2026年开年，黄金价格继续上涨。1月12日，现货黄金价格直线拉升，首次站上每盎司4600美元整数关口。1月13日晚间，现货黄金再次刷新历史纪录，盘 中一度涨至4634.58美元/盎司。金价持续高位运行，带动黄金相关投资产品成为市场焦点。 趁热"上新" 挂钩黄金结构性存款成新宠 近期，多家中外资银行顺势密集推出挂钩黄金的结构性存款产品，成为投资者布局黄金赛道新选项，部分产品年化收益率高达5%。 据了解，此类产品通常提供本金保障或最低收益保证，收益则由保底收益和与金价表现挂钩的浮动收益两部分组成，最终收益取决于黄金价格是否触发预 设条件，存在仅获最低收益的可能。 具体来看，中外资银行推出的产品侧重点各有不同。国内银行产品普遍主打"短周期、低门槛、高灵活性"，以触达更广泛的客群。例如，上海农商银行 的"鑫和"系列期限短至7天、长至91天；招商银行"点金"系列也覆盖7天到181天不等。外资银行则聚焦长期限、高收益赛道，如渣打银行推出挂钩SPDR黄 金信托的结构性存款产品，非年化收益范围0%至5.0%，最低认购金额5万元，投资期限18个月。 银行为何在此时积极布局？ 中国邮政储蓄银行研究员娄飞鹏分析认为，银行密集推出 ...

Core Viewpoint - Since 2025, international gold prices have experienced a remarkable surge, surpassing expectations set by major investment banks like Goldman Sachs, with prices nearing $4500 per ounce [1][4][6]. Price Movement - As of October 21, 2025, gold prices reached $4398 per ounce, marking a 3.82% increase [8]. - The gold ETF (159937) saw a 2.35% rise, with a year-to-date increase of over 59% [1][12]. - Despite recent volatility due to geopolitical tensions and economic factors, the stock market remains bullish on gold assets [4][16]. Market Dynamics - The total scale of gold-themed ETFs in mainland China reached 2361.31 billion yuan, a 223% increase from the beginning of the year [12]. - Nearly 20 gold stocks in the A-share market have doubled in value, with Zijin Mining's market cap increasing by 105.6% [14]. Institutional Investment - Global central banks have significantly increased their gold reserves, with a total value of approximately $4.5 trillion, surpassing U.S. Treasury holdings [21][23]. - The trend of central banks accumulating gold is expected to continue, with many aiming to increase gold's share in their reserves to 20%-30% over the next few years [23]. Future Outlook - International institutions have raised their gold price target for 2026 to $5000 per ounce, indicating further potential for price appreciation [25]. - The ongoing geopolitical conflicts and the trend of de-dollarization are expected to sustain the demand for gold as a safe-haven asset [20][24]. Investment Strategies - Ordinary investors are encouraged to consider gold ETFs as a viable investment option due to their liquidity, ease of trading, and lower risk of counterfeit compared to physical gold [26][27].

Core Viewpoint - International spot gold prices have surpassed $3,800 per ounce for the first time, reaching a historical high of $3,819.81 per ounce, driven by a weaker dollar and expectations of further interest rate cuts by the Federal Reserve [1] Group 1: Gold Market Dynamics - The largest gold-backed exchange-traded fund (ETF), SPDR Gold Trust, reported an increase in holdings from 996.85 tons to 1,005.72 tons, a rise of 0.89% as of September 26 [1] - Gold prices have increased by 45% this year, supported by central bank demand and the Fed's resumption of interest rate cuts, with expectations for gold prices to rise for the third consecutive quarter [1] Group 2: Economic Influences - The weakening of the dollar and the anticipated meeting between Congressional leaders and President Trump regarding government funding are contributing factors to the rise in gold prices [1] - Current market expectations indicate a 90% probability of a rate cut by the Fed in October and a 65% probability in December, which is influencing gold's appeal as a hedge against economic uncertainty [1] Group 3: Institutional Perspectives - Analysts from Barclays Bank suggest that gold prices appear reasonable compared to the dollar and U.S. Treasury bonds, indicating a potential premium associated with the Fed's perceived loss of independence [1] - Major financial institutions, including Goldman Sachs and Deutsche Bank, expect the upward trend in gold prices to continue [1]

Group 1 - International spot gold prices surpassed $3,800 per ounce for the first time, reaching a peak of $3,819.81 on the 29th [1] - The largest gold-backed ETF, SPDR Gold Trust, reported an increase in holdings from 996.85 tons to 1,005.72 tons, a rise of 0.89% [1] - The rise in gold prices is attributed to a weakening dollar and expectations of further interest rate cuts by the Federal Reserve [1] Group 2 - Gold prices have increased by 45% this year, driven by central bank demand and the Fed's decision to resume rate cuts [2] - Analysts from Goldman Sachs and Deutsche Bank expect the upward trend in gold prices to continue [2] - Silver prices reached their highest level since 2011, indicating a broader trend in precious metals [2]

Core Insights - Precious metals have shown strong performance this year, with gold, silver, and platinum all returning over 20%, significantly outperforming traditional safe-haven assets like U.S. Treasuries and the dollar [1] - The recent surge in precious metals is attributed to heightened risk aversion, concerns over the U.S. fiscal deficit, and a shift towards de-dollarization by foreign central banks amid changing political dynamics following Trump's return to the White House [1] - Gold has risen approximately 27% since 2025, while U.S. Treasuries have failed to provide traditional safe-haven benefits, indicating a shift in investor sentiment towards gold and cryptocurrencies like Bitcoin [1] Precious Metals Performance - Gold, silver, and platinum have all significantly outperformed traditional safe-haven assets, with platinum seeing a year-to-date increase of over 35% [1] - The SPDR Gold Trust and iShares Gold Trust have seen inflows exceeding $11 billion this year, with SPDR Gold Trust ranking 13th in the ETF industry with nearly $7 billion in assets [1] Silver and Platinum Opportunities - Investment opportunities in silver and platinum are highlighted, with silver recently surpassing $37 per ounce, marking a new high since 2012, yet still below its historical peak of $50 per ounce in 2011 [2] - The gold-silver ratio has recently decreased from 100:1 but remains above the long-term average of 60:1, indicating potential for silver investment [2] - Silver's dual role as an industrial and safe-haven asset positions it uniquely, with demand driven by applications in electronics, solar panels, and medical devices [2] Market Trends and Demand - The demand for platinum is also on the rise due to supply shortages and increased demand for platinum jewelry, driven by high gold prices [3] - The slowdown in electric vehicle adoption is expected to prolong the presence of internal combustion engines, increasing the demand for platinum and palladium in catalytic converters [3]

Group 1: Core Insights - The complexity of alternative strategies in newly launched ETFs in the US is increasing, with products like Rex's Nvidia options strategy offering 105-150% exposure while providing weekly dividends through a covered call strategy [1] - First Trust has launched a diversified product that combines stocks, bonds, and commodities, with 60% in covered call strategies, 35% in bonds, and 5% in commodities [1] - The recent inflow of over $10 billion into US stock ETFs indicates a renewed interest in equities, particularly in the Nasdaq 100 and gold ETFs [2][4][7] Group 2: ETF Performance and Trends - Gold-related ETFs have seen significant performance, with gold mining ETFs rising approximately 50% this year, driven by a nearly 30% increase in gold prices [8][9] - The top inflowing ETFs include QQQ (Invesco Nasdaq 100 ETF) with $39.52 billion, while SPDR S&P 500 ETF Trust (SPY) saw an inflow of $12.92 billion [5] - Conversely, short-term bond ETFs experienced outflows, indicating a shift in investor preference towards equities and commodities [4][7] Group 3: Fund Flow Dynamics - The total assets of US non-money market mutual funds stood at $21.06 trillion as of April 2025, reflecting a slight decrease from March [10] - During the week of May 14-21, US domestic equity funds experienced an outflow of $11.3 billion, while bond products continued to see inflows, maintaining a high level of interest [10]

1. 美国ETF创新产品：贝莱德发行权重上限3%的标普500调整产品 上周美国共10只新发产品，发行速度继续偏低： | X · LP天竺剂区 ET 上市时间 | 基金名称 | 代码 | | --- | --- | --- | | 2025/4/17 | YieldMax Target 12 Real Estate Option Income ETF | RNTY | | 2025/4/17 | Harbor Transformative Technologies ETF | TEC | | 2025/4/16 | Global X S&P 500 U.S Market Leaders Top 50 ETF | FLAG | | 2025/4/16 | Global X S&P 500 U.S. Revenue Leaders ETF | EGLE | | 2025/4/16 | Avantis Credit ETF | AVGB | | 2025/4/16 | iShares S&P 500 3% Capped ETF | TOPC | | 2025/4/15 | Simplify Target 15 Dis ...