The scale of 125.7 billion hit a new historical high! The upward logic of gold ETFs remains unchanged, and the product's zero-vote meeting failed but rose by 9%.

After several days of adjustment, gold prices have strongly recovered their losses. The international gold price has risen by more than 20% this year, and domestic gold-related ETFs have also increased by over 22%. The overall market size has reached 125.69 billion yuan, with many products doubling in size this year. Notably, the Ping An CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF surged 9.41% after resuming trading at 10:30 on April 11, following the failure of a "zero-vote" shareholders' meeting the previous evening. This made it the best-performing ETF in the market, far exceeding other ETFs tracking the same index. Regarding the future trend of gold, several public fund institutions believe that the long-term upward logic of gold has not changed and has even been further strengthened by the "reciprocal tariff." Wall Street veterans, including Goldman Sachs and HSBC, have recently voiced their continued long-term optimism for gold. After the failure of the shareholders' meeting, this gold stock ETF surged more than 9%. After several days of adjustment, gold prices have strongly recovered their losses. On April 9 and 10, spot gold prices (London spot gold) rose by 3.59% and 3.35%, respectively, hitting record highs. As of the close on April 11, the most-traded SHFE gold contract was quoted at 757.3 yuan per gram, up 2.71%, also reaching a new high. Meanwhile, Sichuan Gold saw two consecutive limit-up days, and China Gold International in Hong Kong rose by 10.98%. In the ETF market, the small-cap Ping An CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF surged 9.41% in a single day, with a turnover rate of 43.56%. Other ETFs tracking the same index, such as those from Yongying, Huaxia, Guotai, and ICBC, also rose by more than 3%. On the same day, other gold ETFs also saw varying degrees of increase. Notably, the previous evening (April 10), the Ping An CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF announced the results of its shareholders' meeting, where the number of shares represented by valid votes was zero, failing to meet the legal requirements for the meeting. The costs of the meeting, including notary and legal fees, were borne by the fund manager, and the product resumed trading at 10:30 on April 11. The "zero-vote" led to the failure of the shareholders' meeting, and the product surged 9.41% on the day of resumption, which is rare in the current ETF market. Industry insiders pointed out that this is largely related to the two-day accumulation of gains. On April 10, the product was suspended, but the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index it tracks still rose by 5.19%. On April 11, the index continued to rise by 3.33%. As a small-cap fund, the product's active trading and good liquidity after resumption also influenced its price increase. From a year-to-date market performance perspective, gold-related ETFs have risen by more than 22% in the secondary market this year, becoming a dynamic category of ETFs. Among them, the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF has surged 25.78% this year, while those from Huaxia, ICBC, and Guotai have risen by 24.76%, 23.95%, and 23.40%, respectively. The gold ETF market size has reached 125.69 billion yuan, with many products doubling in size this year. Funds are rapidly flowing into gold-themed ETFs. Data shows that as of April 10, the total size of 20 gold and gold stock-related ETFs in the market has reached 125.69 billion yuan, with a weekly increase of 11.971 billion yuan. Compared to the beginning of the year, the size of gold ETFs has increased by 53.082 billion yuan, with net inflows from subscriptions and redemptions contributing 37.198 billion yuan and net value increases contributing 15.885 billion yuan. Among them, the largest Huaan Gold ETF reached 49.456 billion yuan, with a year-to-date increase of 20.78 billion yuan. Bosera Gold ETF and E Fund Gold ETF reached 23.124 billion yuan and 20.688 billion yuan, respectively, with year-to-date increases of 8.12 billion yuan and 7.44 billion yuan. During the same period, Guotai Gold ETF has doubled in size this year, reaching 14.403 billion yuan. Other gold ETFs that have doubled in size this year include Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, Huaxia Gold ETF, ICBC Gold ETF, CCB Shanghai Gold ETF, and BOC Shanghai Gold ETF. After the "main shock," the hedging function of gold has become prominent. Regarding the future trend of gold, several public fund institutions believe that the long-term upward logic of gold has not changed and has even been further strengthened by the "reciprocal tariff." Wall Street veterans, including Goldman Sachs and HSBC, have recently voiced their continued long-term optimism for gold. "Whether from the stagflation risk that the tariff event may cause to the economy, or the US disrupting the international order or deepening concerns about the US dollar's credibility, gold assets may well hedge against such risks," said Gu Fanding, manager of CITIC Prudential Global Commodity Theme Fund. He pointed out that when financial liquidity shocks subside, gold assets may see value recovery opportunities. Huaan Fund analyzed that future support factors for gold include the impact of the "dark clouds" in the US economy, increasing global uncertainty, and central bank gold purchases. "Current gold is still driven by increased demand, gold holdings, and uncertainty about future US policies. If these conditions remain unchanged, gold may still have upward potential." However, the future market is unpredictable, and Huaan Fund advises investors to remain vigilant about potential risks such as a shift in US Fed policy, sudden changes in tariff policies, and geopolitical changes, especially given the unpredictable policy stance of Trump himself. "Therefore, investors should view gold with a portfolio mindset, lay out positions in batches during pullbacks, and not blindly chase highs." Bosera Fund's Wang Xiang also believes that after the "main shock," gold is an asset that recovers quickly from a crash. In the aftershock stage, other assets are still burdened by subsequent uncertainties and enter a process of mid-term pricing re-evaluation, while gold benefits from uncertainty, and its long-term stable hedging function is truly reflected. He stated that, apart from the economy, if the global tariffs are truly implemented on a large scale, it will not only further strengthen regional protectionism but also create a breeding ground for extreme geopolitical events in a weak economic outlook. Safe-haven funds in the capital market are still expected to continue flowing into the gold market.

SMM

The scale of 125.7 billion hit a new historical high! The upward logic of gold ETFs remains unchanged, and the product's zero-vote meeting failed but rose by 9%.

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