黄金股票ETF（517400）跟踪的是SSH黄金股票指数（931238），该指数从市场中选取涉及黄金采掘、 冶炼、销售等业务的上市公司证券作为指数样本，以反映黄金产业相关上市公司证券的整体表现。该指 数成分股覆盖黄金全产业链，具有较高的行业集中度和一定的波动性，能够体现黄金相关企业的市场价 值及业绩。 南京证券指出，降息周期下有色金属行业机遇频现，贵金属方面，黄金价格在美联储降息预期、避险情 绪及央行增持的推动下有望震荡上行。美联储年内预计继续降息50bp，叠加美国经济数据走软、地缘政 治风险等因素，黄金的货币属性和避险属性将进一步凸显。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 ...

Group 1 - The core viewpoint is that despite a recent decline in the VIX index for gold and silver, the medium to long-term outlook remains bullish due to weak U.S. economic conditions, rising inflation risks, and increased overall demand for gold [1] - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes listed companies involved in gold mining, refining, and sales in both A-share and Hong Kong markets, focusing on the upstream, midstream, and downstream sectors of the gold industry [1] - The index sample consists of 50 companies characterized by medium to small market capitalization and leading effects, indicating a high industry concentration aimed at reflecting the overall performance of gold-related securities [1]

Group 1 - The logic of precious metals has been strengthened due to the deterioration of dollar credit, leading to a shift in the "value anchor" [1] - Although the dollar remains stable in the global payment system, its credit is weakening due to challenges in international order, debt issues, and declining geopolitical control [1] - The rise in precious metal prices reflects the weakening of dollar credit, indicating a potential investment opportunity in this sector [1] Group 2 - China's reinforcement of countermeasures regarding resources like rare earths has emphasized the importance of self-sufficiency and strategic value [1] - The precious metals and base metals industries are seeing a strengthened logic amid external geopolitical competition, although short-term volatility and long-term structural opportunities should be monitored [1] - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes listed companies involved in gold mining, smelting, and sales in the A-share and Hong Kong markets [1] Group 3 - The index reflects the overall performance of companies across the gold industry chain, showcasing high industry concentration [1] - It highlights the operational status of various segments of the gold industry chain and emphasizes the trend of innovation from "channel-driven" to "product-driven" business models [1] - The focus is on product research and development as well as brand building within the industry [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 相关机构表示，短期看，非农、CPI等关键经济数据延迟发布，将无法对美联储官员的货币政策作出有 效指引，但政府停摆对经济潜在的影响，反而强化市场对降息的预期，截至10月8日，CME美联储观察 显示10月降息概率接近95%。长期看，联邦政府持续停摆、政治僵局加剧、财政纪律弱化，都在逐步侵 蚀美元作为全球储备货币的基础。 黄金股票ETF（517400）跟踪的是SSH黄金股票指数（931238），该指数从市场中选取涉及黄金采掘、 冶炼及销售等业务的50只较大市值上市公司证券作为指数样本，以反映黄金产业链相关企业证券的整体 表现。该指数具有行业集中度高、风格偏向价值投资的特点。 ...

Group 1 - The global gold ETF holdings have reached the highest level since August 2022, with SPDR Gold Shares seeing an inflow of 122 tons this year, pushing the total holdings above 1005 tons, indicating strong demand for safe-haven assets [1] - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which selects 50 larger market capitalization listed companies involved in gold mining, smelting, and sales, reflecting the overall performance of securities related to the gold industry chain [1] - The index is characterized by high industry concentration and a value investment style [1]

Group 1 - The core viewpoint is that gold prices are expected to reach $3,900 and $4,200 per ounce by the end of this year and mid-next year, respectively, driven by rising expectations of Federal Reserve interest rate cuts, fiscal expansion, and increased demand for safe-haven assets and inflation hedges [1] - The deterioration of U.S. non-farm employment has led to a rapid increase in market expectations for Fed rate cuts, with anticipated cuts exceeding expectations next year from a neutral interest rate perspective [1] - Global fiscal expansion and rising debt risks are contributing to a bullish outlook for gold, as concerns about long-term debt supply and inflation resilience grow, alongside increasing U.S. debt and deficits [1] Group 2 - Speculative funds entering the market are a significant driver of gold prices, with recent shifts in speculative positions turning from a drag to a boost, indicating a gradual recovery in market sentiment towards gold [1] - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes 50 listed companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry chain [1] - The index focuses on small to mid-cap stocks with significant leading effects, emphasizing high-quality enterprises within the gold industry chain, characterized by high industry concentration and comprehensive coverage of the industry chain [1]

Group 1 - The Federal Reserve's September FOMC meeting resulted in a 25 basis point rate cut, with projections indicating an additional 50 basis points cut by year-end, aligning with market expectations [1] - Short-term, the rate cut may lead to a "sell the fact" pressure on gold prices, as the benefits of the cut have been fully priced in [1] - The current rate cut is characterized as a preemptive measure, with historical reference suggesting that gold prices may form a "phase top" after the cut [1] Group 2 - Long-term, the value of gold as an investment remains unchanged due to the Fed's continued rate cut path amidst economic adjustments and persistent inflation concerns [1] - The trend of de-dollarization, geopolitical risks, and the need for diversified investment portfolios are driving global central banks and institutional investors to increase their gold allocations [1] - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes 50 listed companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry chain [1]

Group 1 - The core viewpoint of the news is that gold prices have reached a new historical high, driven by central bank purchases, increased private investment, and a decline in trust in dollar assets [1] - Goldman Sachs predicts that gold prices may rise to $3,700 by the end of 2025 and could exceed $4,000 by mid-2026, with potential peaks of $4,500 to $5,000 if there is a significant outflow from dollar assets [1] - The trend of de-dollarization is ongoing, with recent criticisms of the Federal Reserve's monetary policy leading to a loss of public trust, further supporting the demand for gold [1] Group 2 - The gold stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes 50 listed companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry chain [2] - The index focuses on small to mid-cap stocks with significant leading effects, emphasizing high-quality enterprises within the gold industry chain [2] - Investors without stock accounts can consider related ETFs such as the Guotai Zhongzheng Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF [2]

Group 1 - The latest PPI data from the US Labor Statistics Bureau for August fell short of expectations and unexpectedly turned negative month-on-month, marking the first decline in four months, which supports the case for a Federal Reserve rate cut [1] - Following the data release, traders increased their bets on a 50 basis point rate cut by the Federal Reserve in September, with the probability rising to 10% for a 50 basis point cut and 90% for a 25 basis point cut according to CME FedWatch [1] - Long-term trends indicate a continued move towards de-dollarization, with recent comments from US Treasury Secretary suggesting that the Federal Reserve's monetary policy has eroded public trust, leading to a conflict between the administration and the Fed [1] Group 2 - The Gold Stock ETF (517400) tracks the SSH Gold Stock Index (931238), which includes 50 listed companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry chain [2] - The index has a focus on small to mid-cap stocks and shows significant leader effects, concentrating on high-quality enterprises within the gold industry chain, indicating high industry concentration and complete coverage of the industry chain [2] - Investors without stock accounts can consider the GTJA CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Link A (021673) and Link C (021674) for exposure to the gold sector [2]

Group 1 - The core viewpoint is that gold prices are expected to rise due to new catalysts, particularly signals of interest rate cuts from the Federal Reserve, which may lead to a reallocation of funds back into gold [1] - Since April, gold has been experiencing fluctuations at high levels, with political and policy risks causing funds to flow into other metals like silver, palladium, and copper [1] - The SSH Gold Stock Index, which the gold stock ETF (517400) tracks, includes 50 listed companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry [1] Group 2 - The index components exhibit characteristics of both small and medium market capitalization and leading effects, indicating a high industry concentration [1] - Investors without stock accounts are advised to consider the Guotai CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Initiated Linkage C (021674) and A (021673) [1]