can help diversify individual stock risks while providing exposure to the entire gold industry [5]

值得注意的是，知名研究机构YardeniResearch大幅上调黄金价格预期，强调贵金属市场的强劲涨势，主 要反映的是宏观和政策上的深切担忧，而非全球经济活动出现反弹。该机构将2026年底的黄金目标价从 先前的5000美元/盎司调高至6000美元/盎司。此外，Yardeni重申其长期观点，预计黄金价格有望在本年 代末达到10000美元/盎司。 广发证券在研报中指出，伴随2025年12月美联储降息落地，美联储稳步迈入降息周期。美国关税政策对 通胀的"一次性"冲击预期落地后，美联储将继续平衡就业和通胀等核心目标，2026年降息幅度与节奏将 与美国经济数据及美联储人事变动相关联。预计美国实际利率和美元指数将持续走弱，推动金价稳步上 行。随着金价快速上行且高位运行，2026年开始黄金企业业绩将全面释放，板块或迎戴维斯双击行情。 截至2025年12月24日 09:41，中证沪深港黄金产业股票指数(931238)上涨0.33%，成分股白银有色 (601212)上涨4.23%，湖南白银(002716)上涨3.03%，豫光金铅(600531)、晓程科技(300139)、招金矿业 (01818)等个股跟涨。 黄金股ETF(51 ...

截至2025年12月23日 09:34，中证沪深港黄金产业股票指数(931238)强势上涨1.27%，成分股山东黄金(01787)上涨3.26%，潮宏基(002345)上涨3.17%，山东黄 金(600547)上涨2.97%，老铺黄金(06181)，白银有色(601212)等个股跟涨。 黄金股ETF(517520)上涨1.55%。拉长时间看，今年以来，黄金股ETF涨幅超96%。 12月23日，COMEX黄金升破4500美元/盎司，现货黄金升破4468美元/盎司，均创历史新高。 机构表示，美联储政策预期与地缘不确定性构成当前金价的核心支撑。一方面，美联储内部对政策路径仍存在分歧，"短期分歧、长期趋宽"的政策叙事不断 强化市场对宽松周期的预期；另一方面，地缘政治演变持续为市场注入避险溢价，巩固了贵金属的配置价值。 国泰海通证券称，展望2026年，我们认为央行购金和黄金ETF持仓份额上升，美联储仍有降息预期，且日本加息的背景下，美元指数走弱或将持续，多因素 支撑黄金价格。 素有金价放大器之称的黄金股ETF（517520），在金价上涨的阶段呈现出更高弹性！买黄金资产，就买弹性更大，流动性佳的黄金股ETF（517520 ...

Group 1 - The core viewpoint is that the gold market is experiencing significant upward momentum due to geopolitical tensions and expectations of future interest rate cuts by the Federal Reserve, leading to a surge in gold prices and related stocks [1][2]. - As of December 22, 2025, the China Securities Index for gold industry stocks rose by 3.38%, with notable increases in individual stocks such as Silver Nonferrous (up 8.69%) and China Gold International (up 5.87%) [1]. - The spot gold price reached a historical high of $4,381.4 per ounce, driven by heightened market risk aversion [1]. Group 2 - Concerns over global debt and the trend of "de-dollarization" are prompting central banks and investors to increase their gold holdings, indicating a long-term bullish outlook for gold prices [2]. - The current valuation of gold resource stocks is considered low, presenting a potential investment opportunity as their profit expectations rise with increasing gold prices [2]. - The gold stock ETF (517520) is highlighted for its higher elasticity during gold price increases, making it an attractive option for investors seeking exposure to gold assets [2].

值得注意的是，中国央行连续13个月增持黄金储备，国家外汇管理局最新统计显示，截至11月末，我国 黄金储备达到7412万盎司，较上月增加3万盎司。这种稳定的增持模式体现出央行对黄金资产的长期配 置策略。 国泰海通证券指出，2025年11月以来，国内大类资产中黄金表现亮眼，SHFE黄金涨幅达3.15%。尽管经 济整体处于弱复苏态势，通胀与核心需求偏弱，但PPI跌幅收窄显示大宗商品价格企稳，叠加央行维持 流动性合理充裕，资金面平稳，对黄金形成支撑。当前增长、通胀、利率等因子暴露偏离值均处于中性 或偏低水平，有利于黄金等抗通胀及避险资产配置。 截至2025年12月12日 09:37，中证沪深港黄金产业股票指数(931238)强势上涨1.84%，成分股晓程科技 (300139)上涨6.43%，中国黄金国际(02099)上涨3.00%，山东黄金(01787)上涨2.55%，紫金矿业(02899)， 中金黄金(600489)等个股跟涨。 周四(12月11日)，随着美联储连续第三次降息25个基点，黄金价格强势反弹，现货黄金上涨1.2%，触及 每盎司4285.75美元的逾一个月高点。这一轮贵金属行情的爆发，不仅源于美元走软和通 ...

Core Viewpoint - The gold industry is experiencing a strong upward trend, with significant increases in stock prices and ETFs, driven by macroeconomic factors and rising demand for gold as a safe-haven asset [1][2][3]. Group 1: Market Performance - The CSI Gold Industry Stock Index (931238) rose by 2.07%, with notable gains from stocks such as Xiaocheng Technology (300139) up over 15% and Jiangxi Copper (600362) increasing by 5.64% [1][2]. - The Gold Stock ETF (517520) also saw an increase of over 2%, with a cumulative rise of 2.42% over the past week [1][2]. Group 2: Future Outlook - The World Gold Council's 2026 outlook report indicates that gold had an extraordinary year in 2025, achieving over 60% returns and setting more than 50 historical highs. It suggests that gold prices may continue to surprise in 2026, especially if economic growth slows and interest rates decline [2]. - The Council anticipates that geopolitical risks and increased demand for safe-haven assets could lead to gold prices rising by 15% to 30% from current levels [2]. Group 3: Investment Strategy - Analysts suggest that the macroeconomic environment remains favorable for gold, with no mid-term bearish factors currently in sight, indicating a strong potential for gold prices to continue their upward trend [3]. - The Gold Stock ETF (517520) is highlighted as a more elastic investment option during periods of rising gold prices, providing better liquidity and exposure to the gold industry [3].