Gold stocks continued to rise. Shandong gold rose 4%, followed by Yintai Gold, Chifeng Gold, and Zijin Mining.

In terms of ETFs, Yongying Fund Gold ETF, Huaxia Fund Gold ETF, CCF Gold ETFAU, Wells Fargo Fund ETF, Qianhai Open Source Fund Gold ETF, Harvest Fund Shanghai Gold ETF, Huaxia Fund Gold ETF, Tianhong Fund Shanghai Gold ETF, and Bosch Fund Gold ETF rose.

Currently, there are 21 gold-related ETFs in China, including 3 equity ETFs, 4 international alternative investment ETFs, and 14 commercial ETF funds.

Gold-related ETF (data source: Wind, Chuangyuan Research)

Among equity gold ETF funds, there are 2 gold stock funds and 1 linked fund related to gold stocks.

Gold stock ETFs are the Yongying China Securities Shanghai, Shenzhen and Hong Kong Gold Industry Stock ETF and the Huaxia China Securities Shanghai, Shenzhen and Hong Kong Gold Industry Stock ETF, which tracks the China Securities Shanghai, Shenzhen and Hong Kong Gold Industry Stock Index. The index selects securities of listed companies with large market capitalization and business involving gold mining, smelting, and sales from the mainland and Hong Kong markets as index samples. The constituent stocks include A-shares and listed companies in the upper and lower reaches of the Hong Kong stock industry. The weighted stocks include Zijin Mining, Shandong Gold, China Gold, Silver Thai Gold, Chifeng Gold, etc.

Top ten weighted stocks in the China Securities Shanghai, Shenzhen and Hong Kong Gold Industry Stock Index

The 4 alternative investment ETF funds mainly invest in international funds related to gold assets.

Of the 14 commercial ETF funds, 7 of the underlying assets are Shanghai spot gold-related products, and the other 7 are linked funds related to them.

A commodity gold ETF is a type of fund product that uses gold as a base investment target, tracks fluctuations in spot gold prices, and can be traded in the securities market.

Domestic gold ETFs invest in gold spot contracts on the Shanghai Gold Exchange and closely track price changes in major gold spot contracts. A one-lot (100 shares) gold ETF corresponds to 1 gram of gold, and a gold ETF is equivalent to a certificate of holding physical gold stored on the Shanghai Gold Exchange.

The difference between the China Securities Shanghai, Shenzhen, and Hong Kong gold industry stock ETFs is that one is a stock target, the other is a commodity target; the other is a gold industry chain, and the other is pure physical gold. The two can complement each other to meet the segmented needs of different investors.

According to the news, the price of gold continued to rise. On Tuesday, COMEX's April gold futures closed up 1.46% to 2126.3 US dollars/ounce. This price level not only set the highest record for the contract since its inception in 1974, but also closed at the peak of gold's history for the second consecutive trading day. This is the first time in COMEX gold futures contract history that it has closed above $2,100. Its intraday all-time high was $2,152.3, which was set on December 4 last year.

The domestic spot gold price reached 489.70 yuan/gram. According to reports, the highest price of pure gold jewelry in brand stores reached 637 yuan/gram.

The CITIC Securities Research Report said that US economic data declined beyond expectations, and expectations for the Federal Reserve's interest rate cut during the year were once again consolidated. Combined with the resurgence of the NYCB turmoil, market concerns about the US banking industry and commercial real estate industry have intensified, and domestic and foreign gold prices have reached record highs. We believe that the current gold sector is still low, and subsequent increases in gold prices and performance improvements are expected to boost the sector's attractiveness and resume its upward trend. Maintain the gold industry's “better than the market” rating.

Guojin Securities pointed out that under the real interest rate framework, it is currently in the right-side allocation period for gold stocks before the Federal Reserve stops raising interest rates until it clearly releases a signal to cut interest rates, and the relative earnings of gold stocks have not yet fulfilled all expectations of rising gold prices. It is expected that gold stocks will usher in a major upward trend after the Federal Reserve clearly releases a signal to cut interest rates.

Orient Securities said that expectations of the Fed's interest rate cut in June are heating up, and they are concerned about investment opportunities on the right side of gold. In response to inflation and the geopolitical crisis, combined with “de-dollarization” macroeconomic changes, gold has become a product investors consider risk aversion. Looking ahead, as an asset with no political risks, strong crisis resistance, and long-term value storage functions, gold may still be favored by investors in the current context.