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地缘政治冲突方面，整体摩擦较二季度有所缓和，但不确定性仍高。虽然俄乌、巴以等国展开谈判，但期间仍有以色列空袭多哈以打击哈马斯领导层、乌克兰称受到俄方大规模空袭等事件，整体推高避险情绪，对于金价也有一定支撑。在这样的宏观背景下，国际金价维持涨势。经过二季度的横盘调整，三季度在“降息交易”的主线驱动下，金价再度进入上行通道。本基金为指数基金，本报告期内，我们根据对市场行情、日常申赎情况等因素进行分析判断，对仓位及头寸进行合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","lastUpdated":"2026-03-09T14:05:22.300Z","fund":{"_id":3000000021673,"__csrcFundId":14103,"stockCode":"021673","masterFundShortName":"国泰中证沪深港黄金产业股票ETF发起联接","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":21673,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰中证沪深港黄金产业股票ETF发起联接(021673)","lastUpdated":"2026-05-01T17:12:57.831Z","name":"国泰中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金","pinyin":"gtzzhsghjcygpjyxkfszszqtzjjfqsljjj","setUpAssetScale":9098412.47,"setUpDate":"2024-07-08T16:00:00.000Z","setUpShares":9098412.47,"inceptionDate":"2024-07-11T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931238,"managers":[{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a27fea5b3eb053fd3b","date":"2025-06-29T16:00:00.000Z","stockId":3000000021673,"sao":"2025年上半年，全球经济环境继续呈现出复杂多变的态势。特朗普4月关税政策抬升市场不确定性，加上地缘政治冲突频发、推高市场避险情绪，美元继续走低、金价维持上涨趋势。货币政策方面，美联储在3月、5月、6月的FOMC会议中，均以全票赞同的投票结果决定维持基准利率4.25%-4.50%不变。其中6月会议公布的点阵图显示2026-2027年降息节奏放缓，继续维持25年内降息两次的立场，并继续缩表，整体符合市场预期。两次会后声明中，鲍威尔均提及了关税带来的通胀风险。上半年的美国经济数据整体指向经济具备韧性，但同时也存在一定隐忧；通胀数据暂时未反映出关税冲击，不过后续关税的影响或将进一步显现。就业市场方面，美国6月非农新增就业人数14.7万人，高于预期、高于前值，就业市场依旧较为强劲。地缘政治冲突方面，一季度俄乌冲突升级，美国于3月暂停对乌军事援助，要求乌方展现“和平诚意”，涉及包括长程无人机在内的先进武器交付中断；欧洲则加大对乌克兰支持力度。当前俄乌冲突后续发展依然具备一定不确定性。4-5月，印度、巴基斯坦冲突升级，5月10日达成停火协议。6月，以色列对伊朗多地持续发动大规模空袭，以色列出动200余架战机、发射超330枚弹药，对伊朗进行精准打击；随后伊朗向以色列发射超450枚弹道导弹及无人机进行反击。地缘政治冲突持续推升市场避险情绪，对于金价构成一定利好。当前风险溢价有一定平息，但地缘政治冲突后续发展依然具备不确定性。在这样的宏观背景下，国际金价维持涨势。一季度金价加速冲击历史高位，虽然二季度金价在突破历史新高后震荡回调，但特朗普政策主张一定程度冲击美元信用，美元指数回落对于金价构成一定利好，二季度金价小幅收涨。本基金为指数基金，本报告期内，我们根据对市场行情、日常申赎情况等因素进行分析判断，对仓位及头寸进行合理安排，将跟踪误差控制在合理水平，尽量为投资者提供更精准的投资工具。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:22.297Z","mo":"展望未来，全球地缘政治纷繁复杂，地缘政治危机成为影响全球政治经济的最大的不确定性。特朗普政策主张带来政治及经济的不确定性仍然是影响市场的主要因素。当前美国关税情况、后续伊以冲突进展以及美联储货币政策均可能影响后市金价，当前金价波动有所放大，触及历史高位后，若无突发事件驱动，金价可能高位震荡。但美联储已开启新一轮降息周期，海外流动性趋松的趋势确定，我们认为国际金价有望得到进一步的支撑。此外，考虑到全球经济复苏的不确定性以及潜在的经济衰退风险，黄金作为传统的避险资产，其在资产配置中的作用不可忽视。中长期来看，逆全球化背景下，经济复苏前景不确定性加大，各国央行纷纷加快去美元化的进程，黄金在资产组合中的重要性更加凸显。","fund":{"_id":3000000021673,"__csrcFundId":14103,"stockCode":"021673","masterFundShortName":"国泰中证沪深港黄金产业股票ETF发起联接","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":21673,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰中证沪深港黄金产业股票ETF发起联接(021673)","lastUpdated":"2026-05-01T17:12:57.831Z","name":"国泰中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金","pinyin":"gtzzhsghjcygpjyxkfszszqtzjjfqsljjj","setUpAssetScale":9098412.47,"setUpDate":"2024-07-08T16:00:00.000Z","setUpShares":9098412.47,"inceptionDate":"2024-07-11T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931238,"managers":[{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a27fea5b3eb053fd3a","date":"2025-03-30T16:00:00.000Z","stockId":3000000021673,"sao":"一季度，全球经济环境继续呈现出复杂多变的态势。特朗普政策的不确定性推高市场不确定性，美元走低、金价大涨。货币政策方面，美联储召开了3月FOMC会议，以全票赞同的投票结果决定维持基准利率4.25%-4.50%不变。在缩表方面，除鹰派票委Waller表示不支持放缓缩表外，其余票委同意缩表。从4月开始，委员会将放缓减少其证券持有量的速度，将美国国债的每月赎回上限从250亿美元降至50亿美元。经济数据来看，一季度的美国经济数据整体指向经济具备韧性，但同时也存在一定隐忧，继续呈现“喜忧参半”的趋势；通胀粘性有所显现。美国3月Markit全球服务业PMI为54.3，高于预期及前值，而美国3月Markit全球制造业PMI为49.8，步入萎缩区间，低于预期、低于前值。就业市场方面，美国2月非农新增就业人数低于预期，失业率小幅上升，中期就业市场或仍有冷却趋势。通胀方面， 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