兴业证券指出，黄金股8月份有望迎来新的配置窗口期，预计黄金近半年的震荡蓄势之后，随着年内美 联储降息预期的升温、政策落地以及美元走软，金价将继续创新高。 国泰海通证券表示，市场对美联储货币政策预期的趋松调整有利于降低黄金持有成本，我们维持对黄金 的战术性标配观点。近期全球地缘政治形势逐渐缓和，黄金定价对地缘政治风险逐渐钝化。市场对美联 储货币政策预期趋松有利于降低黄金持有成本，并在一定程度上支持金价表现，我们认为黄金阶段性具 备适中的风险回报比与战术性配置价值。 消息面上，山东黄金与西部黄金于27日晚间发布上半年业绩公告。报告显示，受益于全球黄金市场向好 及自身经营优化，两家企业上半年在生产运营、业绩表现、项目建设等方面均取得进展，净利润翻倍增 长。其中，山东黄金净利润28.08亿元，同比增长102.98%，西部黄金净利润1.54亿元，同比激增 131.94%。 值得注意的是，黄金ETF华夏(518850)、黄金股ETF(159562)管理费0.15%+托管费0.05%，合计0.2%的 费率均为赛道最低档水平。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） ...

8月26日，受美对印度加征50%关税扰动，避险情绪升温，金价早盘异动拉升，黄金概念走纷纷走强，截至14:20，黄金股ETF(159562)涨1.38%， 其持仓股中国黄金国际涨超10%，招金矿业、山东黄金、江西铜业股份纷纷走强，黄金ETF华夏(518850)涨0.21%，有色金属ETF基金(516650)跌 0.22%，盘中持续小幅溢价，或为资金抢筹，近两日获资金净申购2035万元。 受金价强劲走势影响，上半年，金矿上市公司业绩持续高增，整体发展态势向好；与此同时，下游多家黄金饰品上市公司业绩表现亮眼。截至8月 25日，黄金股指数(931238.CSI)成分股有24家披露2025中报，超8成企业业绩报/预喜，中报平均净利润增长率达58.44%，业绩有望持续兑现。 7月以来在反内卷、关税冲突反复、美联储降息等事件发酵下，我们多次推荐有色金属投资机会，如果将有色金属拆分到二级子行业，可以看到黄 金股相比其他细分行业存在明显滞涨。随着市场不断冲高，短期亢奋情绪催生高切低需求，黄金股的业绩弹性以及长期增长确定性均有望推动其 估值修复。 ...

Core Viewpoint - The discussion emphasizes the changing international order and its implications for gold investment, highlighting the need to follow major trends while being cautious of short-term fluctuations [1][16]. Group 1: International Order and Gold Investment - The previous international order was centered around the United States, which provided global security and public goods [3]. - The transition to a "credit currency" era has seen the dollar maintain its status as the global hard currency, despite the detachment from gold [3]. - Since 2018, the world has been entering a "once-in-a-century change," with the dollar's dominance being challenged [3][16]. Group 2: Economic Indicators in the U.S. - The structure of U.S. household income has shifted from a "spindle" shape (predominantly middle-income) to a "dumbbell" shape, indicating increasing income inequality [5]. - U.S. government debt has reached historically high levels, raising concerns about fiscal sustainability [7]. - The share of the dollar in official reserves has been declining, indicating a potential shift in global currency dynamics [9]. Group 3: Future Economic Policies - The potential re-election of Trump in 2025 could lead to significant economic policy changes, including austerity measures and increased tariffs, particularly targeting countries with large trade deficits like China [11][12]. - Trump's administration may face substantial challenges in implementing these policies due to internal and external resistance [12]. Group 4: Market Dynamics and Gold Valuation - Current market conditions show a divergence from historical trends, with simultaneous declines in the dollar, U.S. bonds, and equities, which is atypical [14][15]. - The traditional valuation framework for gold has been disrupted, necessitating a wait for a new order to emerge before establishing a new valuation system [16]. - Investors are advised to adopt a strategy of "following the major trend while countering short-term fluctuations" in their gold investment approach [17][18].

Group 1 - The core viewpoint of the articles highlights the recent performance of gold futures and related ETFs, with gold prices experiencing a slight rebound after a dip, currently reported at $3233 per ounce, while gold-related ETFs show strong gains [1] - The launch of the "Super Jewelry Release" event by Lao Feng Xiang on Tmall has attracted significant attention, with over a million viewers and a record-breaking daily sales figure exceeding ten million, indicating the strong potential for high-craftsmanship gold consumption [1] - The report from Guosen Securities emphasizes the close correlation between gold stock prices and gold prices, suggesting that rising gold prices boost investment demand for gold, leading to a multiplier effect on gold stock performance [1] Group 2 - Over the past year, international gold prices have risen significantly, with a 32.55% increase since May 21 of the previous year, while the gold stock ETF has seen a decline of 4.22% during the same period [2] - The divergence between gold prices and gold stocks has been noted multiple times in the past two years, particularly after gold prices reached historical highs, leading to market skepticism about the sustainability of high prices [2] - A recent announcement from Huaxia Fund indicates a reduction in management and custody fees for the gold stock ETF, lowering the total fee rate to 0.2%, which is the lowest in the sector [2][3]

今日国际金价再度大涨，国际黄金价格一举飙涨超 2%，历史性破3400美元大关，短短8个交易日内飙涨超400美元，强力刺激了全球投资者 的神经。 受此影响， A股黄金板块也掀起了涨停潮，其中，晓程科技暴涨20%，四川黄金、赤峰黄金、西部黄金等均强势涨停，有多只黄金主题ETF大 涨， 黄金股 ETF(159562) 今日罕见涨停，年内涨幅达 42.33%，位居ETF涨幅榜第一； 黄金 ETF华夏(518850) 今日上涨 1.88%，年内涨 幅30.51%，近三年涨幅89.75%，领跑全市场。 美银发布的客户资金流报告显示，资金疯狂涌入黄金 ETF。截至上周三的一周时间内，黄金ETF单周资金流入规模高达80亿美元，创下历史纪 录。 自特朗普当选以来，全球局势扑朔迷离，黄金成为资金避风港。据国际清算银行测算，全球央行外汇储备中美元占比已从 2001年的73%降至 2025年一季度的54%，而黄金占比同期由8.7%攀升至18.3%。 资金买入黄金，不仅仅是对冲美国通胀需求，更是对不确定性的迫切押注。 面对这个历史性的大行情，投资者绝对不应错过。 疯狂的金价 01 作者 | 独行侠 数据支持 | 勾股大数 据（www. ...

作者 | 独行侠 数据支持 | 勾股大数 据（www.gogudata.com） 黄金，越涨越疯狂了！ 今日国际金价再度大涨，国际黄金价格一举飙涨超 2%，历史性破3400美元大关，短短8个交易日内飙涨超400美元，强力刺激了全球投资者 的神经。 受此影响， A股黄金板块也掀起了涨停潮，其中，晓程科技暴涨20%，四川黄金、赤峰黄金、西部黄金等均强势涨停，有多只黄金主题ETF大 涨， 黄金股 ETF(159562) 今日罕见涨停，年内涨幅达 42.33%，位居ETF涨幅榜第一； 黄金 ETF华夏(518850) 今日上涨 1.88%，年内涨 幅30.51%，近三年涨幅89.75%，领跑全市场。 美银发布的客户资金流报告显示，资金疯狂涌入黄金 ETF。截至上周三的一周时间内，黄金ETF单周资金流入规模高达80亿美元，创下历史纪 录。 自特朗普当选以来，全球局势扑朔迷离，黄金成为资金避风港。据国际清算银行测算，全球央行外汇储备中美元占比已从 2001年的73%降至 2025年一季度的54%，而黄金占比同期由8.7%攀升至18.3%。 资金买入黄金，不仅仅是对冲美国通胀需求，更是对不确定性的迫切押注。 面对这个历史性 ...