Institution: Gold Price Support Strengthens Amid Risk Aversion, Gold Stock ETF (517520) Rises Over 1.5% Intraday

NewTimeSpace News: As of 13:34 on January 20, 2026, the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index (931238) surged 1.72%. Its constituent stocks included Hunan Silver, which rose 10.03%, Zhaojin Gold (up 9.96%), Baiyin Nonferrous (up 7.06%), as well as Shandong Gold International and Sichuan Gold, which followed the upward trend. The Gold Stock ETF (517520) rose 1.60% to RMB2.42. Over a longer period, as of January 19, 2026, the Gold Stock ETF had increased by 6.50% cumulatively in the past week. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

In terms of liquidity, the intraday turnover rate of the Gold Stock ETF was 2.09% with a trading volume of RMB304 million. Over a longer period, as of January 19, the average daily trading volume of the Gold Stock ETF in the past week was RMB497 million, ranking first among comparable funds.

In terms of scale, the latest size of the Gold Stock ETF hit RMB14.558 billion, a new high in nearly one year, ranking 1st out of 6 comparable funds. (Data source: Wind)

In terms of shares, the Gold Stock ETF saw a significant increase of 39 million shares in the past week, ranking 2nd out of 6 comparable funds in terms of new shares added. (Data source: Wind)

In terms of capital inflows, the latest net capital inflow of the Gold Stock ETF was RMB133 million. Over a longer period, there were net capital inflows on 4 out of the past 5 trading days, with a total "capital absorption" of RMB172 million and an average daily net inflow of RMB34.4236 million. (Data source: Wind)

Data shows that leveraged funds continue to deploy. The net financing purchase amount of the Gold Stock ETF on the previous trading day reached RMB5.1527 million, and the latest financing balance was RMB190 million. (Data source: Wind)

As of January 19, the net value of the Gold Stock ETF had risen 107.63% in the past year, ranking first among comparable funds and 33rd out of 3,439 index equity funds (top 0.96%). In terms of profitability, as of January 19, 2026, since its establishment, the Gold Stock ETF has achieved a maximum monthly return of 21.81%, the longest consecutive monthly gain period of 4 months with a cumulative increase of 40.27%, a ratio of rising to falling months of 14:12, an average monthly return of 9.41% in rising months, an annual profit percentage of 100.00%, and a 100.00% profit probability for a 2-year holding period. As of January 19, 2026, the Gold Stock ETF's annualized excess return over the benchmark in the past year was 2.62%, ranking 1st out of 6 comparable funds.

As of January 16, 2026, the Sharpe ratio of the Gold Stock ETF in the past year was 2.69.

In terms of drawdown, as of January 19, 2026, the maximum drawdown of the Gold Stock ETF since the beginning of the year was 1.78%, with a relative benchmark drawdown of 0.04%, the smallest among comparable funds. The number of days to recover after the drawdown was 1 day, the fastest recovery among comparable funds.

In terms of fees, the management fee rate of the Gold Stock ETF is 0.50% and the custodian fee rate is 0.10%, which are at a relatively low level among comparable funds.

In terms of tracking accuracy, as of January 19, 2026, the tracking error of the Gold Stock ETF since the beginning of the year was 0.026%, the highest tracking accuracy among comparable funds.

The Gold Stock ETF closely tracks the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index. This index selects 50 listed company securities with large market capitalization and businesses involving gold mining, smelting, and sales from the mainland and Hong Kong markets as index samples to reflect the overall performance of gold industry listed company securities in the mainland and Hong Kong markets.

Data shows that as of December 31, 2025, the top 10 constituent stocks by weight of the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock Index (931238) were Zijin Mining, Shandong Gold, China National Gold Group, Chifeng Jilong Gold, Zhaojin Mining, Shandong Gold International, Shandong Gold, Zijin Mining, Zijin Gold International, and Hunan Gold, accounting for a total of 63.58% of the index weight. (The stocks listed above are only index constituents and do not constitute specific recommendations.)

Orient Securities Futures stated that following Venezuela, Trump once again pressured Iran but later softened his stance marginally. The United States did not attack Iran after the possibility of a quick victory diminished, but its coveting of Greenland has increased. Trump announced the imposition of tariffs on 8 European countries, with a 10% tariff starting from February 1 and an increase to 25% from June 1. Risk aversion is expected to support gold prices.

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