贝壳财经会客厅｜广发银行宋京秋：黄金投资莫要轻易加杠杆

新京报04-22

近年来，“黄金”频频进入公众视野，价格波动频繁。面对急涨急跌的黄金市场，投资者还能否进一步参与其中？又该如何在这风云突变的国际局势中，淘得“真金”？日前，新京报贝壳财经举办“黄金主题贝壳会客厅”，就这些问题展开讨论。广发银行资深理财顾问、全国杰出财富管理师宋京秋表示，当前黄金配置的逻辑仍是确定的，建议投资者分步分仓购买黄金。他提示，投资者若需购买实物黄金、基金等产品，一定要从正规渠道购买，谨防诈骗...

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65%，至今年2月份美伊冲突之前，黄金价格较2025年年初涨幅一度达到113%。但在美伊冲突之后，黄金价格走势变成了“过山车”，波动越来越频繁。不少投资者购买的黄金相关理财产品收益率，也从“稳赢”变为“盈亏不定”。“在过去几年黄金上涨的这波行情中，黄金从过去资产配置中的一部分，变成了一些投资者眼中投机的单品。”宋京秋表示，过去一年黄金投资备受关注主要源于为投资者带来的超越预期的挣钱效应。就黄金走势而言，宋京秋表示，当前，在美伊冲突之下，黄金与石油价格呈现了“跷跷板”式的走势，这样的走势或仍将有所持续。未来如果纷争结束，原油价格将会下调，市场对全球通胀的焦虑也将有所减弱。这些对黄金走势将形成利好。而黄金、石油价格双双跌落的可能性不大。分步分仓购买黄金 莫要轻易加杠杆黄金避险属性仍然存在，是否意味着黄金未来可以作为主要的投资品进行投资？宋京秋表示，投资者想要长期获得正收益，仍需要构建投资组合，而非单一押注某个产品。他建议客户配置黄金的比例在5%-15%之间。宋京秋建议，如果投资者只配5%的黄金资产，可以优先考虑金条或黄金积存；如果配置黄金的比例达到10%，则可将其中的一部分资金用来配置黄金基金等产品。“从客户的情况来看，持有实物黄金的客户往往赚得更高的收益。”宋京秋解释道，持有实物黄金和积存金的客户往往对盈亏的感受没有基金ETF那样直接，持有时间也相对较长。而黄金ETF等基金申赎简便、盈亏直观，容易造成投资者的追涨杀跌。在黄金价格不断波动时，宋京秋认为，黄金资产每次下跌其实是投资者以较低的价格购入黄金的好时机。他建议，普通投资者可分步分仓购入黄金，但莫要轻易进行加杠杆的操作。在黄金资产之外，宋京秋建议，投资者可以用保险产品和债券类资产进行打底，同时还可以配置蓝筹、红利板块基金。“今年投资者还可进一步配置铜等有色金属，以及农产品和消费品等板块资产。”宋京秋表示，铜等有色金属与我国能源、电网等基础设施建设等息息相关，也符合我国“十五五”期间高质量发展的相关要求。农产品则关乎国家粮食安全，是地缘冲突下需要关注的领域。而消费则可关注可选消费。新京报贝壳财经记者 姜樊 编辑 陈莉 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