On September 8th, the three major stock indices showed mixed performance, with the Shanghai Composite rising 0.38% to 3,826.84 points and the ChiNext falling 0.84% to 2,933.25 points. The Gold ETF (518880) gained 0.93% to close at 7.847 yuan, with a turnover rate of 5.40% and trading volume of 32.41 billion yuan, ranking first among similar ETFs.

Fund flow data indicates positive changes in the Gold ETF (518880) recently. Over the past 5 trading days, the ETF recorded net inflows of 1.156 billion yuan, reversing the previous outflow trend. Net outflows were 243 million yuan over the past 10 trading days and 3.483 billion yuan over the past 60 trading days. This shift demonstrates renewed investor enthusiasm for gold investments as international gold prices break through new highs.

**International Gold Prices Hit New Records, Gold ETF Annual Returns Exceed 32%**

On September 8th, spot gold (London Gold) surged through the $3,610 per ounce barrier, setting another historical record. Previously, spot gold had undergone over four months of sideways consolidation around $3,300 per ounce. Statistics show that spot gold has accumulated gains of nearly $1,000 this year, representing an impressive rise of nearly 40%.

Against the backdrop of significant gold price increases, gold-related ETFs have risen correspondingly. Data shows that as of September 8th close, all 7 gold ETFs in the market achieved positive returns for the day, with annual returns exceeding 32%, making them one of the standout fund categories this year.

As one of the first gold ETFs in the domestic market, Huaan Gold ETF (518880) closely tracks domestic spot gold price movements. One share of the gold fund ETF corresponds to 1 gram of gold, equivalent to physical gold ownership certificates, with T+0 trading and good on-exchange liquidity. The Gold ETF (518880) has shown particularly outstanding recent performance with active trading. Daily turnover rate reached 5.40% with trading volume of 32.41 billion yuan, ranking first among similar ETFs. Regarding fund flows, the ETF experienced net outflows of 1.118 billion yuan over the past 20 trading days, but saw a reversal in the past 5 trading days with net inflows of 1.156 billion yuan.

**Fed Rate Cut Expectations Heat Up, Multiple Factors Drive Gold Price Rally**

On September 8th, spot gold (London Gold) broke through the $3,610 per ounce barrier, setting another historical record. Previously, spot gold had undergone over four months of sideways consolidation around $3,300 per ounce.

Markets widely believe that rate cut expectations have led to US dollar weakness, driving up USD-denominated gold prices. Simultaneously, international geopolitical tensions and continuous central bank gold purchases have provided strong support for gold prices.

Market expectations for the Federal Reserve to adopt dovish policies have intensified, with widespread expectations of three rate cuts within the year. Additionally, the probability of a 50 basis point rate cut in September stands at 8%, though this scenario would only likely occur if CPI data released on Thursday shows weakness, which could further boost gold prices.

Gold's fundamental support has persisted for months or even years, while recent dovish signals from Fed Chairman Powell at the Jackson Hole symposium served as a catalyst pushing gold prices to new highs.

In fact, under stronger dovish expectations and weak US data support, real yields have continued their steady decline.

Looking ahead, US CPI data will be released this Thursday, followed by the Federal Reserve meeting next week. From a macroeconomic perspective, given the Fed's dovish reaction mechanism, real yields are expected to continue declining under monetary easing conditions, and gold should maintain its upward trend.

**Global Central Banks Continue Accumulating, Institutions Remain Bullish on Gold**

Industry consensus suggests that continuous global central bank accumulation forms the foundation of gold price strength this year.

In June this year, the European Central Bank's latest report showed that gold has officially surpassed the euro to become the second-largest reserve asset for global central banks. As of the end of 2024, gold accounts for 20% of global official reserves, exceeding the euro's 16%.

Data released by the State Administration of Foreign Exchange on September 7th shows that China's official gold reserves reached 74.02 million ounces at the end of August 2025, an increase of 600,000 ounces from the previous month. Currently, China's central bank has increased gold holdings for 10 consecutive months.

Regarding future prospects, multiple domestic and international institutions maintain optimistic outlooks for gold. Morgan Stanley raised its year-end gold target price to $3,800 per ounce, emphasizing gold's significant negative correlation with the US dollar index, suggesting that continued dollar depreciation would further boost gold prices.

UBS Group stated in its latest strategy report that gold prices are expected to continue setting new highs in the coming quarters. Low interest rate environments, weak economic data, and rising macroeconomic uncertainties are strengthening gold's value as a portfolio diversification tool.

CITIC Securities believes that if the Federal Reserve adopts a more front-loaded rate cut path, the gold market may experience a more stable bull market.

Huaan Fund's Xu Zhiyan maintained optimism about gold's medium to long-term allocation value in the second quarter report. First, gold pricing essentially responds to credit currency oversupply, with the global environment maintaining overall monetary accommodation. Second, under monetary system reforms, central bank gold purchases' continuity is expected, becoming an important factor in gold pricing. Third, with rising US economic recession risks, attention should be paid to gold's allocation value in asset portfolios.

**Huaan Gold ETF (518880) Total Return Since Inception Reaches 193.40%, Holder Count Increases Nearly 10-Fold in 3.5 Years**

As of September 5, 2025, the Gold ETF (518880) has achieved a total return of 193.40% since inception, with fund circulation scale reaching 59.606 billion yuan. Fund manager Xu Zhiyan has served since July 2013, achieving a tenure return rate of 193.40%. The fund's annual operation fee rate is approximately 0.68%, including 0.5% management fee and 0.1% custody fee.

As an important gold investment tool in the market, changes in Huaan Gold ETF (518880)'s holder structure reflect institutional and individual investors' allocation preferences and market sentiment changes regarding gold assets.

Data from the 2022 annual report to the 2025 interim report shows significant growth in fund holder numbers, rising dramatically from 29,900 accounts to 299,200 accounts over 3.5 years—nearly a 10-fold increase, indicating continuous improvement in market recognition and participation.

Regarding holding structure, institutional investors have maintained dominance but their holding proportion has declined. From 81.06% in the 2022 annual report to 64.7% in the 2025 interim report, although institutional holdings increased from 1.977 billion shares to 5.282 billion shares, showing continued net institutional inflows, individual investor participation has accelerated.

Individual investor holdings surged from 462 million shares to 2.882 billion shares, with holding proportions rising from 18.94% to 35.3%, reflecting that gold ETFs are gradually becoming important components of individual asset allocation. Average holdings per account have continuously declined, from 8.12 million shares per account in 2022 to 2.73 million shares in mid-2025, indicating more retail investors entering the market with significantly improved product penetration and acceptance.

Overall, Huaan Gold ETF is transitioning from institutional-dominated to dual-driven by both institutions and individuals. Institutions remain important holding forces, but rapid individual investor growth indicates gold ETFs' rising status in mass wealth management. This change closely relates to increased gold price volatility in recent years, rising hedging demand, and deepened investor education.

The current gold bull market is expected to continue. Against the backdrop where bonds struggle to serve their risk diversification role, gold remains an excellent choice for diversified investment, with its ultimate "safe haven asset" status remaining solid. Looking forward, factors such as Federal Reserve monetary policy shifts, global geopolitical risks, and de-dollarization trends will continue supporting gold prices. Besides directly trading Huaan Gold ETF (518880), investors can also participate through its feeder funds (Class A: 000216, Class C: 000217) via subscription and regular investment plans.

**Risk Warning**: Fund investment involves risks, and investors should make prudent decisions. Gold price fluctuations may cause fund net asset value changes. Please invest rationally based on your own risk tolerance.