4月21日，金价维持高位震荡持续走低，午后触及4804美元后回升走强，纽约金价目前交投于4811美元附近，跌0.35%，截至14:05，黄金ETF华夏(518850)盘中转跌0.15%，黄金股ETF华夏(159562)涨0.08%，其持仓股株冶集团实现四连板，华钰矿业、周大福、周六福等股涨幅靠前，深中华、招金矿业、万国黄金集团等股纷纷走低。当前金价受收益率下行、美元走弱、降息预期及地缘局势等因素支撑，短期震荡后向上突破概率加大。长期来看，金价中枢具备 “永久性抬升” 特征，本轮在货币信用重估等逻辑下新中枢已显现。黄金股ETF华夏(159562，联接021074/021075)紧密跟踪中证沪深港黄金产业股票指数，指数覆盖黄金开采、加工、销售全产业链，其中金属与采矿行业占比超9成，直接受益金价上涨。因金矿开采成本刚性，金价上涨带动利润增长，叠加金矿公司产量扩张，业绩增速远超金价涨幅，因此黄金股弹性显著高于金价。相关分析指出，黄金股此前因业绩弹性、定价锚缺失涨幅滞后，2026年两大制约因素将明显缓解。当前市场对其定价偏保守，随着黄金股利润不断释放，中长期具备较好配置机会。
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