Group 1 - Spot gold prices have increased by 0.74%, reaching $4006 per ounce as of 16:22 [1] - Gold ETFs (518880) closed with a gain of 0.43%, with a real-time transaction volume of 3.748 billion [1] - Gold stock ETFs (159321) closed with a gain of 0.55% [1] Group 2 - As of the end of October, China's foreign exchange reserves stood at $3.343 trillion, up from $3.339 trillion at the end of September [1] - China's gold reserves at the end of October were reported at 74.09 million ounces (approximately 2304.457 tons), an increase of 30,000 ounces (approximately 0.93 tons) month-on-month, marking the 12th consecutive month of gold accumulation [1] Group 3 - Huayuan Securities indicates that the Federal Reserve is expected to restart interest rate cuts, with two more cuts anticipated within the year, although there are internal disagreements on the extent of the cuts [2] - The change in U.S. monetary policy is expected to support gold prices, with a recommendation to focus on phase-based allocation opportunities [2] - Long-term factors such as interest rate cuts and policies from former President Trump are expected to drive gold prices higher, with central bank purchases providing a bottom support [2] Group 4 - Strong global demand for gold and continuous central bank purchases are driving gold prices [2] - A leading gold company is set to list in Hong Kong, which is expected to enhance the valuation of the precious metals sector [2] - The precious metals industry maintains a positive outlook rating [2]

Core Viewpoint - The article discusses the trading mechanisms of ETFs, emphasizing the differences between T+0 and T+1 trading systems, which significantly impact investment efficiency and returns [1][3]. Group 1: T+0 Trading Mechanism - Certain ETFs allow for same-day buying and selling under the T+0 trading system, enabling investors to react quickly to market fluctuations [1]. - Major categories of T+0 ETFs include cross-border ETFs, commodity ETFs, and specific currency and bond ETFs, with examples like the Hang Seng ETF and gold ETF [1][3]. - As of 2025, there are 266 T+0 ETFs in the market, but only about 28 have significant liquidity, exceeding 500 million in size and averaging over 10 million in daily trading volume [3]. Group 2: T+1 Trading Mechanism - Most ETFs operate under a T+1 trading system, where purchases cannot be sold until the next trading day, limiting flexibility in response to market changes [3]. - Common examples of T+1 ETFs include the CSI 300 ETF and the SSE 50 ETF, which restrict immediate selling after purchase [3]. Group 3: Trading Rules and Costs - ETF trading hours align with A-share market hours, and funds from ETF sales cannot be withdrawn on the same day, but can be used to purchase other stocks or ETFs [5]. - The trading principle follows "price priority, time priority," meaning higher bids are executed first for buying, and lower offers for selling [5]. - There are no stamp duties or transfer fees for ETF trading, with typical brokerage commissions around 0.25% of the transaction amount, but a minimum fee of 5 yuan applies [8]. Group 4: Investment Strategy - Understanding the trading rules and mechanisms is crucial for investors to make informed decisions and optimize their trading strategies [9]. - T+0 ETFs are suitable for short-term traders, while T+1 ETFs are better for medium to long-term investments [9].

上周金价震荡回落。伦敦现货黄金收于4，003美元/盎司（周环比-2.6%），国内AU9999黄金收于922元/ 克（周环比-2.0%）。 中美谈判顺利落地，经贸政治方面对黄金的利空阶段性出尽。上周四中美元首于釜山成功会晤，会议结 果较为积极正面，美方对中国加征的20%"芬太尼关税"将降至10%，并且将24%对等关税继续暂停一 年，出口管制50%穿透性规则和造船业301调查亦暂停一年。但展望未来，在特朗普贸易保护主义和美 国优先理念下，全球范围内的经贸秩序不确定性或仍持续。 黄金行情回顾及主要观点： 10月美联储议息会议如期降息并计划停止缩表。美联储如期降息25个基点，至3.75%-4.0%的利率区间， 并宣布将于12月1日停止缩表以应对流动性紧张。但鲍威尔发布会上表态12月降息并非板上钉钉，一方 面美联储内部分歧较大（本次决策有两个反对票），另一方面政府停摆导致的经济数据缺失亦可能影响 后续降息决策。最新利率期货显示，市场对降息的预期略有回落，但今、明两年降息预期仍分别为1 次、2次，但12月预期降息概率约七成。当前关税对通胀的影响偏短期，而就业疲弱的问题更凸显，美 联储政策天平后续或仍倾向呵护就业。 黄金近 ...

Group 1 - The core viewpoint is that gold prices have recently reached historical highs, with London spot gold closing at $4,112 per ounce, reflecting a week-on-week decrease of 3.3%, while domestic AU9999 gold closed at 936 yuan per gram, down 5.9% week-on-week [1] - The easing of tensions in US-China relations has led to a recovery in market risk appetite, as both sides reached a basic consensus on key economic and trade issues during a recent meeting [1] - US inflation data released last week was lower than expected, with CPI rising 0.3% and core CPI rising 0.2%, leading to increased expectations for interest rate cuts by the Federal Reserve [1] Group 2 - The previous warning about the overheating risk in the gold market has been validated, and investors are advised to focus on asset allocation to mitigate risks while considering gold investments [2] - The outlook for the gold market remains positive due to the potential continuation of the Federal Reserve's rate-cutting cycle and global central banks maintaining gold purchases amid declining US debt credit [2] - Key signals to watch for gold ETFs include updates on US-China negotiations and statements from the Federal Reserve regarding interest rates [2]

Market Overview - A-share market indices experienced a correction this week, with trading volume declining but remaining active. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index saw increases of 2.88%, 4.73%, and 8.05% respectively [1] - Traditional sectors such as banking, coal, and food and beverage showed strong performance, while high-flying technology sectors like semiconductors, AI applications, and new energy faced corrections, indicating a rebalancing of risk-reward ratios in an uncertain market environment [1] ETF Performance - The AI and chip-related ETFs surged following a significant meeting that highlighted key signals for the next five years, with top-performing ETFs like the Huabao and Huaxia AI ETFs gaining over 13% [2] - Alphabet Inc. is set to provide up to 1 million AI chips to Anthropic, a competitor to OpenAI, indicating strong demand and collaboration in the AI sector [2] - The AI industry is currently experiencing a three-dimensional resonance of policy, technology, and demand, with expectations of continued growth and investment opportunities [2] Gold ETF Trends - Gold-related ETFs saw a notable pullback as COMEX gold futures prices fluctuated, with prices dropping to around $4,100 per ounce. However, the selling pressure on gold and silver ETFs has not been extreme, suggesting that investor sentiment towards precious metals remains stable [3][7] - Despite short-term downward pressure, the long-term value of gold remains supported, with significant inflows into gold ETFs indicating ongoing investor interest [7] Fund Flows - The market saw a slight net inflow of 210.08 billion yuan, with commodity ETFs attracting substantial buying interest, totaling 171.74 billion yuan in inflows [4] - Short-term bond ETFs and silver ETFs also experienced small inflows, reflecting a diverse investment strategy among market participants [4] ETF Issuance - A new ETF, the Huaxia Shanghai 180 ETF, is set to launch next week, tracking the Shanghai 180 Index, which balances high dividend safety with technology innovation opportunities [9] - The top three sectors in the index are electronics, banking, and non-bank financials, with respective weightings of 14.3%, 11.9%, and 8.3%, indicating a diversified approach compared to other indices [9]

Group 1 - Gold prices continued to rise, reaching a new historical high, with London spot gold closing at $3,759 per ounce (up 2.0% week-on-week) and domestic AU9999 gold at 853 yuan per gram (up 3.3% week-on-week) [1] - The U.S. announced a new round of high tariffs on various imported products, including a 100% tariff on pharmaceutical products, 50% on kitchen cabinets, 30% on imported furniture, and 25% on heavy trucks, indicating ongoing trade protectionism [1] - U.S. inflation remains stable, with August core PCE at 2.9% year-on-year, aligning with expectations, which may support the Federal Reserve's continued interest rate cuts [1] Group 2 - The resumption of interest rate cuts by the Federal Reserve in September may enhance the investment value of gold, alongside uncertainties from tariffs, U.S. debt credit risks, and concerns over the Fed's independence, contributing to a downward trend for the dollar [1] - Central bank gold purchases are expected to continue, indicating that gold is on a path towards a new cycle of investment [1] Group 3 - Key signals to watch for the upcoming week regarding gold ETFs include the U.S. employment data for September [2]

上海证券表示，黄金长期看多逻辑并未改变，后续可能进一步向上突破。我们认为全球去美元化、美联 储步入降息周期等黄金长期上涨的大逻辑并没有改变，如果时间拉长，黄金有望进一步向上突破。但是 这需要有新的变量发生，比如美国就业形势或通胀水平超预期下滑导致美联储态度进一步转鸽，或者特 朗普通过美联储理事人员变动成功对美联储施压，美联储超预期转鸽等等。 国新证券表示，黄金资产受去美元化趋势推动，央行持续购金提供长期支撑。短期非农数据下修及降息 预期增强市场避险情绪，金价上涨动力充沛。白银正从工业配角转向价值主角，投资逻辑由工业需求爆 发和金融属性觉醒共同驱动。AI与5G技术迭代或扩大供需缺口，金银比修复预期下，白银相较黄金具 补涨潜力。整体而言，黄金和白银资产在多重因素作用下，展现出较强的投资吸引力。 9月22日，黄金ETF（518880）收涨1.90%，当日午后成交额持续扩大，截至收盘超36亿元。同时，黄 金股票ETF（159321）当日午后亦震荡走高，收涨3.39%。 昨日黄金相关ETF表现走强，或受贵金属市场的价格走势影响。据Wind数据，9月22日盘中，现货黄金 再创纪录高位；当日现货白银盘中突破前高，创2011 ...

华安黄金ETF成立于2013年7月18日，是国内首批黄金ETF之一，由经验丰富的基金经理许之彦管理。 该基金以国内黄金现货价格收益率为业绩比较基准，凭借其先发优势与稳健运作，已成为投资者配置黄 金资产的重要工具。投资者除可直接交易华安黄金ETF（518880）外，也可通过其联接基金（A类： 000216，C类：000217）以申购、定投等方式参与。 风险提示：基金投资存在风险，投资者应谨慎决策。黄金价格波动可能导致基金净值变动，请基于自身 风险承受能力理性投资。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 9月22日，A股三大股指涨跌互现，黄金ETF（518880）表现亮眼，午盘涨1.25%，收报7.997元，换手率 2.61%，半日成交额16.36亿元，居同类标的ETF首位。 从资金流向来看，黄金ETF（518880）近期资金流动呈现不同态势。近5个交易日，资金净流出4.5亿 元；而近10个交易日资金净流入13.21亿元，近20个交易日资金净流入10.78亿元。截至2025年9月19日， 该基金流通规模达620.22亿元。 | 代码 名称 | 现价 涨跌幅 IOPV 溢折率 換手率 ...

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points, indicating a focus on protecting employment despite rising inflation concerns [1][2][3] Monetary Policy Decision - The Federal Reserve's decision to cut rates to a range of 4.0%-4.25% reflects a balance towards employment protection, with a forecast of two more rate cuts within the year [1][2] - The voting on this decision saw only one dissenting vote, advocating for a larger cut of 50 basis points [2] Economic Outlook - The Federal Reserve anticipates that the current rate cut will effectively boost economic growth and employment, suggesting a limited scope for future "preventive rate cuts" [3] - GDP forecasts for 2025-2027 have been revised upwards, while unemployment rate predictions for 2026 and 2027 have been adjusted downwards by 0.1% [4][5] - Inflation predictions remain largely unchanged, with only a slight upward revision of 0.2% for the PCE in 2026 [6] Chairman Powell's Remarks - Chairman Powell characterized the rate cut as a "risk management" decision, emphasizing that future cuts will depend on upcoming economic data [7] - He noted that while the unemployment rate is still low, it has begun to rise, and job growth is slowing, attributing some of this to immigration policies [7] - Powell also mentioned that the impact of tariffs on inflation is diminishing, and service inflation is easing, reducing the risk of sustained high inflation [7] Market Expectations - The dot plot indicates two more rate cuts this year, with only one additional cut expected in 2026 [8] - Market expectations align with the Fed's guidance, anticipating a total of 125 basis points in cuts over the next two years [10] Asset Allocation Recommendations - Investment in gold ETFs is suggested as a favorable option due to the low opportunity cost of holding gold in a declining interest rate environment [12][14] - The Hong Kong stock market, particularly technology stocks, is expected to benefit from overseas rate cuts, attracting both domestic and foreign capital [17][19] - The ChiNext 50 ETF is highlighted for its potential due to a favorable funding environment and strong fundamentals, with a projected net profit growth of 13.88% year-on-year in Q2 2025 [20][22][23] - The Hong Kong Central Enterprises Dividend ETF is noted for its high dividend yield of 5.9% in a low-interest-rate environment [24][26]

Group 1 - Gold prices continued to rise, reaching a historical high with London spot gold closing at $3,643 per ounce, a week-on-week increase of 1.6%, while domestic AU9999 gold closed at 830 yuan per gram, up 2.3% week-on-week [1] - The U.S. inflation rate for August showed a mild increase, with the CPI year-on-year at 2.9%, matching expectations and slightly up from the previous value of 2.7%. The month-on-month CPI rose by 0.4%, slightly above the expected 0.3% [1] - The U.S. job market is showing signs of cooling, with initial jobless claims rising to 263,000, the highest in nearly four years, indicating pressure on consumer spending due to weak wage growth of only 0.7% year-on-year [1] Group 2 - The Federal Reserve is expected to restart interest rate cuts in September, which may benefit gold prices. Additionally, global geopolitical conflicts and high debt levels are raising concerns about U.S. government debt interest costs and the independence of the Federal Reserve [2] - Key signals to watch for gold ETFs include the Federal Reserve's interest rate decision and Powell's statements, as well as U.S. retail data [2]